Addressing shareholders, Paramount's co-CEOs put forth a restructuring plan that includes $500 million in annualized cost cuts, potential asset sales and a possible joint venture or other partnerships for its Paramount+ streaming service. The new Paramount triumvirate - CBS President and CEO George Cheeks; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios; and Paramount Pictures President and CEO Brian Robbins - have led the company since the exit of former boss Bob Bakish in April, who left amid growing tensions with Shari Redstone, Paramount's controlling shareholder. Paramount said it rescheduled Wednesday's planned employee town hall for June 25, citing ongoing speculation about a potential deal.