Q&A with Paramount’s Elizabeth Wright

Elizabeth Wright, EVP and CFO, Direct-to-Consumer Segment for Paramount Global, was recognized with The WICT Network‘s Women of the Year–Entertainment award. We spoke with her about her career and growth at Paramount, how to stay ahead of a changing industry and why WICT remains important today. Below is an edited excerpt from our conversation.

What was your reaction when you found out you were being given this award?

I’m super honored. I was actually quite surprised and really caught off guard, but extremely honored. I’m really excited for the opportunity. I remember reading it in the office one day, and I was like, what? Then they did a whole surprise. It was really amazing. It hasn’t sunk in yet.

You’ve worked under the CBS/Paramount umbrella since 2007. How have your roles changed as the industry at large evolves as well?

Throughout my tenure at CBS, and obviously now Paramount, my role has really evolved, I’d say, in lock step with the rapid transformation that we’ve seen as well as the new challenges facing the media landscape. When I started my career, I supported the launch and growth of our CBS Digital business, which really included the initial entry that we did into AVOD, which was obviously well before direct-to-consumer became more mainstream as it is now. Then, I was part of the team when we launched our CBS All-Access product, which was one of the first subscription SVOD platforms from a major broadcast network, and then we later rebranded that and evolved that into Paramount+. So I’d say, as the industry shifted towards global streaming, I’ve also really played a key role in our international expansion of our streaming footprint, and today, I oversee the financial strategy as well as operations for our direct-to-consumer segment. As you can probably imagine, that’s really a highly dynamic and competitive marketplace. I’d say each phase of my career has really required adapting to new challenges, responding to shifting consumer behaviors and really building a sustainable, scalable business for the future.

Paramount+ is on pace for a full year of domestic profitability. Talk about the work that’s been done to get it to this point despite a competitive landscape for streaming services?

It was all about subs before, and now it’s evolved and shifted. We’ve been laser-focused on profitability across the broader DTC segment and profitability is, I’d say, really a result of driving strong revenue growth, and that really comes from improving our subscriber engagement and retention, and most importantly, expanding our ARPU. I’d say managing costs intelligently, that’s been our broad, overarching thesis. We’ve done steps along the way. We integrated Showtime into Paramount+, which was really a critical move. It helped us streamline our offering. It unlocked efficiencies not only across the org, but across content marketing and then, ultimately, operations. At that same time, we’re really continuing to commit to investing in compelling content that drives long-term value for us, and really balancing growth initiatives with operational discipline is how we’ve captured operating leverage faster than we originally anticipated, even in this super competitive streaming landscape.

Can you tell me about the work you do outside of Paramount, or any ERGs you’re part of?

Developing future leaders, as we think about it, has been a core part of my purpose. It’d say it’s both within Paramount and beyond. Within Paramount, I’m an executive sponsor for our Paramount rotational analyst program, where I participate in the selection panel, and then we mentor early-career analysts, and we have them join us for a two-year journey within the organization. That’s just a really incredible, rewarding opportunity to help shape the next generation of finance and business leaders within the organization. That’s something that’s near and dear to my heart, within the company. I’d say, outside of the company, I serve as a mentor, and then I’m actually part of the Executive Advisory Council for The City Tutors, which is an organization focused on expanding professional access for underrepresented communities in the New York City area. In that role, I help guide the organization’s growth strategy while also mentoring individuals one-on-one. I help them build relationships with large corporations like Paramount and other media companies, where they can have the students come and have a lot of career mentorship. Whether it’s inside or outside the company, I’m really passionate about building inclusive leadership pipelines and helping emerging talent find their voice, develop confidence and then, ultimately, lead with impact.

What do you think the role of an organization like The WICT Network is in today’s world?

Organizations like the WICT Network are more important than ever. Media, entertainment and tech industries continue to evolve at a really rapid pace. I do firmly believe that building strong, diverse leadership pipelines is really essential as we drive innovation and ensure long-term success. I believe the network helps play that critical role in empowering women to step into leadership positions, and they do so by providing access to a ton of mentorship, a lot of professional development—which I think is key—and a strong community built on support. It not only helps develop talent, but it’s helping to unlock it as well. By cultivating that next generation of women leaders, I feel like WICT is helping shape the future of our industry. At the end of the day, it’s about building great teams and driving smart strategy and really making a lasting impact on the organization. I’m really deeply honored by this recognition of this amazing, incredible organization, and to help lead through such a pivotal moment of transformation that we’re in.