Paramount to ditch long May preview at Carnegie Hall in favor of “intimate gatherings” with ad buyers

Paramount Global, signaling the end of a business media ritual, indicated that it would not hold a preview for ad buyers at Carnegie Hall in May, instead scheduling “intimate meetings” with advertisers in April.

Paramount Advertising CEO John Halley just announced the change in a staff memo. (Read it below.) Because “new realities require new approaches,” Halley wrote, “the event must evolve to fit this moment.”

The annual May event, which was initiated decades ago by CBS and then continued under the banner of Viacom, ViacomCBS and Paramount, served as the grand finale of the New York television schedule ahead. For years, especially as CBS expanded its position as the top-rated broadcaster, it presided over a spectacle of mainstream entertainment held in a century-old venue that seated nearly 4,000. The company featured stars from Broadway and their brought its own line-up of scripted, late-night, sports and other fields to the massive stage at Carnegie Hall before hosting a lavish after-party.

For a host of reasons, prepayments have seen a general rethink, especially as businesses scrutinize their spending in a time of economic uncertainty. With the decline of linear television, there has been less emphasis on traditional pre-rolls, although billions of dollars worth of advertising is still bought and sold in the spring before the broadcast year. The glitzy stage shows have their roots in the three-network era, when automakers made plans to push their new models each fall and networks planning their own launches for the fall season made plans to attract ad buys.

The move at Paramount follows a change in the leadership ranks. In September, Halley was named advertising president, while Jo Ann Ross moved into an advisory role. One of the few CBS executives to hold a top position after Viacom and CBS reunited in 2019, Ross was a signature figure at CBS for many years, often nodding to the showmanship her job required. For a year, she wore a dress with a flashing sign that read “Your Ad Here.”

NBCUniversal, another major tenant that was on the air before the week, just confirmed it still plans to hold its traditional May 15 event at Radio City Music Hall. Disney and Fox, which each broke with tradition last spring and presented in new locations, are due to announce their plans for 2023. Another long-running week one, The CW, is under new management with new ownership at Nexstar Media Group, casting doubt on its plans for next spring.

Here’s Halley’s full memo:

Team,

This remains a transformative time for our industry, and at Paramount we know that new realities require new approaches. The same principle applies to our Upfront presentation for 2023. As media investments become more complex, the opportunity must evolve to reflect this moment.

We are pleased to announce that in April, replacing our traditional Carnegie Hall presence, we will host a series of high-impact, intimate gatherings for each of our key agency partners and their clients. We believe that this expanded format will be more effective in facilitating our upcoming advance discussions.

Our focused approach is designed to foster conversations with our most trusted partners – hearing directly from the agencies and advertisers we serve and form the foundation of our business.

We also have a great story to tell on the strength of our popular portfolio and expanded offerings, and the earlier timing will increase voice share, in a more appropriate environment for deeper engagement.

I am so proud of the incredible progress we have made as we close out the year and welcome a new year. The possibilities are endless and I look forward to sharing more details with you as our plans come together.

John