Driving Business and Community Through C&I at Paramount
As one of the largest media companies, Paramount interacts with nearly a billion people worldwide every single day. Paramount supports its expansive portfolio of media channels with an equally robust portfolio of state, federal, and international tax credits and incentives. By partnering with Incentify, Paramount has been able to grow, manage, and monetize this significant portfolio to streamline an efficient and effective production process.
Budget Planning with C&I
C&I plays a pivotal role in film and television production. New York, Georgia, Louisiana, the EU, UK, Australia, New Zealand, and of course, Hollywood offer tens of billions in production incentives every year. Why? Production crews often travel and consume resources, goods, and services across a location’s economy for the stretch of the shooting process. These projects create jobs for the local labor force in industries such as lodging, food, entertainment, transportation, hospitality, and medical. Local governments incentivize companies like Paramount to film projects in a particular location, in turn creating millions of dollars in revenue to local communities.
Paramount has been a forward thinker in the C&I space forging long lasting relationships with issuing agencies as well as integrating C&I directly into production and capital stack budgets.
Jonathan Jenkins, VP and Tax Counsel at Paramount, firmly believes that “C&I should play a significant role in strategic decision making as it makes tangible the cooperative nature possible between government and big business. We want to create jobs but we are bound to certain financial realities as a global, publicly traded company. C&I enables us to do the things we want to be able to do.”
Managing C&I at Scale
Managing a complex credit and incentive portfolio requires a massive coordination between numerous departments and companies.
The success of Paramount in its C&I initiative is revealed through the application of the Incentify platform. Incentify helps Paramount:
Provide the flexibility necessary to ensure not only compliance, but also to produce stackable reporting for each level of the parent and child organizations.
Meet the most stringent legal standards while maintaining the highest level of efficiency and effectiveness.
Provide the framework to maximize C&I value to its fullest potential to allow the strategic visions of the executives, accountants, and operators at Paramount to take place.
“C&I is a complicated asset because it requires you to understand the intricacies of your budgets as well as the sequencing of your P&L so that you maximize. It requires a great deal of technical and legal expertise. Which is why Incentify is a no-brainer–you simply cannot maximize your C&I without it. Once you get to a certain size or you decide to internally value C&I in any way proportionate to its financial impact, you really need to use Incentify.” - Jenkins, VP, Tax Counsel.
Empowering Paramount’s Mission
A billion people experience and interact with Paramount’s news, comedy, movies, and book content every day. “Our seriousness in managing and growing our C&I portfolio is reflective of the seriousness of our role in global culture,” says Jenkins, “C&I isn’t some formless errand to us but rather, it’s another episode of Billions. Or the next Godfather. Another stage for Stephen Colbert. The next book from Stephen King. These are things that matter to the many many audiences out there, of which we are ourselves included!”
Incentify is the business tax credit and incentive technology platform that empowers and drives Paramount’s capacity to contribute passionately, creatively, and tangibly to their mission and goals.
