Tom Freston has by no means been a typical media government. Freston started with a countercultural spirit that formed an adventurous profession spanning from co-founding MTV to main Viacom and Paramount Photos. After spending 26 years at Paramount—now caught up within the $100 billion bidding for Warner Bros Discovery—he stays a defining determine within the evolution of recent leisure.
The 80-year-old government, who sounded remarkably youthful in a cellphone interview with Fortune, harkened again to the times within the Nineteen Sixties and ’70s when “freedom was within the air.” The vibe was very totally different then: “It was like, I don’t need to work for ‘the person,’” he informed Fortune, referencing a formative summer time when he labored as a bellboy in Lake George within the Adirondack foothills of upstate New York. “I had kind of been on the standard conveyor belt: go to varsity, get out, get a job. After which I met all these kind of bohemian characters who — their thought was, you didn’t have a profession. You form of improvise your life. You already know, the thought was to form of maximize expertise and do fascinating issues and take some dangers.”
Freston added that he was an enormous fan of each “beat” and libertarian literature, the previous made well-known by Jack Kerouac and Allen Ginsberg and the latter by Ayn Rand. They each had frequent themes, he mentioned: “expertise and being a person have been vital.” As he writes in his new memoir Unplugged, this improvisational journey took him to Afghanistan and India, a enterprise profession that was “wild and fulfilling and for a very long time worthwhile.” But it surely was additionally “actually arduous work” and was “actually humbling,” including that “humility shouldn’t be a factor you see a number of within the leisure enterprise.” He didn’t remark instantly on the key figures within the present bidding battle for Warner Bros., however the instance of David Zaslav transferring into famed producer Robert Evans’ Hollywood mansion is a chief instance of the neo-mogul mindset.
Freston has lengthy been semi-retired, advising media manufacturers corresponding to Oprah Winfrey and Vice whereas serving because the chairman of the ONE Marketing campaign, the anti-poverty effort in Africa led by U2’s Bono (a pal, Freston mentioned).
As Freston rolled again the years with Fortune and seemed out on a much-changed media panorama, he briefly donned his antitrust hat to investigate the bidding battle between Netflix and his previous firm Paramount for Warner Bros. Discovery and the way issues bought thus far. “Regardless of which means it goes, there’s actually nothing in it for the buyer,” Freston mentioned with a sigh.
How Netflix adopted in MTV’s footsteps
Freston noticed that the media trade is now dominated by “monolith corporations … more and more run by tech folks, the place information turns into extra vital than intuition.” He highlighted A24 and Neon as two corporations that remind him of the previous, virtually artisanal MTV, the place refreshing the inventive intuition grew to become core to success, as a result of Viacom’s once-dominant primary cable lineup appealed to a transient youth tradition. “Our problem was: how will we proceed to innovate for these altering demographics that will cross by us, whether or not or not it’s on [Nickelodeon] or on MTV or Comedy Central or no matter.”
Simply 33 years previous when he began main MTV, Freston identified that the unique viewers was Child Boomers like himself, which was then changed by Gen Xers with totally different sensibilities, and so forth. Expertise can’t be neglected, Freston argued, as a result of he wished a inventive and “leading edge” mentality that will keep hooked as much as a youth tradition that turned over each 5 years or much less. “I didn’t put a salesman in cost, which might be a standard means within the tv enterprise. I had a inventive individual in cost.”
In lots of instances, MTV was somebody’s first job, “and so they’d be taught some issues and depart in a couple of years, and so they’d get replaced with one other youthful individual.” He argued that protecting the worker inhabitants younger made it simpler to reinvent the community periodically. When the tip got here shortly after the millennial era’s heyday, exemplified by the Complete Request Dwell program, Freston defined that the identical forces afoot in Warner-Netflix-Paramount have been leaving MTV uncovered to the digital wave.
“We have been precluded from utilizing our music video library on-line,” Freston mentioned, explaining that the identical licensing offers that had enabled MTV to dominate youth tradition for many years proved its undoing when YouTube disrupted how younger folks preferred to observe music movies. “The true gamers turned out to be the social networks and it was arduous to invent one,” he added. “You had to purchase one of many ones that have been on the market, and the one one which ever actually bought purchased was MySpace, and that form of disintegrated.” The opposite social-media networks have been in a position to construct “unbelievable franchises as a result of they have been in a position to run at losses for years with out Wall Road piling on, which might have occurred for any of the legacy media corporations.”
Reflecting on his personal “missed alternative” to bridge this hole, Freston recounted Viacom’s try to purchase Fb when the platform had solely $9 million in income. He recalled Mark Zuckerberg’s go to to debate a possible acquisition: “I bear in mind he had a hoodie on and flip flops. It was February in Instances Sq.. And he was youthful than anyone on our younger workers.” Whereas Viacom was the primary to make a bid for Fb, Freston believes Zuckerberg was by no means severe about promoting, extra that he was “interested in, what’s a youth media firm at the moment seem like.”
The MTV-Netflix cycle
Netflix and different platforms, in fact, achieved huge scale by enjoying the upstart MTV function. “They have been in a position to run at a revenue as a result of they have been these new development companies. Wall Road turned a blind eye to losses for a very long time. They bought forgiveness on that rating.” He added that they started to “vacuum up IP” with out essentially having offers in place. Whereas Netflix went the extra conventional licensing route when Hollywood didn’t see it as a menace, Freston famous that MTV was prevented from combating YouTube’s viral movies with its personal digital music presence, virtually like a revenge of the document labels that wrote these phrases into the licensing offers.
Freston mentioned he doesn’t assume any legacy media firm distinguished itself in assembly the digital problem with full power. “Disney did one of the best job, I believe, which was principally tripling down on their content material capabilities in attempting to make themselves extra invincible and extra essential for the streaming providers and for the digital onslaught to construct up the largest array of IP.” He agreed that it was ironic in some senses that Netflix appears to be following that playbook with its pursuit of Warner Bros. He mentioned he sees the identical previous cycle turning: “The forces for this deal appear to be inexorable. Consolidation appears to be the technique for the second.”
In the present day, Freston mentioned he sees his former empire, MTV, as a cautionary story of what occurs when that emphasis on creativity will get severed. He lamented that management has “run it into the bottom during the last 15 years” by changing music-obsessed workers with “conventional form of Hollywood showmaker sort folks,” changing hungry, music-obsessed creatives with a shorter-term mindset. His most symbolic grievance is the elimination of the phrases “Music Tv” from the emblem—a choice that “drove me loopy.”
Freston mentioned he was grateful for his thrilling trip on the helm of Viacom for a few years, and grateful for a number of the real friendships that emerged from his time working MTV. He highlighted Bono particularly, with whom he has labored in a boss function for ONE and (Purple), combating poverty and AIDS in Africa. He mentioned he knew a bit about Africa and poverty points from his time working and residing in Asia and in addition touring in Africa, however he additionally talked about good relationships with sure folks he clicked with: John Mellencamp, David Bowie (a “fascinating character”) and Jon Bon Jovi.
In his laid-back type, Freston added that he wasn’t certain when he sat down to put in writing that there’d by “any form of affordable narrative to my life, which at one level gave the impression to be all these disparate components.” He got here away pondering that his profession had been in pursuit of a pair frequent goals: attempting to “stay and exist off the mainstream, extra on the sting of the street,” the place issues are extra fascinating and unbiased.
The “beat-poet” government mentioned he nonetheless believes within the MTV model, and it may come again with some creativity, possibly by positioning MTV as a human curator to counter “algorithm-type music consumption.” However he is aware of he isn’t the person to guide it. “It’s actually an adolescent’s enterprise,” Freston mentioned, suggesting the reins ought to be handed to a 25-year-old who can function with the identical risk-taking humility he discovered many years in the past on the roads of Asia.
Editor’s be aware: The writer labored for Netflix from June 2024 by July 2025.
