Paramount sees streaming success and TV declines in third quarter

The numbers

$49 million — Paramount reported an working revenue of simply $49 million, barely above break-even, however it was the second consecutive quarter of profitability for the community.

$6.73 billion — Paramount introduced in complete income of $6.73 billion, decrease than the estimated $6.94 billion it anticipated to herald and down from the $7.13 billion it she reported this quarter final yr.

72 million — Paramount added 3.5 million new subscribers to Paramount+, bringing its complete to 72 million. The tally retains Paramount+ in fifth place streaming servicebehind Netflix, Amazon Prime, Disney+ and Max.

6% — Tv income fell 6% from Paramount’s third-quarter income, a sufferer of falling affiliate income and fluctuations in licensing income, based on the corporate.

The Water Cooler Speech

Whereas the monetary outcomes are price noting, the principle storyline concerning Paramount is the standing of its pending acquisition by Skydance Media, which is anticipated to shut within the first half of 2025.

The corporate promised in August to chop 15% of its workforce to save lots of prices and get its stability sheet so as earlier than the merger.

The acquisition was a month-long and dramatic affair, and a brand new monetary launch shared this week provides much more shade to its contours. As first proven in PuckEn path to its eventual acquisition by David Ellison’s Skydance, Paramount has additionally acquired severe presents from Warner Bros. Discovery and Comcast.

Exercise within the mergers and acquisitions market seems to be on the rise underneath the newly elected presidential administration, so there could also be much more subsequent yr as the brand new firm appears to be like so as to add to its portfolio.

The important thing quote

“As we now have stated earlier than, we consider potential partnerships and pursue them with the aim of making worth for the corporate and our shareholders over the long run,” stated Co-Chief Govt Officer Brian Robbins.