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Paramount Global Reports Q1 Earnings: $1.3 Billion Write-Off, CEO Change, and Subscriber Growth

Paramount Global announced a significant first quarter with a $1.3 billion content write-off, leadership restructuring, and a rise in streaming subscribers to over 71 million.

Overview

  • Paramount Global took a $1.3 billion charge in Q1 2024 for content write-offs and layoffs, amid leadership changes including the departure of CEO Bob Bakish.
  • The media conglomerate installed a new 'Office of the CEO' and reported a 6% increase in revenue, with streaming losses narrowing by 44%.
  • Paramount+ added 3.7 million new subscribers, reaching a total of over 71 million, driven by strong performances in streaming and TV operations.
  • Revenue from TV operations rose due to a 14% increase in advertising revenue, bolstered by the Super Bowl broadcast.
  • Ongoing discussions about a potential merger with Skydance Media and other strategic moves are part of Paramount's efforts to optimize operations and reduce debt.