Paramount Suffers Loss as Streaming Costs Rise and Ad Revenue Drops

Paramount Global reached 60 million Paramount+ streaming subscribers worldwide as of the end of March, a gain of 4.1 million from nearly 56 million as of the end of 2022.
Paramount Global will cut its dividend due to continued investment in streaming and declines in traditional revenue.
Paramount recognized a $1.674 billion programming charge in Q1 2023 due to merging Showtime with Paramount+ and other factors.
Paramount+ added 4.1 million subscribers to 60 million in Q1, beating estimates.
Showtime to be integrated into Paramount+ in Q3 Integration expected to generate $700 million in future annual expense savings.