Paramount Global reported Q2 2024 revenues of $6.81 billion, down 11% year-over-year, primarily due to lower licensing revenues and declines in linear networks. The company recorded a $5.98 billion goodwill impairment charge for its Cable Networks unit, resulting in an operating loss of $5.32 billion compared to a $250 million loss in Q2 2023.Direct-to-Consumer segment showed improvement with Paramount+ reaching 68.4 million subscribers, up 13% YoY. The streaming service achieved its first quarterly profit with Adjusted OIBDA of $26 million, compared to a $424 million loss last year. However, global subscribers decreased 4% QoQ following the exit of a South Korean distribution agreement.The company announced plans for additional restructuring charges of $300-400 million in Q3 2024 related to organizational streamlining. Management also disclosed the pending Skydance merger transaction valued at $6 billion, which includes a $1.5 billion cash investment and is expected to close in first half of 2025, subject to regulatory approvals.

Paramount Global reported Q2 2024 revenues of $6.81 billion, down 11% year-over-year, primarily due to lower licensing revenues and declines in linear networks. The company recorded a $5.98 billion goodwill impairment charge for its Cable Networks unit, resulting in an operating loss of $5.32 billion compared to a $250 million loss in Q2 2023.Direct-to-Consumer segment showed improvement with Paramount+ reaching 68.4 million subscribers, up 13% YoY. The streaming service achieved its first quarterly profit with Adjusted OIBDA of $26 million, compared to a $424 million loss last year. However, global subscribers decreased 4% QoQ following the exit of a South Korean distribution agreement.The company announced plans for additional restructuring charges of $300-400 million in Q3 2024 related to organizational streamlining. Management also disclosed the pending Skydance merger transaction valued at $6 billion, which includes a $1.5 billion cash investment and is expected to close in first half of 2025, subject to regulatory approvals.