Paramount Global (Paramount) reported a decrease in revenues for the third quarter of 2024, with a 6% drop to $6.73 billion compared to the same period in 2023. Operating income saw a significant decline of 46% to $337 million, while net earnings from continuing operations attributable to Paramount showed a loss of $4 million, a stark contrast to the $247 million profit in the previous year. Diluted EPS from continuing operations also fell from $.36 to a loss of $.01. Despite these declines, non-GAAP metrics such as Adjusted OIBDA increased by 20% to $858 million, and Adjusted net earnings from continuing operations rose by 58% to $327 million, with Adjusted diluted EPS from continuing operations up by 63% to $.49. The company's nine-month performance similarly reflected a decrease in revenues by 4% to $21.23 billion...Show More

Paramount Global (Paramount) reported a decrease in revenues for the third quarter of 2024, with a 6% drop to $6.73 billion compared to the same period in 2023. Operating income saw a significant decline of 46% to $337 million, while net earnings from continuing operations attributable to Paramount showed a loss of $4 million, a stark contrast to the $247 million profit in the previous year. Diluted EPS from continuing operations also fell from $.36 to a loss of $.01. Despite these declines, non-GAAP metrics such as Adjusted OIBDA increased by 20% to $858 million, and Adjusted net earnings from continuing operations rose by 58% to $327 million, with Adjusted diluted EPS from continuing operations up by 63% to $.49. The company's nine-month performance similarly reflected a decrease in revenues by 4% to $21.23 billion. Paramount faced a substantial operating loss of $5.40 billion, compared to an $855 million loss in 2023, and a net loss from continuing operations attributable to Paramount of $5.98 billion, or $9.04 per diluted share. Adjusted OIBDA for the nine months, however, increased by 45% to $2.71 billion. Paramount's business development included a strategic transaction agreement with Skydance Media, LLC, forming a new holding company, New Paramount. The company also established an Office of the Chief Executive Officer with three senior executives appointed as co-CEOs. Paramount's future plans involve the completion of the Transactions with Skydance, expected to close in the first half of 2025, subject to regulatory approvals. The company also plans to utilize up to $6.0 billion from an investment by the NAI Equity Investors and other affiliates for strategic initiatives.