Paramount Global reported a 6% increase in revenues to $7.69 billion for the first quarter of 2024, compared to $7.26 billion in the same period of 2023. This growth was primarily driven by the broadcast of Super Bowl LVIII and an uptick in streaming service revenues, particularly from Paramount+. Despite the revenue increase, the company experienced an operating loss of $417 million, an improvement from the $1.23 billion loss in the prior year. Net loss from continuing operations attributable to Paramount was $563 million, or $.88 per diluted share, better than the previous year's net loss of $1.16 billion, or $1.81 per diluted share. Adjusted OIBDA saw a significant rise of 80% to $987 million, and adjusted net earnings from continuing operations attributable to Paramount surged 489% to $424 million, with adjusted diluted EPS...Show More

Paramount Global reported a 6% increase in revenues to $7.69 billion for the first quarter of 2024, compared to $7.26 billion in the same period of 2023. This growth was primarily driven by the broadcast of Super Bowl LVIII and an uptick in streaming service revenues, particularly from Paramount+. Despite the revenue increase, the company experienced an operating loss of $417 million, an improvement from the $1.23 billion loss in the prior year. Net loss from continuing operations attributable to Paramount was $563 million, or $.88 per diluted share, better than the previous year's net loss of $1.16 billion, or $1.81 per diluted share. Adjusted OIBDA saw a significant rise of 80% to $987 million, and adjusted net earnings from continuing operations attributable to Paramount surged 489% to $424 million, with adjusted diluted EPS from continuing operations at $.62, up from $.09. The company's financial performance was affected by programming and restructuring charges, as well as a global advertising market weakness. Paramount's business development was marked by the establishment of an Office of the CEO and the stepping down of Robert M. Bakish as President and CEO. The company's future plans include a focus on content with mass global appeal, rationalizing original content on streaming services, and improving linear network programming efficiency.