Paramount Global (Paramount) reported a decrease in revenues for the three months ended June 30, 2024, with a significant 11% drop to $6.81 billion compared to the same period in the previous year. The company faced a substantial operating loss of $5.32 billion, a stark contrast to the $250 million loss in 2023, primarily due to a goodwill impairment charge of $5.98 billion. Despite the overall decline, Paramount's streaming services, led by Paramount+, showed revenue growth. The net loss from continuing operations attributable to Paramount widened to $5.41 billion, or $8.12 per diluted share, from a loss of $372 million, or $.59 per diluted share, year-over-year. Adjusted OIBDA, however, increased by 43% to $867 million, reflecting improved streaming service results. Paramount's six-month performance also saw a revenue decrease of...Show More

Paramount Global (Paramount) reported a decrease in revenues for the three months ended June 30, 2024, with a significant 11% drop to $6.81 billion compared to the same period in the previous year. The company faced a substantial operating loss of $5.32 billion, a stark contrast to the $250 million loss in 2023, primarily due to a goodwill impairment charge of $5.98 billion. Despite the overall decline, Paramount's streaming services, led by Paramount+, showed revenue growth. The net loss from continuing operations attributable to Paramount widened to $5.41 billion, or $8.12 per diluted share, from a loss of $372 million, or $.59 per diluted share, year-over-year. Adjusted OIBDA, however, increased by 43% to $867 million, reflecting improved streaming service results. Paramount's six-month performance also saw a revenue decrease of 3% to $14.50 billion, with an operating loss of $5.74 billion compared to a $1.48 billion loss in 2023. Adjusted OIBDA for the six-month period rose by 61% to $1.85 billion. Paramount announced a definitive transaction agreement with Skydance Media, LLC, and other parties, which will see Paramount and Skydance become subsidiaries of a new holding company. The Skydance Transactions are expected to close in the first half of 2025, subject to customary closing conditions and regulatory approvals. Paramount's Board of Directors established an Office of the Chief Executive Officer, appointing three co-CEOs, following the step-down of Robert M. Bakish as President and CEO. Paramount's future plans include streamlining and transforming the organization, with expected restructuring charges of approximately $300 million to $400 million.