Paramount Beats Earnings Forecasts Ahead Of Sale To Skydance

Benzinga

Paramount Global beat Wall Street expectations for the second quarter, reporting adjusted earnings of 46 cents per share on $6.85 billion in revenue, according to Reuters. The company said subscription revenue growth and price increases at Paramount+ helped boost overall affiliate and subscription revenue. Paramount+ lost 1.3 million subscribers in the quarter, primarily due to the expiration of a bundle deal in Europe. Viewership gains from the drama MobLand and box office success with Mission: Impossible – The Final Reckoning contributed to the performance. The company’s $8.4 billion sale to Skydance Media is on track to close by August 7th, following final U.S. regulatory approval. Shares rose 0.2% in after-hours trading.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Paramount Global beat Wall Street expectations for the second quarter,

00:05reporting adjusted earnings of $0.46 per share on $6.85 billion in revenue.

00:10According to Reuters, a company who said subscription revenue growth and price increases at Paramount Plus

00:14helped boost overall affiliate and subscription revenue.

00:17Paramount Plus lost 1.3 million subscribers in the quarter,

00:20primarily due to the expiration of a bundle deal in Europe.

00:23Viewership gains from the drama Mobland and box office success with Mission Impossible,

00:26The Final Reckoning, contribute to the performance.

00:29The company's $8.4 billion sale to Skydance Media is on track to close by August 7th,

00:34following final U.S. regulatory approval.

00:36Shares rose 0.2% in after-hours trading.

00:39For all things money, visit Benzinga.com.

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