The Paramount Global merger with SkyDance Media is expected to still close in the first half of this year, the company’s co-head said as it reported first quarter revenue on Thursday.
Co-CEOS George Cheeks, Chris McCarthy and Brian Robbins have been in the holding pattern for some time regarding the fate of their company and have not been able to provide any further insight.
Federal Communications Commission Chairman Brendan Kerr reviewed the transaction and resumed a survey of Paramount Global’s CBS network on a conversation with the then-president’s hopeful Kamala Harris before the November election. It sparked a lawsuit from President Donald Trump over how it was edited.
All eyes are checking to best global management shareholder Shari Redstone to settle down to push the $8 billion Skydance deal at the finish line.
Meanwhile, quarter total revenue fell 6% to $7.2 billion to break Wall Street forecasts. Adjusted earnings per share arrived at 29 cents.
As a result of solid streaming, revenue in the direct consumer sector, including AVOD platform Plputian TV, rose 9% to over $2 billion. 1.5m net addition saw Paramount+ Global Subscribers reached 79m, reflecting an 11% increase from the previous year.
Subscription revenue rose 16% year-on-year to $1.6 billion. Advertising revenue fell 9% to $473 million. “It mainly reflects the 8% impact from the first quarter of 2024 Super Bowl LVIII comparison.” The platform is expected to reach profitability in the US by the end of 2025.
Pluto TV has provided the highest consumption in both the US and the world in total time, with revenue reports reaching more countries than any other fast service.
Filmed entertainment Revenues rose 4% to $627 million, while theater revenue fell 3% to $148 million. Filmed entertainment-adjusted Oybuda increased $23 million driven by the ongoing success of the film Sonic Hedgehog 3 And the number one North American debut Novocaine. The executive said Gladiator II and Sonic Hedgehog 3 He was a powerful driver for home entertainment.
Television media revenues fell 13% to $4.5 billion, including a 10% impact from comparisons on CBS broadcasts. Super Bowl LVIII The first quarter of 2024. Ad revenues fell 21% due to the Super Bowl, and would have been flat without a Super Bowl comparison.
Executives reported that CBS is poised to become the most viewed network of Primetime for the 17th season in a row, the longest winning streak on record. CBS shows, including sports Tracker and Matlock.
(TagstoTranslate)Finance (T)Paramount Pictures (T)USA
