Paramount Global reported strong second-quarter earnings despite ongoing decline in linear television. The Skydance merger closing soon, outgoing leadership didn’t address net subscriber loss at Paramount+. Direct-to-consumer revenue grew 15%, offsetting TV media sales decline. $157 million direct-to-consumer adjusted EBITDA tripled prior results. Pending leadership change could impact streaming investments. Maintaining $20 fair value estimate, waiting for Skydance integration results.

Read more at Morningstar: Top-Line Growth and DTC Profits Dampened by Muted Streaming Subscriber Trend