From Investing.com: 2024-11-08 07:12:39

Paramount Global missed revenue estimates in Q3 due to lack of box office hits and declines in cable business, despite better-than-expected subscriber growth for its streaming service with NFL content. TV media business revenue dropped 6% from lower ad spending, subscriber decrease, and absence of pay-per-view boxing events.

Customers switching to streaming platforms are hurting traditional media companies’ profits. Paramount’s streaming unit saw growth from price hikes, NFL content, and “Tulsa King” season 2. Paramount+ added 3.5 million subscribers, exceeding estimates of 2.46 million. The streaming business reported an operating income of $49 million, a significant improvement from a year ago.

Paramount Global reported revenue of $6.73 billion, missing estimates of $6.95 billion. Revenue from filmed entertainment business decreased by 34% in Q3.



Read more at Investing.com: Paramount Global posts sales miss on weak box office, cable TV declines By Reuters