Paramount beats estimates with improving results from streaming
Paramount Global, the parent of CBS and MTV, reported first-quarter results that beat analysts' estimates, reflecting the improving performance of its Paramount+ streaming platform.
Revenue totaled $7.19 billion, the New York-based media company said Thursday, exceeding the $7.10 billion Wall Street was estimating. Excluding some items, earnings amounted to 29 cents a share, surpassing analysts' estimates of 25 cents.
The company, which has agreed to merge with the independent film and TV producer Skydance Media, managed to beat projections in a tough stretch marked by falling TV ad sales and shrinking pay-TV viewers.
Both revenue and profit declined from a year ago, when the CBS network carried the Super Bowl. But the company's direct-to-consumer unit, led by Paramount+, delivered a 9% boost in sales and narrowed its loss.
Paramount is embroiled in a lawsuit brought by US President Donald Trump and is awaiting regulatory approval for its merger with Skydance, led by David Ellison, the son of Silicon Valley billionaire Larry Ellison. The company continues to expect the deal to close in the first half of this year.
Against that backdrop, the company continued to expand its streaming service, adding 1.5 million customers to the Paramount+ service in the first quarter and beating analysts' estimate of 1.41 million. The platform, which airs shows like Landman and Tulsa King, has a total of 79 million subscribers.
In traditional TV, Paramount's advertising revenue declined to $2.04 billion in the first three months of the year, down 21% from a year earlier, while its subscriber and affiliate revenue slumped 9%.
Last year's coverage of the Super Bowl on CBS delivered a huge gain in advertising sales, making the comparisons tough. Excluding that event, Paramount's total revenue grew 2%, the company said.
In filmed entertainment division, Paramount reported revenue of $627 million, up 4%. Trump's recently announced plans to slap tariffs of 100% movies made outside the US is expected to have a major impact on the overall film industry, though the details remain unclear.
Earlier Thursday, Warner Bros. Discovery Inc., the parent of HBO and CNN, reported disappointing first-quarter sales due to declines in traditional pay-TV subscriptions and a weaker movie slate.
Miller writes for Bloomberg.
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