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Paramount Revenue Up, Losses Widen Post-Merger
25 Feb
Summary
- Paramount's Q4 revenue climbed 2% to $8.15 billion.
- Diluted losses per share were 52 cents, worsening from last year.
- Paramount+ subscribers grew 4% to 78.9 million, excluding free trials.
Paramount reported a 2% increase in total revenue for the fourth quarter, reaching $8.15 billion. However, the company experienced wider losses, with diluted losses per share at 52 cents compared to 31 cents in the same period last year. These figures are from the first full quarter since the $8.4 billion merger with Skydance, which closed last August.
The TV Media division saw a 5% revenue decrease, largely due to a 10% drop in advertising revenue, with political ad buying in the prior year not having an equivalent this quarter.
Conversely, direct-to-consumer revenue surged by 10%. This growth was significantly boosted by a 4% increase in subscriptions to Paramount+, which now stands at 78.9 million. It's important to note that these subscriber numbers, and those from the pre-merger era, have been restated to exclude free trials.
Discussions are ongoing regarding potential merger negotiations with Warner Bros. Discovery, which have been met with a warmer response than a previous bid from Netflix. Paramount shares saw a slight dip of 2% on Wednesday, despite progress on the WBD front, and remain largely flat since the Skydance deal's close.
