Paramount Global Achieves Growth in Streaming Sector

Paramount Global ( (PARA) ) has released its Q3 earnings. Here is a breakdown of the information Paramount Global presented to its investors.

Paramount Global is a leading global media, streaming, and entertainment company known for its iconic consumer brands and extensive library of TV and film titles, operating in the production, distribution, and advertising sectors. Paramount Global’s Q3 2024 earnings report highlights significant achievements in its Direct-To-Consumer segment, with a notable $287 million improvement in Adjusted OIBDA year-over-year, alongside a 25% revenue growth and 3.5 million subscriber additions for Paramount+. Despite challenges in the TV Media and Filmed Entertainment sectors, the company achieved a 20% increase in Adjusted OIBDA and maintained strong subscriber growth. Key financial metrics show a decrease in overall revenue by 6% to $6.731 billion for Q3 2024, with operating income dropping by 46% year-over-year. However, Direct-To-Consumer revenue increased by 10%, and Paramount+ subscription revenue grew by 7%. The company also reported $500 million in annual run rate cost savings as part of its streamlined organizational efforts. Going forward, Paramount Global remains focused on advancing its strategic goals, enhancing content offerings, and realizing cost efficiencies, with expectations of closing its Skydance transactions in the first half of 2025, positioning the company for continued growth and profitability in the competitive media landscape.