Paramount Global

Paramount Global operates as a mass media company, which creates and distributes content across a variety of platforms to audiences around the world. It operates its business through the following segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment is composed of the CBS Television Network, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Interactive, and CBS Films, as well as the company's digital streaming services, CBS All Access and CBSN. The Cable Networks segment includes Showtime Networks, CBS Sports Network, and Smithsonian Networks. The Publishing segment manages Simon & Schuster's consumer book publishing business with imprints such as Simon & Schuster, Pocket Books, Scribner, and Atria Books. The Local Media segment handles CBS Television Stations and CBS Local Digital Media, with revenues generated primarily from advertising sales and retransmission fees. The company was founded by Sumner Murray Redstone in 1986 and is headquartered in New York, NY.

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US entertainment conglomerate Paramount Global (NASDAQ:PARA) which owns CBS, Nickelodeon, Paramount+ and others, intends to reduce its workforce by 15% under a $500 billion cost-saving plan. The news was delivered to shareholders during Paramount's second-quarter earnings call, when Paramount also noted a $5.98 billion goodwill impairment charge for its Cable Networks reporting unit due to “a downward adjustment to the reporting unit's expected cash flows”.

Paramount cuts workforce, takes $6bn cable writedown

Paramount Global (NASDAQ:PARA ) Q2 2024 Earnings Conference Call August 8, 2024 4:30 PM ET Company Participants Jaime Morris - Executive Vice President of Investor Relations Brian Robbins - President & Chief Executive Officer, Paramount Pictures and Nickelodeon; Chief Content Officer, Movies & Kids & Family, Paramount+ Chris McCarthy - President & Chief Executive Officer, Showtime/MTV Entertainment Studios and Paramount Media Networks George Cheeks - President & Chief Executive Officer, CBS and Chief Content Officer, News and Sports, Paramount+ Naveen Chopra - Executive Vice President & Chief Financial Officer Conference Call Participants Michael Morris - Guggenheim Robert Fishman - MoffettNathanson Ben Swinburne - Morgan Stanley Rich Greenfield - LightShed Partners John Hodulik - UBS Steven Cahall - Wells Fargo Bryan Kraft - Deutsche Bank Operator Good afternoon. My name is Felicia and I'll be the conference operator today.

Paramount Global (PARA) Q2 2024 Earnings Call Transcript

While the top- and bottom-line numbers for Paramount Global-B (PARA) give a sense of how the business performed in the quarter ended June 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Paramount Global-B (PARA) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates

The announcement comes a day after Warner Bros Discovery took a $9 billion write-down on its TV assets.

Paramount slashing thousands of jobs, writes down value of cable networks by $6B

Paramount Global (PARAA) came out with quarterly earnings of $0.54 per share, beating the Zacks Consensus Estimate of $0.18 per share. This compares to earnings of $0.10 per share a year ago.

Paramount Global (PARAA) Q2 Earnings Surpass Estimates

Sports, broadcast TV and digital paced Paramount Global's overall performance in the upfront ad market, Co-CEO Chris McCarthy said during the company's second-quarter earnings call. “We are pleased with our upfront results, particularly in the context of the evolution of the ad market and the scale of new entrants,” he said.

Paramount Global Says It Landed $1B In Digital Upfront Ad Commitments

Paramount Global-B (PARA) came out with quarterly earnings of $0.54 per share, beating the Zacks Consensus Estimate of $0.14 per share. This compares to earnings of $0.10 per share a year ago.

Paramount Global-B (PARA) Q2 Earnings Beat Estimates

The Paramount-Skydance merger is on track to close in the first half of 202 and “in the meantime, the Skydance and Redbird teams support our strategic plan and we are continuing to operate business as usual,” said Chris McCarthy — who runs Par with Brian Robbins and George Cheeks — on a call after quarterly

Paramount Co-CEOs Say Talks Heating Up On Streaming Partnerships, Asset Sales Ahead Of Skydance Merger

Paramount Global Co-CEO Chris McCarthy confirmed the long-expected layoffs hitting Paramount, saying the media company plans to cut its U.S.-based workforce by about 15%. Speaking on the company's second-quarter earnings call, the exec said marketing and communications would be one of two areas to be targeted in the reductions.

Paramount Global Co-CEO Chris McCarthy Confirms Layoffs Of 15% Of U.S.-Based Workers

Warner Bros. Discovery just told investors its TV networks were worth $9 billion less than the company thought.

Paramount's TV networks are collapsing in a $6 billion hole

Media company Paramount Global PARA PARAA reported second-quarter financial results after the market close Thursday.

Paramount Global Q2 Earnings Highlights: Studio Posts Revenue Miss, DTC Segment Up 13%, Closing Date For Skydance Merger

Paramount Global's revenue dropped 11% in the second quarter, the company's biggest miss relative to analyst estimates since February 2020. Revenue fell as TV licensing fees dropped 48%, compounding declines in subscription fees and advertising sales.

Paramount Global revenue misses estimates as traditional pay TV continues decline

Paramount Global has taken massive hit to earnings, booking a nearly $6 billion write-down as part of its second-quarter earnings, a day after Warner Bros. Discovery reported an even bigger charge.

Paramount Takes $5.98B Write-Down At Cable Networks Ahead Of Skydance Deal In Latest Big Media Damage From Linear TV

The slow-motion collapse of the cable-television business is coming into clearer focus.

Paramount Writes Down Value of Cable-TV Business by $6 Billion and Cuts 2,000 Jobs

Paramount Global wrote down the value of its cable networks by nearly $6 billion Thursday, in another sign of how significantly the television market has deteriorated in the era of streaming video.

Paramount Global writes down value of cable networks by $6 billion

NEW YORK , Aug. 8, 2024 /PRNewswire/ -- Paramount Global (NASDAQ: PARA, PARAA) today announced financial results for the second quarter ended June 30, 2024. Please visit the Paramount Investors homepage to view the press release.

Paramount Global Reports Second Quarter Earnings Results

A momentous couple of weeks for Paramount Global are underway. Its second-quarter earnings are due out today; the “go-shop” period in the $8B Skydance deal closes August 21; and a new round of layoffs is expected next week.

Paramount Global Steels Itself For New Round Of Layoffs As Q2 Earnings Hit, End Of Skydance “Go-Shop” Period Nears

Paramount Global is a major conglomerate in the media and entertainment sector, trading at a 64% discount to its book value. The merger with Skydance Media offers potential synergies and management incentives, with a target share price of at least $25.00. Despite debt concerns and profitability uncertainties, PARA presents a compelling value play with promising prospects and increased profitability predicted for 2024 and 2025.

The Golden Age Of Paramount: Why The Entertainment Giant Is A Modern Value Play

Sony

Hiroki Totoki, Sony's chief financial officer, said the Japanese tech giant has no plans to submit a revised offer for Paramount. Totoki's comments mark a confirmation that Sony no longer plans to pursue Paramount, after independent film studio Skydance Media struck a deal to acquire the media giant.

Sony rules out renewing offer for Paramount, says it wouldn't fit strategy

Season One of DORA Makes Its Linear Debut on Monday, Sept. 16, on Nickelodeon    Dascha Polanco Joins Voice Cast as Season Two Guest Star   Produced by Nickelodeon Animation, Season One of DORA Available to Stream Now Exclusively on Paramount+   Watch the New Trailer HERE Watch a New "Swiper" Music Video HERE Download New Images HERE LOS ANGELES , Aug. 5, 2024 /PRNewswire/ -- Paramount+ today announced the second season of DORA, the original animated preschool series, will premiere on Friday, Sept.

SEASON TWO OF DORA, PARAMOUNT+'s ORIGINAL ANIMATED PRESCHOOL SERIES, PREMIERES FRIDAY, SEPT. 13

MLB Superstar Aaron Judge Makes Rubble & Crew Debut Monday, Aug. 26   Season One of Rubble & Crew Available to Stream on Paramount+ Beginning Wednesday, Sept. 4   Share it: @Nickelodeon @NickelodeonFamily @ParamountPlus #RubbleAndCrew   #PAWPatrol   Click  HERE  for crossover event assets.

NICKELODEON AND SPIN MASTER CELEBRATE DOG DAYS OF SUMMER WITH MONTH OF RUBBLE & CREW™ PREMIERES BEGINNING MONDAY, AUG. 5, WITH PAW PATROL™ CROSSOVER EVENT

Parties involved in evaluating offers for Paramount Global have raised questions about the legitimacy of Apex Capital Trust's bid for the company, one source familiar with the matter told Reuters.

Mystery bidder for Paramount Global raises questions

Paramount Global (NASDAQ:PARA) shares moved higher after investment firm Apex Capital Trust announced it had made an up to $43 billion competing bid for the entertainment company.    Paramount has a 45-day “go-shop” period after it struck a merger deal with Skydance Media during which it can receive other offers.

Paramount shares rise on Apex Capital Trust acquisition bid

Apex Capital Trust has submitted a competing offer to acquire Paramount Global in an all-cash deal for up to $43 billion, the investment firm said on Wednesday.

Apex Capital Trust submits bid to acquire Paramount Global for up to $43 bln

NEW YORK--(BUSINESS WIRE)--Apex Capital Trust Submits Competing Bid for The Purchase of Paramount with an all-cash offer of up to $43 Billion.

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