Paramount reports first quarter of streaming profits, plans 15% layoff and takes $6 billion charge on cable business

) on Thursday reported a profit within its streaming division for the first time while its linear TV business reported a sharper slowdown than expected as the company took a nearly $6 billion write-down on the value of its cable business.

Shares moved about 5% higher in after-hours trading as investors digested the results. Coming into the report, Paramount stock was down roughly 30% this year. Paramount CFO Naveen Chopra said the charge comes after the company "assessed the relevant factors that could impact the fair value of our reporting units, including the estimated total company market value indicated by the Skydance transactions and recent indicators in the linear affiliate marketplace."

Skydance, which will be valued at $4.75 billion following the all-stock deal's completion, said it would inject $6 billion in cash into Paramount, with $1.5 billion going directly into its debt-ridden balance sheet. CalcFocus Welcomes Another Third-Party Administrator Using Achieve Policy Administration to Support Insurance Carriers

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