Paramount Global Swings To Loss On Streaming, Soft Ad Market In Rough First Quarter; Stock Drops

Filmed entertainment sales dipped 6% year-over-year. Theatrical revenue decreased $4M reflecting the timing and mix of releases. Licensing and other revenue decreased $35M driven primarily by lower consumer products licensing revenues.

Operating income fell by $62 million, reflecting, the company said, an adverse impact from the timing of the release ofof the quarter, as well as costs from the release of Miramax’sThe advertising market, visibility on timing of streaming profits and he impact of Hollywood labor action are front and center ahead of a conference call with executives shortly. Paramount is the first major studio to report numbers and address the Street since the WGA began striking this week.

“Paramount continues to demonstrate the strength of its content engine, driving momentum across streaming, television and theatrical. This resulted in Paramount+ and Pluto TV reaching significant milestones with 60 million subscribers and 80 million MAUs, respectively, while CBS is poised to claim the #1 spot in broadcast for the 15th straight season,” said Bakish.

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