Paramount+ reached 60 million global subscribers and revenue grew 65% year over year. But losses of its direct-to-consumer unit grew to $511 million — an increase of 12% from $456 million a year ago. The company incurred a $1.7 billion charge in connection with its plan to integrate Showtime into its Paramount+ streaming service and remove certain programming. Prior to the earnings release, Paramount\n \n shares had gained more than 35% this year, but turned negative on the news.
Paramount also cut its dividend 5 cents per share, which will result in approximately $500 million in annualized cash savings. “The company’s 79% dividend cut is not encouraging, but it was necessary,” said Huber Research analyst Craig Huber. “They should have done it years ago, but better late than never.” In recent years, Paramount’s television division has perhaps been best known for its “Yellowstone” series of programs starring Kevin Costner and, more recently, Harrison Ford.
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