Paramount reported mixed second-quarter earnings Tuesday as its takeover of Warner Bros. Discovery remains in limbo.
Still, CEO David Ellison sought to reassure shareholders in the letter saying, “We continue to prepare for our proposed combination with Warner Bros. Discovery, while staying focused on executing our standalone strategy and delivering strong results.”
The company reported revenues of $6.9 billion, up 1 percent from its predecessor company a year ago, while net earnings fell to $41 million, or four cents per share after $57 million, or eight cents a share, a year ago.
Paramount’s TV media segment continued to fall, dropping 9 percent year-over-year to $3.1 billion, while direct-to-consumer revenue rose 9 percent to $2.5 billion. Studio revenue rose 16 percent to $1.3 billion.
Revenue at Paramount+ rose 16 percent to $2.1 billion, as the company said Q2 was its best quarter for retention ever on Paramount+ thanks to Dutton Ranch, UFC and the FIFA World Cup. The streaming services added 2 million new subscribers to hit 81.6 million worldwide, up 6 percent year over year.
