The numbers
1% — Paramount’s total company revenue up year over year.
15% — Direct-to-consumer revenue growth, driven by Paramount+.
77.7 million — Paramount+ subscribers, though the company decreased 1.3 million year over year in the quarter.
-4% — TV media ad revenue decrease.
30% — Streaming volume in upfront.
The watercooler talk
On Thursday, Paramount didn’t take questions in its final earnings call ahead of the expected Skydance merger close on Aug. 7. The company also didn’t address the recent cancellation of The Late Show with Stephen Colbert, which Paramount previously called a “financial decision.”
Instead, executives said goodbye in prepared remarks while also noting that the company was nearing the completion of its upfront, with “overall volume consistent with last year.” This was driven by sports and streaming sales. According to the company, streaming accounted for almost 30% of total upfront volume. Meanwhile, demand for sports was strong across the board, earning double-digit growth.
NBCUniversal, Fox, and Disney were the first three major publishers to announce upfront closes this year.
The key quote
“While it is never easy to step away, please know that it has been an honor for my family and for me to serve as stewards of these assets over the past several decades. We will always be cheering on paramount in the talented people who have made it what it is today,” Shari Redstone, non-executive chair of the Paramount board of directors, on the merger with Skydance Media.
