Paramount Global's Q3 2024 Financial Performance

Paramount Global reported a mixed financial performance in Q3 2024, with a notable increase in streaming subscribers but a decline in traditional TV and film revenues. The company added 3.5 million new subscribers to Paramount+, resulting in a 25% revenue increase for the streaming service, while its TV media and filmed entertainment revenues fell by 6% and 34%, respectively. Paramount's total revenue missed expectations, reaching $6.73 billion against an estimated $6.95 billion, but it achieved a better-than-expected adjusted earnings per share of $0.49. The company continues to implement cost-cutting measures, saving $500 million annually, as it prepares for a merger with Skydance Media expected to finalize in 2025. Despite challenges in its traditional segments, Paramount's focus on streaming growth, including integrating Showtime into Paramount+, aims to strengthen its position in the competitive digital media landscape.