Paramount+ Gains Revenue, Loses 1.3 Million Subscribers Ahead Skydance Merger

Paramount Global reported mixed second-quarter 2025 results as it prepares for its $8 billion merger with Skydance Media. The company saw a slight 1% increase in overall revenue to $6.85 billion and a net income of $57 million, a significant rebound from a prior-year loss, while operating income remained positive at $399 million. Paramount+ ended the quarter with 77.7 million subscribers, down 1.3 million due to the expiration of an international hard bundle deal, but streaming revenue grew 22% driven by pricing increases and improved churn rates. The company's filmed entertainment segment experienced a 19% drop in licensing revenue, offset by an 84% surge in theatrical revenue primarily from the success of "Mission: Impossible — The Final Reckoning." Leadership emphasized the company's strategic shift toward streaming, highlighting a 26% increase in US viewership for Paramount+ and a record low churn rate, despite declines in traditional TV media sales and affiliate revenue. The merger with Skydance is expected to close on August 7, after receiving FCC approval, positioning the combined entity for continued growth in streaming and content production.