Paramount has reported mixed results in the July quarter with growth in its streaming and production businesses offsetting declines in TV.
Although Paramount wouldn’t break down how its Australian arm Network Ten had performed, sales for its TV division declined by 9 per cent to $3.1 billion.
The majority of this decline would have been booked in the US, where it owns CBS and cable networks MTV and Comedy Central.
Paramount’s streaming business reached nearly $2.5 billion in revenue, up 9 per cent from the same quarter a year ago. The company said the “Yellowstone” sequel, “Dutton Ranch,” and sporting events like the UFC Freedom 250 cage match and its coverage of the FIFA World Cup in Latin America helped its marquee
Paramount+ service add 2 million new subscribers, bringing the total to 81.6 million.
Paramount’s studio division reported revenue of $1.3 billion, reflecting strong sales to third parties like Netflix and Amazon Prime Video.
Its overall revenue for the quarter increased by 1 per cent to $6.91 billion, beating forecasts of $6.88 billion, while profit was $41 million.
Paramount has reported $2.7 billion in annual savings following last year’s merger with Skydance Media.
