Longtime Paramount Global shareholder Mario Gabelli, who had agitated against iterations of the Skydance-Paramount merger deal, is stepping up his campaign for more transparency around the deal. Lawyers for Gabelli, who operates an investment fund holding 12.
Paramount Global ‘s PARA third-quarter 2024 financial results reflect a mixed performance across various segments.
PARA's third-quarter results reflect softness in affiliate and content-licensing revenues despite the strong adoption of Paramount+.
“We feel good about our position and our ability to remain a standalone.” That was Paramount Co-CEO Chris McCarthy's update on the status of Paramount+, delivered on this morning's third-quarter earnings call. His comment came after an analyst asked whether a strategic partner was still being sought for Paramount+.
Paramount Global (NASDAQ:PARA ) Q3 2024 Earnings Conference Call November 8, 2024 8:30 AM ET Company Participants Jaime Morris - EVP of IR Brian Robbins - President and CEO Chris McCarthy - President and CEO George Cheeks - President and CEO Naveen Chopra - EVP and CFO Conference Call Participants Ben Swinburne - Morgan Stanley Bryan Kraft - Deutsche Bank Rich Greenfield - LightShed Partners Steven Cahall - Wells Fargo Michael Morris - Guggenheim Michael Ng - Goldman Sachs Operator Good afternoon. My name is Nadia and I'll be the conference operator today.
Although the revenue and EPS for Paramount Global-B (PARA) give a sense of how its business performed in the quarter ended September 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Paramount Global-B (PARA) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.24 per share. This compares to earnings of $0.30 per share a year ago.
Paramount Global (PARAA) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.40 per share. This compares to earnings of $0.30 per share a year ago.
The company still expects to close its merger with Skydance, the studio run by David Ellison, in the first half of 2025.
The media and entertainment company's shares are down 22% this year, compared with a 25% rise for the benchmark S&P 500.
Paramount Global posted mixed third quarter financial numbers, but its leaders are pointing to solid subscription growth and profits at Paramount+ and cost reductions as signs their plan is “working.” Revenues for Q3 were $6.73 billion, down 6% year-on-year, but adjusted earning per share were up at 49 cents.
Paramount Global missed quarterly revenue estimates on Friday as a lack of big hits at the box office and declines in its cable business outweighed better-than-expected subscriber growth at its streaming service after the return of NFL content.