Paramount Group Inc. (PGRE)
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Paramount cuts workforce, takes $6bn cable writedown
US entertainment conglomerate Paramount Global (NASDAQ:PARA) which owns CBS, Nickelodeon, Paramount+ and others, intends to reduce its workforce by 15% under a $500 billion cost-saving plan. The news was delivered to shareholders during Paramount's second-quarter earnings call, when Paramount also noted a $5.98 billion goodwill impairment charge for its Cable Networks reporting unit due to “a downward adjustment to the reporting unit's expected cash flows”.
Paramount slashing thousands of jobs, writes down value of cable networks by $6B
The announcement comes a day after Warner Bros Discovery took a $9 billion write-down on its TV assets.
Paramount Global (PARAA) Q2 Earnings Surpass Estimates
Paramount Global (PARAA) came out with quarterly earnings of $0.54 per share, beating the Zacks Consensus Estimate of $0.18 per share. This compares to earnings of $0.10 per share a year ago.
Paramount Co-CEOs Say Talks Heating Up On Streaming Partnerships, Asset Sales Ahead Of Skydance Merger
The Paramount-Skydance merger is on track to close in the first half of 202 and “in the meantime, the Skydance and Redbird teams support our strategic plan and we are continuing to operate business as usual,” said Chris McCarthy — who runs Par with Brian Robbins and George Cheeks — on a call after quarterly
Paramount Global Co-CEO Chris McCarthy Confirms Layoffs Of 15% Of U.S.-Based Workers
Paramount Global Co-CEO Chris McCarthy confirmed the long-expected layoffs hitting Paramount, saying the media company plans to cut its U.S.-based workforce by about 15%. Speaking on the company's second-quarter earnings call, the exec said marketing and communications would be one of two areas to be targeted in the reductions.
Paramount's TV networks are collapsing in a $6 billion hole
Warner Bros. Discovery just told investors its TV networks were worth $9 billion less than the company thought.
Paramount Global Q2 Earnings Highlights: Studio Posts Revenue Miss, DTC Segment Up 13%, Closing Date For Skydance Merger
Media company Paramount Global PARA PARAA reported second-quarter financial results after the market close Thursday.
Paramount Global revenue misses estimates as traditional pay TV continues decline
Paramount Global's revenue dropped 11% in the second quarter, the company's biggest miss relative to analyst estimates since February 2020. Revenue fell as TV licensing fees dropped 48%, compounding declines in subscription fees and advertising sales.
Paramount Takes $5.98B Write-Down At Cable Networks Ahead Of Skydance Deal In Latest Big Media Damage From Linear TV
Paramount Global has taken massive hit to earnings, booking a nearly $6 billion write-down as part of its second-quarter earnings, a day after Warner Bros. Discovery reported an even bigger charge.
Paramount Global writes down value of cable networks by $6 billion
Paramount Global wrote down the value of its cable networks by nearly $6 billion Thursday, in another sign of how significantly the television market has deteriorated in the era of streaming video.
Paramount Global Steels Itself For New Round Of Layoffs As Q2 Earnings Hit, End Of Skydance “Go-Shop” Period Nears
A momentous couple of weeks for Paramount Global are underway. Its second-quarter earnings are due out today; the “go-shop” period in the $8B Skydance deal closes August 21; and a new round of layoffs is expected next week.
Paramount Group, Inc. (PGRE) Q2 2024 Earnings Call Transcript
Paramount Group, Inc. (NYSE:PGRE ) Q2 2024 Earnings Conference Call August 1, 2024 10:00 AM ET Company Participants Thomas Hennessy - Vice President of Business Development and Investor Relations Albert Behler - Chairman, President and Chief Executive Officer Peter Brindley - Executive Vice President and Head of Real Estate Wilbur Paes - Chief Operating Officer and Chief Financial Officer Conference Call Participants Steve Sakwa - Evercore ISI Vikram Malhotra - Mizuho Camille Bonnel - Bank of America Merrill Lynch Blaine Heck - Wells Fargo Securities, LLC Ronald Kamdem - Morgan Stanley Dylan Burzinski - Green Street Advisors LLC Operator Good day, ladies and gentlemen. Thank you for standing by.
