Paramount: 43% increase in quarterly adjusted OIBDA

(CercleFinance.com) - On Thursday evening Paramount Global reported adjusted EPS from continuing operations of $0.
54 for Q2 2024, well up from $0.10 a year earlier, as well as adjusted OIBDA that rose 43% to $867m. NB: pmt +6%.

However, the media and entertainment group (CBS, Paramont Pictures, nickelodeon) posted an 11% fall in revenues to $6.81bn, weighed on by its TV media and movie studio divisions, down by 17% and 18% respectively.

These declines were not offset by 13% growth in its DTC (direct-to-consumer) division, driven by its Paramount+ platform, whose revenues climbed 46%, boosted by both subscriber growth and ARPU expansion.

We remain on the offensive with our strategic plan, which focuses on transforming our streaming business, streamlining our organization - including at least $500m in annualized cost savings - and improving our balance sheet, management says.


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