As expected, on Thursday, August 8, 2024, Paramount Global followed Warner Bros. Discovery with more financial bad news. Indeed, in its second quarter earnings report, Paramount wrote down the value of its cable-TV networks by $6 billion; while WBD adjusted the value of its cable TV assets with a $9 billion charge.
Paramount also announced a reduction of its workforce by 2,000 jobs. The Hollywood studio lost $5.41 billion in the second quarter, and revenue fell to $6.81 billion (an 11 percent drop from the same period last year).
Nonetheless, shares of Paramount were up 4.4 percent, and similarly to Disney, Paramount’s streaming service reported its first-ever quarterly profit. Paramount+ and PlutoTV reported an operating income of $26 million, compared with a loss of $424 million a year earlier.
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