No takers yet for Paramount Global. Warner Bros. Discovery is halting merger talks, Skydance Media is performing due diligence, and Comcast seems to be interested only in joining forces for a streaming deal.
The studio and media company is still looking for a buyer, meanwhile the group is savoring the big ad revenue results from the recent Super Bowl broadcast, which brought in an estimated $700 million.
In its first quarter, Paramount Global, the parent company of CBS and MTV, among other TV networks, reported a net earnings of $514 million, an increase from the $21 million net earnings recorded in the corresponding period last year. This is despite an overall revenue decline of 12 percent to $7.63 billion.
Paramount expanded its streaming ad business by about $260 million in 2023. For the fourth quarter, the company’s overall streaming revenue for its Paramount+ service were better than expected, with 4.1 million new subscribers.
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