Paramount Q2 2024 Earnings Report
Key Takeaways
Paramount reported a decrease in revenue but an increase in adjusted OIBDA. The Direct-to-Consumer segment showed strong growth, with Paramount+ leading in domestic sign-ups. The company is focused on transforming streaming to accelerate profitability and streamlining the organization.
Direct-To-Consumer Adjusted OIBDA improved $450 million year-over-year to $26 million.
Paramount+ increased revenue 46% year-over-year.
The company is advancing its strategic plan, including $500 million in annualized cost savings.
Paramount-Skydance Agreement was announced on July 7, 2024.
Paramount
Paramount
Paramount Revenue by Segment
Forward Guidance
Looking ahead, we will continue to aggressively execute on our Strategic Plan which focuses on transforming streaming to accelerate profitability, streamlining our organization — including at least $500 million in annualized cost savings — and improving the balance sheet by growing free cash flow and optimizing our asset mix.
Positive Outlook
- Transforming streaming to accelerate profitability
- Streamlining our organization
- Achieving at least $500 million in annualized cost savings
- Improving the balance sheet by growing free cash flow
- Optimizing our asset mix
Revenue & Expenses
Visualization of income flow from segment revenue to net income