Paramount Global (NASDAQ:PARA) stock is up 4.5% at $10.66 at last glance, after the streaming giant reported better-than-expected second-quarter earnings of 54 cents per share, though revenue missed estimates. The company also announced it was cutting 15% of its workforce in its latest round of layoffs, as it prepares for its Skydance Media merger. Today's pop isn't enough to push Paramount Global stock into the black for the week, however, with the equity on track for its fifth consecutive weekly loss. The ...

Paramount Global will cut about 15% of its U.S.-based workforce, co-CEO Chris McCarthy said on Thursday. The media company disclosed its plans for the layoffs as it released its second-quarter financial results. CLICK HERE TO READ MORE ON FOX BUSINESS McCarthy said the layoffs will be "primarily focused on two areas: first, redundant functions within marketing and communications; second, streamlining our corporate structure, reducing our headcount in finance, legal, technology and other support functions." ...

About this content About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology. Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical wri ...

Paramount Global wrote down the value of its cable networks by nearly $6 billion and announced it would cut 15% of jobs on Thursday, even as the company's streaming business reported its first quarterly profit. Paramount stock rose more than 5% in extended trading. The impairment reflects a shrinking audience for cable TV networks such as Nickelodeon, MTV and Comedy Central, a decline that translates to lower advertising revenue. The announcement comes a day after Warner Bros Discovery took a $9 billion wri ...

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. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 200%. A quarter ago, it was expected that this company would post earnings of $0.25 per share when it actually produced earnings of $0.62, delivering a surprise of 148%. Over the last four quarters, the company ...

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 earnings. That includes an anticipated $500 million in cost cuts, a chunk from layoffs of about 15% of Paramount's staff that started today and will go through the rest of the year, as well as asset sale ...

Paramount Global Co-CEO Chris McCarthy confirmed the long-expected layoffs hitting the company, 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. The other will be support functions including legal, finance and other areas of the company's administrative operations. Deadline reported earlier Thursday that significant cuts we ...

Warner Bros. Discovery just told investors its TV networks were worth $9 billion less than the company thought. Now it's Paramount's turn: It's taking a $6 billion charge on its TV business. The big difference: Paramount is already about to be acquired, so investors won't care about the disintegrating business. Insider Today Sign up to get the inside scoop on today's biggest stories in markets, tech, and business — delivered daily. Read preview Bull Thanks for signing up! Go to newsletter preferences Thanks ...

Media company Paramount Global PARA PARAA reported second-quarter financial results after the market close Thursday. Here are the key highlights. What Happened: Paramount reported second-quarter revenue of $6.81 billion, down 11% year-over-year. The revenue total missed a Street consensus estimate of $7.21 billion, according to data from Benzinga Pro. The company reported adjusted earnings per share of 54 cents, which may not be comparable to the 10 cents per share reported in the second quarter of last yea ...

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. Both impairment charges to bring each to bring their carrying value for linear television assets into line with what they're likely worth now – much less given years of declines and an uncertain future.WBD's, of $9.12 billion, was trigged by the recent loss of NBA games. The timing for Paramount is related to get ...