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 ...

A momentous couple of weeks for Paramount Global are underway. Its second-quarter earnings are due out today; the "go-shop" period in the $8B Skydance deal closes August 21; and a new round of layoffs is expected next week. Paramount will release its earnings after the market closes, with Wall Street analysts forecasting a 5% year-toyear revenue dip due to challenges in linear TV and at the film studio. In addition to the Skydance deal, the eyes of the financial community will be focused on Paramount's cost ...

Jeremy Poland When it comes time for Paramount Resources (OTCPK:PRMRF) (TSX:POU:CA) to rake in the money, this company needs a very big rake. If things keep going the way they are now, the company may need two in the future. This is a company that acquired Apache Canada and has turned those leases into a moneymaker at a level that few companies can compare to. The reason is that this formerly dry gas producer has now focused on rich gas, where the "rich" part is very high-value condensate. The dividend was ...

NEW YORK, Aug. 1, 2024 /PRNewswire/ -- Paramount Global (NASDAQ: PARA, PARAA) today announced that its Board of Directors has declared a quarterly cash dividend of $0.05 per share on both its Class A and Class B Common Stock. The dividend will be payable on October 1, 2024, to stockholders of record at the close of business on September 16, 2024. PARA-IR About Paramount Paramount Global (NASDAQ: PARA, PARAA) is a leading global media, streaming and entertainment company that creates premium content and expe ...

Financial Performance - For the full year 2024, the estimated net loss attributable to common stockholders per diluted share is projected to be between $(0.11) and $(0.07) [10] - Estimated Core Funds From Operations (FFO) for 2024 is expected to range from $0.76 to $0.80 per diluted share [10] - The company reported a net loss attributable to common stockholders for the three months ended June 30, 2024, was $(7,819,000), compared to a net loss of $(47,538,000) for the same period in 2023, showing a significant improvement [14] - The company reported a net loss of $2,860,000 for the quarter, a significant improvement from a loss of $82,829,000 in the same quarter last year [22] - The company reported a net income of $13,871 for the six months ended June 30, 2024, compared to a net loss of $6,219 in the same period last year [27] - The company reported a net loss income for the period was $(486,737,000), with a significant real estate impairment loss of $(455,893,000) [65] Revenue and Income - For the three months ended June 30, 2024, total revenues increased to $187,408,000, up from $172,662,000 for the same period in 2023, representing an increase of 8.9% [14] - Total revenues for the consolidated ventures reached $105,619,000 for the three months ended June 30, 2024, compared to $104,119,000 for the same period in 2023, reflecting a slight increase [43][45] - Total revenues for the company reached $206,068,000, with a net operating income of $137,041,000 for the six months ended June 30, 2023 [53] - Total revenues for the six months ended June 30, 2024, were $38,493,000, with significant contributions from 712 Fifth Avenue ($12,461,000) and 55 Second Street ($8,174,000) [61] Operating Metrics - The company anticipates leasing activity of approximately 725,000 to 900,000 square feet for the year [10] - The share of Same Store Leased percentage at year-end is projected to be between 86.1% and 88.1% [10] - A decrease in the company's share of Same Store Cash Net Operating Income (NOI) is expected, ranging from (4.5%) to (2.5%) [10] - The estimated NOI for 2024 is projected to be between $354 million and $359 million [10] - Cash NOI is expected to be in the range of $334 million to $338 million for the year [10] - The company reported a same store NOI decrease of 1.3% for the three months ended June 30, 2024, compared to the same period in 2023 [14] - PGRE's share of NOI for the three months ended June 30, 2024, was $90,636,000, compared to $79,547,000 in the same quarter last year, reflecting a growth of 13.1% [23] Expenses and Liabilities - Total operating expenses amounted to $23,921,000, leading to a net operating income of $14,572,000 [61] - Interest and debt expense for the quarter was $42,258,000, slightly down from $42,746,000 in the previous quarter [22] - Total liabilities as of June 30, 2024, were $3,846,201,000, a slight decrease from $3,991,327,000 as of December 31, 2023 [13] - Interest and debt expense for the six months ended June 30, 2024, totaled $80,273, up from $53,099 in 2023, marking an increase of 50.9% [27] Dividends and Shareholder Returns - The company reported a dividend yield of 3.0% based on the closing share price [9] - The annualized dividend per common share is maintained at $0.14 [9] - Dividends declared on common stock amounted to $7,611,000 for the quarter, consistent with previous quarters [21] Capital Expenditures and Investments - Total capital expenditures for the three months ended June 30, 2024, were $20,996, with PGRE's share being $19,945 [102] - Total Capital Expenditures for the six months ended June 30, 2024, amounted to $57,310,000, an increase of 23% from $44,865,000 for the same period in 2023 [105] - Second generation tenant improvements for the six months ended June 30, 2024, totaled $35,442,000, up 18% from $15,147,000 in the same period of 2023 [106] Market Position and Strategy - The company plans to expand its market presence and invest in new technologies to drive future growth [52] - The company is actively pursuing strategic acquisitions to enhance its portfolio and market position [52] - The company plans to continue focusing on market expansion and new product development strategies moving forward [64] Debt and Financial Ratios - Total debt as of June 30, 2024, was $5,457,121,000, with consolidated debt at $3,692,050,000 and unconsolidated joint ventures debt at $1,183,160,000 [79] - PGRE's share of net debt to annualized adjusted EBITDAre was 9.7x, compared to 8.6x in the previous period, indicating a deterioration in leverage [80] - The company maintained a fixed charge coverage ratio of 2.79x, exceeding the required minimum of 1.5x [82] Tenant and Lease Information - Total square feet leased for the three months ended June 30, 2024, was 198,505, with PGRE's share being 158,592 [91] - The average rent per square foot for office space is $100.42, while retail space averages $78.60 per square foot [89] - The company has a diversified tenant base, with no single tenant exceeding 5.1% of total annualized rent [90]

Apex Capital Trust has submitted a competing offer to acquire Paramount Global in an all-cash deal for up to $43 billion, the investment firm said Wednesday. Paramount has a 45-day "go-shop" period following the merger agreement with David Ellison's Skydance Media, during which it can receive another deal. Paramount and National Amusements did not immediately respond to Reuters requests for comment. Paramount has a 45-day "go-shop" period following the merger agreement with David Ellison's Skydance Media, d ...