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More cash is set to flow for Paramount Global executives as the company said two will each receive bonuses of $1 million when the company’s sale to Skydance closes as part of a “transaction award program.” Doretha Lea, EVP, Global Public Policy and Government Relations, and Nancy Phillips, EVP, Chief People Officer are eligible for the payouts, which are contingent on the deal closing to “ensure the successful operation of the Company during the period prior to the completion of the Transactions and to pro ...

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Famed money manager Mario Gabelli, one of the largest shareholders in Paramount Global, urged the Federal Communications Commission to halt its review of the transfer of broadcast licenses in the media giant’s $8 billion merger with Skydance.Gabelli requested the delay so that he could probe for “potential fiduciary and/or federal securities violations” against Paramount’s minority shareholders, according to a letter he sent to the agency made public Tuesday. His investment firm, Gabelli Value, owns approxi ...

Longtime Paramount Global shareholder Mario Gabelli, who had agitated against iterations of the Skydance-Paramount merger deal, is stepping up his campaign for more transparency around the deal. Lawyers for Gabelli, who operates an investment fund holding 12.5% of Paramount Class A shares and about 900,000 Class B shares, sent the Federal Communications Commission a letter regarding the matter. The letter, dated last Friday and made public on Tuesday, asks that the FCC‘s review of the deal be paused pendin ...

Core Insights - Paramount Global's third-quarter 2024 financial results show mixed performance across segments, with total revenue at $6.7 billion, a 6% decline year-over-year, and operating income down 46% to $337 million [1] - Adjusted OIBDA increased by 20% to $858 million, exceeding expectations by 34%, while adjusted EPS rose 63% to 49 cents, surpassing the estimated 23 cents [1] - The DTC segment grew by 10% to $1.9 billion, driven by a 26% revenue increase from Paramount+, which added 3.5 million subscribers, totaling 71.9 million [3] Revenue Breakdown - Total revenue reached $6.7 billion, down 6% year-over-year [1] - Licensing revenue fell 9% due to reduced third-party productions and home entertainment sales [1] - TV Media revenue declined 6% to $4.3 billion, with ad revenue dropping 2% year-over-year [1] - Filmed Entertainment revenue dropped 34% year-over-year to $590 million, attributed to the timing of releases [5] DTC Segment Performance - DTC advertising revenue rose 18%, driven by new subscribers and higher ARPU [3] - The DTC segment achieved profitability for the second consecutive quarter, with adjusted OIBDA turning to a $49 million profit from a loss of $238 million in Q3 2023 [3] Cost-Cutting Measures - Paramount aims for $500 million in annual cost reductions, primarily through workforce cuts and process streamlining, with 90% of these reductions completed by the end of Q3 [6] - These measures are seen as crucial for managing profitability challenges amid shifting revenue streams and high content production costs [6] Analyst Outlook - Needham analyst Laura Martin reiterated a Hold rating on Paramount, expressing caution regarding the company's ability to return to consistent revenue growth [2] - Martin noted potential for growth as streaming becomes a larger revenue share, but remains cautious until sustained growth is evidenced [7] Stock Performance and Projections - Paramount stock rose 2.85% to $11.39 [8] - Fiscal 2024 revenue is projected at $29.5 billion (down 1% year-over-year) with adjusted EPS at $1.89, while fiscal 2025 revenue is forecasted at $29.7 billion and EPS at $1.40 [8] - Initial projections for fiscal 2026 suggest revenue of $30.1 billion and adjusted EPS of $1.73, indicating a gradual return to growth [8]

Core Insights - Paramount Global reported adjusted earnings of 49 cents per share for Q3 2024, exceeding the Zacks Consensus Estimate by 104.2% and increasing 63% year-over-year [1] - Revenues totaled $6.73 billion, missing the Zacks Consensus Estimate by 5.6% and declining 6% year-over-year due to weakness in TV Media and Filmed Entertainment [1] - Adjusted OIBDA rose 20% year-over-year to $858 million [1] Revenue Breakdown - Advertising revenues, accounting for 32.3% of total revenues, increased 1.9% year-over-year to $2.17 billion [3] - Affiliate revenues, making up 47.8% of total revenues, decreased 1.4% year-over-year to $3.21 billion [3] - Theatrical revenues, representing 1.6% of total revenues, fell 71.4% year-over-year to $108 million [3] - Content-licensing revenues, comprising 18.3% of total revenues, decreased 9.3% year-over-year to $1.23 billion [3] Direct-to-Consumer (DTC) Performance - DTC revenues increased 10% year-over-year to $1.86 billion, with subscription revenues growing 7% [4] - Paramount+ revenues grew 25%, driven by a 3.5 million increase in subscribers to 72 million and an 11% year-over-year expansion in ARPU [6] - DTC adjusted OIBDA improved by $287 million year-over-year to $49 million, reflecting revenue growth and cost efficiencies [6] TV Media Segment - TV Media revenues decreased 6% year-over-year to $4.29 billion, primarily due to lower affiliate revenues [7] - TV Media advertising revenues fell 2%, impacted by declines in the linear advertising market [7] - Adjusted OIBDA for TV Media decreased 19% to $936 million [8] Filmed Entertainment Segment - Filmed Entertainment revenues dropped 34% year-over-year to $590 million, with theatrical revenues plunging 71% [10] - Paramount Pictures achieved success with "A Quiet Place: Day One," grossing $261 million worldwide [11] Financial Position - As of September 30, 2024, Paramount Global had cash and cash equivalents of $2.44 billion, up from $2.31 billion as of June 30, 2024 [12] - Total debt remained unchanged at $14.6 billion as of September 30, 2024 [12]

Paramount Global-B (PARA) reported $6.73 billion in revenue for the quarter ended September 2024, representing a year-over-year decline of 5.6%. EPS of $0.49 for the same period compares to $0.30 a year ago. The reported revenue represents a surprise of -2.71% over the Zacks Consensus Estimate of $6.92 billion. With the consensus EPS estimate being $0.24, the EPS surprise was +104.17%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to ...

Paramount Global-B (PARA) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.24 per share. This compares to earnings of $0.30 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 104.17%. A quarter ago, it was expected that this company would post earnings of $0.14 per share when it actually produced earnings of $0.54, delivering a surprise of 285.71%. Over the last four quarters, the c ...

Paramount Global (PARAA) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.40 per share. This compares to earnings of $0.30 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 22.50%. A quarter ago, it was expected that this company would post earnings of $0.18 per share when it actually produced earnings of $0.54, delivering a surprise of 200%. Over the last four quarters, the compan ...