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 ...

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 ...

Paramount Group, Inc. (NYSE:PGRE) Q2 2024 Earnings Conference Call August 1, 2024 10:00 AM ET Company Participants Thomas Hennessy - Vice President of Business Development and Investor Relations Albert Behler - Chairman, President and Chief Executive Officer Peter Brindley - Executive Vice President and Head of Real Estate Wilbur Paes - Chief Operating Officer and Chief Financial Officer Conference Call Participants Steve Sakwa - Evercore ISI Vikram Malhotra - Mizuho Camille Bonnel - Bank of America Merrill ...