Overview
- Paramount Skydance, which reported results Monday, posted adjusted earnings of 23 cents per share on $7.35 billion in revenue, topping forecasts of 15 cents on $7.28 billion.
- Adjusted EBITDA rose 59% to $1.16 billion as cost cuts from the Skydance merger and stronger streaming and studio results offset TV declines.
- Direct-to-consumer revenue grew 11% and Paramount+ reached 79.6 million subscribers, helped by Ultimate Fighting Championship events added in January.
- The company projected second-quarter revenue of $6.75 billion to $6.95 billion, below the $7.07 billion analysts expected, citing no new tentpole film releases and the absence of NCAA Final Four games.
- Management said Paramount+ subscriber totals will be flat in the second quarter because it plans to remove about 2 million international bundled accounts.