Paramount Global has released its final set of financial results under Redstone family ownership, highlighting a strong quarter driven by box office and streaming gains, just ahead of its $8.4 billion merger with Skydance.
A standout highlight was the 84% surge in theatrical revenue, powered by Mission: Impossible – The Final Reckoning, which premiered on May 23 and has grossed nearly $600 million worldwide. Additional bright spots included crime drama MobLand on Paramount+ and CBS Sports, which helped boost performance across segments.
Despite challenges in TV media, which saw a 6% revenue decline, and affiliate revenue, which dropped 7%, Paramount’s total revenue ticked up 1% to $6.85 billion. This was fueled by strong direct-to-consumer (DTC) performance, including a $131 million year-over-year profit swing that brought DTC profits to $157 million.
The streamer Paramount+ played a critical role, driving subscription growth across the company and generating $114 million in free cash flow. Although subscriber numbers dipped slightly to 77.7 million—due primarily to the end of an international bundle deal—the platform posted a 5% increase in affiliate and subscription revenue.
A notable achievement came from The Daily Show, which ranked as the #1 Late Night program on Mondays across all TV, offering a point of success amid a shifting late-night landscape.
On the horizon, investor focus has shifted toward the upcoming Skydance merger, which was approved by the FCC and is expected to close on August 7. Once finalized, the new company—New Paramount—will begin trading on Nasdaq under the symbol PSKY.
Shari Redstone, Paramount’s non-executive chair and controlling shareholder, reflected on the company’s legacy and transition:
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“Despite an increasingly challenging environment, the talented co-CEOs and teams across the company have continued to strengthen and grow the business… I am proud that when the Skydance transactions close, we will be turning over a healthy business with a strong foundation for long-term growth and value creation.”
Meanwhile, Co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins emphasized their success in transitioning Paramount to a streaming-first company. Paramount+ showed the largest viewership growth among U.S. streaming services, rising 26% in the first half of 2024, with low churn rates and strong content performance, especially from CBS, which remains the most watched broadcast network for the 17th straight season.
The deadline for Paramount stockholders to choose between cash or stock in New Paramount ends today at 5 PM ET. Any shareholders who don’t make a selection will automatically receive stock.
Under the merger agreement, Class B shares are valued at $15, a figure higher than current trading levels. Market analysts remain cautious ahead of expected strategic updates from incoming leadership led by David Ellison and Jeff Shell.
Chris McCarthy will be exiting the company after the merger, with Brian Robbins expected to follow. George Cheeks will stay on with the new entity. The three have jointly led Paramount as co-CEOs since April.
