Paramount Q1 Profit Rises on Streaming, Studios, Despite TV’s Decline

By Brian Steinberg

Brian Steinberg

Senior TV Editor

Latest

• Paramount Q1 Profit Rises on Streaming, Studios, Despite TV’s Decline 40 minutes ago
• Sharyn Alfonsi Worries Openly About Her Future at CBS News’ ‘60 Minutes’ 3 days ago
• Will Scott Jennings-Adam Mockler On-Air Fight Sidetrack CNN’s ‘NewsNight’? 3 days ago

Paramount Skydance said first-quarter profit rose despite shortfalls in the company’s largest business –traditional TV — as revenue dips from cable and broadcast were offset by growth in movie and TV production as well as subscriptions to Paramount+.

In a letter to shareholders Monday, the owner of CBS, Comedy Central and the Paramount movie studio said revenue in the first quarter rose to nearly $7.35 billion, compared with about $7.19 billion in the year-earlier period — a hike of about 2%. The company said Paramount+ added about 700,000 subscribers, and overall revenue from direct-to-consumer operations increased 11% to $2.4 billion. Revenue from the company’s studios rose 11% to $1.3 billion, due in part to the performance of “Scream 7” in theaters and some financial restructuring.

Related Stories

Jimmy Fallon Joins 'SNL U.K.' Host Nicola Coughlan for Chaotic Studio Tour and Explicit Rap Song About 'The Magic Faraway Tree'