Paramount Global's Strategic Shifts Lead to Surprise Profit Amid Weak Ad Market
TL;DR Summary
Paramount Global anticipates a $1 billion charge in the current quarter due to restructuring and content strategy changes, following the announcement of nearly 750 domestic job cuts. The company aims to optimize programming across streaming and linear TV and expects to achieve $200 million in annual cost savings. Despite reporting mixed fourth-quarter results, including revenue falling short of expectations, Paramount Global projects profitability in its domestic streaming business by 2025, addressing investor concerns about streaming losses.
Topics:business#business#content-strategy#financial-outlook#layoffs#paramount-global#programming-shifts
- Paramount Global Says It Will Take $1B Charge Related To Layoffs And Content Strategy Shifts Deadline
- Paramount Global is ‘Leaning In’ to Content Cost Cuts and ‘Hollywood Hits’ as Leaders Chart a Course for Survival Variety
- Paramount CEO: 'Ad market still not where we want it to be' but 'signs of stabilization' Yahoo Finance
- Paramount falls short of revenue expectations but posts surprise profit, strong streaming results CNBC
- Paramount posts surprise profit as streaming gains offset weak ad market Reuters
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