Paramount Global's Q1: Layoffs, Cost Cuts, and Streaming Success
Paramount Global reported a 6% decline in overall revenue in its fourth quarter, with losses in its traditional TV and movie operations but a narrowed loss in its streaming business. The company emphasized cost-cutting measures, including a $1 billion charge for layoffs and restructuring, and aims for Paramount+ to be profitable in the U.S. by the end of 2025. Despite rising advertising and subscriptions at Paramount+, revenues fell in traditional businesses, with declines in advertising, affiliate fees, and licensing. Executives outlined a strategy to focus on making streaming profitable and reducing production costs for movies and TV, while strategically deploying content across various platforms.