Paramount Global's Q1 Earnings Report Results in Major Stock Drop and Dividend Cut.
Media company Paramount Global's shares fell by 25% after it reported weak earnings and revenue that missed analyst estimates and cut its quarterly dividend. The company's traditional TV revenue dropped 8% in the quarter, while its film studio division reported a 6% drop in revenue year-over-year. Paramount plans to divest non-core assets to boost free cash flow and stop streaming losses by the end of 2024. The company also took an impairment charge of $1.67 billion in the first quarter from content removed as a result of combining Paramount+ with Showtime into a single U.S. streaming platform.