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Paramount Earnings Are Out. The Good, The Bad, And The Rumors
Paramount Sudios
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Topline:
Paramount, the legendary studio which made the Godfather movies, announced its Q4 and full-year 2023 earnings Wednesday, reporting an annual revenue decline of 1.6% but a quarterly profilt of $404 million.
Why it matters: Paramount is one of five remaining traditional Hollywood studios (along with Disney, Sony, Universal and Warner Bros.), and it owns and operates everything from CBS to the free ad-supported streaming network Pluto. Like Warner Bros., it has had significant challenges managing declining assets, such as cable networks, while having enough scale and resources to compete against the likes of Netflix.
The good news: The company articulated a clear streaming strategy, investing in Hollywood content, which makes up 90% of what viewers are consuming on PAR+ internationally, and big-event programming.
The bad news: Paramount indicated that it would film more of this content internationally, where costs are lower, which will impact the job opportunities for a wide variety of the ecosystem of people who work in film and television.
The mountain looming in the background: Rumors and reports continue to emerge about Paramount being acquired. Suitors include Skydance and RedBird Capital and Byron Allen. On Wednesday, any hopes of a Paramount-Warner Bros. Discovery merger appeared to be dead.
For more . . . read the full story on The Ankler.
This story is published in partnership with The Ankler, a paid subscription publication about the entertainment industry.
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