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Amid Turmoil, Paramount Global Sees Q1 Lift From Super Bowl, Narrows Loss
{Paramount Global said its recent Super Bowl broadcast helped narrow losses in its first quarter, even as it ousted current CEO Bob Bakish
Overall, Paramount narrowed its first quarter operating losses while seeing a 6% uptick in revenue, due in large part to audience and advertiser interest in its Big Game presentation, which set a new viewing record. The company released details of its first-quarter performance even as it announced a surprising executive turnover, with the heads of its TV, cable and movie businesses named to run the conglomerate after Bob Bakish, who had been the CEO for the past few years, was ousted. Naveen Chopra, Paramount’s chief financial officer, in a statement cited new interest in the Paramount+ streaming service, the Super Bowl and a new slate of programming at CBS after last year’s Hollywood strikes as the clear catalysts for the results.
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