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Paramount Global Adds 3.5 Million Streaming Subs In Q3 But Revenues Fall 6% As TV & Film Dip
Paramount Global has posted lower year-on-year revenue in Q3, but Paramount+ added 3.5 million subscribers as DTC profit hit $49 million.
Paramount Global posted mixed third quarter financial numbers as its TV and film divisions dipped, but bosses are pointing to solid subscription growth and profits at Paramount+ and cost reductions as signs their plan is “working.” “Our hit content drove strong performance in Q3 where Paramount+ added 3.5 million new subscribers, solidifying our position as the number four global SVOD service,” said Paramount Co-CEOs George Cheeks, Chris McCarthy and Brian Robbins in a statement. The staff reductions had first been signaled officially in June, when the three occupants of Paramount’s Office of the CEO, George Cheeks, Chris McCarthy and Brian Robbins, announced they had identified $500 million in annualized cost savings.
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