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Paramount Global Says It Landed $1B In Digital Upfront Ad Commitments
Sports, broadcast TV and $1 billion in digital commitments paced Paramount Global's overall upfront ad performance, Co-CEO Chris McCarthy said.
With linear TV in free fall, the growth of streaming offers a ray of hope for Paramount, with its direct-to-consumer unit posting its first operating profit during the quarter. In terms of resources, however, the financial strain of operating a mix of traditional and digital assets has resulted in major cutbacks, with the company planning to lay off 15% of its U.S.-based workforce by the end of the year. In a departure from decades-long precedent, Paramount in 2023 decided to ditch its large-scale presentation to ad buyers in New York, replacing the event with a series of smaller-scale dinners.
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