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Paramount Global Sees $1 Billion Charge in Q1 for Layoffs, Restructuring
Paramount Global saw a business downturn in both its TV and film units even as it worked to stem losses in streaming
Paramount Global said it narrowed losses in its streaming business in its fourth quarter while grappling with declines in revenue in its larger TV and movie operations, echoing a dynamic followed by media rivals including Warner Bros. The New York owner of the CBS broadcast network, the Paramount+ streaming hub and the Nickelodeon cable channel said it saw a 6% decline in overall revenue during the period as the effects of last year’s Hollywood strikes weighed on its film and TV operations, which grappled with declines in advertising sales, content licensing fees and affiliate revenues. “Looking ahead, we continue to be focused on maximizing the return on our content investments and scaling streaming, while transforming the cost base of our business.
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