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Paramount Global Takes $1.3 Billion Charge in Q1 for Content Write-Offs, Layoffs
Amid Paramount Global’s CEO shakeup, the media conglomerate reported a $1.3 billion charge for content write-offs and layoffs in Q1 2024.
Amid Paramount Global ’s removal of Bob Bakish as CEO and the ongoing uncertainty of a company sale, it was business as usual for the first quarter at the media conglomerate — which included a $1.3 billion charge for content write-offs as well as layoffs. By writing down the value of content assets, companies can remove those from its balance sheet to avoid having to pay ongoing residuals and to reduce their taxes owed. Revenue from film operations rose 3% to $605 million due to box office from “Mean Girls,” “Bob Marley: One Love” and “The Beekeeper.”
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