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Paramount Takes $5.98 Billion Write-Down on Cable Networks in Q2 Tied to Skydance Deal While Streaming Turns First Profit
Paramount Global said it took a $5.98 billion write down of its cable networks spurred by its looming acquisition by Skydance
The company, which owns CBS, the Paramount movie studio and cable networks such as Comedy Central, Nickelodeon and MTV, said overall revenue in the period fell 11% thanks to declines tied to its film and traditional TV operations. In fact, for the fourth year in a row, Paramount+ is leading the industry in domestic sign-ups driven by our big broad hit TV series and blockbuster films,” said a statement attributed to current leaders George Cheeks, Chris McCarthy and Brian Robbins. Discovery said it took an impairment charge of $9.1 billion for its cable networks, reflecting subscriber declines, ad-sales shortfalls and the loss of its longstanding package of NBA rights slated to begin after the league’s next season.
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