Paramount Reports Q1 Earnings: $7.3B Revenue, $251M Profit for Paramount+
Paramount announced total revenue of $7.3 billion for the first quarter, with earnings of 15 cents per share, matching Wall Street estimates compiled by Yahoo Finance.
Shares of the media giant rose over 3% following the earnings report.
Paramount+ Hits $251M Profit, Adds 700,000 Subscribers in Q1
Paramount+ reported a profit of $251 million and revenue growth of 11%, reaching $2.4 billion in the first quarter. The streamer added 700,000 subscribers, bringing its total subscriber base to 79.6 million.
Excluding the exit of international hard bundle subscribers, Paramount+ added 1.9 million subscribers.
Warner Bros. Discovery Merger Remains on Track for Q3 Closure
The company’s pending $110 billion merger with Warner Bros. Discovery is set to close by the third quarter, pending regulatory approval. Shareholders have already approved the deal, but it remains subject to review by regulators in the U.K. and the U.S.
A group of U.S. state attorneys general, led by California’s Rob Bonta, is reviewing the merger. Bonta stated in an interview with TheWrap that “red flags are everywhere when you have a merger of this type” and that the states are prepared to “act timely”, though no specific timeline was provided.
If the deal is not finalized by September 30, Warner Bros. Discovery shareholders will receive a 25-cent per share “ticking fee” for each quarter until closing. If the merger fails due to regulatory issues, Paramount will pay Warner Bros. Discovery a $7 billion termination fee.
Paramount+ to Merge with Pluto TV and BET+ by Summer
Paramount is on track to merge Paramount+, Pluto TV, and BET+ onto a unified backend infrastructure by the summer. BET+ will be integrated into Paramount+ starting in June.
In an interview with TheWrap, Paramount Chief Revenue Officer Jay Askinasi hinted at a major overhaul of Pluto TV, describing it as a “complete evolution” for the FAST service, with updates planned for this summer.
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