Paramount+ Nets 5.6 Million Subs in Q4, Company Sees Loss on Surge in Operating Costs

variety.com:

Brian Steinberg Senior TV Editor Paramount Global said it swung to a loss in the fourth quarter, as a surge in costs tied to content and restructuring offset robust performance by the media conglomerate’s film and streaming operations.

The owner of CBS, Comedy Central and the Paramount film studio said fees tied to restructuring and its looming acquisition by Skydance Media increased during the period, as did operating costs.

Meanwhile, revenue at its biggest division, traditional TV, fell by 4%, owing to declines in advertising and linear TV subscriptions.

Even so, the Paramount+ streaming service notched 5.6 million new subscribers during the quarter, while revenue tied to film soared on the releases of “Gladiator II” and “Sonic the Hedgehog 3.” The company has pinned its hopes to making improvements in streaming, even as its large TV portfolio struggles with viewers’ growing appetite for digital delivery of content.