Paramount’s Channel 5 Increases Operating Profit In 2023 But Takes Hit On Huge $200M Payment To Viacom Interactive Subsidiary
deadline.comParamount UK network Channel 5 saw turnover and operating profit rise last year but made an overall loss of £159.5M ($200M) due to a one-off payment to a Paramount Global subsidiary.
According to its full-year 2023 results posted on Companies House, the loss was solely down to an investment in Viacom Interactive Limited, which totalled a whopping £273M.
That subsidiary, which is “unrelated to Channel 5’s trading business,” made an even bigger loss of more than £300M over the same period.
The results cited “adverse global market conditions.” A Channel 5 spokesman declined further comment. The Channel 5 results noted that the loss came “despite” the All Creatures Great and Small network’s operating profit of £112.4M, which actually increased by 40% during what was a tough economic year for the wider industry.
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