Paramount Global (PARA) Quarterly 10-Q Report
Paramount Global (PARA) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenues to $6.73 billion from $7.13 billion in the same quarter the previous year. The decrease is attributed to lower revenues from theatrical releases, licensing, and linear networks, partially offset by growth in streaming services.
Operating income for the quarter was $337 million, down from $621 million in the previous year. Restructuring charges and transaction-related costs totaling $321 million and an impairment charge of $104 million affected the comparison.
Net loss from continuing operations attributable to Paramount was $4 million, compared to net earnings of $247 million in the previous year. Adjusted net earnings from continuing operations improved by $120 million, reflecting higher tax-effected Adjusted OIBDA and lower interest expense.
Advertising revenues increased by 2% to $2.17 billion, driven by growth from Paramount+ and Pluto TV, as well as higher political advertising revenue. Affiliate and subscription revenues decreased by 1% to $3.22 billion, impacted by declines in linear affiliate fees.
Theatrical revenues decreased by $269 million to $108 million, primarily due to the number and mix of releases compared to the prior year. Licensing and other revenues decreased by 9% to $1.23 billion, reflecting lower licensing in the secondary market.
Content costs decreased by 8% to $3.28 billion, reflecting lower costs associated with theatrical releases and changes in content strategy. Selling, general, and administrative expenses decreased by 12% to $1.53 billion, driven by lower marketing and compensation costs.
Paramount reported a goodwill impairment charge of $5.98 billion for its Cable Networks reporting unit and a charge of $104 million to reduce the carrying values of FCC licenses to their estimated fair values.
Cash provided by operating activities was $584 million, while cash used in investing and financing activities was $317 million and $298 million, respectively. Cash and cash equivalents at the end of the period were $2.44 billion.
The filing also details the Transactions with Skydance Media, LLC, which are expected to close in the first half of 2025, subject to customary closing conditions and regulatory approvals.
Paramount's total debt was $14.62 billion as of September 30, 2024, with no outstanding commercial paper borrowings and $3.50 billion available under its revolving credit facility.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Paramount Global quarterly 10-Q report dated November 8, 2024. To report an error, please email [email protected].