A transitional interval for Paramount
The outcomes come at a essential, transitional second for Paramount.
It agreed to be acquired by Skydance Media in July however is at present within the midst of a 45-day go-shop interval that concludes Aug. 21, throughout which it might obtain different acquisition bids.
The corporate is at present being led by a trio of co-CEOs, because it ousted former CEO Bob Bakish in April. The chief shake-up has left Paramount beneath new management because it makes an attempt to navigate an acquisition course of and a quickly shifting media panorama.
Paramount needed to take a $5.98 billion write-down within the worth of its TV community, which it introduced on Wednesday. These replicate the depreciating worth of linear tv, and Warner Bros. Discovery introduced an identical writedown in its second-quarter earnings name, decreasing the worth of its linear property by $9.12 billion.
“We’re not standing nonetheless throughout this interim interval earlier than the transaction closes,” Navin mentioned. “We stay centered on reaching our objectives for 2024, which implies investing in key content material property, discovering expense efficiencies, enhancing profitability, deepening partnerships, and deleveraging our stability sheet.”
