Paramount Global Q3 Earnings Surpass Estimates, Revenues Fall Y/Y

Core Insights - Paramount Global reported adjusted earnings of 49 cents per share for Q3 2024, exceeding the Zacks Consensus Estimate by 104.2% and increasing 63% year-over-year [1] - Revenues totaled $6.73 billion, missing the Zacks Consensus Estimate by 5.6$858 million [1] Revenue Breakdown - Advertising revenues, accounting for 32.3% of total revenues, increased 1.9% year-over-year to $2.17 billion [3] - Affiliate revenues, making up 47.8$3.21 billion [3] - Theatrical revenues, representing 1.6% of total revenues, fell 71.4% year-over-year to $108 million [3] - Content-licensing revenues, comprising 18.3$1.23 billion [3] Direct-to-Consumer (DTC) Performance - DTC revenues increased 10% year-over-year to $1.86 billion, with subscription revenues growing 7$287 million year-over-year to $49 million, reflecting revenue growth and cost efficiencies [6] TV Media Segment - TV Media revenues decreased 6$4.29 billion, primarily due to lower affiliate revenues [7] - TV Media advertising revenues fell 2%, impacted by declines in the linear advertising market [7] - Adjusted OIBDA for TV Media decreased 19% to $936 million [8] Filmed Entertainment Segment - Filmed Entertainment revenues dropped 34$590 million, with theatrical revenues plunging 71% [10] - Paramount Pictures achieved success with "A Quiet Place: Day One," grossing $261 million worldwide [11] Financial Position - As of September 30, 2024, Paramount Global had cash and cash equivalents of$2.44 billion, up from $2.31 billion as of June 30, 2024 [12] - Total debt remained unchanged at$14.6 billion as of September 30, 2024 [12]