Posted 2/28/2024, 9:01:00 PM
Paramount Focuses on Streaming Growth While Cutting Costs Across Business
- Paramount Global saw a $1 billion charge in Q1 for layoffs and restructuring costs
- The company is focused on cutting costs and making its streaming business profitable
- Paramount+ narrowed losses in Q4 and gained 4.1 million net new subscribers
- However, Paramount's traditional TV and movie businesses saw revenue declines
- CEO Bob Bakish said the strategy is to maximize returns on content while transforming the cost base