Paramount DTC Revenue Spikes 24% in Q1 While Losses Are Nearly Cut in Half

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But in its bizarro seven-minute earnings call, Paramount ever-so-briefly introduced its new CEO trio and then shut off all Q&A

Paramount Plus
(Image credit: ViacomCBS)

Powered by a record-breaking Super Bowl audience in February, Paramount Global matched equity analysts’ forecasts for first-quarter sales, growing revenue 6% to $7.685 billion, with direct-to-consumer sales expanding 24% year over year to $1.879 billion. 

Paramount also reported a big 44% year-over-year reduction in OIBDA losses on direct-to-consumer streaming at $286 million in the first quarter, with Paramount Plus adding 3.7 million subscribers in the quarter to reach 71 million. 

Perhaps not surprisingly, given all that was going on with the company on Monday beyond just earnings, Paramount executives didn't want to hang around to discuss any of it. 

Also Read: Three’s Company: Paramount Names George Cheeks, Chris McCarthy and Brian Robbins as ‘Office of the CEO’ Trio Who Will Replace Bob Bakish

Thirty minutes before what amounted to be a seven-minute earnings call, Paramount announced that the trio of George Cheeks, Chris McCarthy and Brian Robbins would replace longtime CEO Bob Bakish. 

Each of the trio spoke briefly and similarly at the beginning of the short call, touting their longtime collaboration and promising to announce details of how the, er, unique leadership situation will work at a later date. 

Chief financial officer Naveen Chopra then read the top line of the company's earnings. 

Then, before any of the equity analysts on virtual hand Monday could even utter the name “Skydance,” it was announced there’d be no Q&A, and the call was finished. Good day to you. 

Beyond the executive turmoil, the company’s advanced M&A talks with David Ellison’s Skydance Media, and its also-ongoing carriage/retrans negotiations with Charter Communications, there were green shoots to discuss. 

With the record audience of 123.7 million viewers tuning in for an extra-long overtime Super Bowl jam-packed with extra commercial time, TV media ad sales spiked 14%, with total revenue from linear TV reaching $5.231 billion in the first quarter. 

Even filmed entertainment sales were up, 3% to $605 million, on the strength of titles including the Mean Girls reboot, Bob Marley: One Love, and Miramax-produced Jason Statham beat-em-up The Beekeeper. 

Paramount stock was up narrowly in after-hours trading. 

Daniel Frankel
Daniel Frankel

Daniel Frankel is the managing editor of Next TV, an internet publishing vertical focused on the business of video streaming. A Los Angeles-based writer and editor who has covered the media and technology industries for more than two decades, Daniel has worked on staff for publications including E! Online, Electronic Media, Mediaweek, Variety, paidContent and GigaOm. You can start living a healthier life with greater wealth and prosperity by following Daniel on Twitter today!