Paramount shares jumped more than 9% on Tuesday after the media giant posted its first earnings since the closing of Skydance’s $8 billion acquisition.
During the quarter, Paramount swung to a loss of $257 million and revenue growth was flat at $6.7 billion, weighed down by declines in linear advertising and affiliate fees. The results included a $13 million loss and $4.12 billion in revenue under its new owner Skydance and a $244 million loss and $2.58 billion in revenue under the media giant’s previous leadership.
But it also saw strong growth in streaming, adding 1.4 million subscribers for a total of 79.1 million globally, and raised its cost savings target to at least $3 billion, up from its previous target of $2 billion.