Paramount revenue misses; cable, studio declines dull streaming gains

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STORY: Shares of Paramount Global fell five and a half percent Friday morning after the media giant missed quarterly revenue estimates.

Weakness in the studio and cable business offset strong subscriber growth at its streaming service.

It added 3.5 million subscribers, beating one estimate by about a million additions.

That marked a sharp turnaround from the 2.8 million subscribers the service lost the quarter before.

Its content lineup included the National Football League, and the second season of crime drama series "Tulsa King" starring Sylvester Stallone.

Revenue at Paramount's TV media business, which includes CBS and MTV, fell 6% due to lower spending from advertisers and a drop in subscribers.

But the streaming subscriber gains and costs controls did help the company surpass profit expectations.

It's been cutting costs ahead of its planned merger with Skydance Media.

Paramount said the deal is expected to close in the first half of 2025.