Paramount Global said it would it cut its dividend as continued investment in streaming weighed on the company while it saw declines in its traditional revenue from advertising and cable distribution.
The owner of CBS, Nickelodeon and the Paramount movie studio said its first-quarter loss came to nearly $1.23 billion, or $1.81 a share, compared with $775 million, or 58 cents a share in the previous quarter. Revenue was essentially flat, down 1%, on shortfalls in its TV media and filmed entertainment units, while its streaming operations saw revenue rise 39%.
“We are focused on continuing to drive market-leading streaming growth while navigating a dynamic macroeconomic environment,” said Bob Bakish, the company’s chairman and CEO, in a statement.
More to come…