Paramount Global is a leading global media, streaming, and entertainment company that creates premium content and experiences for audiences worldwide. The company operates through three main segments: TV Media, Direct-to-Consumer, and Filmed Entertainment, offering a wide range of entertainment products and services . Paramount Global's offerings include broadcast operations, streaming services, and film production, catering to diverse audiences across the globe . The company is known for its popular brands like CBS, MTV, Nickelodeon, and Paramount Pictures .
- TV Media - Operates broadcast operations such as the CBS Television Network and domestic and international cable networks like MTV and Nickelodeon. Includes television studio operations and digital properties like CBS News Streaming and CBS Sports HQ.
- Direct-to-Consumer - Comprises domestic and international streaming services, including Paramount+, Pluto TV, and BET+. Showtime Networks' domestic premium subscription streaming service was discontinued as a standalone service for new subscribers in 2023 and will no longer be available after April 30, 2024.
- Filmed Entertainment - Encompasses film production through Paramount Pictures, Paramount Players, and Paramount Animation, along with other studios like Nickelodeon Studio and Miramax.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Brian Robbins Executive | President & CEO of Paramount Pictures and Nickelodeon | None | Leads Paramount Pictures and Nickelodeon. Oversaw box office hits like Top Gun: Maverick and Smile. Expanded franchises like Transformers and PAW Patrol. | |
Chris McCarthy Executive | President & CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks | None | Oversees Showtime, MTV, and Paramount Media Networks. Drove Paramount+ growth and expanded franchises like Yellowstone and 1923. Consolidated nine businesses into one portfolio. | |
Doretha (DeDe) Lea Executive | Executive Vice President, Global Public Policy and Government Relations | None | Oversees public policy and government relations. Extended employment through 2028. Previously held similar roles at Viacom and Belo Corp. | |
George Cheeks Executive | President & CEO of CBS | None | Leads CBS and oversees content for Paramount+. Previously held senior roles at NBCUniversal and Viacom. Maintained CBS as the most-watched broadcast network for 15 consecutive seasons. | |
Julia Phelps Executive | Executive Vice President, Chief Communications and Corporate Marketing Officer | None | Leads communications and marketing strategies. Previously held senior roles at Viacom, including EVP of Communications and Culture. | |
Nancy Phillips Executive | Executive Vice President, Chief People Officer | None | Oversees HR functions. Played a key role in the Viacom-CBS merger integration. Previously held HR leadership roles at Nielsen, Broadcom, and Hewlett-Packard. | |
Naveen Chopra Executive | Executive Vice President & Chief Financial Officer | None | CFO since 2020. Previously held CFO roles at Amazon Devices, Pandora Media, and TiVo. Key leader in financial reporting and compliance at Paramount. | |
Barbara M. Byrne Board | Director | Director at LanzaTech, Carta, and PowerSchool; Trustee at Institute of International Education | Financial expert with over 35 years in investment banking. Serves on multiple boards and advisory committees. | |
Linda M. Griego Board | Director | President & CEO of Griego Enterprises; Trustee at MLK Health and Wellness CDC and National Trust for Historic Preservation | Longtime director with experience in business management and public service. Previously served on boards of AECOM and American Funds. | |
Shari E. Redstone Board | Non-Executive Chair of the Board | President & CEO of National Amusements, Co-Founder of Advancit Capital, Trustee at Paley Center for Media and Dana Farber Cancer Institute | Chair of Paramount's Board since 2019. Leads National Amusements and co-founded Advancit Capital. Extensive experience in media and corporate governance. | |
Susan Schuman Board | Director | Executive Chair of SYPartners; Vice Chair of kyu Collective; Board member of Management Leadership for Tomorrow | Co-founder of SYPartners, specializing in business transformation. Serves on multiple advisory boards. |
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With the planned reduction of approximately 15% of your U.S.-based workforce to achieve $500 million in annual run rate cost savings, how will you ensure that these cuts do not negatively impact your ability to produce best-in-class content and maintain competitiveness during the interim period before the Skydance transaction closes?
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Given the exit from the Tving partnership in South Korea and your intention to explore strategic partnerships to accelerate profitability in international markets, can you elaborate on your specific plans for the international streaming footprint of Paramount+ and how these might impact both scale and profitability?
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The recent $6 billion noncash goodwill impairment charge was attributed to declines in the linear affiliate marketplace and the valuation implied by the Skydance transaction; can you provide more detail on the specific indicators that led to this charge and how it affects your strategy for the cable network reporting unit?
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As cord-cutting accelerates and more content shifts to streaming platforms like Paramount+, how do you plan to address concerns from CBS affiliates regarding the value they receive from national programming and the potential pressure to moderate or decline reverse compensation fees?
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Considering that the Direct-to-Consumer segment was profitable in Q2 but is expected to incur losses in Q3 and Q4 due to content expenses and seasonality, what are the key factors that give you confidence in achieving Paramount+ domestic profitability in 2025 on a full-year basis, and what challenges could potentially impact this timeline?
Research analysts who have asked questions during Paramount Global earnings calls.
Benjamin Swinburne
Morgan Stanley
4 questions for PARA
Steven Cahall
Wells Fargo & Company
4 questions for PARA
Kutgun Maral
Evercore ISI
3 questions for PARA
Richard Greenfield
LightShed Partners
3 questions for PARA
Robert Fishman
MoffettNathanson
3 questions for PARA
Michael Morris
Guggenheim Partners
2 questions for PARA
Ric Prentiss
Raymond James
2 questions for PARA
Bryan Kraft
Deutsche Bank AG
1 question for PARA
Michael Ng
Goldman Sachs
1 question for PARA
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Skydance Media, LLC | 2024 | Skydance’s acquisition by Paramount Global is structured as a two‐step deal where Skydance first acquires National Amusements, Inc. (NAI) for $2.4 billion in cash and then merges with Paramount Global to form “New Paramount” valued at $4.75 billion, with key elements including issuance of Class B shares at $15 each, a significant 45-day go-shop period, and planned closing in the first half of 2025. |
National Amusements, Inc. (NAI) | 2024 | The NAI acquisition involves the Skydance Investor Group acquiring NAI for $2.4 billion in cash as part of the broader merger, enabling the new entity to offer Paramount stockholders a cash/stock election with premiums of 48% and 28% for Class B and A shares respectively, aiming to stabilize profitability, invest in digital platforms, and finalize regulatory approvals by early 2025. |
Recent press releases and 8-K filings for PARA.
- Paramount Global agreed to a seven-year, $7.7 billion exclusive U.S. broadcasting and streaming deal with UFC starting in 2026.
- The agreement covers 13 marquee numbered events and 30 Fight Nights on Paramount+, with select marquee events simulcast on CBS.
- This deal replaces UFC’s prior ESPN contract (worth $500 million over five years), moving away from pay-per-view to boost streaming engagement and accessibility for Paramount+ subscribers.
- Payments average $1.1 billion per year, weighted lower in early years and higher later, underscoring Paramount’s strategy to leverage live sports for subscriber growth.
- The U.S. Bureau of Land Management has published the Draft Environmental Impact Statement for Paramount’s 100%-owned Grassy Mountain gold project, triggering a 30-day public comment period and a virtual public meeting on August 19.
- The DEIS assesses potential environmental impacts and proposes mitigation measures, with all materials available on the BLM’s e-planning and FAST-41 permitting dashboard.
- The Final EIS and Federal Record of Decision are expected in December 2025, concluding the federal permitting process for Oregon’s first modern mine.
- On August 7, 2025, Paramount completed the transactions under its July 7, 2024 Skydance Transaction Agreement, creating Paramount Skydance Corporation as parent of both Paramount and Skydance, with aggregate Class A cash consideration of $165.3 million, Class B cash consideration of $4.288 billion, and issuance of 318.8 million Class B shares.
- Paramount Skydance Corporation executed a Joinder Agreement to join the Amended and Restated Credit Agreement as a borrower, becoming bound by all covenants and obligations therein.
- Paramount and its trustees entered into supplemental indentures across 25 series of debt securities, under which Paramount Skydance Corporation provided full and unconditional parent guarantees of Paramount’s obligations on those series.
- As of July 31, 2025, GAMCO Asset Management held approximately 12.0% of Paramount Global’s outstanding Class A voting stock on behalf of its clients.
- Under the terms of Paramount’s pending merger with Skydance Media, current Class A holders cannot retain their shares and are required to receive cash consideration.
- On July 31, 2025, GAMCO filed a Schedule 13D disclosing that it elected to receive cash for all Class A shares it holds.
- Skydance Media announced the future executive leadership team set to lead the combined company upon closing of its merger with Paramount Global, structuring the business into Studios, Direct-to-Consumer, and TV Media segments.
- The leadership slate names David Ellison as CEO and Jeff Shell as President, with Andrew Warren continuing as Interim CFO.
- Key division chairs include George Cheeks (TV Media), Dana Goldberg and Josh Greenstein (Paramount Pictures), and Cindy Holland (Direct-to-Consumer).
- A forward-looking caution outlines integration, market, and operational risks, with detailed factors described in Paramount’s SEC filings.
- Paramount generated $6.8 billion in Q2 revenue and $824 million in adjusted OIBDA, reflecting strong D2C segment performance and cost reduction initiatives.
- Direct-to-consumer revenue grew 15% to $2.2 billion; Paramount+ ended the quarter with 77.7 million subscribers (+9.3 million YOY) and ARPU up 9%, driving a $330 million revenue increase.
- TV Media revenue was $4.0 billion, with advertising down 4% and affiliate revenue down 7%, though total affiliate and subscription revenue rose 5%.
- Filmed Entertainment delivered $690 million in revenue (+2% YOY) with a $84 million adjusted OIBDA loss; Mission Impossible: The Final Reckoning set the franchise's biggest global opening.
- Paramount’s sale to Skydance is expected to close on August 7, 2025, marking this as the final earnings call under the current corporate structure.
- Paramount Gold Nevada Corp. obtained a two-year extension of its Conditional Use Permit and Sage Grouse Permit for the Grassy Mountain project at a Malheur County Planning Department meeting on July 23, 2025.
- CEO Rachel Goldman highlighted ongoing collaboration with federal and state agencies to advance through final permitting steps toward a construction decision.
- The Grassy Mountain Gold Project covers approximately 8,200 acres in Malheur County, Oregon, and benefits from a positive Feasibility Study and key permitting milestones already achieved.
- Paramount holds a 100% interest in three projects—Grassy Mountain, Sleeper, and Bald Peak—strengthening its U.S. precious metals development portfolio.
- The U.S. Bureau of Land Management now expects the draft Environmental Impact Statement (DEIS) for the Grassy Mountain Gold Project to be published in early August 2025, with an updated schedule to appear on the BLM’s e-planning and FAST-41 permitting dashboard.
- Following the public comment period, the final EIS and Record of Decision (ROD) are now projected to be released concurrently in December 2025.
- Paramount Gold Nevada holds a 100% interest in the Grassy Mountain project, where a positive Feasibility Study has been completed and key permitting milestones achieved.
- The Grassy Mountain project covers approximately 8,200 acres of private and BLM land in Malheur County, Oregon.
- All board‐sponsored proposals were approved, including the election of seven directors and equity plan amendments; the stockholder proposal on viewpoint inclusion was rejected.
- Paramount settled SEC campaign‐coverage investigations for $16 million, avoiding prolonged litigation and potential reputational risk.
- Direct‐to‐consumer growth: Paramount+ added 10 million subscribers, drove $6 billion in annual revenue (up 33% YoY) and delivered $1.2 billion of DTC profitability improvement in the last year.
- Advertising trends remain stable with no material macro impact; Paramount’s broad streaming + linear footprint and hit‐driven content mix support advertiser demand.
- Content synergy: Paramount+ originals boost CBS viewership and Paramount+ starts (led by NFL and Paramount Pictures films), while the extensive library fuels Pluto TV and licensing revenue.
- Paramount Global will cut 3.5% of its U.S. workforce, impacting several hundred employees, to streamline operations and prioritize investment in Paramount+.
- This follows a 15% workforce reduction last year aimed at trimming costs by $500 million to return to profitability.
- The layoffs coincide with efforts to secure regulatory approval for an $8.4 billion merger with Skydance Media, currently complicated by a lawsuit from former President Trump and FCC delays.
- As of end-2024, Paramount employed about 18,600 people globally; international layoffs may follow.