Earnings summaries and quarterly performance for Paramount Global.
Executive leadership at Paramount Global.
AB
Andrew Brandon-Gordon
Detailed
Executive Vice President, Chief Strategy Officer and Chief Operating Officer
AW
Andrew Warren
Detailed
Executive Vice President and Chief Financial Officer
JS
Jeffrey Shell
Detailed
President
KG
Katherine Gill-Charest
Detailed
Executive Vice President, Controller and Chief Accounting Officer
Research analysts who have asked questions during Paramount Global earnings calls.
Benjamin Swinburne
Morgan Stanley
4 questions for PARA
Also covers: AMT, BATRA, CCI +23 more
Steven Cahall
Wells Fargo & Company
4 questions for PARA
Also covers: AMCX, ATUS, CABO +17 more
Kutgun Maral
Evercore ISI
3 questions for PARA
Also covers: ATUS, CHTR, CMCSA +11 more
RG
Richard Greenfield
LightShed Partners
3 questions for PARA
Also covers: NFLX, PINS, RDDT +7 more
Robert Fishman
MoffettNathanson
3 questions for PARA
Also covers: CNK, DIS, DKNG +7 more
Michael Morris
Guggenheim Partners
2 questions for PARA
Also covers: DIS, FOXA, NFLX +5 more
RP
Ric Prentiss
Raymond James
2 questions for PARA
Also covers: AMT, ATNI, CCI +9 more
BK
Bryan Kraft
Deutsche Bank AG
1 question for PARA
Also covers: ASTS, ATUS, CHTR +8 more
MN
Michael Ng
Goldman Sachs
1 question for PARA
Also covers: AAPL, ANET, AXON +20 more
Recent press releases and 8-K filings for PARA.
Paramount offers $30/share all-cash for Warner Bros. Discovery
PARA
M&A
- Paramount has made a $30.00 per share, all-cash tender offer for 100% of Warner Bros. Discovery, fully backstopped by the Ellison Family Trust and RedBird Capital, representing $77.9 billion in equity value and $108.4 billion in enterprise value.
- The proposal outvalues Netflix’s competing bid of $27.75 per share (including $4.50 in Netflix stock and a Global Networks stub), delivering 29% higher cash value to WBD shareholders.
- Paramount anticipates regulatory approval within 12 months, offering superior closing certainty, whereas Netflix’s deal faces extended antitrust scrutiny and may never close.
- Financing comprises $40.7 billion of new cash (100% backstopped) and a $54.0 billion bridge loan from Bank of America, Citi, and Apollo.
Dec 8, 2025, 3:30 PM
Paramount launches all-cash tender offer for Warner Bros. Discovery
PARA
M&A
Debt Issuance
Takeover Bid
- Paramount initiated a $30 per share all-cash tender offer to acquire Warner Bros. Discovery, fully backed by the Ellison family, RedBird Capital Partners, Bank of America, Citibank, and Apollo, representing $18 billion more cash than Netflix’s $23.25 offer.
- The tender offer, announced December 8, 2025, is open for 20 business days, requires a Warner Bros. Discovery response within 10 business days, and may be extended if needed.
- Financing is fully committed with $41 billion of equity from the Ellison family and RedBird and $54 billion of debt, and the Ellison Family Trust holds over $250 billion in Oracle stock as backstop.
- Paramount expects a 12-month regulatory approval—faster than Netflix’s timeline—and projects pro forma net debt/EBITDA near 4× at closing, deleveraging to below 3× within two years.
- The deal targets $6 billion of cost synergies from eliminating duplicative corporate, finance, legal, and technology functions, guided by Bain’s due diligence.
Dec 8, 2025, 3:30 PM
Paramount launches $30 all-cash tender offer for Warner Bros. Discovery
PARA
M&A
Takeover Bid
- Paramount launches an all-cash $30 per share tender offer for Warner Bros. Discovery, representing approximately $18 billion more cash than Netflix’s $23.25 per share offer.
- The proposal is fully financed, backed by the Ellison family, RedBird Capital Partners, Bank of America, Citibank, and Apollo.
- Paramount cites greater regulatory certainty and a 12-month approval timeline, faster and cleaner than Netflix’s proposal.
- The tender offer will remain open for 20 business days, with Warner Bros. Discovery required to respond within 10 business days and Paramount retaining the option to extend.
Dec 8, 2025, 3:30 PM
Paramount launches $30 per share all-cash tender offer for Warner Bros. Discovery
PARA
M&A
- Paramount offers $30 per share all cash, fully financed by the Ellison family, RedBird, and bank partners, representing approximately $18 billion more cash certainty than Netflix’s $23.25 offer.
- Financing package includes $41 billion equity backstop and $54 billion of committed debt, with an expected 12-month timeline to close under a cleaner regulatory path.
- Anticipates $6 billion in cost synergies from consolidating duplicative back-office, finance, legal, and technology operations.
- Combined with WBD, Paramount projects ~200 million global streaming subscribers at close and commits to 30+ theatrical releases annually, emphasizing a pro-competition, pro-creative strategy.
Dec 8, 2025, 3:30 PM
Paramount reports Q3 2025 results and outlines strategic priorities
PARA
Earnings
Guidance Update
New Projects/Investments
- After 96 days as a combined company, CEO David Ellison identified three “North Star” priorities: invest in growth businesses, scale direct-to-consumer globally, and drive enterprise-wide efficiency for long-term free cash flow.
- Issued 2026 guidance calling for $30 billion in revenue, $3.5 billion in adjusted EBITDA, and raised its run-rate efficiency target to $3 billion in cost savings.
- Paramount+ added 1.4 million subscribers in Q3 to reach 79 million, while D2C revenue grew 24% and overall segment revenue rose 17% year-over-year.
- Plans $1.5 billion of incremental programming investments next year across theatrical and streaming, targets at least 15 films per year from 2026 onward, and has secured major creative and sports partnerships (e.g., UFC, Call of Duty).
- Accelerating technology integration by unifying three streaming services onto one platform by mid-2026, deploying Oracle Fusion for operational efficiency, and leveraging AI to enhance user experience and content creation.
Nov 10, 2025, 9:30 PM
Paramount reports Q3 2025 results
PARA
Earnings
Guidance Update
New Projects/Investments
- Paramount sets 2026 guidance: total revenue of $30 billion, adjusted EBITDA of $3.5 billion, and increases efficiency run-rate target to at least $3 billion.
- Paramount+ subscriber base grows by 1.4 million in Q3 to a total of 79 million, marking the largest U.S. subscription growth among major streamers (ex-bundles) since 2023, with focus on global scaling.
- Plans $1.5 billion incremental content investment across theatrical and D2C platforms and targets 15 films per year from 2026 to drive audience expansion.
- Commits to tech-driven efficiency: consolidating three streaming services onto one platform by mid-2026, deploying Oracle Fusion, and integrating AI, alongside ad-sales deals with IPG and Publicis to enhance monetization.
Nov 10, 2025, 9:30 PM
Paramount reports Q3 2025 results and 2026 guidance
PARA
Earnings
Guidance Update
New Projects/Investments
- Since the merger 96 days ago, management set 2026 guidance of $30 billion in revenue and $3.5 billion in adjusted EBITDA, raising its efficiency run-rate target to at least $3 billion from $2 billion
- Plans to ramp theatrical output to 15+ films per year starting in 2026 and invest over $1.5 billion in programming across theatrical and D2C platforms
- Direct-to-consumer growth remains a priority, with Paramount+ adding 1.4 million subs in Q3 to reach 79 million total, driven by year-round content and tech enhancements
- Streaming tech consolidation underway: unifying three platforms into one by mid-2026, deploying Oracle Fusion for operational efficiency, and leveraging AI to enhance UX, ad tech, and content creation
- M&A approach is opportunistic and disciplined; non-core assets (e.g., Latin American O&O networks) are being divested to focus on global streaming scale
Nov 10, 2025, 9:30 PM
Paramount Global secures $7.7B UFC rights deal
PARA
New Projects/Investments
- 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.
Aug 11, 2025, 12:04 PM
Paramount Gold releases draft EIS for Grassy Mountain project
PARA
New Projects/Investments
- 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.
Aug 8, 2025, 12:50 PM
Paramount Global closes Skydance merger and amends financing structure
PARA
M&A
Debt Issuance
- 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.
Aug 7, 2025, 12:00 AM
Quarterly earnings call transcripts for Paramount Global.
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