Paramount Global (PARA) Company Report

Paramount submitted a $31 per share revised all-cash bid to acquire Warner Bros. Discovery, signaling continued M&A focus
CFO Dennis Cinelli reaffirmed 2026 guidance: $30 billion in revenue (up 4% YoY) and $3.8 billion in adjusted EBITDA, driven by accelerating direct-to-consumer growth and improving profitability
Streaming momentum continues with Paramount+ revenue and subscribers up 17% YTD; the company has greenlit 11 new original series and is addressing Pluto’s monetization headwinds even as user engagement rises
The UFC partnership launched strongly: UFC 324 reached 7 million households across the U.S. and Latin America, the largest exclusive live event in Paramount+ history

2 days ago

Transcript

Paramount reports Q4 2025 earnings and FY 2026 guidance

PARA

Earnings

Guidance Update

M&A

Appointed Dennis Cinelli as permanent CFO, succeeding interim CFO Andy Warren, to strengthen financial leadership under the new executive team .
Submitted a revised all-cash $31 per share bid to acquire Warner Bros. Discovery, reaffirming its pursuit of strategic M&A opportunities .
Streaming momentum continues: Paramount+ subscribers up 17% YTD, and UFC 324 reached 7 million households across the U.S. and Latin America—the platform’s largest exclusive live event to date .
FY 2026 outlook: Revenue of $30 billion (+4% YoY) and Adjusted EBITDA of $3.8 billion; DTC growth and profitability are set to accelerate, with a goal of achieving investment-grade credit metrics by 2027 ** **.
Investing in content and platform scale: doubling theatrical releases to 16 films versus eight inherited, greenlighting 11 original streaming series, and addressing Pluto FAST’s monetization headwinds amid rising user engagement ** **.

2 days ago

Transcript

Paramount reports Q4 2025 earnings and 2026 guidance

PARA

CFO Change

M&A

Guidance Update

Paramount ended Q4 2025 with strong momentum, meeting or exceeding prior guidance, and submitted a revised all-cash bid of $31 per share for Warner Bros. Discovery.
Dennis K. Cinelli officially joined as CFO, succeeding interim CFO Andy Warren.
For FY 2026, Paramount expects $30 billion in revenue (+4% YoY) and $3.8 billion in adjusted EBITDA, driven by DTC subscriber growth, ARPU increases, and ad revenue recovery.
The UFC partnership launched strongly: UFC 324 reached ~7 million households, marking Paramount+’s largest exclusive live event and contributing to 17% YTD streaming growth.
Content investments include doubling theatrical releases to 16 films in 2026 (from 8) and greenlighting 11 original series, supported by a $1.5 billion content spend increase.

2 days ago

Transcript

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

Presentation

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

Transcript

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

Transcript

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

Transcript

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

Transcript

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

Transcript

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