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• Total Revenue: $7.2 billion, a 2% year-over-year growth excluding the Super Bowl.

• Adjusted OIBDA: $688 million, with improvements in D2C and filmed entertainment.

• Free Cash Flow: $123 million, including $108 million in restructuring payments.

• Paramount+ Subscribers: 79 million global subscribers, up 11% year-over-year.

• Paramount+ Revenue: Increased 16% year-over-year.

• Pluto TV Viewing Time: Up 26% year-over-year.

• D2C Revenue: $2 billion, up 9% year-over-year.

• D2C OIBDA: Improved by $177 million to a loss of $109 million.

• TV Media OIBDA: $922 million, with a 4% decline in expenses year-over-year.

• Filmed Entertainment Revenue: $627 million, up 4% year-over-year.

• Filmed Entertainment OIBDA: $20 million, compared to a loss of $3 million in the previous year.

• Advertising Revenue (TV Media): Flat year-over-year, excluding the Super Bowl.

• Affiliate Revenue (TV Media): Declined 8.6% due to subscriber declines and recent renewals.

• Warning! GuruFocus has detected 5 Warning Signs with PARA.

Release Date: May 08, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Paramount Global (NASDAQ:PARA) reported a 2% year-over-year revenue growth, excluding the Super Bowl, with significant improvements in DTC OIBDA and free cash flow generation.

• Paramount+ achieved a subscriber base of 79 million globally, marking an 11% increase year-over-year, with a notable 16% revenue growth driven by original content.

• Pluto TV experienced its highest consumption ever, with global viewing time up 26% year-over-year, indicating strong user engagement.

• The Filmed Entertainment segment saw success with Sonic the Hedgehog 3, which generated nearly $500 million in box office sales and performed well on streaming platforms.

• CBS continues to deliver strong audience numbers, with significant viewership for sports events like the NCAA championship and The Masters, contributing to its position as the most-watched broadcast network.

Negative Points

• Paramount Global (NASDAQ:PARA) faced challenges in digital advertising, particularly with Pluto TV, due to an influx of supply affecting monetization.

• TV Media advertising revenue was flat year-over-year, excluding the Super Bowl, indicating potential stagnation in traditional advertising streams.

• The company anticipates a decline in Q2 subscribers due to content seasonality and the termination of an international hard bundle partnership.

• Despite improvements, D2C OIBDA still reported a loss of $109 million, highlighting ongoing challenges in achieving profitability in the streaming segment.

• The macroeconomic environment remains uncertain, with potential impacts on advertising revenue, necessitating a focus on cost efficiencies and strategic investments.