Paramount’s merger with WBD is on hold after 12 state attorneys general filed antitrust lawsuits, delaying the trial until March
Paramount reported mixed second-quarter results as its proposed $110 billion merger with Warner Bros. Discovery (WBD) remains delayed.
The company posted total revenue of $6.9 billion, up 1% from a year earlier. However, net earnings fell to $41 million from $57 million in the same period last year.
Performance varied across divisions. Highly viewed content like the UFC and FIFA powered streaming service Paramount+ to generate $2.1 billion in revenue, up 16%. It also gained 2 million subscribers, bringing its global total to 81.6 million.
The direct-to-consumer segment reported 9% revenue growth to $2.5 billion, while studio revenue rose 16% to $1.3 billion. In contrast, the TV media division, which includes CBS, saw revenue decline 9% to $3.1 billion.
Meanwhile, Paramount’s merger with WBD is on hold after 12 state attorneys general filed antitrust lawsuits, delaying the trial until March.
Starting October 1, Paramount faces ticking fees of roughly $7 million per day to WBD shareholders until the deal is completed.