Paramount Global reported its third-quarter financial results and latest streaming updates, including a swing to a streaming profit from a year-ago loss, on Friday in the Hollywood conglomerate’s second earnings report since its sale to Skydance Media was unveiled. That marked the second quarter of streaming unit profitability in a row.
Paramount, currently controlled by National Amusements, led by Shari Redstone, said its streamer Paramount+ added 3.5 million subscribers compared with the second quarter in June to end September with around 72 million subscribers.
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Adjusted operating income before depreciation and amortization (OIBDA) in Paramount’s streaming unit, known as its direct-to-consumer (DTC) segment, amounted to $49 million in the third quarter, compared with a year-ago loss of $238 million. DTC segment revenue rose 10 percent to $1.86 billion, driven by an 18 percent advertising gain and a 7 percent subscriber revenue increase. Paramount+
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