Paramount Global is facing financial challenges as it predicts a growth in free cash flow for 2024 despite increased production costs. The company expects advertising growth in Q1 and added 4.1 million subscribers to Paramount+ in the 4th quarter. However, they anticipate lower subscriber growth in 2024. Paramount is set to take a $1 billion charge in Q1 for layoffs and restructuring. CEO Bob Bakish doubts the ideal appeal of the new Fox-Disney-WBD sports app for true sports fans due to missing sports content.
Paramount CEO Bob Bakish on the ESPN-FOX-WBD streamer: "It’s missing half the NFL, a lot of college [and] has virtually no soccer [or] golf... it’s hard to believe that’s ideal [for sports fans]." Will "Spulu" be a good deal for sports fans?
#Paramount CEO Bob Bakish doesn't appear to be threatened by the upcoming #sports #streaming service led by three competitors. https://t.co/tk7cYhNDia
Paramount CEO makes the case for ESPN-Fox-WBD streaming venture https://t.co/SgpxM2LyUz https://t.co/kV1etLjfDa
Paramount Global Races to Make Streaming a Profit Center – But the Clock Is Ticking | Analysis https://t.co/vM3P5S4iV8
At Paramount, reducing programming spend has now become a top corporate priority https://t.co/xDUDm3L5ZI
It’s almost time for @LastCallCNBC! Talking Paramount Global earnings and potential hints about a sale/2024 strategy. Live on @cnbc at 7:15. $para
Paramount CEO: Ad market tough, but bright spots ahead https://t.co/tkPlcpQvch by @allie_canal
Planned Disney-Fox-WBD Bundle “Only Has A Subset Of Sports”, Paramount CEO Bob Bakish Says: “It’s Hard To Believe That’s Ideal” https://t.co/hOpP19WGMd
Paramount Global expects to take a $1 billion charge in Q1 for layoffs, restructuring and content write-downs. https://t.co/GqWUCPuKDY
Paramount Global expects to take a $1 billion charge in the current quarter due to ongoing programming shifts and the layoffs it announced earlier this month https://t.co/RRuzbYSH05
Paramount Global Sees $1 Billion Charge in Q1 for Layoffs, Restructuring https://t.co/RCae4A1ihd via @variety
Bakish says Paramount continues to look for "incremental" bundling opportunities. Combining with Peacock wouldn't be incremental. But offering a bundle with Peacock might be.
Paramount’s Bob Bakish Doubts the Fox-Disney-WBD Sports App Will Be ‘Ideal’ for ‘True Sports Fans’ https://t.co/Gn55jkaa04
$PARA CEO Bakish on Dis/Fox/WBD new sports JV: Notes many unknowns, including consumer appetite. "Hard to believe that's ideal" for sports fans given amount of sports missing in Spulu.
Paramount+ added 4.1m subs in the 4Q. That was relatively balanced between domestic and international subs, CFO says. Sub growth will be lower in 2024 than 2023, but still expect healthy P+ revenue growth, CFO says. noting revenue growth "more important" than subs.
Paramount Global predicts FCF will grow in 2024 vs 2023 despite increase in cash spend from productions beginning after 2023 strikes.
Paramount Global CFO: Low to mid-teens advertising growth in Q1 projected, with benefit of the Super Bowl.
Nexstar President Says Fox-Disney-WBD Sports Streaming Venture Will Offer ‘Additive’ Revenue Stream, Dings ‘Market Overreaction’ to Deal https://t.co/GtslZiAPp3
Is Paramount Really Trying to Buyout NAI and Six Other Questions for Earnings Tonight $PARA @paramountco @paramountplus https://t.co/qh0kCnfyPh
Paramount earnings preview: Investors eye improved financials amid rise in M&A noise https://t.co/Fvx3gaRZlj by @allie_canal