Paramount+ loses subs but Mission Impossible saves the day

Paramount Global has turned a modest profit in the second quarter of the year, describing a decline in Paramount+ subscribers as a one-time blip. The earnings call will be the last before the company is taken over by Skydance Media.

For the June quarter, Paramount Global — parent company to Network 10 in Australia and CBS, Nickelodeon, and Comedy Central in the US — posted revenue of A$10.6 billion, up 1% year-on-year.

The company turned a A$620.8 million profit for the quarter, compared to a A$8.28 billion loss in the prior quarter, which was fuelled by a one-time A$9.34 billion impairment charge as it devalued its cable networks.