Summary by Moomoo AI
Paramount Global-B (PARA.US) reported its financial results for the year ended December 31, 2023. The company saw a decrease in revenues by 2% to $29.65 billion, attributed to lower revenues from linear networks, content licensing, and theatrical releases, partially offset by growth in streaming services led by Paramount+. Operating income turned into a loss of $451 million compared to an income of $2.34 billion in the previous year, mainly due to programming charges of $2.37 billion. Adjusted OIBDA fell by 27% to $2.39 billion. Net loss from continuing operations was $1.28 billion, a significant drop from the previous year's net earnings of $725 million. The loss per diluted share from continuing operations was $2.06. The company also completed the sale of Simon & Schuster for $1.62 billion, recognizing a pretax gain of $695 million. Despite the challenges, Paramount Global-B's streaming services, particularly Paramount+, showed subscriber growth to 67.5 million as of Q4 2023.