Brian Steinberg Senior TV EditorParamount Global said first-quarter profit fell as the company’s investments in content and declines in its traditional business offset gains it made in streaming.The owner of CBS, Showtime and Nickelodeon said revenue for the first quarter fell 1% to $7.32 billion, compared with $7.41 billion in the year-earlier period.
Paramount was crimped by comparisons to the year-earlier quarter, which included the broadcast of Super Bowl LV. But the company also failed to generate significant increases in revenue from its mainstay lines of advertising, distribution and filmed entertainment, even as its expenses widened.In a statement, Paramount Global CEO Bob Bakish put a spotlight on the company’s streaming efforts, where revenue increased 82% and subscribers to the broadband outlet Paramount+ rose by 6.8 million. “Our strategy is working and our execution is strong, as we remain focused on delivering a great experience for consumers and a compelling financial model to our shareholders,” he said.
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