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Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Heavy selling in Paramount on big streaming losses and a dividend cut

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Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Shares in US media giant Paramount Global (PARA:NASDAQ) plunged over 25% at the start of May, wiping out most of their year-to-date gains.
The firm posted what was generally seen as a dismal set of first quarter earnings, blighted by losses associated with its new streaming service.Sales for the TV business were down 8% in the quarter while advertising revenues were 11% lower as weak demand forced consumer companies to cut their advertising spending.
CEO Bob Bakish said the firm was ‘navigating a challenging and uncertain macroeconomic environment as the combination of peak streaming investment intersects with cyclical ad softness’, although he added there were signs the advertising market was stabilising.
The Paramount+ streaming service reached 60 million global subscribers, growing its revenue by 65%, but losses widened from $456 million a year earlier to
$511 million.
The company also took a $1.7 billion charge for integrating Showtime into Paramount +, and to cap things off cut its dividend by three quarters to save cash.
On the plus side, the firm has restarted the sale process for publisher Simon & Schuster after its failed merger with Penguin Random House.
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