Paramount Making "Great Progress" Warner Bros. Buy, Reaffirms Deal Close
The Hollywood Reporter • • business
Key Points:
- Paramount reported Q1 revenue of $7.35 billion, a 2% year-over-year increase, and adjusted EBITDA of $1.16 billion, up 59%, driven largely by 17% growth in Paramount+ subscribers despite a loss from a hard bundle.
- CEO David Ellison emphasized the pending acquisition of Warner Bros. Discovery as a strategic accelerant, aiming to close the deal by late Q3, which would create a major entertainment conglomerate.
- Paramount plans to release 30 films annually in theaters and focus on producing premium, high-quality content as a core part of its creative strategy.
- The company is also prioritizing technology investments, including a planned overhaul of Pluto TV later this year to strengthen its free streaming platform.
- Despite the acquisition talks, Paramount continues to execute its current strategy independently, constrained by regulatory rules limiting engagement on future combined plans.
