Paramount Says Its Investments in Streaming Unit Have Peaked

Paramount Global’s investments in its fast-growing but unprofitable streaming unit have peaked a year ahead of the target, the media company said on Thursday, sending its shares 10% higher in extended trading.

The company also beat estimates for third-quarter earnings as the integration of streaming service Paramount+ with Showtime helped its subscription numbers and advertising revenue, while potentially keeping its spending on content in check.

“We now expect DTC losses in 2023 will be lower than in 2022 – meaning streaming investment peaked ahead of plan,” CEO Bob Bakish said.

Read the source article at Yahoo Finance