Paramount Global Q1 Loss Narrows; CEO Bob Bakish Steps Down

(RTTNews) - Paramount Global (PARA, PARAA) reported that its first quarter net loss attributable to the company narrowed to $554 million or $0.87 per share from $1.12 billion or $1.74 per share in the same quarter last year.

In addition, Paramount Global announced that Bob Bakish, President and chief executive officer, is stepping down from his role as chief executive officer, and from the Board of Directors.

The company said that, to lead and oversee the company moving forward, it has established an Office of the CEO, consisting of three senior company executives: George Cheeks, President and CEO of CBS; Chris McCarthy, President and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, President and CEO of Paramount Pictures and Nickelodeon.

Paramount Global reported that its first-quarter adjusted earnings from continuing operations was $0.62 per share compared to $0.09 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the first quarter grew to $7.69 billion from $7.27 billion in the prior year. Analysts expected revenue of $7.73 billion for the quarter.

Paramount+ subscribers reached more than 71 million, with 3.7 million net additions in the quarter.

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