2023-05-07 07:01:07
Paramount Global does (almost) nothing in half measures. Under the weight of huge costs related to its attempt to break into streaming and cancellations of programs, the American media giant had a tough week on the stock market, with a drop of almost 30% following the announcements last Thursday , of its quarterly results. The owner of publisher Simon & Schuster, whose sale process he will relaunch, is becoming a symbol of the financial difficulties of streaming players and the nervousness that surrounds them on Wall Street.
In the first quarter, Paramount suffered a net loss of around 1.1 billion dollars (1 billion euros) against a profit of 433 million dollars a year earlier. Exceptional costs of nearly $1.7 billion on programs largely explain the poor performance, but a sluggish market also weighs.
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