Paramount Global disappoints on weak ad market
STORY: A tough day for Paramount Global. The company formerly known as Viacom CBS missed quarterly revenue estimates Thursday amid weak advertising...
STORY: A tough day for Paramount Global. The company formerly known as Viacom CBS missed quarterly revenue estimates Thursday amid weak advertising in its TV business. It also cut its dividend about 80-percent. One analyst tells Reuters the dividend cut was not encouraging but necessary. Paramount's stock lost a quarter of its value in late morning trading. It had an operating loss on the quarter--dragged down by a $1.7 billion charge in connection with its plan to integrate Showtime into its Paramount+ streaming service and remove certain programming.