Paramount Global wrote down the value of its cable networks by nearly $6 billion Thursday, in another sign of how significantly the television market has...
- Paramount Global wrote down the value of its cable networks by nearly $6 billion Thursday, in another sign of how significantly the television market has deteriorated in the era of streaming video.
Paramount reported revenue of $6.8 billion, down 11% from the same period a year ago. That missed analyst forecasts of $7.2 billion for the quarter ended June 30. The television unit, which includes primetime's top-rated network, CBS, as well as the company's cable networks, reported quarterly revenue of nearly $4.3 billion. The 17% decline in revenue from a year ago reflects a lower ad revenue and fees paid to license its shows. Operating income for the television group fell 15% to $1 billion.
Teammate Maddie Musselman told reporters it's "easy" to have a positive perspective in the pool considering all she's going through outside of the sport
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