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Paramount+ Hits 71M Subscribers as Streaming Loss Narrows to $286M
The studio unveiled its first-quarter earnings with a brief analyst call amid talk of dealmaking options and a CEO shake-up.
As Paramount weighs its dealmaking options, the Hollywood studio parted ways with CEO Bakish with an announcement at the market close, and before an after-market analyst call got underway at 4:30 p.m. “We’re finalizing a long-term strategic plan to best position this storied company to reach new and greater heights and our rapidly changing world,” McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks, told investors during the call. Stock in Paramount Global rose only 5 cents in after-hours trading to $12.30 as shareholders reacted to Bakish being replaced at the studio’s helm by three senior executives amid merger talks with Skydance Media.
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