Paramount Posts Earnings Loss on $1.7 Billion Charge, Cuts Dividend
Paramount Global posted a steep loss in the first quarter, weighed down by nearly $1.7 billion in charges tied to its plan to remove certain programming as it combines its Showtime streaming service with its Paramount+ platform.
The New York-based media company also slashed its dividend for the first time in over a decade as it continues to pour cash into its money-losing streaming division.
Paramount Global posted a steep loss in the first quarter, weighed down by nearly $1.7 billion in charges tied to its plan to remove certain programming as it combines its Showtime streaming service with its Paramount+ platform.
The New York-based media company also slashed its dividend for the first time in over a decade as it continues to pour cash into its money-losing streaming division.
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