By Isabella Simonetti

Paramount's streaming business posted its second consecutive profitable quarter, as the company prepares for a merger with David Ellison's Skydance Media.

The Paramount+ streaming service added 3.5 million subscribers, bringing the total to 72 million. This helped drive third-quarter streaming revenue up 10% on the year.

However, Paramount's overall revenue and net income fell. The company, which is also home to CBS, Comedy Central, Nickelodeon and the Paramount studio, said the decline in income was partly due to restructuring and impairment charges.

More on Paramount's third quarter:

-- Total revenue fell roughly 6% to $6.73 billion, missing analyst expectations. Net income declined to $1 million.

-- Filmed entertainment revenue declined by 34% to $590 million, while theatrical revenue tumbled 71%.

-- TV media advertising revenue also fell, but losses were partially offset by political advertising.

-- The company reported $49 million in adjusted earnings for its direct-to-consumer segment, buoyed by live sports, "Tulsa King" and "Mayor of Kingstown."

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(END) Dow Jones Newswires

November 08, 2024 08:10 ET (13:10 GMT)

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