A transitional period for Paramount
The results come at a critical, transitional moment for Paramount.
It agreed to be acquired by Skydance Media in July but is currently in the midst of a 45-day go-shop period that concludes Aug. 21, during which it can receive other acquisition bids.
The company is currently being led by a trio of co-CEOs, as it ousted former CEO Bob Bakish in April. The executive shake-up has left Paramount under new leadership as it attempts to navigate an acquisition process and a rapidly shifting media landscape.
Paramount had to take a $5.98 billion write-down in the value of its TV network, which it announced on Wednesday. These reflect the depreciating value of linear television, and Warner Bros. Discovery announced a similar writedown in its second-quarter earnings call, reducing the value of its linear assets by $9.12 billion.
“We’re not standing still during this interim period before the transaction closes,” Navin said. “We remain focused on achieving our goals for 2024, which means investing in key content assets, finding expense efficiencies, improving profitability, deepening partnerships, and deleveraging our balance sheet.”