Paramount Global Class B

PARA: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$51.00	Jbpcv	Lkf

Paramount Earnings: Streaming Strength and Cost Savings Plan Overshadow Broader Revenue Weakness

Matthew Dolgin

Aug 9, 2024

Paramount’s direct-to-consumer segment, which includes the Paramount+ and Pluto streaming services, swung to a surprise profit in the second quarter, and DTC sales matched last quarter’s result despite lacking the boost that the Super Bowl provided. Management is also implementing a portion of the cost restructuring that Skydance identified when it struck its merger agreement with Paramount. Results in the rest of Paramount’s business were unsurprisingly weak, but at Paramount’s current market value, it shouldn’t take much good news to generate enthusiasm. We’re maintaining our $20 fair value estimate.

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