This week Paramount announced that Paramount+ has added 3.7 million new subscribers bringing the total number to more than 71 million subscribers.
More important, Paramount+ saw revenue grow 51% in the first quarter and ARPU expanded 26% year-over-year, but Paramount saw its TV revenues grow just 1% to $5.2 billion even with the help of Super Bowl LVIII.
Revenue from advertising rose 31% with Pluto TV, Paramount+, and Super Bowl LVII helping to push up advertising in the face of a rough advertising market.
Paramount recently announced that its CEO, Robert Bakih, has resigned from his position on the board. This comes as reports over the weekend suggested the board wanted him out.
Replacing Bakih will be a committee of senior executives at Paramount who will work together to lead the company. Paramount is in the middle of talks with Spectrum about renewing its TV deals. Paramount is also in the middle of talks to be sold or merged with other companies.
“To lead and oversee the company moving forward, Paramount Global has established an Office of the CEO, consisting of three senior company executives: George Cheeks, President and CEO of CBS; Chris McCarthy, President and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, President and CEO of Paramount Pictures and Nickelodeon. Cheeks, McCarthy, and Robbins will work closely with Naveen Chopra, CFO, and the Board of Directors,” according to a statement on Paramount’s website.
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