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Bloomberg Intelligence: Oil Merger, U.S Earnings
Bloomberg Intelligence
Paramount Global Cuts Jobs and Struggles with TV Advertising and Streaming
The hosts discuss the news of Paramount Global cutting 800 jobs and the challenges faced by the company in the streaming business.
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Speaker 7
Thanks to Lindsay
Speaker 1
Dutch, Bloomberg Intelligence Consumer Hardline Secret Analyst. Coming up, we're going to break down my Paramount Global said to be cutting jobs. You're listening to Bloomberg Intelligence on Bloomberg radio, providing in depth research and data on 2000 companies and 130 industries. You can access Bloomberg Intelligence via B.I. Go on the terminal. I'm Paul Sweeney. I'm Alex Steele and this is Bloomberg.
Speaker 9
You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at 10am Eastern. On Apple CarPlay and Android Auto with the Bloomberg Business app. This is on demand wherever you get your podcasts or watch us live on YouTube. Let's turn now to the
Speaker 4
media and entertainment industry. Earlier in the week, we heard the Paramount Global is cutting roughly 800 jobs or 3% of its workforce. We're told the cuts
Speaker 1
are a response to the continued loss of cable and satellite TV subscribers to streaming services like Netflix. And this comes despite Paramount hosting a record-breaking Super Bowl TV audience. So
Speaker 4
for more, we're joined by Gethamaganathan, Bloomberg Intelligence Analyst on US Media. And we ask Getha for her take on this week's news.
Speaker 3
This is really more, of course they did have a great Super Bowl. But I think this is really more about the future outlook for the company. And that is super, super bleak. Yes, it was a great night for TV advertising. We think they got in 700 million dollars and roughly about four hours. But then it's throughout 2023. We've seen TV advertising decline by low double digits. It was down almost 13% in the latest quarter that they reported. And it's not going to get too much better. And it's not just the challenges on the TV side of the equation for them. It's also about their streaming business. And they've made good strides absolutely in terms of streaming subscribers. And again, I anticipate that they're going to have some good streaming numbers to report thanks to the Super Bowl. But it is burning a lot of money. Almost $1.7 billion is what they will report in losses for 2023. And before that, they lost about $1.8 billion. So it's just been a continuous trade on the company.
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