Paramount’s first-quarter numbers are dressed up for a close-up, but this isn’t a comeback—it’s an audition tape. The company booked a $152 million profit, narrowed streaming losses to $109 million, and pushed Paramount+ to 79 million subscribers. Not bad, right? Especially with a Skydance merger still circling the runway. But look past the headline metrics, and the story is less about momentum and more about holding formation until the baton gets passed.
Streaming revenue rose 9%, driven by a 16% pop in Paramount+ subscriptions. Good news, but hardly surprising when you’re leaning on proven hits like Yellowstone spinoffs and CBS reruns. Paramount is still promising domestic profitability by the end of 2025—and if they pull it off, it’ll be thanks to more than just new content. Production budgets have been trimmed, non-content expenses are getting “streamlined,” and the definition of success now includes just bleeding less cash than last quarter.
Then there’s Pluto TV, the perennial bright spot in press releases. It just clocked its highest global consumption ever, with a 26% year-over-year spike in total viewing hours. That’s impressive. But here’s the catch: more viewing doesn’t automatically mean more money. The ad market is saturated, CPMs are soft, and while Pluto is clearly a pillar in the portfolio, it’s still a volume play with a long monetization runway. Paramount’s betting that eventually the hours will pay off—but in Q1, Pluto looked more like insulation than ignition.
The TV side continues its steady erosion. Media revenue dropped 13%, ad revenue fell 21%, and while some of that is blamed on the lack of a Super Bowl this year, even the adjusted figures don’t inspire confidence. Affiliate and subscription revenue dipped 9% thanks to churn and tighter distribution deals. The only thing propping up primetime right now is Tracker and Matlock nostalgia.
Film did what it needed to do. Revenue rose 4%, mostly on the back of licensing carryover from Sonic the Hedgehog 3 and Gladiator II. Novocaine quietly entered the chat, and Mission: Impossible – The Final Reckoning is being teased as the big theatrical swing for Q2. No one’s pretending theatrical is driving the business, but it’s still pulling enough weight to justify its place on the scoreboard.
And through all of this, the line remains the same: “The Skydance transaction is expected to close in the first half of 2025.” Legal noise? Political pressure? FCC reviews? None of it has changed the messaging. The deal is the plan. Period.
So yes, the quarter delivered what it needed to deliver. But the numbers weren’t about momentum—they were about optics. This is about staying stable, cutting where they can, and hoping the road stays smooth enough to close the sale without blowing a tire.
Skip Says:
This wasn’t a quarter built on growth—it was built on patience. Paramount is managing expectations, managing costs, and managing time. It’s a portfolio that’s been put on pause until someone else decides what comes next. These aren’t results—they’re staging directions.
