Paramount Global shares fall 27% on first dividend cut in 10 years
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American telecommunications conglomerate Paramount Global completed first quarter of the year with a net loss of $1.12 billion. This is the result of massive write-offs of $1.7 billion due to the merger of streaming service Showtime and digital platform Paramount+. In this regard, the company had to revise its own plan for the size of quarterly dividends: they were reduced immediately by 79%, to $0.05 per share. This is the first dividend cut in over a decade.
The conglomerate’s revenue fell 1% year-over-year to $7.27 billion. And perhaps the only positive result in the first quarter was an increase in the number of Paramount + subscribers by 4.1 million, now their number is 60 million.
The negative reporting was reflected in the company’s stock quotes, which fell by about 27%.
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