Paramount reported mixed second-quarter results, roughly a year after Skydance's takeover of the company, with strong streaming growth offset by ongoing declines in linear television and tough comparisons in theatrical revenue. The results landed just as a judge set a March trial date for the antitrust case brought by state attorneys-general against Paramount's proposed merger with Warner Bros. Discovery, putting the deal on hold and shifting investor attention towards how the company performs on its own in the meantime.

Paramount+ added around two million subscribers to reach 81.6 million worldwide, its best-ever quarter for retention, driven by shows including "Dutton Ranch", UFC and the FIFA World Cup. Direct-to-consumer revenue rose 9% to $2.5 billion (£2bn) with profit up 44% to $366 million, while total group revenue held flat at about $6.9 billion and net profit slipped to $41 million from $57 million. TV Media revenue fell 9% amid continued pay-TV subscriber losses, but the Studios division swung to a $36 million profit, helped by the "Scary Movie" revival, even as Paramount reaffirmed it "fully expects" the WBD merger to close and faces a rising quarterly fee if it doesn't.