Paramount reported mixed second-quarter earnings on Tuesday, even as its planned takeover of Warner Bros. Discovery remains stalled amid legal challenges. CEO David Ellison sought to reassure investors that the company continues preparing for the tie-up while executing its standalone strategy, though the deal's fate now hinges on antitrust litigation that will not go to trial until March, later than the studio had hoped.

Revenues rose 1% year-on-year to $6.9 billion, while net earnings fell to $41 million (four cents a share) from $57 million (eight cents a share) previously. TV media revenue dropped 9% to $3.1 billion, but streaming performed strongly, with Paramount+ revenue up 16% to $2.1 billion and subscribers growing 6% to 81.6 million. Paramount raised its full-year adjusted EBITDA outlook to $3.8–3.9 billion, but from 1 October it must pay roughly $7 million a day to Warner Bros. Discovery shareholders until the $111 billion merger closes, which is on hold until June 2027 or the resolution of lawsuits from 12 state attorneys general.