Paramount Lifts 2026 Outlook as $111 Billion Warner Deal Faces March Antitrust Trial
Updated
Updated · Hollywood Reporter · Aug 4
Paramount Lifts 2026 Outlook as $111 Billion Warner Deal Faces March Antitrust Trial
3 articles · Updated · Hollywood Reporter · Aug 4
Summary
Paramount raised its 2026 adjusted EBITDA outlook to $3.8 billion-$3.9 billion after Q2 revenue rose 1% to $6.9 billion, even as net income slipped to $41 million from $57 million.
Streaming drove the quarter: direct-to-consumer revenue climbed 9% to $2.5 billion, Paramount+ revenue rose 16% to $2.1 billion, and subscribers grew by 2 million to 81.6 million worldwide.
That strength offset continued TV weakness, with the CBS and cable segment down 9% to $3.1 billion, while studio revenue increased 16% to $1.3 billion on licensing, TV production and Scary Movie.
The bigger overhang remains Paramount's $111 billion Warner Bros. Discovery takeover, after a judge set the states' antitrust case for March 2027 instead of the November start Paramount had sought.
From Oct. 1, the delay triggers roughly $7 million a day in ticking fees plus bridge costs that could total about $190 million by June 2027; Paramount said its $1.6 billion cash balance can cover the extended timeline.