Q4 2024 Paramount Global Earnings Call Transcript
Key Points
- Paramount Global (PARA) achieved a 30% year-over-year growth in adjusted OIBDA, reaching $3.1 billion.
- The company added 10 million new subscribers to Paramount+ in 2024, with a strong Q4 performance of 5.6 million new subscribers.
- Paramount+ saw a 33% increase in revenue for the year, driven by a strong content slate and improved engagement.
- Pluto TV experienced a record year with global watch time up 8% year-over-year and 16% in Q4.
- Paramount Global (PARA) improved its net leverage by 1.3 turns and generated $489 million of free cash flow, the highest in four years.
- The D2C segment swung to a loss of $286 million in Q4 due to the seasonality of the content slate.
- TV Media revenue declined 4% in Q4, impacted by linear ecosystem trends and fewer NFL and college football games.
- Filmed Entertainment OIBDA was a loss of $42 million in Q4, affected by marketing costs and the timing of Sonic 3's release.
- The company faces ongoing challenges in transitioning its advertising business from linear to digital.
- Paramount Global (PARA) expects Q1 adjusted OIBDA to decline year-over-year, partly due to the absence of the Super Bowl's contribution.
Good afternoon. My name is Nadia, and I'll be the conference operator today. At this time, I would like to welcome everyone to Paramount Global's Q4 2024 Earnings Conference Call. (Operator Instructions) At this time, I would now like to turn the call over to Jaime Morris, Paramount Global's EVP, Investor Relations. You may now begin your conference call.
Good afternoon, everyone. Thank you for taking the time to join us for our fourth quarter 2024 earnings call. Joining me for today's discussion are Paramount's Co-CEOs Brian Robbins, Chris McCarthy and George Cheeks; and our CFO, Naveen Chopra. Please note that in addition to our earnings release, we have trending schedules containing supplemental information available on our website. Before we start, I want to remind you that certain statements made on this call are forward-looking statements that involve risks and uncertainties.
These risks and uncertainties are discussed in more detail in our filings with the SEC. Some of today's financial remarks
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