Paramount Skydance forecast first-quarter revenue below Wall Street estimates on Wednesday, as pay-TV subscriber losses continued to weigh on its legacy TV business.
Shares of the company were little changed in after-hours trading after falling 2.2% in the regular session.
Paramount has launched a hostile bid to buy Warner Bros. Discovery, vying for control of Warner’s film and television studios, its expansive library — a catalog packed with such global juggernauts as “Harry Potter,” “Game of Thrones” and DC Comics superheroes including “Batman,” — a move that could redefine Hollywood’s content giants.
Paramount would also acquire Warner Bros.’ cable television networks, which would be spun out into a separately traded company, Discovery Global, under the Netflix merger deal.
David Ellison–led Paramount has made multiple offers to acquire Warner Bros, including a new bid for $31 per share that improves upon its previous all-cash offer of $30 a share, or $108.4 billion including debt.
Warner’s board is evaluating whether the revised bid is superior but continues to recommend the $27.75 per share offer from its chosen suitor, Netflix, for Warner’s streaming and studio assets.
Revenue at its TV media unit declined 5% to $4.71 billion in the fourth quarter.
The David Ellison-led company expects revenue between $7.15 billion and $7.35 billion in the first three months of 2026.
Analysts on average were expecting $7.36 billion in revenue, according to data compiled by LSEG.
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