Screentime
Paramount Takes $6 Billion Writedown on Cable TV Networks
- Parent of MTV, Nickelodeon to cut 15% of its US workforce
- Company’s streaming TV business posts first quarterly profit
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Paramount Global, the parent of Nickelodeon, MTV and other channels, took a second-quarter impairment charge of $5.98 billion on its cable networks, yet another sign of weakness in the traditional TV industry.
The company made the decision after reevaluating the businesses in light of declining profit projections, shifts in the cable-TV subscriber marketplace and the recently agreed-to merger with Skydance Media, according to a statement Thursday.