Paramount Global shares fell nearly 30% Thursday after the media company reported a steep first quarter loss and said it would cut its dividend, the latest sign of the challenges Hollywood’s titans face as they pivot to streaming.
Paramount’s results were dragged down by major charges related to its cancellation of certain programming, a soft ad market that weighed on its TV business, and rising costs for its flagship streaming service. Paramount said it has restarted its sales process to unload its book publishing unit, Simon & Schuster, and has received interest.
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