Paramount Global reported a modest second-quarter profit in 2025, just weeks before its anticipated sale to Skydance Media, as the company navigated a shifting media landscape by leaning into streaming growth, sports programming, and broadcast dominance to offset continued declines in its traditional TV business.
CBS reaffirmed its leadership in U.S. broadcast television, securing the title of most-watched primetime network for the 17th consecutive season—the longest winning streak on record. The network aired 14 of the top 20 series, outpacing all other broadcasters combined. Leading the slate was Tracker, ranked as the #1 series overall, and Matlock, the top-performing new show. This continued dominance in scripted programming underscores CBS’s staying power even as audience habits migrate toward on-demand platforms.
Sports programming remained a major draw for live audiences. CBS delivered the most-watched NCAA Men’s Final Four in eight years and the highest-rated Championship Final in six. Its golf coverage also showed significant momentum, with viewership up 13% year-over-year—marking the division’s strongest performance in seven years. These events helped the network retain advertiser interest in live TV formats. In late night, The Daily Show ranked as the #1 program on Monday nights across all of television, reinforcing the brand’s relevance across genres.
On the financial side, Paramount’s total revenue rose 1% year-over-year to $6.85 billion, compared to $6.81 billion in Q2 of the prior year. The company posted earnings of 8 cents per share, a sharp recovery from a loss of $8.12 per share in the same quarter last year, when a $6 billion impairment charge was recorded due to the declining valuation of its cable networks. While overall revenue edged upward, the picture was mixed across segments.
TV Media, still Paramount’s largest division, saw revenue decline 6% to $4 billion. This was driven by a 4% drop in advertising revenue and a 7% fall in affiliate and subscription fees, reflecting the continued erosion of the linear subscriber base. Licensing and other revenue also declined by 9%, primarily due to timing differences in content deliveries to third parties. Adjusted OIBDA for the TV Media segment fell 15%, as lower revenue was only partially offset by reduced operating costs.
In contrast, Paramount’s streaming and direct-to-consumer business showed strong gains. Revenue in that segment increased 15% to $2.16 billion, led by a 22% jump in subscription revenue. Paramount+ continues to be the centerpiece of the company’s digital pivot, with new content and international expansion contributing to subscriber growth. The film division posted a 2% increase in revenue, reaching $690 million, thanks in part to the release of a new installment in the Mission: Impossible franchise starring Tom Cruise.
The expected merger with Skydance Media, set to close around August 7, will mark a major shift for the company and a symbolic end to the Redstone family’s decades-long control over the Paramount legacy. Shari Redstone, current chairwoman and daughter of the late media mogul Sumner Redstone, had aimed to reinvigorate the company by reuniting CBS and Viacom in 2019. However, the accelerating decline of the cable portfolio—once Viacom’s strength—has complicated that vision. Decisions to place Viacom executives over CBS veterans created internal tensions that some analysts believe weakened the company’s overall strategic coherence.
Still, in a statement, Redstone highlighted Paramount’s efforts to streamline its operations and build sustainable growth through digital platforms. “The company has made substantial progress and retains a strong foundation for long-term success,” she said. The Skydance deal is expected to bring fresh capital and leadership, potentially reshaping the company’s future amid the broader transformation of the entertainment industry.
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