Paramount+ hits 79m subs
February 26, 2026
Paramount Skydance has reported a wider net loss of $573 million in Q4 2025, and that it increased revenue by 2 per cent to $8.15 billion (€6.91bn).
The entertainment giant, which is embroiled in a bidding battle with Netflix for ownership of Warner Bros Discovery (WBD), saw improvements in its streaming business offset by continued declines in the linear TV business.
SVoD platform Paramount+ saw revenue rise by 17 per cent, and now claims 79 million subscribers globally, up 1 million on the previous quarter. Paramount Skydance cited content including the UFC, Marshals, The Agency and Star Trek: Strange New Worlds (pictured).
In TV Media, revenue declined by 5 per cent year-over-year. Results were driven by advertising declines of 10 per cent including a seven percentage point impact from political spending and the Big Ten championship in Q4 2024 and a decline in affiliate revenue of 7 per cent year-over-year due to lower pay TV subscriber volume, partially offset by 10 per cent year-over-year growth in licensing.
The studio business saw revenue increase 16 per cent during the quarter, but posted a widened net loss of $119 million on lower theatrical revenue. Paramount executives said the studio business is in a “rebuild phase”, with more than 15 films slated for theatrical release in 2026 – including the likes of Street Fighter, Scream 7 and a new Jackass movie – up from eight releases in 2025. But it also warned theatrical revenue would be down year over year.
For 2026, Paramount said it expects total revenue of $30 billion, representing 4 per cent year-over-year growth, with DTC being the primary driver, and Adj. EBITDA of $3.8 billion.
Speaking on the WBD bid, Paramount Skydance CEO David Ellison said: WBD’s Board of Directors determined that Paramount’s revised $31 per share, all-cash offer to acquire WBD could reasonably be expected to lead to a ‘Company Superior Proposal’ under the terms of WBD’s merger agreement with Netflix, Inc. We welcome the WBD Board’s determination and look forward to continuing to engage constructively with WBD to deliver the benefits of Paramount’s proposal to WBD shareholders, the creative community and consumers […] While we are confident in our standalone strategy and growth trajectory for Paramount, we view WBD as an accelerant to achieving these goals more quickly, in a way that is economically compelling for Paramount shareholders.”
In concluding Paramount’s Q4 results, Ellison added: “While we are pleased with our progress this quarter and year-to-date, we remain focused on the work ahead, confident in our strategy, and committed to delivering long-term value for our shareholders – progress made possible by the tremendous efforts, dedication, and commitment of our people, who continue to drive our success forward.”
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