Observed Signal · Aug 4, 2026 · Earnings Report · Source: Cord Cutters News · Impact: 4/5 · Sentiment: Positive
Paramount+ Adds 2M Subscribers; Q2 Revenue $6.9B
Paramount Skydance Corporation reported second-quarter 2026 results showing continued streaming growth after the Skydance merger. Paramount+ added 2 million subscribers to reach 81.6 million worldwide, with average revenue per user up roughly 12% year-over-year; direct-to-consumer revenue rose to $2.5 billion and DTC adjusted EBITDA grew to $366 million (14.8% margin). Company-wide revenue was $6.9 billion (up ~1%), while adjusted EBITDA increased 27% to $1.1 billion. Studios revenue improved and swung to positive adjusted EBITDA; television media revenue declined due to softer advertising and affiliate fees but margins strengthened through cost controls. Management raised a $2.7 billion enterprise efficiency target, guided full-year 2026 revenue to about $30 billion with adjusted EBITDA of $3.8–$3.9 billion, and reported regulatory clearances in 65 jurisdictions for the proposed Warner Bros. Discovery acquisition, expected by end of Q3 2026 subject to remaining conditions.
Quarterly earnings from a major media/streaming company showing subscriber growth, ARPU improvement, stronger EBITDA, and guidance — important for CTV/streaming advertising inventory, pricing, and industry consolidation (Warner Bros. Discovery transaction).
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Key Takeaways & Evidence Grounding
- Paramount+ added 2 million subscribers in Q2 2026, reaching 81.6 million worldwide.
- Direct-to-consumer revenue reached $2.5 billion in Q2 2026, up 9% year-over-year; DTC adjusted EBITDA rose 44% to $366 million (14.8% margin).
- Company-wide Q2 2026 revenue was $6.9 billion (approximately +1% year-over-year); adjusted EBITDA rose 27% to $1.1 billion.
- Television media revenue declined 9% to $3.1 billion, while studios revenue grew 16% to $1.3 billion and returned positive adjusted EBITDA of $36 million.
- Regulatory clearances obtained in 65 jurisdictions for the proposed acquisition of Warner Bros. Discovery; transaction remains on track for completion by end of Q3 2026 subject to remaining conditions.
Connected Companies & Entities
6 Entities mapped“Paramount Skydance Corporation released its second-quarter 2026 financial results today, detailing solid progress across its streaming, stud...”
“Paramount Skydance Corporation released its second-quarter 2026 financial results today, detailing solid progress across its streaming, stud...”
“Progress continues on the proposed acquisition of Warner Bros. Discovery....”
“The CBS broadcast network continued to perform well among top-rated series, and sports programming delivered strong ratings across major eve...”
“Technology investments, including platform unification between Paramount+ and Pluto TV, artificial-intelligence tools, and systems consolida...”
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Paramount Skydance Prioritizes Streaming Growth Amid M&A Talks
Paramount Skydance said it is prioritizing streaming revenue growth following the merger of Paramount Global and Skydance Media. During its earnings call the company reported 10% year-over-year growth in direct-to-consumer (DTC) revenue last quarter and overall Q4 revenue up 2% to $8.15 billion. Management expects full-year revenue of about $30 billion (roughly 4% YOY growth), with DTC as the primary driver. Paramount+ grew 17% YOY and the service has 79 million subscribers, while non-Paramount+ revenue fell 16%, primarily due to Pluto. Executives said they plan price increases, investments in ad tech and programming (including expanded live sports rights such as the UFC) to raise ARPU and DTC ad revenue, and to restructure how ad inventory is sold. The company also disclosed a revised $31-per-share, all-cash bid for Warner Bros. Discovery but declined Q&A on the pursuit.
Paramount Skydance Focuses on Streaming Revenue Growth
Paramount Skydance told investors during its earnings call that direct-to-consumer (DTC) streaming revenue is the primary growth driver as the company pursues a proposed acquisition of Warner Bros. Discovery. The merged company reported $8.15 billion in Q4 revenue (2% year‑over‑year) and said DTC revenue grew 10% YOY in the prior quarter. Management expects total revenue of $30 billion for the year (about 4% YOY growth), with improved ARPU from planned price increases and accelerating subscriber growth. Paramount+ generated 17% YOY revenue growth last quarter and has 79 million subscribers; non‑Paramount+ revenue fell 16%, driven mainly by Pluto. Executives (CEO David Ellison and CFO Dennis Cinelli) said they will invest in ad tech, programming (including live sports/UFC), and ad sales practices to boost DTC ad revenue and moderate declines in linear TV ad sales.
Paramount+ Posts Subscriber, Revenue Growth in Q1 2026
Paramount Skydance reported Q1 results and provided an update on its planned acquisition of Warner Bros. Discovery (WBD). The company posted $7.3 billion in revenue (up 2% year-over-year) and said its direct-to-consumer streaming business earned $2.4 billion (up 11% YoY). Paramount+ added 700,000 net subscribers and saw ARPU rise 14%. CEO and Chairman David Ellison said Paramount has satisfied U.S. HSR obligations for the roughly $110 billion WBD transaction and expects to finalize the deal by the end of Q3, while international regulatory approvals remain in progress. Paramount plans to merge the tech stacks behind Paramount+, BET+ and Pluto TV this summer to improve personalization and ad monetization, and highlighted a new performance-focused ad product called Precision+ and the addition of vertical video to Paramount+.
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