Paramount Global cuts dividend, misses on earnings


In this photo illustration, the Paramount Global logo is displayed on a smartphone screen.

Rafael Henrique | SOPA Images | Lightrocket | Getty Images

Paramount Global fell as more than 28% Thursday after it reported earnings and revenue that missed analyst estimates and cut its quarterly dividend.

The stock logged its worst day since Viacom and CBS merged in December 2019. Shares closed at $16.40, giving the company a market value of nearly $10.1 billion.

The company cut its dividend to 5 cents per share from 24 cents a share to “further enhance our ability to deliver long-term value for our shareholders as we move toward streaming profitability,” Chief Executive Officer Bob Bakish said in a…

Source cnbc.com

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