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Paramount Skydance reports mixed second quarter as Warner deal faces March trial
['Dawn Chmielewski', 'Tue', 'August At Pm Gmt', 'Min Read']
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By Dawn ChmielewskiLOS ANGELES, CALIFORNIA, Aug 4 (Reuters) - Paramount Skydance reported mixed second-quarter results on Tuesday, with higher streaming and studio revenue offsetting declines in television, as the company works to close its planned $110 billion acquisition of Warner Bros. Discovery.
The entertainment giant's revenue rose 1% to $6.91 billion, exceeding estimates of $6.88 billion, according to data compiled by LSEG.
Paramount CEO David Ellison said he expects to close the merger with Warner Bros. even as a federal judge on Tuesday set a March trial date for an antitrust suit brought by a dozen states seeking to block the deal.
For the second quarter, Paramount's streaming business reached nearly $2.5 billion in revenue, up 9% from the same quarter a year ago.
Gordon said Paramount has made headway in consumer products licensing, striking a multiyear deal with Mattel for its Teenage Mutant Ninja Turtles entertainment brand.