Live sports rights like the NFL and UEFA helped CBS Sports parent company Paramount Global add streaming subscribers and improve direct-to-consumer profitability in its most recent financial quarter.
Paramount, in its Q3 earnings released Friday, reported the addition of 3.5 million subscribers to Paramount+ at the end of September. The streaming service’s quarterly revenue grew by 25% compared to the same period in 2023, and Paramount’s overall DTC income shot up 10% to $1.69 billion.
September brought the return of the NFL and college football, with games broadcasts on CBS also streaming on Paramount+. That month also kicked off this season’s UEFA Champions League, with the streamer being a major part of CBS Sports’ deal that is running until 2030.
Paramount co-CEO George Cheeks said on Friday’s earnings call that the NFL on CBS averaged more than 20 million viewers in the first five weeks of the season, with streaming of the games on Paramount+ up more than 50% year over year. “Our programming strategy remains laser focused on entertainment, news, and sports that excel on both CBS and Paramount+,” Cheeks said.
Paramount+, which starts at $7.99 a month, now has 72 million subscribers. Beyond football and soccer, CBS Sports and Paramount+ also broadcast men’s and women’s college basketball, men’s golf (the Masters, PGA Championship, and PGA Tour), the NWSL, and WNBA throughout the year.
Skydance Merger Still on Track
Paramount’s $8 billion merger with Skydance Media remains on track to close in the first half of 2025, the company announced Friday. Until then, operations will continue as normal.
“The Skydance transaction achieved a few key milestones, including the conclusion of the ‘go-shop’ period,” Paramount co-CEO Chris McCarthy said. On Monday, Paramount filed its S-4 registration statement with the U.S. Securities and Exchange Commission, which is a key step in mergers and acquisitions.
Exactly how that deal will impact CBS Sports is still largely unknown.
