Paramount Global reported its first-quarter 2025 earnings with total revenue of $7.19 billion, surpassing estimates of $7.1 billion. The company's theatrical revenue reached $148 million, above the expected $129.6 million, while TV revenue was $4.54 billion, exceeding the $4.42 billion estimate. Direct-to-consumer revenue stood at $2.04 billion, slightly below the $2.08 billion forecast. Paramount+ ended the quarter with 79 million global subscribers, adding 1.5 million in the past quarter and slightly beating the estimated 78.83 million. The company narrowed its first-quarter streaming loss by 62% to $109 million. Adjusted earnings per share from continuing operations were $0.29. Year-over-year, total company revenue grew 2% excluding the Super Bowl, with direct-to-consumer operating income before depreciation and amortization (OIBDA) improving by nearly $180 million. Paramount Global generated $123 million in free cash flow during the quarter.