Paramount Global is undergoing significant financial and strategic shifts, including a potential change in ownership and a focus on improving its financials amid rising M&A activity. A leading position to acquire Redstone's stake in Paramount has been held by a combination of Skydance and RedBird Capital, aiming to gain control of Paramount's assets through the purchase of National Amusements. Paramount's earnings preview indicates an anticipation of improved financials, with specific strategies such as offshore production to reduce costs, focusing on franchises and unscripted content, and lowering the average cost of movies. Paramount+ reported adding 4.1 million subscribers in the fourth quarter, with an expectation of lower subscription growth but healthy revenue growth in 2024. The company also plans to cut spending on movies and shows in 2024 and expects to take a $1 billion charge in Q1 for layoffs, restructuring, and content write-downs. Additionally, Paramount's CEO expressed skepticism about the potential success of the planned Fox-Disney-WBD sports streaming venture, suggesting it may not be ideal for true sports fans. The premium SVOD market, where Paramount operates, saw growth slow to 10% in 2023 but has more than doubled in four years. Paramount Global CFO projects low to mid-teens advertising growth in Q1, benefiting from the Super Bowl.