Paramount Global's shares rose by 6.3% premarket following a strong performance in its streaming division, which overshadowed a $6 billion writedown in its television unit. The company's second-quarter revenue fell by 11% to $6.81 billion, missing analyst estimates of $7.24 billion. However, Paramount reported an adjusted diluted EPS of $0.54, surpassing expectations of $0.13, and an adjusted OIBDA of $867 million, up 43% year-over-year. Paramount also announced plans to cut 15% of its US workforce. Wells Fargo upgraded Paramount Global's stock to 'Equal Weight' and raised its price target from $10 to $11, citing improvements in streaming performance. Despite the challenges in the traditional TV sector, Paramount's streaming growth marked its first profitable quarter since the launch of Paramount+ 3.5 years ago.