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Paramount sees streaming gains as company continues to pursue Warner Bros. Discovery

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Paramount sees streaming gains as company continues to pursue Warner Bros. Discovery

Paramount Skydance is betting its future on its streaming business, as gains at the media and entertainment company’s Paramount+ platform helped boost earnings for the fiscal fourth quarter of 2025.

On Wednesday, Paramount reported $8.1 billion in revenue for the three-month period that ended Dec. 31, up 2% compared to the previous year’s quarter. That was due to growth in its streaming business, which saw a 10% increase in quarterly revenue to $2.2 billion, as well as gains at Paramount’s filmed entertainment segment, which reported revenue of $1.3 billion,an increase of 16% compared to the previous year.

The company’s TV media business, however, had a tougher quarter.

That segment reported revenue of $4.7 billion, down 5% compared to last year, as traditional broadcast networks continue tolose subscribers. Paramount also cited a 10% decrease in advertising, partially due to a drop in political spending and not having the Big 10 championship as it did in 2024.

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Paramount reported an operating loss of $339 million, which included $546 million in restructuring and transaction-related costsattributed to its merger with Skydance last year. Diluted losses per share totaled 52 cents, compared to a loss of 33 cents during the prior year.

Chief Executive David Ellison praised the company’s progress under his tenure, noting that investments in the film studio, original series, UFC and tech upgrades to Paramount+’s streaming platform and advertising would build momentum in the coming years.

“It’s been six months, but we really do feel good about the work the team has done to date,” he said during an earnings call with analysts Wednesday afternoon. “You can expect that to accelerate into the future quickly.”

The company said it expects total revenue of $30 billion for 2026, which would mark a 4% increase compared to 2025. Paramount signaled the primary driver of that growth will be its streaming business, though the company also anticipates a boost from its studio segment.

Company executives declined to answer questions on the call about Paramount’s bid to acquire rival Warner Bros. Discovery.

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The only mention of the ongoing fight was in Paramount‘s letter to shareholders, which noted that the company was “confident” in its standalone strategy and growth trajectory, but that adding Warner would be an “accelerant to achieving these goals more quickly” and in a way that would be “economically compelling” for Paramount’s shareholders.

Paramount submitted a higher bid Monday offering $31 a share in cash to Warner Bros. Discovery investors. Previously, the offer was $30 a share.

The company also agreed to pay $7 billion to Warner should the deal fail to clear various regulatory hurdles. That was a $2 billion increase. (The previous commitment was $5 billion.)

Paramount reaffirmed that it would cover the $2.8 billion termination fee that Warner would owe Netflix if Warner abandoned its deal with the streamer.

Paramount also said it would pay a so-called ticking fee sooner. Now, the company said it would pay an additional $0.25 per quarter to shareholders after Sept. 30 until a Paramount-Warner transaction closed. It also agreed to cover Warner’s potential $1.5 billion in financing costs associated with a planned debt exchange offer.

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Additionally, Paramountsaid it “agreed to an obligation to contribute additional equity funding to the extent needed to support the solvency certificate required by PSKY’s lending banks.” That provision was offered because Warner board members have expressed concerns that Paramount may not be able to round up sufficient financing to close such a gargantuan deal.

But the company’s earnings — and the declines its facing in its own TV business — raised concerns about the potential Warner acquisition, John Conca, analyst at Third Bridge, wrote in an email.

“It is becoming questionable why leadership is aggressively pursuing [Warner], a deal that would effectively double their exposure to dying linear networks while also creating even more massive integration headaches,” he said.

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Danny Glover reveals Alzheimer’s diagnosis, says family has his back

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Danny Glover reveals Alzheimer’s diagnosis, says family has his back

“Lethal Weapon” star Danny Glover has revealed he has been living with Alzheimer’s disease for years.

In an interview with NBC’s Lester Holt that aired on the “Today” show on Wednesday, the 79-year-old actor and activist opened up about living with the disease. According to People, he received his diagnosis in 2023, which was not long after he was awarded an honorary Oscar in 2022.

“I could live with it, in a sense,” Glover says of his condition, which has been affecting his movement, speech and memory. “I’m sure as it advances, things are going to be different and changing.”

A neurodegenerative disease, Alzheimer’s is a type of dementia that affects memory, thinking and behavior and worsens over time, according to the Alzheimer’s Assn. Holt reports that more than 7 million Americans over 65 are living with Alzheimer’s, with Black men suffering at a rate double the national average.

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Glover and his family say the Hollywood icon is sharing his story now to “have ownership of his life” and to help remove the stigma around the disease.

“They’ve got my back,” Glover says of his family’s support.

Besides his portrayal of L.A. police Det. Roger Murtaugh in the “Lethal Weapon” film series, Glover is known for roles in movies including “Places in the Heart” (1984), “The Color Purple” (1985), “To Sleep With Anger” (1990), “Angels in the Outfield” (1994), “Dreamgirls” (2006) and “The Last Black Man in San Francisco” (2019). He’s also been a vocal advocate for social justice and humanitarian causes both in the U.S. and abroad.

He was the recipient of the Academy of Motion Picture Arts and Sciences’ Jean Hersholt Humanitarian Award in 2022.

“I don’t feel like it’s the end of my life,” he said in his interview with People about living with Alzheimer’s. “There’s work to do.”

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Inside Eddie Huang’s sadboi era and turning a new page with his novel

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Inside Eddie Huang’s sadboi era and turning a new page with his novel

On the Shelf

Come Undone: A Novel

By Eddie Huang
One World: 240 pages, $29

If you buy books linked on our site, The Times may earn a commission from Bookshop.org, whose fees support independent bookstores.

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Eddie Huang has never felt lighter. Last month, after his debut novel, “Come Undone,” finally released, something shifted.

“I have a family. I feel healed,” he said over coffee and short ribs in Santa Monica hours ahead of a live talk with Ottessa Moshfegh, the bestselling, critically acclaimed author of Huang’s favorite book, “My Year of Rest and Relaxation.”

“People always write me off as a personality or a multi-hyphenate,” he said. “It’s a nice way of saying I’m not really good at anything. But I didn’t have any of that this time.” He leaned forward, serious. “I have to be honest. I do think the Knicks are a big, big part of it.”

His beloved Knicks winning the championship, he said, kept him from spiraling over the book. In person, Huang subdues his ironic braggadocio with polite eye contact and rolling belly laughs at his own jokes. For years, audiences have watched Huang resist whatever box you put him in. His particular brand of cultural fluency — a rapid-fire mix of food, fashion, basketball, politics and pop culture — is what made the “Gua Bao Bad Boy impossible to categorize.

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For most of his career, Huang has seemed constitutionally incapable of standing still. Chef. Memoirist. TV host. Filmmaker. Lawyer. Comic. Podcaster. His first book, “Fresh Off the Boat,” became the longest-running network sitcom centered on an Asian American family, even as Huang publicly distanced himself from the show. Since leaving post-fires L.A. for New York, he’s reopened Baohaus — returning to the kitchen that built his career. Waiting for him at home after the book tour is his wife, Natashia Perrotti, and their 2-year-old son.

Now there’s “Come Undone,” fiction that Huang called his most honest — and vulnerable — work to date.

“It’s sort of this next-gen auto fiction type thing that is creating its own rules,” Moshfegh said ahead of their Q-and-A. “It made me think about my own appreciation for the experience of male heterosexuality and how much it’s been commodified.”

The book follows Hubie, a globe-trotting food-show host drifting through Chateau Marmont, Madeo, Nobu and other “dirtbag L.A” (as Huang coins) spots. He meets Janine, his equal in appetite and id, sending him into a tailspin of yearning and loops of Sky Ferreira’s “Everything Is Embarrassing” on sadboi walks. The “two walking red flags” decide to try to make it work.

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Huang called the novel an “autofictional riddle.” The puzzle isn’t especially difficult if you’ve followed his relationship with Perrotti, who co-hosts their podcast, “Canal Street Dreams.” Marrying a writer, she’s learned, often means finding out what he feels by reading it. “We’ll get into a fight,” she said, “and I’ll wake up to a Substack article about it.”

It’s also part of the private life she’s since conceded. “It’s annoying,” she added. “But now I can read it, and maybe understand him a little bit better. He’s trying to communicate through the writing, like sending somebody a song and saying, ‘I want you to listen to these lyrics.’”

The novel goes further, drawing from experiences the couple has never discussed publicly. In the novel, Hubie and Janine’s relationship pivots after an ectopic pregnancy ends in loss. Perrotti said the scene is fictionalized but mirrors a similar experience they had early in their own relationship.

“It brought us closer together,” she said. “It was the catalyst for us realizing we were serious.”

Before Huang could finish the book, the life he was writing about had to fall apart. “This book was very much about breaking up with your family to start your own,” he said. “There was a lot of anger in the book that had not been resolved.”

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By the end of 2024, Huang had stopped speaking to his mother. The break followed what he described as a blowup at a Cheesecake Factory. It also unlocked the ending he’d been chasing.

Eddie Huang.

Eddie Huang.

(Jason Armond / Los Angeles Times)

Looking back, Huang thinks the earlier versions failed because he was still arguing with her. He’s still trying, in some way, to communicate with her through his writing. “If there’s one person I wish would read the book,” he said, “it would be my mom.”

There were other chapters he had to close the book on, mainly Hollywood. His foray into fiction coincided with the writers’ strike, drying up all his income and future projects. That same year, he became a father. “I had to accept and realize that my value was not in making money,” he said. “Because for three years, I couldn’t.”

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He recalled a particular low point researching life insurance policies. “I had to rebuild my whole self. Really love myself despite not being able to offer anybody anything.”

That new certainty didn’t make Huang any less willing to pick fights. Last year, as his documentary “Vice Is Broke” — an autopsy of the media company behind “Huang’s World” and its eventual bankruptcy — awaited release, Huang said distributor Mubi shelved the film after he boycotted the company over Sequoia Capital’s investment in an Israeli defense technology startup. (Mubi denied this and said it still planned to distribute the film.)

The ghost of Vice still lingers in today’s media ecosystem in what he called our “era of cartel journalism:” creators navigating a world of blurred incentives and corporate interests. He traced this instinct to challenge those systems back to Socrates’ “gadfly” — the person whose job was to annoy power. “As a writer, you should be challenging people,” he said. “If your memoir can be turned into a sitcom, it probably wasn’t challenging.”

Eddie Huang.

Eddie Huang.

(Jason Armond / Los Angeles Times)

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After the 2025 L.A. fires drove his new family back to New York, Huang went back to cooking. He worked pop-ups, reopened Baohaus and found himself alongside line cooks half his age. In March 2025, he rewrote the novel in five days. That same month “was the first month I didn’t overdraft my credit card,” he said, with the majority of his income today coming from the restaurant. It’s allowed him to make films, write books and walk away from deals he doesn’t believe in. “Being a chef is the anchor that allows me to maintain my artistic integrity.”

For years, comparisons to Anthony Bourdain followed Huang everywhere. The two eventually became friends.

“He was one of the few people who was as advertised,” Huang said. “Nicer and more generous in person. And wounded.”

Bourdain is the only real person who appears in “Come Undone” under his own name.

When Huang mentions him, he stops talking. He covers his face. Tears come.

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“I don’t believe in God,” he said, “but I asked the universe why for many, many years.”

Bourdain’s suicide, he said, was one of the reasons he walked away from “Huang’s World” in 2018. At the time, few people understood why. “It was Tony. It was family. It was everything.”

Eddie Huang.

Eddie Huang.

(Jason Armond / Los Angeles Times)

Now, looking back, Huang thinks he was writing “Come Undone” toward a different ending than the one he’d imagined.

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“This book is a guy saying, ‘I don’t want to be like my biological father,’” he said. “And, in the most respectful, loving way, I don’t want to go out like Tony.”

He paused. “I needed to name the sadness in me. I needed to allow myself to be loved.”

Huang is already writing another memoir about getting back into the kitchen. Still, he said, these days, he’d rather write fiction.

Rudi, an L.A. native, is a freelance art and culture writer. She’s at work on her debut novel about a stuttering student journalist.

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