Paramount Leaders Avoid Warner Bros. Questions in Q4 Earnings Call

Variety

by Cynthia Littleton

February 25, 2026

AI-Generated Deep Dive Summary

Paramount’s leadership avoided discussing its $30 billion bid to acquire Warner Bros. Discovery during its Q4 earnings call, focusing instead on film profitability, streaming growth, and technological investments. The company reported a decline in its core linear TV business but highlighted momentum in Paramount+ and other streaming platforms. CEO David Ellison acknowledged that the film slate underperformed in 2025, though he expressed optimism about future improvements. He emphasized plans to revitalize the studio by investing heavily in engineering talent, aiming to “10x” the size of its team. Ellison also highlighted the potential of ad-supported streaming platforms like Pluto TV, calling the FAST (Free Ad-Supported Television) space a growing opportunity globally. Despite challenges with monetization, he praised Pluto’s profitability and growth in engagement, attributing past underinvestment to its current potential. Meanwhile, Paramount’s focus on streaming and technological innovation comes as it rebuilds its film business, with 16 theatrical releases planned for 2026 compared to eight in 2025. The company also addressed the NFL’s upcoming TV rights renegotiation, which could significantly impact broadcast deals starting in 2029. Paramount remains confident in its position as a cornerstone of the league’s distribution strategy, despite potential price hikes. Ellison and Jeff Shell emphasized their belief in the long-term viability of CBS as a key player in NFL coverage, particularly through regionalization efforts. This avoidance of Warner Bros. discussions suggests a strategic focus on internal growth rather than external acquisitions. By prioritizing streaming, engineering investments, and content strategy, Paramount aims to strengthen

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Originally published on Variety on 2/25/2026