Paramount Global beats earnings target ahead of sale to Skydance

Paramount Global PARA posted second-quarter earnings that exceeded Wall Street estimates on Thursday as the company prepares for a sale to Skydance Media.

The owner of the CBS broadcast network, a film studio and several cable channels reported adjusted earnings-per-share of 46 cents for April through June. Analysts had predicted 36 cents per share, according to LSEG estimates.

Revenue rose 1% from a year earlier to $6.85 billion, edging the analyst consensus of $6.84 billion.

The company said strong subscription revenue growth at the Paramount+ streaming service helped boost affiliate and subscription revenue. The drama series "MobLand" attracted viewers on Paramount+.

The Paramount Pictures film studio had a hit during the quarter with "Mission: Impossible - The Final Reckoning."

The $8.4 billion sale of Paramount to Skydance is expected to close by Aug. 7. The U.S. government cleared the final hurdle to the deal last week.