Paramount Ad Revenue Slips 3% to $1.9 Billion
Streaming advertising grew 13% even as TV network ad sales fell 8% in the latest quarter.
Updated on Nov. 10, 2026 in Advertising
Paramount Skydance reported a 3% decline in total advertising revenue to $1.9 billion for the quarter ending September 30, with TV network and owned station ads down 8% to $1.34 billion. Streaming and direct-to-consumer advertising rose 13% to $542 million, offsetting part of the traditional TV drop.
Why it matters
The results show traditional linear TV advertising continuing to weaken while streaming platforms take a growing share of ad spending. The shift matters for advertisers planning budgets and for the broader U.S. media market as Paramount prepares to combine Paramount+ and HBO Max.
Streaming advertising rose 13% to $542 million while TV network and station advertising fell 8% to $1.34 billion, according to the quarterly filing. Madison & Wall estimated overall ad revenue would be down 6% excluding strong political advertising, a figure the company did not provide.
The players
Paramount Skydance
Paramount Skydance is the media company that owns CBS, Paramount+, and Paramount's studios, formed through the merger of Paramount Global and Skydance.
Warner Bros. Discovery
Warner Bros. Discovery is a major U.S. media company that owns HBO, HBO Max, and Warner Bros. studios, and it is combining with Paramount under a deal valued at $111 billion.
The details
Paramount Skydance's quarterly results cover the period ending September 30 and exclude Warner Bros. Discovery financial data, since that merger closed later. Company-wide revenue rose 5% to $7.03 billion, operating income grew 5% to $368 million, and net income was $73 million, while studio and filmed content revenue grew 23% to $1.5 billion.
Timeline
Q2 2026: Advertising revenue rose 8% in the prior quarter.
September 30, 2026: The reporting quarter ended.
October 6, 2026: The Warner Bros. Discovery merger, valued at $111 billion, closed.
2027: Paramount+ and HBO Max bundle is scheduled to begin.
Industry Dynamics
The quarter fits the long-running migration of TV advertising budgets from linear networks toward streaming, a trend visible across the U.S. media industry for several years. Paramount's planned bundling of Paramount+ with HBO Max signals that streaming ad inventory is expected to grow further as the industry consolidates.
For viewers, the planned Paramount+ and HBO Max bundle in 2027 could change how and at what price U.S. households access those streaming services. Advertisers buying TV and streaming inventory may see shifting rates as linear network ad sales keep falling.
The takeaway
Advertisers and viewers alike should watch the migration of TV ad dollars toward streaming, since it reshapes both pricing and the content available on each platform. Tracking the Paramount and Warner Bros. Discovery integration will show how quickly that shift accelerates.
What happens next
Paramount and Warner Bros. Discovery plan to bundle Paramount+ and HBO Max starting in 2027, a date set by the companies.
Further reading
Explore more coverage in Advertising for context on how streaming and linear TV ad markets are shifting across the United States.
