Paramount Global President and CEO Bob Bakish has warned that the company’s fourth quarter advertising revenue is now expected to come in “a bit below” the 2% decline in the third quarter.
“The current market is challenging and we’re in it every day and we see it. That challenge is both on the linear side and the digital side,” Paramount Global President and CEO Bob Bakish told the UBS Global TMT Conference on Tuesday. “As we navigated leading into this point, we had looked for some improvement in some sectors, but we haven’t seen that.”
Despite the challenging environment, Bakish emphasized that the ad business is cyclical and “will turn” — and his conglomerate’s linear networks, from MTV to Nickelodeon, as well as ad-based streamer Pluto, stand to benefit when ad dollars improve.