Plunging Paramount defends streaming strategy

Plunging Paramount defends streaming strategy

With its share price plunging, Paramount Global defended its strategy of investing to try to become a player in the high-stakes streaming wars.

Paramount reported Wednesday that its third-quarter profit fell 57% as its direct-to-consumer businesses lost $343 million. The news helped send Paramount’s already depressed stock down about 10% in midday trading.

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