Paramount Global cuts dividend by 79% to 5 cents quarterly

On May 4, 2023, Paramount Global (symbol PARA) announced a 79.2% dividend cut from $0.24 to $0.05 quarterly per share.

Paramount Global stock drops 26% Today after a Q1 earnings miss with revenues declining and the dividend cut announced. Paramount had been paying steady or higher dividends for years prior to the dividend cut just announced.

The quarterly payment will drop from $0.24 to $0.05 quarterly per share. Paramount last hiked its dividend in 2019 when the quarterly payment was raised from $0.18 to $0.24 per share. The dividend yield for PARA was 4.2% based on the old dividend rate.

If we include the dividend cut (with a new annual rate of $0.20 per share) the dividend yield will be 1.19% at a stock price of $16.76 for Paramount.

Paramount Global is a global media, streaming and entertainment company that creates content for audiences worldwide. Paramount's portfolio includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and Pluto TV.