Paramount misses quarterly revenue estimates as weak ad market offsets streaming gains

Toy figures of people are seen in front of the displayed Paramount + logo, in this illustration taken January 20, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters) -Paramount Global fell short of Wall Street estimates for quarterly revenue on Wednesday, weighed by intense competition from streaming rivals and a weak advertising market.

The media industry has been grappling with a changing landscape of streaming gaining dominance over traditional television and the impact from the Hollywood strikes last year.