Paramount+ Slips to 77.7 Million Subscribers Ahead of Skydance Merger

Paramount+ dropped 1.3 million subscribers in the second quarter of 2025. The company blamed the loss of an international bundle for the slip. Still, the company says its Pluto TV and Paramount+ revenue was up 15% over the same time last year, thanks to subscriber growth and price increases. Paramount+ has 9.3 million more subscribers than it had one year ago.

All of this is unfolding against the backdrop of the merger with Skydance, which is set for August 7, 2025.

Paramount+ reports its churn hit a record low in the quarter and watch time continues to climb. People watched 11% more Paramount+ in Q2. Global viewing hours for Paramount+ and Pluto TV were up 29% year-over-year.

Paramount leaders did not take questions on their earnings call. Since there’s just one week left with the current team, that makes sense.

What’s Next for Paramount+?

It’s hard to predict what will happen with Paramount+ moving forward. Skydance CEO David Ellison has never managed a portfolio like this.

We do know that Paramount has 5 more years of “South Park” coming to Comedy Central and Paramount+. We also expect Paramount+ will do whatever they need to do to lock up “Yellowstone” creator Taylor Sheridan. He’s responsible for many of the most popular shows across Paramount+: “Tulsa King,” “Landman,” “1923,” and “Mayor of Kingstown.” He’s also prepping the “Yellowstone” spinoffs “Dutton Ranch” and “The Madison” with Michelle Pfeiffer and Matthew Fox. There’s also a “Tulsa King” spinoff coming: “NOLA King” with Samuel L. Jackson.

CBS and Paramount+ will have access to the NFL until 2033, though there are rumors the NFL may try to pull out of that deal in 2029. The Big Ten football deal lasts through 2030. March Madness will be with CBS through 2032.

Can Ellison manage major motion pictures, sports, news, franchise entertainment, niche channels like Comedy Central and MTV, and all the egos involved? Or will he drive the empire into the dirt like globally mocked butterfingered dufus David Zaslav? Time will tell.