“While there is still significant work to be done, our confidence in the opportunity continues to grow, andwe’re excited for the future of this company powered by storytelling and accelerated by technology,” Ellison said in a letter to shareholders Tuesday.

Paramount said net earnings fell to $41 million, or four cents per share, in the second quarter, compared with $57 million, or eight cents a share, in the year-earlier period. Revenue rose 1% to $6.91 billion, compared with nearly $6.85 billion a year earlier.

In the company’s TV operations, the largest part of its business, revenue fell 9%, to $3.12 billion, compared with $3.45 billion a year earlier. Ad revenue fell 14%, due in part to difficult comparisons with 2025 that involved more NCAA advertising. Distribution fees fell 6%, due in large part to erosion of linear subscriptions.