CNBC “Last Call” host Brian Sullivan drew a comparison between Paramount‘s PARA recent earnings call and Led Zeppelin‘s iconic song, “Stairway to Heaven.”
What Happened: During CNBC’s “Last Call on Monday, Sullivan humorously pointed out, “What do Led Zeppelin’s ‘Stairway to Heaven’ and Paramount’s just finished earnings call have in common? The answer: they are about the exact same length. That’s long for a song but it’s short for an earnings call.”
“Oh, and only one of them included the tidbit of the CEO getting fired.”
Sullivan’s comments came after Paramount released its first-quarter earnings.
The earnings call lasted 8 minutes and 48 seconds, according to CNBC, about 45 seconds longer than “Stairway To Heaven,” widely regarded as one of the greatest rock songs of all time.
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Why It Matters: The earnings call was significant due to the announcement of CEO Bob Bakish‘s departure from Paramount Global PARA amid ongoing merger talks with Skydance Media.
Bakish will be replaced by George Cheeks (CBS CEO), Chris McCarthy (CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks), and Brian Robbins (CEO of Paramount Pictures and Nickelodeon) who will lead the company as a combined office of the CEO.
The company also missed first-quarter revenue estimates but beat earnings estimates.
Paramount’s merger talks have been heating up, with negotiations to buy out controlling shareholder Shari Redstone advancing. The potential merger comes as four Paramount directors planned to exit the company.
Price Action: According to Benzinga Pro, Paramount Global shares closed at $12.25 on Monday. The stock’s 52-week high is $24.00, and the 52-week low is $10.12.
Image via Shutterstock
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