Paramount Global (PARA, PARAA) has reported mixed third quarter results. The media giant posted revenue of $6.73 billion, falling short of the estimated $6.95 billion. However, it beat on the profit front, reporting adjusted earnings per share of $0.49, above the expected $0.23.

Bloomberg Intelligence senior media analyst Geetha Ranganathan joins Morning Brief to discuss Paramount's performance.

Ranganathan notes that analysts' primary focus for media companies is not subscriber growth but rather "the turn in profitability." She explains that streaming services "have been losing money hand over fist," but now these companies, including Paramount, are working to cut costs and enhance their bottom line.

"Profitability has been the key focus," Ranganathan states. "All of these companies, including Paramount, are losing money in their traditional TV business, so it's really important for them to show that they can make profits with this transition to the direct-to-consumer or the streaming segment."

Looking ahead, Ranganathan suggests that the incoming Trump administration "bodes well" for the media industry as it is viewed as more "merger-friendly," potentially facilitating the consolidation that the sector needs.

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This post was written by Angel Smith