Paramount DTC EBITDA TTM losses were ~$1.6 billion in Q2 FY22, with total company TTM EBITDA falling to ~$3.5 billion - down nearly 40% versus Q1 FY21. This may be the right decision by management (they've shown some fairly impressive results in DTC on both paid and ad-supported / FAST), but this chart shows the cost of trying to compete in global DTC. Said differently, falling behind and playing catch-up can be costly (another good example is Walmart, where they've taken on P&L pressure for the better part of the past decade to try and win in U.S. e-commerce).

It will be interesting to see how the next few years unfold in the media industry...