The media and entertainment company’s shares are down 22% this year, compared with a 25% rise for the benchmark S&P 500.

Overall revenue dropped 6% at Paramount to $6.73 billion in the three months ended Sept. 30, missing analysts’ forecasts of $6.95 billion. Adjusted earnings per share from continuing operations were 49 cents,

Paramount Global has posted lower year-on-year revenue in Q3, but Paramount+ added 3.5 million subscribers as DTC profit hit $49 million.