Paramount Skydance reported a significant increase in Q1 profit, largely due to decreased revenue from cable and broadcast, offsetting growth in movie and TV production and subscriptions to Paramount+. The company's total revenue rose to nearly $7.35 billion, a 2% increase from the previous year. Despite this, Paramount's TV business saw a 6% decrease in revenue to $3.7 billion. The company is also working towards closing the acquisition of rival network, which is set to happen by the end of the year.