Aug 9 Reuters Paramount Global39;s shares jumped 6 premarket on Friday as investors cheered strong growth at the media group39;s streaming business, even as the company joined rival Warner Bros Discovery in writing down the value of its TV assets.

Paramount late on Thursday comfortably beat Wall Street targets for earnings, propelled by its streaming unit, which houses Paramount and PlutoTV services, posting its first quarterly profit in three years. The company also said it would cut 15 of its U.S. workforce, part of its costcutting plans ahead of its merger with Skydance Media.

The streaming profit eclipsed Paramount39;s writedown of the value of its cable networks by about 6 billion, a move that highlights the erosion of traditional TV businesses as viewership dwindles and revenues decline in the streaming era.

Results in the rest of Paramount39;s business were unsurprisingly weak, but at Paramount39;s current market value, it shouldn39;t take much good news to generate enthusiasm, Morningstar analyst Matthew Dolgin said.

Revenue at Paramount surged 46 in the second quarter, aided by yearonyear growth in subscribers as well as higher prices. Paramount39;s television unit, meanwhile, saw a 17 decline in revenue.

Earlier this week, Warner Bros Discovery announced a 9 billion charge on its TV assets.

Paramount, like other media companies, has been beefing up its streaming business with plans to grab a wider audience the company earlier this year signed a deal…