Week to date, shares of Paramount Global (NASDAQ: PARA) (NASDAQ: PARA.A) are down 26%, according to data provided by S&P Global Market Intelligence. The media leader reported earnings results for the first quarter that came in below the Street's estimates. 

The company also announced an unexpected cut to its dividend, which sent the stock down. But with management targeting a return to earnings growth in 2024, could this be a buying opportunity?

The dividend cut signals challenges the company is facing as it tries to prep its media assets for a digital future, while satisfying investors that it can stay profitable.

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Source Fool.com