Nov 8 (Reuters) - Paramount Global ( PARAA ) missed

quarterly revenue estimates on Friday as a lack of big hits at

the box office and declines in its cable business outweighed

better-than-expected subscriber growth at its streaming service

after the return of NFL content.

Revenue at the TV media business, which includes CBS and

MTV, fell 6% in the third quarter due to lower spending from

advertisers, a drop in subscribers and absence of pay-per-view

boxing events.

Customers have been cancelling cable TV subscriptions in

favor of streaming platforms, eroding a lucrative profit engine

for traditional media companies that are still struggling to

improve the margins of their streaming businesses.

Paramount's streaming unit, home to Paramount+ and PlutoTV,

benefited in the quarter from price hikes for the flagship

service, sports content such as the National Football League and

the second season of crime drama series "Tulsa King".

Paramount+, the company's flagship streaming platform, added

3.5 million subscribers in the quarter, compared with a loss of

2.8 million subscribers in the previous quarter. The additions

were higher than estimates of 2.46 million subscribers,

according to data from Visible Alpha.

The streaming business reported an adjusted operating income

of $49 million for the quarter, compared with a loss of $238

million a year earlier. Analysts had expected the company to

report a loss of $160.1 million, according to data compiled by

LSEG.

Paramount Global ( PARAA ) reported revenue of $6.73 billion, compared

with estimates of $6.95 billion.

Revenue from its filmed entertainment business fell 34%.