By Dawn Chmielewski

LOS ANGELES, CALIFORNIA, Aug 4 (Reuters) - Paramount Skydance reported mixed second-quarter results on Tuesday, with higher streaming and studio revenue offsetting declines in television, as the company works to close its planned $110 billion acquisition of Warner Bros. ‌Discovery.

The entertainment giant's revenue rose 1% to $6.91 billion, exceeding estimates of $6.88 billion, according to data compiled by LSEG.

Second-quarter profit came in ‌at $41 million, or 4 cents a share, compared with analyst estimates of $109 million or 9 cents a share.

Paramount CEO David Ellison said he expects to close the merger ​with Warner Bros. even as a federal judge on Tuesday set a March trial date for an antitrust suit brought by a dozen states seeking to block the deal. In an earnings call, Ellison said the company is "absolutely open to finding a solution out of court, but we also really believe that we'll win at trial."

For the second quarter, Paramount's streaming business reached nearly $2.5 billion in revenue, up 9% from the same quarter ‌a year ago. The company said the "Yellowstone" sequel, "Dutton ⁠Ranch," and sporting events like the UFC Freedom 250 cage match and the FIFA World Cup helped its marquee Paramount+ service add 2 million new subscribers, bringing the total to 81.6 million.

Chief Operating Officer Andy Gordon ⁠told Reuters the company has merged its streaming services onto a single technology platform, allowing it to more effectively promote content.

For the second quarter, Paramount's studio business reported revenue of $1.3 billion, reflecting strong sales to third parties like Netflix and Amazon Prime Video, and better content licensing, offset by a ​weaker ​summer theatrical slate whose highlight was "Jackass: Best and Last," compared with last year's "Mission: ​Impossible — The Final Reckoning."

Gordon said Paramount has made headway ‌in consumer products licensing, striking a multiyear deal with Mattel for its Teenage Mutant Ninja Turtles entertainment brand.

Sales for the television unit, which includes broadcaster CBS and cable networks such as Comedy Central, declined 9% to $3.1 billion.

The company expects revenue in the current quarter ending in September to range between $6.95 billion and $7.15 billion, based on higher expected gains in streaming and studios, with profit before certain items expected to reach between $875 million and $975 million.

LAWSUIT

The company said the lawsuit filed by California and 11 other states, seeking to block its planned $110 billion acquisition of ‌Warner Bros "does not reflect the realities of today's highly competitive entertainment marketplace," in ​its earnings statement.

A federal judge in California ruled on Tuesday that the lawsuit ​will go to trial in March next year.

Ellison published an ​essay in the New York Times on Tuesday, arguing that the concern over the pending merger stemmed less ‌from market concentration than "whether I can be trusted as a ​steward of Warner's CNN." Ellison promised ​it would remain independent, a statement that affirmed his interest in keeping the news network as part of the deal.

Paramount agreed to pause the transaction until June 2027 at the latest, as it awaits a ruling in the antitrust case.

The company could ​owe as much as $1.7 billion in ticking fees ‌to Warner Bros. shareholders if the deal is delayed until then. The fee costs $7 million a day if the ​merger does not close by September 30.

(Reporting by Dawn Chmielewski in Los Angeles, Additional reporting by Harshita Mary Varghese ​in Bengaluru; Editing by Edmund Lee in New York and Sanjeev Miglani)