Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 11-K


(Mark One)
x
Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended December 31, 2021

OR
oTransition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
Commission file number 001-09553



PARAMOUNT GLOBAL 401(k) PLAN (fka CBS 401(k) PLAN)
(Full title of the plan)



PARAMOUNT GLOBAL (fka VIACOMCBS INC.)
(Name of issuer of the securities held pursuant to the plan)


1515 Broadway
New York, New York 10036
(Address of principal executive office)




PARAMOUNT GLOBAL 401(k) PLAN (fka CBS 401(k) Plan)

FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
DECEMBER 31, 2021 AND 2020

INDEX

Page
Financial Statements:
Schedules
Supplemental Schedules:
S - 1
S - 2
All other schedules required by the Department of Labor’s Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974 are omitted as not
applicable or not required.
Exhibit:




Report of Independent Registered Public Accounting Firm

To the Paramount Global Administrative Committee and Plan Participants of Paramount Global 401(k) Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of Paramount Global 401(k) Plan (fka CBS 401(k) Plan) (the “Plan”) as of December 31, 2021 and 2020 and the related statement of changes in net assets available for benefits for the year ended December 31, 2021, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2021 and 2020, and the changes in net assets available for benefits for the year ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental Schedule of Delinquent Participant Contributions for the year ended December 31, 2021 and Schedule of Assets (Held at End of Year) as of December 31, 2021 have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedules are the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedules are fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ PricewaterhouseCoopers LLP
New York, New York
June 29, 2022

We have served as the Plan’s auditor since at least 1996. We have not been able to determine the specific year we began serving as auditor of the Plan.




PARAMOUNT GLOBAL 401(k) PLAN (fka CBS 401(k) Plan)
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
(In thousands)
At December 31,
20212020
Assets
Investments, at fair value$5,467,127 $3,247,355 
Synthetic guaranteed investment contracts, at contract value970,787 951,081 
Receivables:
Notes receivable from participants32,841 21,636 
Employer contributions33,323 3,001 
Interest and dividends3,250 3,308 
Due from broker for securities sold 1,311 464 
Total assets6,508,639 4,226,845 
Liabilities
Accrued expenses2,080 1,554 
Due to broker for securities purchased 5,985 1,473 
Total liabilities8,065 3,027 
Net assets available for benefits$6,500,574 $4,223,818 
The accompanying notes are an integral part of these financial statements.
2


PARAMOUNT GLOBAL 401(k) PLAN (fka CBS 401(k) Plan)
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(In thousands)
Year Ended
December 31, 2021
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of investments$626,454 
Interest6,060 
Dividends7,946 
Interest income on notes receivable from participants1,211 
Contributions:
Employee118,797 
Employer92,480 
Rollover 17,785 
Total additions870,733 
Deductions from net assets attributed to:
Benefits paid to participants(477,331)
Plan expenses(3,522)
Total deductions(480,853)
Net increase389,880 
Net assets available for benefits, beginning of year4,223,818 
Transfer of assets into this plan (see Note 1)1,886,876 
Net assets available for benefits, end of year$6,500,574 
The accompanying notes are an integral part of these financial statements.

3


PARAMOUNT GLOBAL 401(k) PLAN (fka CBS 401(k) Plan)
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)

NOTE 1 - PLAN DESCRIPTION
On December 4, 2019 (“Effective Time”), Viacom Inc. (“Viacom”) merged with and into CBS Corporation (“CBS”), with CBS continuing as the surviving company. At the Effective Time of the merger, the combined company changed its name to ViacomCBS Inc. (“ViacomCBS”). On February 16, 2022, ViacomCBS was renamed Paramount Global (“Paramount” or the “Company”).

Effective on October 1, 2021, the Viacom 401(k) Plan was merged into the Paramount Global 401(k) Plan (the “Plan,” which prior to October 1, 2021 was named the CBS 401(k) Plan and which during the period of October 1, 2021 through February 15, 2022 was named the ViacomCBS 401(k) Plan).

The following is a brief description of the Plan and is provided for general information only. Participants should refer to the Plan document, as amended, for more complete information regarding the Plan.
The Plan, sponsored by the Company, is a defined contribution plan offered to substantially all of the Company’s employees who (i) immediately prior to the Effective Time were employed by CBS Corporation or any of its subsidiaries, and paid through a CBS Corporation payroll system (“CBS Payroll”), (ii) on or after the Effective Time were hired by the Company or any of its subsidiaries or affiliates and paid through CBS Payroll, or (iii) on or after the Effective Time were transferred or reassigned and paid through CBS Payroll, or (iv) on or after October 1, 2021, were paid through CBS Payroll or a Viacom payroll system (“Viacom Payroll”).

Eligible full-time, newly hired employees may enroll in the Plan immediately or are automatically enrolled following 60 days after hire or rehire and attainment of age 21, unless they elect not to participate. Part-time employees are automatically enrolled in the Plan on the first day of the month following the attainment of age 21 and completion of 1,000 hours of service within a consecutive twelve-month period, unless they already voluntarily enrolled upon meeting the age and service requirements or have elected not to participate. The Plan is subject to the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), and the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Plan is overseen by the Paramount Global Administrative Committee (the “Administrative Committee”). The Administrative Committee has been designated as the administrator of the Plan as defined under ERISA (the “Plan Administrator”) under the Plan document.

Transfer of Viacom 401(k) Plan Assets

On September 30, 2021, $1,887 million of plan assets were transferred into the Paramount Global 401(k) Plan from the Viacom 401(k) plan (the “Plan Merger”).

Exempt Party-in-Interest Transactions
Certain Plan investments are shares of Paramount Global Class A Common Stock and Class B Common Stock and therefore qualify as party-in-interest transactions. The fair value of these investments was $143 million and $169 million at December 31, 2021 and 2020, respectively. For the year ended December 31, 2021, these investments depreciated by $14 million and earned dividends of $4 million. During the year ended December 31, 2021, the Plan sold shares of Paramount Global for total proceeds of $72 million and purchased shares of Paramount Global at a cost of $30 million. As a result of the Plan Merger, $30 million of Paramount Global Common Stock was transferred into the Plan.

4


PARAMOUNT GLOBAL 401(k) PLAN (fka CBS 401(k) Plan)
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
Fidelity Management Trust Company (the “Trustee”) is the trustee and custodian of the Plan, Fidelity Workplace Services LLC (the “Recordkeeper”) is the recordkeeper of the Plan, and State Street Global Advisors Trust Company (“State Street”) is an independent fiduciary for the Plan’s Paramount Global common stock funds. Certain Plan investments are shares of funds and bonds managed by the Trustee, State Street or their affiliates and therefore qualify as party-in-interest transactions. The fair value of these investments was $62 million and $35 million at December 31, 2021 and 2020, respectively. The Plan’s investments also include a synthetic guaranteed investment contract issued by State Street. The contract value of this synthetic guaranteed investment contract was $89 million at December 31, 2021.

Participant Accounts
Each Plan participant’s account is credited with the participant’s contributions, the employer contributions, if applicable, and the participant’s share of the interest, dividends, and any realized or unrealized gains or losses of the Plan’s assets, net of certain Plan expenses.

Participants have the option of investing contributions to their accounts and their existing account balances among various investment options. These investment options include common collective funds, registered investment companies (mutual funds), proprietary funds that consist of common collective funds and/or separately managed accounts, which primarily invest in common stocks, a stable value fund and the Paramount Global Class B Stock Fund. Some participants are invested in the Paramount Global Class A Stock Fund, but that fund is closed to new investment.

Within the Plan, the Paramount Global Class A Stock Fund and Paramount Global Class B Stock Fund are part of an Employee Stock Ownership Plan (“ESOP”). As a result, the Plan offers an ESOP dividend election under which Plan participants can elect to reinvest any ESOP dividends paid on vested shares in the Paramount Global Class B Stock Fund or to receive dividends as a cash payout. If a participant does not make an election, the dividends are reinvested in the Paramount Global Class B Stock Fund.

Participants may also elect to open a self-directed brokerage account (“SDA”). Participants may not contribute directly to the SDA, but may transfer balances to the SDA from other investment funds except the Stable Value Fund. A participant may transfer up to 25% of their account balance (net of loans) to the SDA. The initial transfer to the SDA may not be less than $2,500 and there is no minimum for subsequent individual transfers.

Contributions
The Plan permits participants paid through CBS Payroll to contribute up to 50% of eligible annual compensation on a traditional before-tax, Roth 401(k) after-tax, or combination basis and up to 15% of eligible annual compensation on a traditional after-tax basis, subject to the Code limitations set forth below. The Plan permits participants paid through Viacom Payroll to contribute up to 50% of eligible annual compensation on a traditional before-tax basis, subject to the Code limitations set forth below. Total combined contributions for all participants may not exceed 50% of eligible annual compensation. Roth 401(k) contributions and the related earnings can be withdrawn tax-free if certain requirements are met. Prior to 2021, the level of employer matching contributions is entirely at the discretion of the Company and is determined annually for all participants in the Plan. For 2020, the Company set the employer’s matching contribution at 60% of the first 5% of eligible compensation contributed on a before-tax or Roth 401(k) basis.

Effective January 1, 2021, the Plan was amended to provide (1) nondiscretionary employer matching contributions and (2) discretionary profit-sharing contributions. The formula for the nondiscretionary matching contributions is (a) 100% of a participant’s deferrals on the first 1% of the participant’s eligible compensation, plus (b) 80% of a participant’s deferrals on the next 5% of the participant’s eligible compensation. Discretionary profit sharing
5


PARAMOUNT GLOBAL 401(k) PLAN (fka CBS 401(k) Plan)
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
contributions (a) are based on a target 1.5% of each eligible participant’s eligible compensation and (b) are contributed for those participants who are active employees eligible for the Plan on December 31. For 2021, a discretionary profit-sharing contribution of 1.5% was made in March 2022 and is included in employer contribution receivable in the Statement of Net Assets Available for Benefits.

Participants may elect to invest their contributions in any investment option, including the Paramount Global Class B Common Stock fund. If no option is elected by the participant, the contribution is invested in the Plan’s Qualified Default Investment Alternative (“QDIA”), a common collective fund that is primarily invested in a mix of equities and bonds appropriate for the participant’s target retirement year, which is assumed to be at age 65.

Upon date of hire and, effective on the 60th day following the date upon which an employee becomes eligible to participate in the Plan, newly hired employees are deemed to have authorized the Company to make before-tax contributions to the Plan in an amount equal to 6% of the employee’s eligible compensation. However, a deemed authorization does not take effect if, during the 60-day period, the employee elects not to participate in the Plan or to participate at a different contribution rate.

The Code limits the amount of annual participant contributions that can be made on a before-tax or Roth 401(k) basis to $19,500 for 2021. Total compensation considered under the Plan, based on Code limits, could not exceed $290,000 for 2021. The Code also limits annual aggregate participant and employer contributions to the lesser of $58,000 or 100% of compensation in 2021. All contributions made to the Plan on an annual basis may be further limited due to certain nondiscrimination requirements prescribed by the Code.

All participants who have attained age 50 before the close of the Plan year (calendar year) are eligible to make catch-up contributions. These contributions are not treated as matchable contributions. Catch-up contributions can be made if the eligible participant makes the maximum $19,500 contribution permitted for the Plan year. The limit for catch-up contributions was $6,500 in 2021.

Vesting
Participants in the Plan are immediately vested in their own contributions and earnings thereon. As of January 1, 2021, the Plan includes a two-year cliff vesting schedule for employer matching contributions and profit-sharing contributions (collectively “employer contributions”).

Forfeitures
If a participant’s employment terminates prior to being fully vested in their employer contributions, the non-vested portion of their account is forfeited and may be used for future employer contributions and to pay administrative expenses. Forfeitures are recorded at the time vested benefits are distributed or as of the close of the fifth consecutive year of break in service if no distribution was elected. During 2021, the Plan utilized forfeitures of approximately $449,900 to pay administrative expenses, and $2 million was transferred into forfeitures in connection with the Plan Merger. As of December 31, 2021 and 2020, the Plan had forfeitures of approximately $6.4 million and $831,000, respectively, available to be used as noted above.

Notes Receivable from Participants
Eligible participants may request a loan for up to the lesser of 50% of the participant’s vested account balance or $50,000, reduced by the highest outstanding balance of any Plan loan made to the participant during the twelve-month period ending on the day before the loan is made. The minimum loan available to a participant is $500. The interest rate on participant loans is one percentage point above the annual prime commercial rate (as published in The Wall Street Journal) on the first day of the calendar month in which the loan is approved. Principal and interest
6


PARAMOUNT GLOBAL 401(k) PLAN (fka CBS 401(k) Plan)
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
is payable through payroll deductions. Generally, only one loan may be outstanding at any time. Participants may elect repayment periods from 12 to 60 months commencing as soon as administratively possible following the distribution of the loan proceeds to the participant. The Plan allows participants to elect a repayment term of up to 300 months for loans used for the acquisition of a principal residence. Repayments of loan principal and interest are allocated in accordance with the participant’s current investment elections. Loans outstanding at December 31, 2021 carry interest rates ranging from 4.25% to 9.50%.

Distributions and Withdrawals
Earnings on employee contributions (other than after-tax contributions) and employer contributions are not subject to income tax until they are distributed or withdrawn from the Plan.

Participants in the Plan, or their beneficiaries, may receive their vested account balances in a lump sum, in installments over a period of up to 20 years, or in partial distributions of the account balance in the event of retirement, termination of employment, disability or death. For vested account balances invested in the Paramount Global Class A Common Stock fund and Paramount Global Class B Common Stock fund, participants may elect to receive distributions in cash or whole shares. In general, participants must receive a required minimum distribution (“RMD”) upon attainment of a certain age, unless they are still employed. For individuals who attained age 70 ½ on or before December 31, 2019, that age is 70 ½. For individuals who attain age 70 ½ on or after January 1, 2020, in accordance with the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), that age is 72.

Participants in the Plan may withdraw part or all of their after-tax and rollover contributions and the vested portion of employer matching contributions. Upon attainment of age 59 ½, participants may also withdraw all or part of their before-tax or Roth 401(k) contributions and earnings thereon. The Plan limits participants to two of the above withdrawal elections in each Plan year.

A participant may obtain a financial hardship withdrawal of the vested portion of employer matching contributions and employee before-tax or Roth 401(k) contributions provided that the requirements for hardship are met and only to the extent required to relieve such financial hardship. There is no restriction on the number of hardship withdrawals permitted.

When a participant terminates employment with the Company, the full value of employee contributions and earnings thereon plus the value of all vested employer contributions and earnings thereon are eligible for distribution and can be rolled over to a tax qualified retirement plan or an Individual Retirement Account (“IRA”) or remain in the Plan rather than being distributed. If the vested account balance is $1,000 or less and the participant does not make an election to rollover the vested account balance, it will be automatically paid in a single lump sum cash payment, and taxes will be withheld from the distribution.

Plan Expenses
Trustee fees and fees for investment of Plan assets are charged to the Plan’s investment funds. Certain administrative expenses such as fees for accounting, investment consulting and employee communications may be paid by the Plan using forfeitures or may be paid by the Company. Recordkeeping fees are paid from participant accounts. For 2021, $3.3 million was paid to the Trustee and the Recordkeeper, parties in interest, for services provided during the year.

7


PARAMOUNT GLOBAL 401(k) PLAN (fka CBS 401(k) Plan)
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

In accordance with Financial Accounting Standards Board (“FASB”) guidance, investments are reported at fair value, except for fully benefit-responsive investment contracts which are reported at contract value. Contract value was determined to be the relevant measurement for the portion of net assets available for benefits attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis with respect to the fully benefit-responsive investment contracts.

Investment Valuation
Short-term money market investments are carried at amortized cost which approximates fair value due to the short-term maturity of these investments. Investments in common stock are reported at fair value based on quoted market prices on national security exchanges. Investments in registered investment companies are reported at fair value based on quoted market prices in active markets. The fair value of investments in separately managed accounts is determined by the Trustee based upon the fair value of the underlying securities. The fair values of investments in common collective funds are determined using the net asset value per share (“NAV”) provided by the administrator of the fund. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by the number of outstanding units. The common collective funds have no restrictions on participant redemptions. The notice period applicable to the Plan in the case of a full redemption varies by fund and ranges from one day to one month. The Plan had no unfunded commitments relating to the common collective funds at December 31, 2021 and 2020. The fair value of fixed income, asset-backed and mortgage-backed securities is determined by independent pricing sources based on quoted market prices, when available, or using valuation models which incorporate certain other observable inputs including recent trading activity for comparable securities and broker quoted prices. Cash and cash equivalents are valued at cost plus accrued interest, which approximates fair value.

As part of their investment strategy, the managers of the Stable Value Fund, which invests in synthetic guaranteed investment contracts, may use derivative financial instruments for various purposes, including managing exposure to sector risk or movements in interest rates, extending the duration of the investment portfolio and as a substitute for cash securities. The derivative instruments typically used are interest rate futures and swaps. Interest rate swaps are recorded at fair value and marked-to-market through the duration of the contract term with an offsetting increase to unrealized appreciation (depreciation). Futures are marked-to-market and settled daily. The daily receipt or payment is recognized as unrealized appreciation (depreciation) until the contract is closed at which time the total fair value of the futures contract is recognized as a realized gain (loss).

The Plan invests in fully benefit-responsive synthetic guaranteed investment contracts through the Stable Value Fund. The contract value of these contracts represents the aggregate amount of deposits thereto, plus interest at the contract rate, less withdrawals.

Security Transactions and Income Recognition
Purchases and sales of securities are recorded on the trade date. The average cost basis is used to determine gains or losses on security dispositions. Interest income is accrued as earned and dividend income is recorded on the ex-dividend date.
8


PARAMOUNT GLOBAL 401(k) PLAN (fka CBS 401(k) Plan)
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
Net appreciation or depreciation in the fair value of investments, included in the Statement of Changes in Net Assets Available for Benefits, consists of the realized gains and losses and the unrealized appreciation and depreciation on those investments presented at fair value.

Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan.

Payment of Benefits
Benefit payments are recorded when paid.

Use of Estimates
The preparation of financial statements in conformity with GAAP requires the Plan to make estimates and assumptions, such as those regarding the fair value of investments, that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of changes in net assets available for benefits during the reporting period. Actual results could differ from these estimates.
NOTE 3 - RISKS AND UNCERTAINTIES
The Plan provides for various investment options. Investment securities are exposed to various risks such as market, interest rate and credit risk. Market values of investments could decline for several reasons including changes in prevailing markets and interest rates, increases in defaults, and credit rating downgrades. In addition, the COVID-19 pandemic continues to impact the macroeconomic environment in the United States and globally. The magnitude of the impact of COVID-19 and its variants will depend on numerous evolving factors, including the duration and extent of the pandemic, the impact of governmental actions, consumer behavior in response to the pandemic and such governmental actions, and economic and operating conditions in the aftermath of COVID-19. Due to the evolving and uncertain nature of the pandemic, as well as the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of such securities, it is at least reasonably possible that changes in investment values in the near term could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the related Statement of Changes in Net Assets Available for Benefits.
NOTE 4 - INVESTMENTS AT CONTRACT VALUE
The Plan invests in synthetic guaranteed investment contracts, which provide for the repayment of principal plus interest through benefit-responsive wrapper contracts. A wrapper contract is issued by a third party insurance company, financial institution or bank, and is held in combination with fixed income securities to form a synthetic guaranteed investment contract. The interest crediting rate on synthetic guaranteed investment contracts reflects the yield of the associated fixed income investments, plus the amortization of realized and unrealized gains and losses on those investments, typically over the duration of the investments. Interest crediting rates are reset on a monthly or quarterly basis, and the wrapper contracts provide that adjustments to the interest crediting rate cannot result in a future interest crediting rate that is less than zero. Certain factors can influence the future interest crediting rates, including the level of market interest rates, the amount and timing of participant contributions and withdrawals, and the returns generated by the fixed income investments that are associated with the synthetic guaranteed investment contract.

9


PARAMOUNT GLOBAL 401(k) PLAN (fka CBS 401(k) Plan)
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
Certain employer initiated events may limit the ability of the Plan to transact at contract value with the issuer. These events include, but are not limited to, full or partial termination of the Plan, a material adverse change to the provisions of the Plan, an employer election to withdraw from the contract to switch to a different investment provider, an employer’s bankruptcy, layoffs, plant closings, corporate spin-offs, mergers, divestitures or other workforce restructurings, or if the terms of a successor plan do not meet the contract issuer’s underwriting criteria for issuance of a replacement contract with identical terms. The Plan Administrator believes that no events are probable of occurring that may limit the ability of the Plan to transact at contract value.

The contract issuer is permitted to terminate the fully benefit-responsive investment contracts with the Plan and settle at an amount different from contract value in certain events, including loss of the Plan’s qualified status, an uncured material breach of responsibility, or material adverse changes to the provisions of the Plan.

At December 31, 2021 and 2020, the contract value of the Plan’s synthetic guaranteed investment contracts was $971 million and $951 million, respectively.
NOTE 5 - FAIR VALUE MEASUREMENTS
The following tables set forth the Plan’s financial assets measured at fair value on a recurring basis at December 31, 2021 and 2020. See Note 2 for the valuation methodology used to measure the fair value of these investments. There have been no changes to the methodologies used to measure the fair value of each asset from December 31, 2020 to December 31, 2021. These assets have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in Level 1, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs reflecting the Plan’s own assumptions about the assumptions that market participants would use in pricing the asset. The asset’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The Plan has no investments classified within Level 3 of the valuation hierarchy.
At December 31, 2021Level 1Level 2Total
Self-directed accounts (a)
$57,863 $7,304 $65,167 
Separately managed accounts:
Sanders Capital (b)
181,501 4,824 186,325 
Wellington Management Company (b)
180,010 3,614 183,624 
Sustainable Growth Advisers(b)
179,188 3,015 182,203 
Dodge & Cox (b)
178,710 2,031 180,741 
Snyder Capital Management (b)
39,361 1,247 40,608 
Paramount Global Common Stock funds (c)
142,925 366 143,291 
Registered investment companies (d)
94,198 — 94,198 
Money market funds (e)
— 35,079 35,079 
Total assets in fair value hierarchy$1,053,756 $57,480 $1,111,236 
Common collective funds measured at net asset value (f)
4,355,891 
Investments, at fair value$5,467,127 
10


PARAMOUNT GLOBAL 401(k) PLAN (fka CBS 401(k) Plan)
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
At December 31, 2020Level 1Level 2Total
Self-directed accounts (a)
$48,283 $6,420 $54,703 
Separately managed accounts:
Wellington Growth Portfolio (b)
317,686 51 317,737 
Dodge & Cox Value Equity Fund (b)
132,889 1,971 134,860 
Paramount Global Common Stock funds (c)
168,603 246 168,849 
Registered investment companies (d)
153,307 — 153,307 
Money market funds (e)
— 22,590 22,590 
Total assets in fair value hierarchy$820,768 $31,278 $852,046 
Common collective funds measured at net asset value (f)
2,395,309 
Investments, at fair value$3,247,355 
(a)Primarily invested in common stock and registered investment companies. Assets categorized as Level 2 reflect investments in money market funds.
(b)Primarily invested in large and small capitalization equities. Assets categorized as Level 2 reflect investments in money market funds.
(c)Assets categorized as Level 2 reflect investments in money market funds.
(d)Primarily invested in equities.
(e)Primarily invested in U.S. government securities and U.S. government agency securities.
(f)In accordance with FASB guidance, investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statement of Net Assets Available for Benefits.
NOTE 6 - INCOME TAX STATUS
The Internal Revenue Service (“IRS”) issued a favorable determination letter dated January 13, 2015, indicating that the Plan document satisfied the requirements of Section 401(a) of the Code and that the trust thereunder is exempt from federal income taxes under the provisions of Section 501(a) of the Code. The Plan Administrator believes that, although the Plan has been amended subsequent to the date of the IRS determination, it is designed and is currently being operated in compliance with the applicable provisions of the Code.

As of December 31, 2021, there are no uncertain tax positions taken or expected to be taken that require recognition of an asset or liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are no audits in progress for any tax year.
NOTE 7 - TERMINATION PRIORITIES
The Company has reserved the right by action of the Paramount Global Board of Directors or Administrative Committee to amend or terminate the Plan provided that such action does not retroactively reduce earned participant benefits. In the event of termination of the Plan, participants become fully vested.
NOTE 8 - RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:
At December 31,
20212020
Net assets available for benefits per the financial statements$6,500,574 $4,223,818 
Participant loans deemed distributed(1,711)(1,422)
Net assets available for benefits per the Form 5500$6,498,863 $4,222,396 
11


PARAMOUNT GLOBAL 401(k) PLAN (fka CBS 401(k) Plan)
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
The following is a reconciliation of the net increase in net assets available for benefits as reflected in the financial statements to the Form 5500:
Year Ended
December 31, 2021
Net increase in net assets available for benefits per the financial statements$389,880 
Participant loans deemed distributed at December 31, 2021(1,711)
Participant loans deemed distributed at December 31, 20201,422 
Net increase in net assets available for benefits per the Form 5500$389,591 
NOTE 9 - SUBSEQUENT EVENTS
Subsequent events and transactions have been evaluated through the date the financial statements were issued, and are incorporated herein as applicable.
12



SCHEDULE H, line 4a

PARAMOUNT GLOBAL 401(k) PLAN (fka CBS 401(k) Plan)
SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS
For the year ended December 31, 2021
(Dollars in thousands)


Participant
Contributions
Transferred late to Plan
Total That Constitute Nonexempt Prohibited TransactionsTotal Fully Corrected
Under Voluntary
Check Here
If Late Participant Loan
Fiduciary Correction
Program (VFCP) and
Repayments Are
Included x
Contributions
Not Corrected
Contributions Corrected
Outside VFCP
Contributions Pending
Correction in VFCP
Prohibited Transaction
Exemption 2002-51
$— $— $$— $— 

S - 1




SCHEDULE H, line 4i
PARAMOUNT GLOBAL 401(k) PLAN (fka CBS 401(k) Plan)
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2021
(Dollars in thousands)
Identity of issue, borrower, lessor or similar partyMaturity and Interest Rates
Cost (4)
Current Value
Self-Directed Accounts (1)
$65,167 
Corporate Common Stock Funds
*Paramount Global Class A Stock Fund358 
*Paramount Global Class B Stock Fund142,567 
*Fidelity Institutional Money Market Government Portfolio366 
Total Corporate Common Stock Funds143,291 
Registered Investment Companies
Vanguard FTSE Social Index Fund76,137 
Metropolitan West Total Return Bond Fund18,061 
*Fidelity Institutional Money Market Government Portfolio35,079 
Total Registered Investment Companies129,277 
Common / Collective Funds
BlackRock S&P 500 Index Fund1,397,653 
BlackRock Extended Equity Market Fund370,013 
BlackRock - US Bond Index Fund361,448 
Vanguard Institutional Total International Stock Market Index Trust325,581 
BlackRock LifePath Retirement Fund176,250 
BlackRock LifePath 2040 Fund288,594 
BlackRock LifePath 2050 Fund264,862 
BlackRock LifePath 2045 Fund252,771 
BlackRock LifePath 2035 Fund204,750 
BlackRock LifePath 2030 Fund154,630 
BlackRock LifePath 2055 Fund127,183 
BlackRock LifePath 2025 Fund126,009 
BlackRock LifePath 2060 Fund40,358 
BlackRock LifePath 2065 Fund1,101 
Wasatch Core Growth CIT Class A80,822 
Cramer Rosenthal McGlynn Small /Mid Cap Fund40,609 
Mawer International Equity Collective Fund36,062 
GQG Partners International Equity Fund 35,801 
INVESCO International Growth Fund35,766 
Pzena International Value All Country (Ex US) Fund35,628 
Total Common Collective Funds4,355,891 
Separately Managed Accounts
Sanders Capital (2)
181,501 
Wellington Management Company (2)
180,010 
Sustainable Growth Advisors (2)
179,188 
Dodge & Cox (1) (2)
178,710 
Snyder Capital Management (2)
39,361 
*State Street Bank Govt STIF Fund14,731 
Total Separately Managed Accounts773,501 
Synthetic Guaranteed Investment Contracts
Transamerica Premier Life Insurance Company: MDA01263TR Evergreen and variable %352,880 
Lincoln National Life Insurance Company: BVW0024GEvergreen and variable %287,414 
Prudential Insurance Company of America: GA-62413
    
Evergreen and variable %241,813 
*State Street Bank and Trust Company: No 108002
Evergreen and variable %88,680 
Total Synthetic Guaranteed Investment Contracts970,787 
*
Notes receivable from participants (3)
Maturity dates ranging from 2022 to 2046 and interest rates ranging from 4.25% to 9.50%31,130 
Total investments and notes receivable from participants$6,469,044 
*Identified as a party-in-interest to the Plan.
(1)Includes $12 million of investments identified as party-in-interest transactions to the Plan.
(2)Refer to Attachment A for listing of assets relating to these accounts.
(3)Does not include participant loans deemed distributed.
(4)There are no non-participant directed investments.
S - 2




Attachment A
(In thousands)
Identity of IssuerDescriptionCostCurrent Value
ABIOMED INCCOMMON STOCK$2,288 
ADOBE INCCOMMON STOCK3,504 
ADVANCED MICRO DEVICES INCCOMMON STOCK4,831 
AFFIRM HOLDINGS INCCOMMON STOCK546 
AIRBNB INC CLASS ACOMMON STOCK2,517 
AIRBUS SE UNSP ADRCOMMON STOCK852 
ALIGN TECHNOLOGY INCCOMMON STOCK1,851 
ALPHABET INC CL CCOMMON STOCK13,157 
AMAZON.COM INCCOMMON STOCK11,997 
AMERICAN EXPRESS COCOMMON STOCK 827 
APPLE INCCOMMON STOCK 15,861 
AUTODESK INCCOMMON STOCK 2,458 
AVALARA INCCOMMON STOCK 1,641 
BLACKSTONE INCCOMMON STOCK1,707 
BLOCK INC CL ACOMMON STOCK1,509 
BOSTON SCIENTIFIC CORPCOMMON STOCK2,109 
BURLINGTON STORES INCCOMMON STOCK 520 
CDW CORPORATIONCOMMON STOCK 749 
CERIDIAN HCM HLDG INCCOMMON STOCK 1,602 
COINBASE GLOBAL INCCOMMON STOCK 1,054 
CONSTELLATION BRANDS INC CL ACOMMON STOCK3,170 
COPART INCCOMMON STOCK 2,401 
DISNEY COCOMMON STOCK 640 
DOCUSIGN INCCOMMON STOCK 475 
EQUINIX INCCOMMON STOCK760 
FIDELITY NATL INFORM SVCS INCCOMMON STOCK 2,695 
FLEETCOR TECHNOLOGIES INCCOMMON STOCK 2,363 
GLOBAL PAYMENTS INCCOMMON STOCK 2,686 
HASHICORP INCCOMMON STOCK 98 
HILTON WORLDWIDE HOLDINGS INCCOMMON STOCK 964 
IDEX CORPORATIONCOMMON STOCK 408 
IHS MARKIT LTDCOMMON STOCK 1,440 
ILLUMINA INCCOMMON STOCK 1,984 
INTUIT INCCOMMON STOCK 2,205 
LEGALZOOM.COM INCCOMMON STOCK38 
LULULEMON ATHLETICA INCCOMMON STOCK 2,074 
MARKETAXESS HLDGS INCCOMMON STOCK 1,592 
MARSH & MCLENNAN COS INCCOMMON STOCK 1,403 
MARVELL TECHNOLOGY INCCOMMON STOCK 2,084 
MASTERCARD INC CL ACOMMON STOCK 5,692 
MATCH GROUP INCCOMMON STOCK 1,209 
META PLATFORMS INC CL ACOMMON STOCK 5,020 
METTLER-TOLEDO INTL INCCOMMON STOCK 925 
MICROCHIP TECHNOLOGYCOMMON STOCK2,655 
MICROSOFT CORPCOMMON STOCK 17,709 
MONOLITHIC POWER SYS INCCOMMON STOCK 641 
MONSTER BEVERAGE CORPCOMMON STOCK 845 
NCINO INCCOMMON STOCK1,162 
NORTHROP GRUMMAN CORPCOMMON STOCK 1,096 
NVIDIA CORPCOMMON STOCK4,327 
PAYPAL HLDGS INCCOMMON STOCK 1,662 
QUALTRICS INTERNATIONAL INCCOMMON STOCK 82 
RINGCENTRAL INC CL ACOMMON STOCK 1,264 
RIVIAN AUTOMOTIVE INCCOMMON STOCK 714 
ROBLOX CORPCOMMON STOCK 648 
S&P GLOBAL INCCOMMON STOCK2,048 
SALESFORCE INCCOMMON STOCK3,624 
SEAGEN INCCOMMON STOCK1,514 
SENTINELONE INCCOMMON STOCK 330 
SERVICENOW INCCOMMON STOCK 2,768 
SHOPIFY INC CL ACOMMON STOCK1,076 
SNAP INC - ACOMMON STOCK1,269 
SNOWFLAKE INC CL ACOMMON STOCK1,456 
TESLA INCCOMMON STOCK1,882 
TRANSUNIONCOMMON STOCK3,208 
UBER TECHNOLOGIES INCCOMMON STOCK1,296 
UIPATH INC ACOMMON STOCK1,664 
UNITEDHEALTH GROUP INCCOMMON STOCK3,289 
VISA INC CL ACOMMON STOCK1,060 
WORKDAY INC CL ACOMMON STOCK2,409 
ZOETIS INC CL ACOMMON STOCK1,545 
ZOOMINFO TECHNOLOGIES INCCOMMON STOCK2,870 
NET PAYABLES(9)
WELLINGTON MANAGEMENT CO$180,010 

S - 3




Attachment A
(In thousands)

Identity of IssuerDescriptionCostCurrent Value
AEGON NV (NY REGD) NEW YORK REGISTERED SHARESCOMMON STOCK$754 
ALNYLAM PHARMACEUTICALS INCCOMMON STOCK933 
ALPHABET INC CL ACOMMON STOCK869 
ALPHABET INC CL CCOMMON STOCK6,221 
AMERICAN EXPRESS COCOMMON STOCK1,767 
ANHEUSER-BUSCH INBEV SPN ADRCOMMON STOCK1,096 
BAKER HUGHES COCOMMON STOCK1,429 
BANK OF AMERICA CORPORATIONCOMMON STOCK4,449 
BANK OF NEW YORK MELLON CORPCOMMON STOCK4,124 
BIOMARIN PHARMACEUTICAL INCCOMMON STOCK1,533 
BRIGHTHOUSE FINANCIAL INCCOMMON STOCK673 
BRISTOL-MYERS SQUIBB COCOMMON STOCK2,544 
CAPITAL ONE FINANCIAL CORPCOMMON STOCK5,731 
CARRIER GLOBAL CORPCOMMON STOCK1,213 
CELANESE CORPCOMMON STOCK1,227 
CHARTER COMMUNICATIONS INC ACOMMON STOCK3,781 
CIGNA CORPCOMMON STOCK5,020 
CISCO SYSTEMS INCCOMMON STOCK3,675 
COGNIZANT TECH SOLUTIONS CL ACOMMON STOCK3,238 
COMCAST CORP CL ACOMMON STOCK4,656 
CONOCOPHILLIPSCOMMON STOCK2,268 
CVS HEALTH CORPCOMMON STOCK1,857 
DELL TECHNOLOGIES INC CL CCOMMON STOCK2,101 
DISH NETWORK CORP ACOMMON STOCK1,317 
ELANCO ANIMAL HEALTH INCCOMMON STOCK795 
FEDEX CORPCOMMON STOCK4,914 
FISERV INCCOMMON STOCK4,214 
FOX CORP CL ACOMMON STOCK2,054 
FOX CORPORATION BCOMMON STOCK585 
GAP INCCOMMON STOCK530 
GILEAD SCIENCES INCCOMMON STOCK3,703 
GLAXOSMITHKLINE PLC SPONS ADRCOMMON STOCK5,867 
GOLDMAN SACHS GROUP INCCOMMON STOCK3,366 
HALLIBURTON COCOMMON STOCK183 
HESS CORPCOMMON STOCK1,340 
HEWLETT PACKARD ENTERPRISE COCOMMON STOCK2,230 
HONDA MOTOR LTD SPON ADRCOMMON STOCK1,568 
HP INCCOMMON STOCK4,855 
II-VI INC.COMMON STOCK246 
INCYTE CORPCOMMON STOCK1,417 
JOHNSON CONTROLS INTERNATIONAL PLCCOMMON STOCK4,923 
JUNIPER NETWORKS INCCOMMON STOCK1,678 
LINCOLN NATIONAL CORPCOMMON STOCK443 
LYONDELLBASELL INDS CLASS ACOMMON STOCK221 
MEDTRONIC PLCCOMMON STOCK624 
META PLATFORMS INC CL ACOMMON STOCK2,758 
METLIFE INCCOMMON STOCK4,562 
MICRO FOCUS INTERNATIONAL PLC SPND ADRCOMMON STOCK251 
MICROCHIP TECHNOLOGYCOMMON STOCK3,117 
MICROSOFT CORPCOMMON STOCK3,666 
MOLSON COORS BEVERAGE CO BCOMMON STOCK1,622 
NEWS CORP NEW CL ACOMMON STOCK268 
NOVARTIS AG SPON ADRCOMMON STOCK3,892 
OCCIDENTAL PETROLEUM CORPCOMMON STOCK3,306 
OCCIDENTAL PETROLEUM CORP WT 08/03/27COMMON STOCK180 
OTIS WORLDWIDE CORPCOMMON STOCK653 
QURATE RETAIL INCCOMMON STOCK470 
RAYTHEON TECHNOLOGIES CORPCOMMON STOCK4,010 
REGENERON PHARMACEUTICALS INCCOMMON STOCK189 
SANOFI SPON ADRCOMMON STOCK6,814 
SCHLUMBERGER LTDCOMMON STOCK1,780 
SCHWAB CHARLES CORPCOMMON STOCK7,485 
*STATE STREET CORPCOMMON STOCK2,714 
TE CONNECTIVITY LTDCOMMON STOCK2,420 
THE BOOKING HOLDINGS INCCOMMON STOCK1,679 
T-MOBILE US INCCOMMON STOCK2,320 
TRUIST FINANCIAL CORPCOMMON STOCK1,704 
UNITEDHEALTH GROUP INCCOMMON STOCK2,310 
VMWARE INC CL ACOMMON STOCK3,385 
WELLS FARGO & COCOMMON STOCK6,497 
WILLIAMS COMPANIES INCCOMMON STOCK2,435 
NET PAYABLES(9)
DODGE & COX$178,710 
*    Identified as a party-in-interest to the Plan.
S - 4





Attachment A
(In thousands)

Identity of IssuerDescriptionCostCurrent Value
ABBVIE INCCOMMON STOCK$1,584 
ALPHABET INC CL CCOMMON STOCK11,123 
ANTHEM INCCOMMON STOCK6,874 
APPLE INCCOMMON STOCK9,663 
APTIV PLCCOMMON STOCK2,809 
BNPSACOMMON STOCK1,666 
CIGNA CORPCOMMON STOCK5,537 
CITIGROUP INCCOMMON STOCK4,132 
DR HORTON INCCOMMON STOCK3,762 
GENERAL MOTORS COCOMMON STOCK3,783 
HALLIBURTON COCOMMON STOCK1,978 
HCA HEALTHCARE INCCOMMON STOCK8,769 
ING GROEP NV SPON ADRCOMMON STOCK1,767 
JOHNSON & JOHNSONCOMMON STOCK1,582 
JPMORGAN CHASE & COCOMMON STOCK4,598 
LEAR CORP NEWCOMMON STOCK1,392 
LENNAR CORP CL ACOMMON STOCK2,631 
LENNAR CORP CL BCOMMON STOCK56 
MEDTRONIC PLCCOMMON STOCK4,339 
MERCEDES-BENZ GROUP AG - UNSP ADRCOMMON STOCK2,568 
MERCK & CO INC NEWCOMMON STOCK104 
MERITAGE HOMES CORPCOMMON STOCK1,025 
META PLATFORMS INC CL ACOMMON STOCK8,217 
MICRON TECHNOLOGY INCCOMMON STOCK9,427 
MICROSOFT CORPCOMMON STOCK10,184 
NATWEST GROUP PLC SPON ADRCOMMON STOCK765 
NESTLE SA REG ADRCOMMON STOCK4,436 
NORTHROP GRUMMAN CORPCOMMON STOCK4,920 
PEPSICO INCCOMMON STOCK3,607 
PFIZER INCCOMMON STOCK2,769 
PROCTER & GAMBLE COCOMMON STOCK3,963 
ROCHE HOLDING LTD SPON ADRCOMMON STOCK5,567 
SEAGATE TECHNOLOGY HOLDINGS PLCCOMMON STOCK1,273 
SPDR S&P 500 ETF TRUSTCOMMON STOCK4,157 
STANLEY BLACK & DECKER INCCOMMON STOCK1,609 
SUMITOMO MITSUI FINANCIAL GRP ADRCOMMON STOCK839 
SUNCOR ENERGY INCCOMMON STOCK3,164 
SYNCHRONY FINANCIALCOMMON STOCK1,011 
TAIWAN SEMICONDUCTOR MFG CO LTD SP ADRCOMMON STOCK11,211 
THE BOOKING HOLDINGS INCCOMMON STOCK1,487 
TRUIST FINANCIAL CORPCOMMON STOCK3,601 
UNILEVER PLC SPONS ADRCOMMON STOCK2,539 
UNITEDHEALTH GROUP INCCOMMON STOCK8,952 
WELLS FARGO & COCOMMON STOCK4,012 
WESTERN DIGITAL CORPCOMMON STOCK2,058 
NET PAYABLES(9)
SANDERS CAPITAL FUND$181,501 













S - 5





Attachment A
(In thousands)

Identity of IssuerDescriptionCostCurrent Value
ABBOTT LABORATORIESCOMMON STOCK$6,351 
ALPHABET INC CL CCOMMON STOCK6,881 
AMAZON.COM INCCOMMON STOCK10,557 
AMERICAN EXPRESS COCOMMON STOCK4,528 
AUTODESK INCCOMMON STOCK5,823 
BALL CORPCOMMON STOCK7,637 
DANAHER CORPCOMMON STOCK7,233 
DISNEY COCOMMON STOCK5,659 
EQUINIX INCCOMMON STOCK5,590 
FLEETCOR TECHNOLOGIES INCCOMMON STOCK4,848 
IHS MARKIT LTDCOMMON STOCK5,796 
ILLUMINA INCCOMMON STOCK3,774 
INTUIT INCCOMMON STOCK6,040 
INTUITIVE SURGICAL INCCOMMON STOCK3,919 
LINDE PLCCOMMON STOCK4,248 
MATCH GROUP INCCOMMON STOCK4,467 
META PLATFORMS INC CL ACOMMON STOCK6,203 
MICROSOFT CORPCOMMON STOCK9,017 
MSCI INCCOMMON STOCK5,531 
NETFLIX INCCOMMON STOCK5,417 
PAYPAL HOLDINGS INCCOMMON STOCK6,169 
REGENERON PHARMACEUTICALS INCCOMMON STOCK5,371 
RINGCENTRAL INC CL ACOMMON STOCK3,595 
SALESFORCE INCCOMMON STOCK6,170 
THERMO FISHER SCIENTIFIC INCCOMMON STOCK6,086 
UNITEDHEALTH GROUP INCCOMMON STOCK9,027 
VISA INC CL ACOMMON STOCK8,994 
WORKDAY INC CL ACOMMON STOCK7,278 
YUM BRANDS INCCOMMON STOCK6,988 
NET PAYABLES(9)
SUSTAINABLE GROWTH ADVISORS$179,188 


S - 6




Attachment A
(In thousands)

Identity of IssuerDescriptionCostCurrent Value
API GROUP CORPCOMMON STOCK$778 
ADVANCED ENERGY INDUSTRIES INCCOMMON STOCK624 
AGILYSYS INCCOMMON STOCK575 
AVID BIOSERVICES INCCOMMON STOCK800 
BWX TECHNOLOGIES INCCOMMON STOCK860 
BRINKS COCOMMON STOCK347 
BRIXMOR PROPERTY GROUP INCCOMMON STOCK1,130 
CMC MATERIALS INCCOMMON STOCK587 
CABOT CORPCOMMON STOCK1,043 
CACI INTERNATIONAL INCCOMMON STOCK1,269 
CLEAN HARBORS INCCOMMON STOCK1,581 
COGNEX CORPCOMMON STOCK493 
COHERENT INCCOMMON STOCK347 
HELEN OF TROY LTDCOMMON STOCK1,198 
DORMAN PRODUCTS INCCOMMON STOCK513 
EMERGENT BIOSOLCOMMON STOCK480 
ENTEGRIS INCCOMMON STOCK1,811 
FTI CONSULTING INCCOMMON STOCK409 
GLACIER BANCORP INCCOMMON STOCK424 
GRACO INCCOMMON STOCK912 
HALOZYME THERAPEUTICS INCCOMMON STOCK1,540 
HEICO CORP CL ACOMMON STOCK991 
HOSTESS BRANDS INC CL ACOMMON STOCK890 
IAA INCCOMMON STOCK754 
IDEX CORPORATIONCOMMON STOCK1,319 
INGEVITY CORPCOMMON STOCK560 
INGREDION INCCOMMON STOCK1,033 
KAR AUCTION SERVICES INCCOMMON STOCK907 
KBR INCCOMMON STOCK1,556 
KAMAN CORPCOMMON STOCK206 
LIGAND PHARMACEUTICALSCOMMON STOCK385 
MERCURY SYSTEMS INCCOMMON STOCK636 
MINERALS TECHNOLOGIES INCCOMMON STOCK411 
NELNET INC CL ACOMMON STOCK355 
PDF SOLUTIONS INCCOMMON STOCK638 
PACIFIC PREMIER BANCORP INCCOMMON STOCK689 
POWER INTEGRATIONS INCCOMMON STOCK1,289 
PROSPERITY BANCSHARES INCCOMMON STOCK838 
R1 RCM INCCOMMON STOCK677 
RLI CORPCOMMON STOCK596 
RBC BEARINGS INCCOMMON STOCK1,153 
SENSIENT TECHNOLOGIES CORPCOMMON STOCK689 
SIMPSON MANUFACTURING COCOMMON STOCK656 
II-VI INC.COMMON STOCK385 
UGI CORP NEWCOMMON STOCK1,553 
UNITED COMMUNITY BANKS GACOMMON STOCK1,063 
VALVOLINE INCCOMMON STOCK443 
WOODWARD INCCOMMON STOCK970 
NET PAYABLES(2)
SNYDER CAPITAL MANAGEMENT$39,361 
S - 7





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the persons who administer the Plan have duly caused this annual report to be signed on its behalf by the undersigned, hereunto duly authorized.

PARAMOUNT GLOBAL 401(k) PLAN
Date: June 29, 2022
By:
/s/ Mark Beatty
Mark Beatty
Member of the Administrative Committee
PARAMOUNT GLOBAL
By:/s/ Katherine Gill-Charest
Katherine Gill-Charest
Executive Vice President, Controller and
Chief Accounting Officer

S - 8

Document

Exhibit 23.1


CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-204282) of Paramount Global of our report dated June 29, 2022 relating to the financial statements and supplemental schedules of Paramount Global 401(k) Plan (fka CBS 401(k) Plan), which appears in this Form 11-K.


/s/ PricewaterhouseCoopers LLP
New York, New York
June 29, 2022