0000813828-22-000039 | 10-Q | XBRL Viewer

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COVER PAGE - shares	9 Months Ended
COVER PAGE - shares	Sep. 30, 2022	Oct. 28, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-09553
Entity Registrant Name	Paramount Global
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2949533
Entity Address, Address Line One	1515 Broadway
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	258-6000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000813828
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.001 par value
Trading Symbol	PARAA
Security Exchange Name	NASDAQ
Shares of common stock outstanding		40,704,664
Common Class B
Document Information [Line Items]
Title of 12(b) Security	Class B Common Stock, $0.001 par value
Trading Symbol	PARA
Security Exchange Name	NASDAQ
Shares of common stock outstanding		608,469,747
Series A Convertible Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	5.75% Series A Mandatory Convertible Preferred Stock, $0.001 par value
Trading Symbol	PARAP
Security Exchange Name	NASDAQ

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenues	$ 6,916	$ 6,610	$ 22,023	$ 20,586
Costs and expenses:
Operating	4,460	4,064	14,362	12,292
Selling, general and administrative	1,670	1,526	4,999	4,407
Depreciation and amortization	92	95	282	289
Restructuring and other corporate matters	169	46	276	81
Total costs and expenses	6,391	5,731	19,919	17,069
Net gain on dispositions	41	0	56	116
Operating income	566	879	2,160	3,633
Interest expense	(231)	(243)	(701)	(745)
Interest income	33	11	73	37
Net gains (losses) from investments	(9)	(5)	(9)	47
Loss on extinguishment of debt	0	0	(120)	(128)
Other items, net	(36)	(26)	(91)	(55)
Earnings from continuing operations before income taxes and equity in loss of investee companies	323	616	1,312	2,789
Provision for income taxes	(101)	(120)	(264)	(312)
Equity in loss of investee companies, net of tax	(58)	(18)	(124)	(80)
Net earnings from continuing operations	164	478	924	2,397
Net earnings from discontinued operations, net of tax	78	73	181	126
Net earnings (Paramount and noncontrolling interests)	242	551	1,105	2,523
Net earnings attributable to noncontrolling interests	(11)	(13)	(22)	(38)
Net earnings attributable to Paramount	231	538	1,083	2,485
Amounts attributable to Paramount:
Net earnings from continuing operations	153	465	902	2,359
Net earnings from discontinued operations, net of tax	78	73	181	126
Net earnings attributable to Paramount	$ 231	$ 538	$ 1,083	$ 2,485
Basic net earnings per common share attributable to Paramount:
Net earnings from continuing operations (in dollars per share)	$ 0.21	$ 0.70	$ 1.32	$ 3.65
Net earnings from discontinued operations (in dollars per share)	0.12	0.11	0.28	0.20
Net earnings (in dollars per share)	0.33	0.81	1.60	3.85
Diluted net earnings per common share attributable to Paramount:
Net earnings from continuing operations (in dollars per share)	0.21	0.69	1.32	3.62
Net earnings from discontinued operations (in dollars per share)	0.12	0.11	0.28	0.20
Net earnings (in dollars per share)	$ 0.33	$ 0.80	$ 1.60	$ 3.81
Weighted average number of common shares outstanding:
Basic (in shares)	649	646	649	638
Diluted (in shares)	650	651	650	644

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net earnings (Paramount and noncontrolling interests)	$ 242	$ 551	$ 1,105	$ 2,523
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	(248)	(59)	(457)	(114)
Decrease to net actuarial loss and prior service costs	16	33	49	62
Other comprehensive loss from continuing operations, net of tax (Paramount and noncontrolling interests)	(232)	(26)	(408)	(52)
Other comprehensive loss from discontinued operations	(8)	(5)	(14)	0
Comprehensive income	2	520	683	2,471
Less: Comprehensive income attributable to noncontrolling interests	10	12	17	37
Comprehensive income (loss) attributable to Paramount	$ (8)	$ 508	$ 666	$ 2,434

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 3,383	$ 6,267
Receivables, net	6,588	6,984
Programming and other inventory	1,492	1,504
Prepaid expenses and other current assets	1,263	1,176
Current assets of discontinued operations	798	745
Total current assets	13,524	16,676
Property and equipment, net	1,700	1,736
Programming and other inventory	15,449	13,358
Goodwill	16,426	16,584
Intangible assets, net	2,716	2,772
Operating lease assets	1,482	1,630
Deferred income tax assets, net	1,254	1,206
Other assets	3,929	3,824
Assets held for sale	0	19
Assets of discontinued operations	807	815
Total Assets	57,287	58,620
Current Liabilities:
Accounts payable	943	800
Accrued expenses	2,071	2,323
Participants’ share and royalties payable	2,618	2,159
Accrued programming and production costs	1,837	1,342
Deferred revenues	796	1,091
Debt	196	11
Other current liabilities	1,331	1,182
Current liabilities of discontinued operations	534	571
Total current liabilities	10,326	9,479
Long-term debt	15,638	17,698
Participants’ share and royalties payable	1,436	1,244
Pension and postretirement benefit obligations	1,844	1,946
Deferred income tax liabilities, net	1,037	1,063
Operating lease liabilities	1,468	1,598
Program rights obligations	375	404
Other liabilities	1,727	1,898
Liabilities of discontinued operations	203	213
Redeemable noncontrolling interest	94	107
Commitments and contingencies (Note 14)
Paramount stockholders’ equity:
5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share; 25 shares authorized and 10 shares issued (2022 and 2021)	0	0
Additional paid-in capital	33,034	32,918
Treasury stock, at cost; 503 (2022 and 2021) Class B shares	(22,958)	(22,958)
Retained earnings	14,889	14,343
Accumulated other comprehensive loss	(2,319)	(1,902)
Total Paramount stockholders’ equity	22,647	22,402
Noncontrolling interests	492	568
Total Equity	23,139	22,970
Total Liabilities and Equity	57,287	58,620
Common Class A
Paramount stockholders’ equity:
Common stock	0	0
Common Class B
Paramount stockholders’ equity:
Common stock	$ 1	$ 1

Consolidated Balance Sheets (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, percentage	5.75%	5.75%
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	10,000,000	10,000,000
Common Class A
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	55,000,000	55,000,000
Common stock, shares issued (in shares)	41,000,000	41,000,000
Common Class B
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	5,000,000,000	5,000,000,000
Common stock, shares issued (in shares)	1,111,000,000	1,110,000,000
Treasury stock, at cost (in shares)	503,000,000	503,000,000

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating Activities:
Net earnings (Paramount and noncontrolling interests)	$ 242	$ 551	$ 1,105	$ 2,523
Less: Net earnings from discontinued operations, net of tax	78	73	181	126
Net earnings from continuing operations	164	478	924	2,397
Adjustments to reconcile net earnings from continuing operations to net cash flow provided by operating activities from continuing operations:
Depreciation and amortization	92	95	282	289
Deferred tax benefit			(42)	(21)
Stock-based compensation			127	154
Net gain on dispositions	(41)	0	(56)	(116)
(Gains) losses from investments	9	5	9	(47)
Loss on extinguishment of debt	0	0	120	128
Equity in loss of investee companies, net of tax	58	18	124	80
Change in assets and liabilities			(1,269)	(1,336)
Net cash flow provided by operating activities from continuing operations			219	1,528
Net cash flow provided by operating activities from discontinued operations			107	124
Net cash flow provided by operating activities			326	1,652
Investing Activities:
Investments			(189)	(147)
Capital expenditures			(228)	(231)
Acquisitions, net of cash acquired			0	(27)
Proceeds from dispositions			38	418
Other investing activities			(1)	(26)
Net cash flow used for investing activities from continuing operations			(380)	(13)
Net cash flow used for investing activities from discontinued operations			(3)	(3)
Net cash flow used for investing activities			(383)	(16)
Financing Activities:
Proceeds from issuance of debt			1,114	48
Repayment of debt			(3,123)	(2,220)
Dividends paid on preferred stock			(43)	(15)
Dividends paid on common stock			(471)	(458)
Proceeds from issuance of preferred stock			0	983
Proceeds from issuance of common stock			0	1,672
Payment of payroll taxes in lieu of issuing shares for stock-based compensation			(14)	(55)
Proceeds from exercise of stock options			0	408
Payments to noncontrolling interests			(106)	(215)
Other financing activities			(38)	(47)
Net cash flow (used for) provided by financing activities			(2,681)	101
Effect of exchange rate changes on cash and cash equivalents			(146)	(30)
Net (decrease) increase in cash, cash equivalents and restricted cash			(2,884)	1,707
Cash, cash equivalents and restricted cash at beginning of year (includes $135 (2021) of restricted cash)			6,267	3,119
Cash, cash equivalents and restricted cash at end of period (includes $3 (2021) of restricted cash)	$ 3,383	$ 4,826	$ 3,383	$ 4,826

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Statement of Cash Flows [Abstract]
Restricted cash and cash equivalents	$ 3	$ 135

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Total Paramount Stockholders’ Equity	Preferred Stock	Class A and B Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Preferred stock, beginning balance (in shares) at Dec. 31, 2020			0
Common stock, beginning balance (in shares) at Dec. 31, 2020				617
Balance, beginning of period at Dec. 31, 2020	$ 16,056	$ 15,371	$ 0	$ 1	$ 29,785	$ (22,958)	$ 10,375	$ (1,832)	$ 685
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (shares)				9
Stock-based compensation activity	503	503			503
Stock issuances (in shares)			10	20
Stock issuances	2,655	2,655			2,655
Preferred stock dividends	(30)	(30)					(30)
Common stock dividends	(468)	(468)					(468)
Noncontrolling interests	(118)	94					94		(212)
Net earnings	2,523	2,485					2,485		38
Other comprehensive loss	(52)	(51)						(51)	(1)
Preferred stock, ending balance (in shares) at Sep. 30, 2021			10
Common stock, ending balance (in shares) at Sep. 30, 2021				646
Balance, end of period at Sep. 30, 2021	21,069	20,559	$ 0	$ 1	32,943	(22,958)	12,456	(1,883)	510
Preferred stock, beginning balance (in shares) at Jun. 30, 2021			10
Common stock, beginning balance (in shares) at Jun. 30, 2021				646
Balance, beginning of period at Jun. 30, 2021	20,656	20,098	$ 0	$ 1	32,901	(22,958)	12,007	(1,853)	558
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity	42	42			42
Preferred stock dividends	(14)	(14)					(14)
Common stock dividends	(159)	(159)					(159)
Noncontrolling interests	24	84					84		(60)
Net earnings	551	538					538		13
Other comprehensive loss	(31)	(30)						(30)	(1)
Preferred stock, ending balance (in shares) at Sep. 30, 2021			10
Common stock, ending balance (in shares) at Sep. 30, 2021				646
Balance, end of period at Sep. 30, 2021	21,069	20,559	$ 0	$ 1	32,943	(22,958)	12,456	(1,883)	510
Preferred stock, beginning balance (in shares) at Dec. 31, 2021			10
Common stock, beginning balance (in shares) at Dec. 31, 2021				648
Balance, beginning of period at Dec. 31, 2021	22,970	22,402	$ 0	$ 1	32,918	(22,958)	14,343	(1,902)	568
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (shares)				1
Stock-based compensation activity	116	116			116
Preferred stock dividends	(43)	(43)					(43)
Common stock dividends	(477)	(477)					(477)
Noncontrolling interests	(110)	(17)					(17)		(93)
Net earnings	1,105	1,083					1,083		22
Other comprehensive loss	(422)	(417)						(417)	(5)
Preferred stock, ending balance (in shares) at Sep. 30, 2022			10
Common stock, ending balance (in shares) at Sep. 30, 2022				649
Balance, end of period at Sep. 30, 2022	23,139	22,647	$ 0	$ 1	33,034	(22,958)	14,889	(2,319)	492
Preferred stock, beginning balance (in shares) at Jun. 30, 2022			10
Common stock, beginning balance (in shares) at Jun. 30, 2022				649
Balance, beginning of period at Jun. 30, 2022	23,280	22,776	$ 0	$ 1	32,984	(22,958)	14,829	(2,080)	504
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity	50	50			50
Preferred stock dividends	(14)	(14)					(14)
Common stock dividends	(159)	(159)					(159)
Noncontrolling interests	(20)	2					2		(22)
Net earnings	242	231					231		11
Other comprehensive loss	(240)	(239)						(239)	(1)
Preferred stock, ending balance (in shares) at Sep. 30, 2022			10
Common stock, ending balance (in shares) at Sep. 30, 2022				649
Balance, end of period at Sep. 30, 2022	$ 23,139	$ 22,647	$ 0	$ 1	$ 33,034	$ (22,958)	$ 14,889	$ (2,319)	$ 492

Basis of Presentation

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

Description of Business—Effective February 16, 2022, we changed our name from ViacomCBS Inc. to Paramount Global, and effective at the open of market trading on February 17, 2022, our Class A Common Stock, Class B Common Stock and 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”) ceased trading under the ticker symbols “VIACA,” “VIAC” and “VIACP” and began trading under the ticker symbols “PARAA,” “PARA” and “PARAP,” respectively, on The Nasdaq Stock Market LLC. References to “Paramount,” the “Company,” “we,” “us” and “our” refer to Paramount Global and its consolidated subsidiaries, unless the context otherwise requires.

Beginning in 2022, primarily as a result of our increased strategic focus on our direct-to-consumer businesses, we made certain changes to how we manage our businesses and allocate resources that resulted in a change to our operating segments. Our management structure has been reorganized to focus on managing our business as the combination of three parts: a traditional media business, a portfolio of global direct-to-consumer streaming services, and a film studio. Accordingly, beginning in the first quarter of 2022 and for all periods presented we are reporting results based on the following segments:

•TV Media—Our TV Media segment consists of our domestic and international broadcast networks, including the CBS Television Network, Network 10, Channel 5, Telefe, and Chilevisión; our premium and basic cable networks, including Showtime, BET, Nickelodeon, MTV, Comedy Central, Paramount Network, Smithsonian Channel, international extensions of these brands, and CBS Sports Network; our television production operations, including CBS Studios, Paramount Television Studios and CBS Media Ventures, which primarily produces or distributes first-run syndicated programming; and our owned broadcast television stations, CBS Stations.

•Direct-to-Consumer—Our Direct-to-Consumer segment consists of our portfolio of pay, free and premium global direct-to-consumer streaming services (“DTC services”), including Paramount+, Pluto TV, Showtime Networks’ premium subscription streaming service (Showtime OTT), BET+ and Noggin.

•Filmed Entertainment—Our Filmed Entertainment segment consists of Paramount Pictures, Paramount Players, Paramount Animation, Nickelodeon Studio and Miramax.

Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared on a basis consistent with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules of the Securities and Exchange Commission (SEC). These financial statements should be read in conjunction with the more detailed financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021.

In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. Certain previously reported amounts have been reclassified to conform to the current presentation.

Discontinued Operations—On November 25, 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, which was previously reported as the Publishing segment, to Penguin Random House LLC (“Penguin Random House”), a wholly-owned subsidiary of Bertelsmann SE & Co. KGaA (“Bertelsmann”), for $2.175 billion in cash. As a result, Simon & Schuster has been presented as a discontinued operation in our consolidated financial statements for all periods presented (see Note 2).

Use of Estimates—The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may vary from these estimates under different assumptions or conditions.

Net Earnings per Common Share—Basic net earnings per share (“EPS”) is based upon net earnings available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings available to common stockholders is calculated as net earnings from continuing operations or net earnings, as applicable, adjusted to include dividends on our Mandatory Convertible Preferred Stock.

Weighted average shares for diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) or performance stock units (“PSUs”) only in the periods in which such effect would have been dilutive. Diluted EPS also reflects the effect of the assumed conversion of preferred stock, if dilutive, which includes the issuance of common shares in the weighted average number of shares and excludes the above-mentioned preferred stock dividend adjustment to net earnings available to common stockholders.

Excluded from the calculation of diluted EPS, because their inclusion would have been antidilutive, were stock options and RSUs of 14 million and 10 million for the three and nine months ended September 30, 2022, respectively, and stock options and RSUs of 6 million and 5 million for the three and nine months ended September 30, 2021, respectively. Also excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2022 and 2021 was the effect of the assumed conversion of 10 million shares of Mandatory Convertible Preferred Stock into shares of common stock because the impact would have been antidilutive. The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(in millions)	2022	2021	2022	2021
Weighted average shares for basic EPS	649	646	649	638
Dilutive effect of shares issuable under stock-based compensation plans	1	5	1	6

Weighted average shares for diluted EPS	650	651	650	644

Additionally, because the impact of the assumed conversion of the Mandatory Convertible Preferred Stock would have been antidilutive, net earnings from continuing operations and net earnings used in our calculation of diluted EPS for the three and nine months ended September 30, 2022 and 2021 were adjusted to include the preferred stock dividends recorded during the period. The table below presents a reconciliation of net earnings from continuing operations and net earnings to the amounts used in the calculations of basic and diluted EPS.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Amounts attributable to Paramount:
Net earnings from continuing operations	$	153	$	465	$	902	$	2,359
Preferred stock dividends	(14)		(14)		(43)		(30)
Net earnings from continuing operations for basic and diluted EPS calculation	$	139	$	451	$	859	$	2,329

Amounts attributable to Paramount:
Net earnings	$	231	$	538	$	1,083	$	2,485
Preferred stock dividends	(14)		(14)		(43)		(30)
Net earnings for basic and diluted EPS calculation	$	217	$	524	$	1,040	$	2,455

Recently Adopted Accounting Pronouncements

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

On January 1, 2022, we adopted Financial Accounting Standards Board (“FASB”) amended guidance to reduce complexity associated with the accounting for convertible instruments with characteristics of liabilities and equity. Under this guidance, embedded conversion features associated with convertible instruments no longer need to be separated from the host contracts unless they are required to be accounted for as derivatives or have been issued at a substantial premium. For contracts in an entity’s own equity, this guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exceptions. The adoption of this guidance did not have a material impact on our consolidated financial statements.

Dispositions

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

DISPOSITIONS

In September 2022, in connection with our funding commitments under our streaming joint venture with Comcast, SkyShowtime, we made a noncash contribution of certain assets of Paramount+ in Denmark, Finland, Norway and Sweden (the “Nordics”) to the joint venture, which resulted in a gain of $41 million. This gain is included in “Net gain on dispositions” on the Consolidated Statements of Operations for the three and nine months ended September 30, 2022. Upon the transfer of these assets, the SkyShowtime service was launched in the Nordics, where it replaced Paramount+.

Net gain on dispositions for the nine months ended September 30, 2022 also includes gains on sales totaling $15 million, comprised of a gain from the sale of international intangible assets and a working capital adjustment to the gain from the fourth quarter 2021 sale of CBS Studio Center.

During the nine months ended September 30, 2021, we recognized a net gain on dispositions of $116 million, principally relating to the sale of a noncore trademark licensing operation.

During the fourth quarter of 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, to Penguin Random House for $2.175 billion in cash. Simon & Schuster is presented as a discontinued operation in our consolidated financial statements for all periods presented. On November 2, 2021, the U.S. Department of Justice filed suit to block the sale. The trial was conducted in August 2022, and in October 2022, the Court issued a decision to block the consummation of the transaction. We are discussing next steps with Bertelsmann and Penguin Random House, including seeking an expedited appeal (see Note 14). The purchase agreement contains commitments on the part of the purchaser to take all necessary steps to obtain any required regulatory approvals and to defend any litigation that would delay or prevent consummation, and also provides for a $200 million termination fee payable to us in certain circumstances in the event the transaction does not close for regulatory reasons.

The following table sets forth details of net earnings from discontinued operations for the three and nine months ended September 30, 2022 and 2021, which primarily reflects the results of Simon & Schuster.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Revenues	$	353	$	321	$	863	$	725
Costs and expenses:
Operating	198		182		483		429
Selling, general and administrative	45		38		130		114

Restructuring charges	2		1		2		1
Total costs and expenses (a)	245		221		615		544
Operating income	108		100		248		181
Other items, net	(3)		(6)		(9)		(8)
Earnings from discontinued operations	105		94		239		173
Income tax provision (b)	(27)		(21)		(58)		(47)
Net earnings from discontinued operations, net of tax	$	78	$	73	$	181	$	126

(a) Included in total costs and expenses are amounts associated with the release of indemnification obligations for leases relating to a previously disposed business of $15 million and $25 million for the three and nine months ended September 30, 2022, respectively, and $7 million and $9 million for the three and nine months ended September 30, 2021, respectively.

(b) The tax provision includes amounts relating to previously disposed businesses of $4 million and $6 million for the three and nine months ended September 30, 2022, respectively, and $2 million and $9 million for the three and nine months ended September 30, 2021, respectively.

The following table presents the major classes of assets and liabilities of our discontinued operations.


	At			At
	September 30, 2022			December 31, 2021
Receivables, net		$	542		$	536
Other current assets		256			209
Goodwill		434			435
Property and equipment, net		48			46
Operating lease assets		205			203
Other assets		120			131
Total Assets		$	1,605		$	1,560
Royalties payable		$	156		$	155
Other current liabilities		378			416
Operating lease liabilities		185			194
Other liabilities		18			19
Total Liabilities		$	737		$	784

Programming and Other Inventory

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Programming and Other Inventory

PROGRAMMING AND OTHER INVENTORY

The following table presents our programming and other inventory at September 30, 2022 and December 31, 2021, grouped by type and predominant monetization strategy. During the first quarter of 2022, in connection with our increased strategic focus on our direct-to-consumer businesses, we reassessed our predominant monetization strategy for certain of our internally-produced content, and determined that it had shifted from individual to film group as a result of expected increased monetization of the content on our DTC services.


	At			At
	September 30, 2022			December 31, 2021
Film Group Monetization:
Acquired program rights, including prepaid sports rights		$	3,433		$	3,432
Internally-produced television and film programming:
Released		5,991			3,808
In process and other		3,620			2,609

Individual Monetization:
Acquired libraries		407			441
Film inventory:
Released		689			606
Completed, not yet released		132			253
In process and other		1,282			1,303
Internally-produced television programming:
Released		556			1,604
In process and other		787			769
Home entertainment		44			37
Total programming and other inventory		16,941			14,862
Less current portion		1,492			1,504
Total noncurrent programming and other inventory		$	15,449		$	13,358

The following table presents amortization of television and film programming and production costs, which is included within “Operating expenses” on the Consolidated Statements of Operations.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Programming costs, acquired programming	$	987	$	1,025	$	3,632	$	3,625

Production costs, internally-produced television and film programming:
Individual monetization	$	392	$	735	$	1,554	$	2,245
Film group monetization	$	1,202	$	847	$	3,646	$	2,148

Related Parties

9 Months Ended

Sep. 30, 2022

Related Parties

RELATED PARTIES

National Amusements, Inc.

National Amusements, Inc. (“NAI”) is the controlling stockholder of the Company. At September 30, 2022, NAI directly or indirectly owned approximately 77.4% of our voting Class A Common Stock and approximately 9.8% of our Class A Common Stock and non-voting Class B Common Stock on a combined basis. NAI is controlled by the Sumner M. Redstone National Amusements Part B General Trust (the “General Trust”), which owns 80% of the voting interest of NAI and acts by majority vote of seven voting trustees (subject to certain exceptions), including with respect to the NAI shares held by the General Trust. Shari E. Redstone, Chairperson, CEO and President of NAI and non-executive Chair of our Board of Directors, is one of the seven voting trustees for the General Trust and is one of two voting trustees who are beneficiaries of the General Trust. No member of our management or other member of our Board of Directors is a trustee of the General Trust.

Other Related Parties

In the ordinary course of business, we are involved in transactions with our equity-method investees, primarily for the licensing of television and film programming. The following tables present the amounts recorded in our consolidated financial statements related to these transactions.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022 (a)		2021		2022 (a)		2021
Revenues	$	83	$	37	$	211	$	175
Operating expenses	$	11	$	5	$	17	$	13


	At			At
	September 30, 2022 (a)			December 31, 2021

Accounts receivable		$	97		$	50

(a) Revenues for the three and nine months ended September 30, 2022 and accounts receivable at September 30, 2022 include amounts related to SkyShowtime.

Through the normal course of business, we are involved in transactions with other related parties that have not been material in any of the periods presented.

Revenues

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenues

REVENUES

The table below presents our revenues disaggregated into categories based on the nature of such revenues. See Note 13 for revenues by segment disaggregated into these categories.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Revenues by Type:
Advertising	$	2,337	$	2,386	$	7,746	$	8,094
Affiliate and subscription	2,863		2,650		8,591		7,701
Theatrical	231		67		1,126		202
Licensing and other	1,485		1,507		4,560		4,589
Total Revenues	$	6,916	$	6,610	$	22,023	$	20,586

Receivables

Reserves for accounts receivable reflect our expected credit losses based on historical experience as well as current and expected economic conditions. During the nine months ended September 30, 2022, we recorded charges totaling $46 million following Russia’s invasion of Ukraine in the first quarter of 2022, principally to reserve against amounts due from counterparties in Russia, Belarus and Ukraine. The charges were recorded within “Restructuring and other corporate matters” on the Consolidated Statement of Operations. At September 30, 2022 and December 31, 2021, our allowance for credit losses was $111 million and $80 million, respectively.

Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.57 billion and $1.84 billion at September 30, 2022 and December 31, 2021, respectively. Noncurrent receivables primarily relate to revenues recognized under long-term content licensing arrangements. Revenues from the licensing of content are recognized at the beginning of the license period in which programs are made available to the licensee for exhibition, while the related cash is generally collected over the term of the license period.

Contract Liabilities

Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets and totaled $866 million and $1.20 billion at September 30, 2022 and December 31, 2021, respectively. For each of the nine months ended September 30, 2022 and 2021, we recognized revenues of $0.8 billion that were included in deferred revenues at December 31, 2021 and 2020, respectively.

Unrecognized Revenues Under Contract

At September 30, 2022, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were approximately $9 billion, of which $1 billion is expected to be recognized for the remainder of 2022, $3 billion in 2023, $2 billion in 2024, and $3 billion thereafter. These amounts only include contracts subject to a guaranteed fixed amount or the guaranteed minimum under variable contracts, primarily consisting of television and film licensing contracts and affiliate agreements that are subject to a fixed or guaranteed minimum fee. Such amounts change on a regular basis as we renew existing agreements or enter into new agreements. Unrecognized revenues under contracts disclosed above do not include (i) contracts with an original expected term of one year or less, mainly consisting of advertising contracts, (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage, mainly consisting of affiliate agreements and (iii) long-term licensing agreements for multiple programs for which variable consideration is determined based on the value of the programs delivered to the customer and our right to invoice corresponds with the value delivered.

Performance Obligations Satisfied in Previous PeriodsUnder certain licensing arrangements, the amount and timing of our revenue recognition is determined based on our licensees’ subsequent sale to its end customers. As a result, under such arrangements we often satisfy our performance obligation of delivery of our content in advance of revenue recognition. For the three months ended September 30, 2022 and 2021, we recognized revenues of $0.3 billion and $0.1 billion, respectively, and for each of the nine months ended September 30, 2022 and 2021, we recognized revenues of $0.3 billion from arrangements for the licensing of our content, including from distributors of transactional video-on-demand and electronic sell-through services and other licensing arrangements, as well as from the theatrical distribution of our films, for which our performance obligation was satisfied in a prior period.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

DEBT

Our debt consists of the following:


	At			At
	September 30, 2022			December 31, 2021

7.875% Debentures due 2023		$	139		$	139
7.125% Senior Notes due 2023		35			35
3.875% Senior Notes due 2024		—			490
3.70% Senior Notes due 2024		—			599
3.50% Senior Notes due 2025		—			597
4.75% Senior Notes due 2025		552			1,242
4.0% Senior Notes due 2026		794			793
3.45% Senior Notes due 2026		124			123
2.90% Senior Notes due 2027		694			692
3.375% Senior Notes due 2028		496			496
3.70% Senior Notes due 2028		494			493
4.20% Senior Notes due 2029		495			494
7.875% Senior Debentures due 2030		830			830
4.95% Senior Notes due 2031		1,225			1,223
4.20% Senior Notes due 2032		974			972
5.50% Senior Debentures due 2033		427			427
4.85% Senior Debentures due 2034		87			87
6.875% Senior Debentures due 2036		1,071			1,070
6.75% Senior Debentures due 2037		75			75
5.90% Senior Notes due 2040		298			298
4.50% Senior Debentures due 2042		45			45
4.85% Senior Notes due 2042		488			488
4.375% Senior Debentures due 2043		1,128			1,123
4.875% Senior Debentures due 2043		18			18
5.85% Senior Debentures due 2043		1,233			1,233
5.25% Senior Debentures due 2044		345			345
4.90% Senior Notes due 2044		541			540
4.60% Senior Notes due 2045		590			590
4.95% Senior Notes due 2050		945			944
5.875% Junior Subordinated Debentures due 2057		—			514
6.25% Junior Subordinated Debentures due 2057		643			643
6.375% Junior Subordinated Debentures due 2062		989			—
Other bank borrowings		47			35
Obligations under finance leases		12			16
Total debt (a)		15,834			17,709

Less current portion		196			11
Total long-term debt, net of current portion		$	15,638		$	17,698

(a) At September 30, 2022 and December 31, 2021, the senior and junior subordinated debt balances included (i) a net unamortized discount of $446 million and $466 million, respectively, and (ii) unamortized deferred financing costs of $91 million and $95 million, respectively. The face value of our total debt was $16.37 billion and $18.27 billion at September 30, 2022 and December 31, 2021, respectively.

During the nine months ended September 30, 2022, we redeemed senior notes totaling $2.39 billion, prior to maturity, for an aggregate redemption price of $2.49 billion. Additionally, in February 2022, we redeemed our $520 million of 5.875% junior subordinated debentures due February 2057 at par. These redemptions resulted in a total pre-tax loss on extinguishment of debt of $120 million for the nine months ended September 30, 2022.

During the nine months ended September 30, 2022, we issued $1.00 billion of 6.375% junior subordinated debentures due 2062. The interest rate on these debentures will reset on March 30, 2027, and every five years thereafter to a fixed rate equal to the 5-year Treasury Rate (as defined pursuant to the terms of the debentures) plus a spread of 3.999% from March 30, 2027, 4.249% from March 30, 2032 and 4.999% from March 30, 2047. These debentures can be called by us at par plus a make whole premium any time before March 30, 2027, or at par on March 30, 2027, or at any interest payment date thereafter.

During the nine months ended September 30, 2021, we redeemed senior notes totaling $1.99 billion, prior to maturity, for an aggregate redemption price of $2.11 billion resulting in a pre-tax loss on extinguishment of debt of $128 million.

Our 6.25% junior subordinated debentures due February 2057 accrue interest at the stated fixed rates until February 28, 2027, on which date the rate will switch to a floating rate. Under the terms of the debentures the floating rate is based on three-month LIBOR plus 3.899%, reset quarterly. These debentures can be called by us at par at any time after the expiration of the fixed-rate period.

Commercial Paper

At both September 30, 2022 and December 31, 2021, we had no outstanding commercial paper borrowings.

Credit Facility

At September 30, 2022, we had a $3.50 billion revolving credit facility with a maturity in January 2025 (the “Credit Facility”). The Credit Facility is used for general corporate purposes and to support commercial paper borrowings, if any. We may, at our option, also borrow in certain foreign currencies up to specified limits under the Credit Facility. Borrowing rates under the Credit Facility are determined at the time of each borrowing and are generally based on either the prime rate in the U.S. or an applicable benchmark rate plus a margin (based on our senior unsecured debt rating), depending on the type and tenor of the loans entered. The benchmark rate for loans denominated in euros, sterling and yen is based on EURIBOR, SONIA and TIBOR rates, respectively. The Credit Facility has one principal financial covenant that requires our Consolidated Total Leverage Ratio to be less than 4.5x (which we may elect to increase to 5.0x for up to four consecutive quarters following a qualified acquisition) at the end of each quarter. The Consolidated Total Leverage Ratio reflects the ratio of our Consolidated Indebtedness at the end of a quarter, to our Consolidated EBITDA (each as defined in the amended credit agreement) for the trailing twelve-month period. On February 14, 2022, we amended our Credit Facility to modify the definition of the Consolidated Total Leverage Ratio in the amended credit agreement to allow unrestricted cash and cash equivalents to be netted against Consolidated Indebtedness through June 2024. We met the covenant as of September 30, 2022.

At September 30, 2022, we had no borrowings outstanding under the Credit Facility and the remaining availability under the Credit Facility, net of outstanding letters of credit, was $3.50 billion.

Other Bank Borrowings

At September 30, 2022 and December 31, 2021, we had bank borrowings under Miramax’s $300 million credit facility, which matures in April 2023, of $47 million and $35 million, respectively, with weighted average interest rates of 5.80% and 3.50%, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Financial Instruments and Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

The carrying value of our financial instruments approximates fair value, except for notes and debentures. At September 30, 2022 and December 31, 2021, the carrying value of our notes and debentures was $15.78 billion and $17.66 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy) was $13.7 billion and $21.5 billion, respectively.

Investments

The carrying value of our investments without a readily determinable fair value for which we have no significant influence was $66 million and $59 million at September 30, 2022 and December 31, 2021, respectively. These investments are included in “Other assets” on the Consolidated Balance Sheets.

On September 30, 2022, we sold a 37.5% interest in The CW to Nexstar Media Inc. and received a noncash distribution of $139 million, comprised of certain licensing receivables earned by The CW prior to the sale. This transaction, which reduced our ownership in The CW to 12.5%, resulted in a loss of $4 million, which principally consists of transaction costs. This loss, along with an impairment of an investment of $5 million, is recorded in “Net gains (losses) from investments” on the Consolidated Statements of Operations.

During the three months ended September 30, 2021, we recorded a net loss from investments of $5 million, reflecting changes in the fair value of a marketable security that was sold during the third quarter of 2021, and during the nine months ended September 30, 2021, we recorded a net gain from investments of $47 million, which included a gain of $37 million from the sale of an investment without a readily determinable fair value and a net gain from changes in the fair value of the marketable security discussed above. These amounts were recorded in “Net gains (losses) from investments” on the Consolidated Statements of Operations.

Foreign Exchange Contracts

We use derivative financial instruments primarily to modify our exposure to market risks from fluctuations in foreign currency exchange rates. We do not use derivative instruments unless there is an underlying exposure and therefore we do not hold or enter into derivative financial instruments for speculative trading purposes.

Foreign exchange forward contracts have principally been used to hedge projected cash flows, in currencies such as the British Pound, the Euro, the Canadian Dollar and the Australian Dollar, generally for periods up to 24 months. We designate foreign exchange forward contracts used to hedge committed and forecasted foreign currency transactions as cash flow hedges. Additionally, we enter into non-designated forward contracts to hedge non-U.S. dollar denominated cash flows.

At September 30, 2022 and December 31, 2021, the notional amount of all foreign exchange contracts was $2.66 billion and $1.94 billion, respectively. At September 30, 2022, $2.04 billion related to future production costs and $621 million related to our foreign currency balances and other expected foreign currency cash flows. At December 31, 2021, $1.38 billion related to future production costs and $564 million related to our foreign currency balances and other expected foreign currency cash flows.

Gains recognized on derivative financial instruments were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021		Financial Statement Account
Non-designated foreign exchange contracts	$	35	$	13	$	75	$	12	Other items, net

The fair value of our derivative instruments was not material to the Consolidated Balance Sheets for any of the periods presented.

Fair Value Measurements

The table below presents our assets and liabilities that are measured at fair value on a recurring basis at September 30, 2022 and December 31, 2021. These assets and liabilities 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 publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting our own assumptions about the assumptions that market participants would use in pricing the asset or liability. All of our assets and liabilities that are measured at fair value on a recurring basis use level 2 inputs. The fair value of foreign currency hedges is determined based on the present value of future cash flows using observable inputs including foreign currency exchange rates. The fair value of deferred compensation liabilities is determined based on the fair value of the investments elected by employees.


		At			At
	September 30, 2022			December 31, 2021
Assets:

Foreign currency hedges		$	59		$	23
Total Assets		$	59		$	23
Liabilities:
Deferred compensation		$	313		$	435
Foreign currency hedges		137			29
Total Liabilities		$	450		$	464

Variable Interest Entities

9 Months Ended

Sep. 30, 2022

Variable Interest Entity Disclosure [Abstract]

Variable Interest Entities

VARIABLE INTEREST ENTITIESIn the normal course of business, we enter into joint ventures or make investments with business partners that support our underlying business strategy and provide us the ability to enter new markets to expand the reach of our brands, develop new programming and/or distribute our existing content. In certain instances, an entity in which we make an investment may qualify as a variable interest entity (“VIE”). In determining whether we are the primary beneficiary of a VIE, we assess whether we have the power to direct matters that most significantly impact the activities of the VIE, and have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.

The following tables present the amounts recorded in our consolidated financial statements related to our consolidated VIEs.


		At			At
	September 30, 2022			December 31, 2021
Total assets		$	1,771		$	1,578

Total liabilities		$	268		$	184


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Revenues	$	98	$	179	$	287	$	342

Operating income (loss)	$	(35)	$	(6)	$	(90)	$	2

Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Stock Offerings

On March 26, 2021, we completed offerings of 20 million shares of our Class B Common Stock at a price to the public of $85 per share and 10 million shares of 5.75% Series A Mandatory Convertible Preferred Stock at a price to the public and liquidation preference of $100 per share. The net proceeds from the Class B Common Stock offering and the Mandatory Convertible Preferred Stock offering were approximately $1.67 billion and $983 million, respectively, in each case after deducting underwriting discounts, commissions and estimated offering expenses.

Mandatory Convertible Preferred Stock

Unless earlier converted, each share of Mandatory Convertible Preferred Stock will automatically and mandatorily convert on the mandatory conversion date, expected to be April 1, 2024, into between 1.0013 and 1.1765 shares of our Class B Common Stock, subject to customary antidilution adjustments. The number of shares of Class B Common Stock issuable upon conversion will be determined based on the average of the volume-weighted average price per share of our Class B Common Stock over the 20 consecutive trading day period commencing on, and including, the 21st scheduled trading day immediately preceding April 1, 2024. Holders of the Mandatory Convertible Preferred Stock (“Holders”) have the right to convert all or any portion of their shares of Mandatory Convertible Preferred Stock at any time prior to April 1, 2024 at the minimum conversion rate of 1.0013 shares of our Class B Common Stock. In addition, the conversion rate applicable to such an early conversion may, in certain circumstances, be increased to compensate Holders for certain unpaid accumulated dividends. However, if a fundamental change (as defined in the Certificate of Designations governing the Mandatory Convertible Preferred Stock) occurs on or prior to April 1, 2024, then Holders will, in certain circumstances, be entitled to convert all or a portion of their shares of Mandatory Convertible Preferred Stock at an increased conversion rate for a specified period of time and receive an amount to compensate them for unpaid accumulated dividends and any remaining future scheduled dividend payments.

The Mandatory Convertible Preferred Stock is not redeemable. However, at our option, we may purchase or otherwise acquire (including in an exchange transaction) the Mandatory Convertible Preferred Stock from time to time in the open market, by tender or exchange offer or otherwise, without the consent of, or notice to, Holders. Holders have no voting rights, with certain exceptions.

If declared, dividends on the Mandatory Convertible Preferred Stock are payable quarterly through April 1, 2024. Dividends on the Mandatory Convertible Preferred Stock accumulate from the most recent dividend payment date, and will be payable on a cumulative basis when, as and if declared by our Board of Directors, or an authorized committee thereof, at an annual rate of 5.75% of the liquidation preference of $100 per share, payable in cash or, subject to certain limitations, by delivery of shares of Class B Common Stock or through any combination of cash and shares of Class B Common Stock, at our election. If we have not declared any portion of the accumulated and unpaid dividends by April 1, 2024, the conversion rate will be adjusted so that Holders receive an additional number of shares of our Class B Common Stock, with certain limitations.

Dividends

We declared cash dividends of $.24 per share on our Class A and Class B Common Stock during each of the three-month periods ended September 30, 2022 and 2021, resulting in total dividends of $159 million for each of the respective periods. We declared cash dividends of $.72 per share on our Class A and Class B Common Stock during each of the nine-month periods ended September 30, 2022 and 2021, resulting in total dividends of $477 million and $468 million, respectively.

During each of the three quarters of 2022, we declared a quarterly cash dividend of $1.4375 per share on our Mandatory Convertible Preferred Stock, resulting in total dividends of $14.4 million for the three months ended September 30, 2022, and $43.1 million for the nine months ended September 30, 2022. During the second and third quarters of 2021, we declared quarterly cash dividends on our Mandatory Convertible Preferred Stock of $1.5493 per share and $1.4375 per share, respectively. The dividend period for the dividend declared during the second quarter was from March 26, 2021 through July 1, 2021. Accordingly, we recorded dividends on the Mandatory Convertible Preferred Stock of $14.4 million and $29.9 million during the three and nine months ended September 30, 2021, respectively.

Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in the components of accumulated other comprehensive loss.


	Continuing Operations							Discontinued Operations
	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Other Comprehensive Income (Loss) (a)			Accumulated Other Comprehensive Loss
At December 31, 2021		$	(445)		$	(1,434)			$	(23)		$	(1,902)
Other comprehensive loss before reclassifications		(452)			—				(14)			(466)
Reclassifications to net earnings		—			49		(b)		—			49
Other comprehensive income (loss)		(452)			49				(14)			(417)
At September 30, 2022		$	(897)		$	(1,385)			$	(37)		$	(2,319)


	Continuing Operations							Discontinued Operations
	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Other Comprehensive Income (Loss) (a)			Accumulated Other Comprehensive Loss
At December 31, 2020		$	(303)		$	(1,509)			$	(20)		$	(1,832)
Other comprehensive income (loss) before reclassifications		(113)			11				—			(102)
Reclassifications to net earnings		—			51		(b)		—			51
Other comprehensive income (loss)		(113)			62				—			(51)
At September 30, 2021		$	(416)		$	(1,447)			$	(20)		$	(1,883)

(a) Reflects cumulative translation adjustments.

(b) Reflects amortization of net actuarial losses, which for 2021 includes the accelerated recognition of a portion of the unamortized actuarial losses due to the volume of lump sum benefit payments in one of our pension plans (see Note 11).

The net actuarial loss and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income (loss) is net of a tax benefit of $16 million and $20 million for the nine months ended September 30, 2022 and 2021, respectively.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The provision for income taxes represents federal, state and local, and foreign taxes on earnings from continuing operations before income taxes and equity in loss of investee companies. For the three and nine months ended September 30, 2022, we recorded a provision for income taxes of $101 million and $264 million, reflecting effective income tax rates of 31.3% and 20.1%, respectively. Included in the provision for income taxes for the third quarter of 2022 is a net discrete tax provision of $9 million, which primarily reflects discrete tax provisions realized in connection with the filing of our tax returns in international jurisdictions and from the transfer of subsidiaries in connection with a reorganization of our international operations. These items, together with a net tax benefit of $29 million on other items identified as affecting the comparability of our results during the period (which include charges for restructuring and other corporate matters, and a gain on a disposition) increased our effective income tax rate by 5.0 percentage points. The tax provision for the nine months ended September 30, 2022 included a net discrete tax benefit of $72 million primarily resulting from the transfer of intangible assets between our subsidiaries in connection with a reorganization of our international operations. This item, together with a net tax benefit of $77 million on other items identified as affecting the comparability of our results during the nine-month period (which include charges for restructuring and other corporate matters, a loss on extinguishment of debt, and gains on dispositions) decreased our effective income tax rate by 4.8 percentage points. For the three and nine months ended September 30, 2021, we recorded a provision for income taxes of $120 million and $312 million, reflecting effective income tax rates of 19.5% and 11.2%, respectively. Included in the provision for income taxes for the nine months ended September 30, 2021 are discrete tax benefits of $290 million primarily consisting of a benefit of $260 million to remeasure our UK net deferred income tax asset as a result of the enactment during the second quarter of 2021 of an increase in the UK corporate income tax rate from 19% to 25% beginning April 1, 2023, as well as a net tax benefit in connection with the settlement of income tax audits. For the nine months ended September 30, 2021, these discrete tax benefits, together with a net tax benefit of $14 million on other items identified as affecting the comparability of our results during the period (which include a loss on extinguishment of debt, restructuring and pension settlement charges and net gains from dispositions and investments) reduced our effective income tax rate by 10.5 percentage points. The Company and its subsidiaries file income tax returns with the Internal Revenue Service (“IRS”) and various state and local and foreign jurisdictions. For periods prior to the merger of Viacom Inc. (“Viacom”) with and into CBS Corporation (“CBS”) (the “Merger”), Viacom and CBS filed separate tax returns. For CBS, we are currently under examination by the IRS for the 2017 and 2018 tax years. For Viacom, we are currently under examination by the IRS for the 2016 through 2019 tax years. For tax returns filed as a merged company, we are currently under examination by the IRS for the 2019 tax year. Various tax years are also currently under examination by state and local and foreign tax authorities. With respect to open tax years in all jurisdictions, we currently do not believe that it is reasonably possible that the reserve for uncertain tax positions will significantly change within the next 12 months; however, it is difficult to predict the final outcome or timing of resolution of any particular tax matter and events could cause our current expectation to change in the future.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Pension and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

PENSION AND OTHER POSTRETIREMENT BENEFITS

The following table presents the components of net periodic cost for our pension and postretirement benefit plans. The service cost component of net periodic cost is presented on the Consolidated Statements of Operations within operating income and all other components of net periodic cost are included within “Other items, net”.


	Pension Benefits				Postretirement Benefits
Three Months Ended September 30,	2022		2021		2022		2021
Components of net periodic cost (a):
Service cost	$	—	$	—	$	1	$	1
Interest cost	38		37		2		2
Expected return on plan assets	(43)		(47)		—		—
Amortization of actuarial loss (gain) (b)	24		23		(4)		(4)
Settlements (c)	—		10		—		—
Net periodic cost	$	19	$	23	$	(1)	$	(1)


	Pension Benefits				Postretirement Benefits
Nine Months Ended September 30,	2022		2021		2022		2021
Components of net periodic cost (a):
Service cost	$	—	$	—	$	1	$	1
Interest cost	113		109		6		6
Expected return on plan assets	(129)		(141)		—		—
Amortization of actuarial loss (gain) (b)	73		70		(11)		(11)
Settlements (c)	—		10		—		—
Net periodic cost	$	57	$	48	$	(4)	$	(4)

(a) Amounts reflect our domestic plans only.

(b) Reflects amounts reclassified from accumulated other comprehensive loss to net earnings.

(c) Reflects the accelerated recognition of a portion of the unamortized actuarial losses due to the volume of lump sum benefit payments in one of our pension plans.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Redeemable Noncontrolling Interests

9 Months Ended

Sep. 30, 2022

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interests

REDEEMABLE NONCONTROLLING INTERESTS

On October 31, 2022 we acquired the remaining 40% interest in Nickelodeon UK Limited (“Nick UK”) for £88 million, bringing our ownership to 100%. Prior to this transaction, we were subject to a redeemable put option with respect to Nick UK, which is classified as “Redeemable noncontrolling interest” on the Consolidated Balance Sheets. The activity reflected within redeemable noncontrolling interest for the nine months ended September 30, 2022 and 2021 is presented below.


	Nine Months Ended
	September 30,
	2022		2021
Beginning balance	$	107	$	197
Net earnings	2		8
Distributions	(5)		(4)
Translation adjustment	(27)		(4)
Redemption value adjustment	17		(94)
Ending balance	$	94	$	103

Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The tables below set forth our financial information by reportable segment. Our operating segments, which are the same as our reportable segments, have been determined in accordance with our internal management structure, which is organized based upon products and services. Beginning in 2022, primarily as a result of our increased strategic focus on our direct-to-consumer businesses, we made certain changes to how we manage our businesses and allocate resources that resulted in the changes described below. Prior period results have been recast to conform to these presentation changes.

Management Structure Change

Our management structure has been reorganized to focus on managing our business as the combination of three parts: a traditional media business, a portfolio of global DTC services, and a film studio. As a result, we realigned our operating segments and accordingly, beginning in the first quarter of 2022, and for all periods presented we are reporting results based on the segments in the tables below (see Note 1 for a description of each operating segment). In connection with the management structure change, we also reassessed our reporting units and reallocated goodwill from the reporting units that existed prior to the change, to the new reporting units, using a relative fair value approach. We performed goodwill impairment tests as of January 1, 2022 on both the reporting units in place prior to the change and the new reporting units and concluded that the estimated fair values of each of the reporting units exceeded their respective carrying values and therefore no impairment charge was necessary.

Intercompany License Fees

Concurrent with the change to our operating segments, we changed the way we record intersegment content licensing. Under our previous segment structure, management evaluated the results of our segments including intersegment content licensing at market value as if the sales were to third parties. Therefore, the licensor segment recorded intercompany license fee revenues and profits and the licensee segment recorded production costs in the amount of the license fee charged by the licensor, which generally reflected the cost to the Company plus a margin. The intercompany revenues and the margin embedded in the cost to the licensee were eliminated in consolidation.

Under our new segment structure, management evaluates the results of the segments using an allocation of the total cost of content from the licensor segment to each licensee segment utilizing the content. As a result, content costs are allocated across segments based on the relative value of the distribution windows within each segment. The allocation is recorded by the licensor segment as a reduction of content cost and no intersegment licensing revenues or profits are recorded.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Revenues:
Advertising	$	1,973	$	2,039	$	6,668	$	7,230
Affiliate and subscription	2,000		2,108		6,156		6,303
Licensing and other	975		1,073		3,025		2,899
TV Media	4,948		5,220		15,849		16,432
Advertising	363		348		1,073		857
Subscription	863		542		2,435		1,398
Direct-to-Consumer	1,226		890		3,508		2,255
Advertising	3		2		17		14
Theatrical	231		67		1,126		202
Licensing and other	549		461		1,627		1,777
Filmed Entertainment	783		530		2,770		1,993
Eliminations	(41)		(30)		(104)		(94)
Total Revenues	$	6,916	$	6,610	$	22,023	$	20,586

Revenues generated between segments are principally from intersegment arrangements for the distribution of content, rental of studio space, and advertising, as well as licensing revenues earned from third parties who license our content to our internal platforms either through a sub-license or co-production arrangement. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Intercompany Revenues:
TV Media	$	9	$	19	$	33	$	38
Direct-to-Consumer	—		1		—		2
Filmed Entertainment	32		10		71		54
Total Intercompany Revenues	$	41	$	30	$	104	$	94

We present operating income excluding depreciation and amortization, stock-based compensation, costs for restructuring and other corporate matters and net gain on dispositions, each where applicable (“Adjusted OIBDA”), as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting since it is the primary method used by our management. Stock-based compensation is excluded from our segment measure of profit and loss because it is set and approved by our Board of Directors in consultation with corporate executive management.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Adjusted OIBDA:
TV Media	$	1,231	$	1,385	$	4,155	$	4,654
Direct-to-Consumer	(343)		(198)		(1,244)		(490)
Filmed Entertainment	41		(24)		185		207
Corporate/Eliminations	(104)		(111)		(320)		(351)
Stock-based compensation (a)	(39)		(32)		(114)		(133)
Depreciation and amortization	(92)		(95)		(282)		(289)
Restructuring and other corporate matters	(169)		(46)		(276)		(81)

Net gain on dispositions	41		—		56		116
Operating income	566		879		2,160		3,633
Interest expense	(231)		(243)		(701)		(745)
Interest income	33		11		73		37
Net gains (losses) from investments	(9)		(5)		(9)		47
Loss on extinguishment of debt	—		—		(120)		(128)
Other items, net	(36)		(26)		(91)		(55)
Earnings from continuing operations before income taxes and equity in loss of investee companies	323		616		1,312		2,789
Provision for income taxes	(101)		(120)		(264)		(312)
Equity in loss of investee companies, net of tax	(58)		(18)		(124)		(80)
Net earnings from continuing operations	164		478		924		2,397
Net earnings from discontinued operations, net of tax	78		73		181		126
Net earnings (Paramount and noncontrolling interests)	242		551		1,105		2,523
Net earnings attributable to noncontrolling interests	(11)		(13)		(22)		(38)
Net earnings attributable to Paramount	$	231	$	538	$	1,083	$	2,485

(a) Included in restructuring and other corporate matters is stock-based compensation expense of $11 million and $13 million for the three and nine months ended September 30, 2022, respectively, and $21 million for each of the three- and nine-month periods of 2021.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 31
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+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Guarantees Letters of Credit and Surety Bonds We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. At September 30, 2022, the outstanding letters of credit and surety bonds approximated $174 million and were not recorded on the Consolidated Balance Sheet. CBS Television City In connection with the sale of the CBS Television City property and sound stage operation (“CBS Television City”) in 2019, we guaranteed a specified level of cash flows to be generated by the business during the first five years following the completion of the sale. Included in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheet at September 30, 2022 is a liability totaling $51 million, reflecting the present value of the estimated amount remaining under the guarantee obligation. Lease Guarantees We have certain indemnification obligations with respect to leases primarily associated with the previously discontinued operations of Famous Players Inc. These lease commitments totaled $25 million at September 30, 2022 and are presented within “Other liabilities” on the Consolidated Balance Sheet. The amount of lease commitments varies over time depending on the expiration or termination of individual underlying leases, or the related indemnification obligation, and foreign exchange rates, among other things. We may also have exposure for certain other expenses related to the leases, such as property taxes and common area maintenance. We believe our accrual is sufficient to meet any future obligations based on our consideration of available financial information, the lessees’ historical performance in meeting their lease obligations and the underlying economic factors impacting the lessees’ business models. Other In the course of our business, we both provide and receive indemnities which are intended to allocate certain risks associated with business transactions. Similarly, we may remain contingently liable for various obligations of a business that has been divested in the event that a third party does not live up to its obligations under an indemnification obligation. We record a liability for our indemnification obligations and other contingent liabilities when probable and reasonably estimable. Legal Matters General On an ongoing basis, we vigorously defend ourselves in numerous lawsuits and proceedings and respond to various investigations and inquiries from federal, state, local and international authorities (collectively, “litigation”). Litigation may be brought against us without merit, is inherently uncertain and always difficult to predict. However, based on our understanding and evaluation of the relevant facts and circumstances, we believe that the following matters are not likely, in the aggregate, to result in a material adverse effect on our business, financial condition and results of operations. Stockholder Matters Litigation Relating to the Merger Beginning on February 20, 2020, three purported CBS stockholders filed separate derivative and/or putative class action lawsuits in the Court of Chancery of the State of Delaware. On March 31, 2020, the Court consolidated the three lawsuits and appointed Bucks County Employees’ Retirement Fund and International Union of Operating Engineers of Eastern Pennsylvania and Delaware as co-lead plaintiffs for the consolidated action. On April 14, 2020, the lead plaintiffs filed a Verified Consolidated Class Action and Derivative Complaint (as used in this paragraph, the “Complaint”) against Shari E. Redstone, NAI, Sumner M. Redstone National Amusements Trust, members of the CBS Board of Directors (comprised of Candace K. Beinecke, Barbara M. Byrne, Gary L. Countryman, Brian Goldner, Linda M. Griego, Robert N. Klieger, Martha L. Minow, Susan Schuman, Frederick O. Terrell and Strauss Zelnick), former CBS President and Acting Chief Executive Officer Joseph Ianniello and the Company as nominal defendant. The Complaint alleges breaches of fiduciary duties to CBS stockholders in connection with the negotiation and approval of the Agreement and Plan of Merger dated as of August 13, 2019, as amended on October 16, 2019 (the “Merger Agreement”). The Complaint also alleges waste and unjust enrichment in connection with Mr. Ianniello’s compensation. The Complaint seeks unspecified damages, costs and expenses, as well as other relief. On June 5, 2020, the defendants filed motions to dismiss. On January 27, 2021, the Court dismissed one disclosure claim, while allowing all other claims against the defendants to proceed. Discovery on the surviving claims is proceeding. We believe that the remaining claims are without merit and we intend to defend against them vigorously. Beginning on November 25, 2019, four purported Viacom stockholders filed separate putative class action lawsuits in the Court of Chancery of the State of Delaware. On January 23, 2020, the Court consolidated the four lawsuits. On February 6, 2020, the Court appointed California Public Employees’ Retirement System (“CalPERS”) as lead plaintiff for the consolidated action. On February 28, 2020, CalPERS, together with Park Employees’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago and Louis M. Wilen, filed a First Amended Verified Class Action Complaint (as used in this paragraph, the “Complaint”) against NAI, NAI Entertainment Holdings LLC, Shari E. Redstone, the members of the special transaction committee of the Viacom Board of Directors (comprised of Thomas J. May, Judith A. McHale, Ronald L. Nelson and Nicole Seligman) and our President and Chief Executive Officer and director, Robert M. Bakish. The Complaint alleges breaches of fiduciary duties to Viacom stockholders in connection with the negotiation and approval of the Merger Agreement. The Complaint seeks unspecified damages, costs and expenses, as well as other relief. On May 22, 2020, the defendants filed motions to dismiss. On December 29, 2020, the Court dismissed the claims against Mr. Bakish, while allowing the claims against the remaining defendants to proceed. Discovery on the surviving claims is proceeding. We believe that the remaining claims are without merit and we intend to defend against them vigorously. Investigation-Related Matters As announced on August 1, 2018, the CBS Board of Directors retained two law firms to conduct a full investigation of the allegations in press reports about CBS’ former Chairman of the Board, President and Chief Executive Officer, Leslie Moonves, CBS News and cultural issues at CBS. On December 17, 2018, the CBS Board of Directors announced the completion of its investigation, certain findings of the investigation and the CBS Board of Directors’ determination with respect to the termination of Mr. Moonves’ employment. On August 27, 2018 and on October 1, 2018, Gene Samit and John Lantz, respectively, filed putative class action lawsuits in the United States District Court for the Southern District of New York, individually and on behalf of others similarly situated, for claims that are similar to those alleged in the amended complaint described below. On November 6, 2018, the Court entered an order consolidating the two actions. On November 30, 2018, the Court appointed Construction Laborers Pension Trust for Southern California as the lead plaintiff of the consolidated action. On February 11, 2019, the lead plaintiff filed a consolidated amended putative class action complaint against CBS, certain current and former senior executives and members of the CBS Board of Directors. The consolidated action is stated to be on behalf of purchasers of CBS Class A Common Stock and Class B Common Stock between September 26, 2016 and December 4, 2018. This action seeks to recover damages arising during this time period allegedly caused by the defendants’ purported violations of the federal securities laws, including by allegedly making materially false and misleading statements or failing to disclose material information, and seeks costs and expenses as well as remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On April 12, 2019, the defendants filed motions to dismiss this action, which the Court granted in part and denied in part on January 15, 2020. With the exception of one statement made by Mr. Moonves at an industry event in November 2017, in which he allegedly was acting as the agent of CBS, all claims as to all other allegedly false and misleading statements were dismissed. We reached an agreement with the plaintiffs to settle the lawsuit for $14.75 million, which will be paid by the Company’s insurers. The settlement, which includes no admission of liability or wrongdoing by the Company, was granted preliminary approval by the Court on May 13, 2022 and is subject to final approval. We also received subpoenas or requests for information from the New York County District Attorney’s Office, the New York City Commission on Human Rights, the New York State Attorney General’s Office and the United States Securities and Exchange Commission regarding the subject matter of the CBS Board of Directors’ investigation and related matters, including with respect to CBS’ related public disclosures. We have reached an agreement in principle to resolve the matter with the Investor Protection Bureau of the New York State Attorney General’s Office. After credits for the settlement amount to be paid in the consolidated federal securities class action discussed above, and certain financial commitments to human resources-related programs made by CBS in connection with an earlier resolution with the Civil Rights Bureau of the New York State Attorney General’s Office, the Company has agreed to make a payment of $7.25 million, which by agreement with the Investor Protection Bureau will be distributed in connection with the federal securities class action settlement discussed above, subject to the court’s approval of the class action settlement. The resolution includes no admission of liability or wrongdoing by the Company. We may continue to receive additional related regulatory and investigative inquiries from these and other entities in the future. Litigation Related to Stock Offerings On August 13, 2021, Camelot Event Driven Fund filed a putative securities class action lawsuit in New York Supreme Court, County of New York, and on November 5, 2021, an amended complaint was filed that, among other changes, added an additional named plaintiff (the “Complaint”). The Complaint is purportedly on behalf of investors who purchased shares of the Company’s Class B Common Stock and 5.75% Series A Mandatory Convertible Preferred Stock pursuant to public securities offerings completed in March 2021, and was filed against the Company, certain senior executives, members of our Board of Directors, and the underwriters involved in the offerings. The Complaint asserts violations of federal securities law and alleges that the offering documents contained material misstatements and omissions, including through an alleged failure to adequately disclose certain total return swap transactions involving Archegos Capital Management referenced to our securities and related alleged risks to the Company’s stock price. On December 22, 2021, the plaintiffs filed a stipulation seeking the voluntary dismissal without prejudice of the outside director defendants from the lawsuit, which the Court subsequently ordered. On the same date, the defendants filed motions to dismiss the lawsuit, which are pending. The complaint seeks unspecified compensatory damages, as well as other relief. We believe that the claims are without merit and intend to defend against them vigorously. Litigation Related to Television Station Owners On September 9, 2019, the Company was added as a defendant in a multi-district putative class action lawsuit filed in the United States District Court for the Northern District of Illinois. The lawsuit was filed by parties that claim to have purchased broadcast television spot advertising beginning on or about January 1, 2014 on television stations owned by one or more of the defendant television station owners and alleges the sharing of allegedly competitively sensitive information among such television stations in alleged violation of the Sherman Antitrust Act. The action, which names the Company among fourteen total defendants, seeks monetary damages, attorneys’ fees, costs and interest as well as injunctions against the allegedly unlawful conduct. On October 8, 2019, the Company and other defendants filed a motion to dismiss the matter, which was denied by the Court on November 6, 2020. We have reached an agreement in principle with the plaintiffs to settle the lawsuit. The settlement, which will include no admission of liability or wrongdoing by the Company, will be subject to Court approval. Litigation Related to the Proposed Sale of Simon & Schuster On November 2, 2021, the U.S. Department of Justice (the “DOJ”) filed suit in the United States District Court for the District of Columbia to block our sale of the Simon & Schuster business to Penguin Random House (the “Transaction”) pursuant to a Share Purchase Agreement (“Purchase Agreement”), dated November 24, 2020, between the Company, certain of its subsidiaries, Penguin Random House and Bertelsmann SE & Co. KGaA. The DOJ asserted that the sale of Simon & Schuster would reduce competition for the acquisition of titles. The trial was conducted in August 2022, and in October 2022, the Court issued a decision to block the consummation of the Transaction. We are discussing next steps with Bertelsmann and Penguin Random House, including seeking an expedited appeal. The Purchase Agreement contains customary representations and warranties and covenants, including commitments on the part of Penguin Random House to take all necessary steps to obtain any required regulatory approvals and to defend any litigation that would delay or prevent consummation, and also provides for a $200 million termination fee payable to the Company in certain circumstances in the event the Transaction does not close for regulatory reasons. Claims Related to Former Businesses Asbestos We are a defendant in lawsuits claiming various personal injuries related to asbestos and other materials, which allegedly occurred as a result of exposure caused by various products manufactured by Westinghouse, a predecessor, generally prior to the early 1970s. Westinghouse was neither a producer nor a manufacturer of asbestos. We are typically named as one of a large number of defendants in both state and federal cases. In the majority of asbestos lawsuits, the plaintiffs have not identified which of our products is the basis of a claim. Claims against us in which a product has been identified most commonly relate to allegations of exposure to asbestos-containing insulating material used in conjunction with turbines and electrical equipment. Claims are frequently filed and/or settled in groups, which may make the amount and timing of settlements, and the number of pending claims, subject to significant fluctuation from period to period. We do not report as pending those claims on inactive, stayed, deferred or similar dockets that some jurisdictions have established for claimants who allege minimal or no impairment. As of September 30, 2022, we had pending approximately 25,880 asbestos claims, as compared with approximately 27,770 as of December 31, 2021. During the third quarter of 2022, we received approximately 660 new claims and closed or moved to an inactive docket approximately 1,570 claims. We report claims as closed when we become aware that a dismissal order has been entered by a court or when we have reached agreement with the claimants on the material terms of a settlement. Settlement costs depend on the seriousness of the injuries that form the basis of the claims, the quality of evidence supporting the claims and other factors. Our total costs for the years 2021 and 2020 for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $63 million and $35 million, respectively. Our costs for settlement and defense of asbestos claims may vary year to year and insurance proceeds are not always recovered in the same period as the insured portion of the expenses. Filings include claims for individuals suffering from mesothelioma, a rare cancer, the risk of which is allegedly increased by exposure to asbestos; lung cancer, a cancer which may be caused by various factors, one of which is alleged to be asbestos exposure; other cancers, and conditions that are substantially less serious, including claims brought on behalf of individuals who are asymptomatic as to an allegedly asbestos-related disease. The predominant number of pending claims against us are non-cancer claims. It is difficult to predict future asbestos liabilities, as events and circumstances may impact the estimate of our asbestos liabilities, including, among others, the number and types of claims and average cost to resolve such claims. We record an accrual for a loss contingency when it is both probable that a liability has been incurred and when the amount of the loss can be reasonably estimated. We believe that our accrual and insurance are sufficient to cover our asbestos liabilities. Our liability estimate is based upon many factors, including the number of outstanding claims, estimated average cost per claim, the breakdown of claims by disease type, historic claim filings, costs per claim of resolution and the filing of new claims, as well as consultation with a third party firm on trends that may impact our future asbestos liability. Other From time to time we receive claims from federal and state environmental regulatory agencies and other entities asserting that we are or may be liable for environmental cleanup costs and related damages principally relating to our historical and predecessor operations. In addition, from time to time we receive personal injury claims including toxic tort and product liability claims (other than asbestos) arising from our historical operations and predecessors.

Supplemental Financial Information

9 Months Ended

Sep. 30, 2022

Additional Financial Information Disclosure [Abstract]

Supplemental Financial Information

SUPPLEMENTAL FINANCIAL INFORMATION

Supplemental Cash Flow Information


	Nine Months Ended
	September 30,
	2022		2021
Cash paid for interest	$	755	$	783

Cash paid for income taxes:
Continuing operations	$	31	$	171
Discontinued operations	$	11	$	40

Noncash additions to operating lease assets	$	127	$	180

Lease Income

We enter into operating leases for the use of our owned production facilities and office buildings. Lease payments received under these agreements consist of fixed payments for the rental of space and certain building operating costs, as well as variable payments based on usage of production facilities and services, and escalating costs of building operations. We recorded total lease income, including both fixed and variable amounts, of $16 million and $50 million for the three and nine months ended September 30, 2022, respectively, and $42 million and $113 million for the three and nine months ended September 30, 2021, respectively. The lower lease income for the three and nine months ended September 30, 2022 compared with the same periods in 2021 is the result of the sales of a production facility and an office building during the fourth quarter of 2021.

Restructuring and Other Corporate Matters

During the three and nine months ended September 30, 2022 and 2021, we recorded the following costs associated with restructuring and other corporate matters.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
TV Media	$	77	$	5	$	86	$	5
Direct-to-Consumer	—		—		1		—
Filmed Entertainment	—		26		18		26
Corporate	—		15		—		15
Severance (a)	77		46		105		46
Exit costs	8		—		8		35
Restructuring charges	85		46		113		81

Other corporate matters	84		—		163		—
Restructuring and other corporate matters	$	169	$	46	$	276	$	81

(a) Severance costs include the accelerated vesting of stock-based compensation.

During the three and nine months ended September 30, 2022, we recorded restructuring charges of $85 million and $113 million, respectively, which are comprised of severance costs and the impairment of lease assets in each period. The severance costs are primarily associated with changes in management following the realignment of our operating segments. The lease impairments relate to lease assets that we ceased use of with the intent to sublease in connection with initiatives to reduce our real estate footprint in New York City.

During the three and nine months ended September 30, 2021, we recorded restructuring charges of $46 million and $81 million, respectively. The charges for the three-month period were for severance costs primarily associated with changes in management at certain of our businesses. The charges for the nine-month period also included $35 million for the impairment of lease assets that we determined we would not use and began actively marketing for sublease. This determination was made in connection with cost-transformation initiatives related to the Merger. The impairment was the result of a decline in market conditions since inception of these leases and reflects the difference between the estimated fair values, which were determined based on the expected discounted future cash flows of the lease assets, and the carrying values.

At September 30, 2022 and December 31, 2021, our restructuring liability was $173 million and $190 million, respectively, and was recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. During the nine months ended September 30, 2022, we made payments for restructuring of $94 million. The liability at September 30, 2022, which principally relates to severance payments, is expected to be substantially paid by the end of 2023.

In addition, for the three and nine months ended September 30, 2022, we recorded charges for other corporate matters of $84 million and $163 million, respectively, of which $77 million and $117 million, respectively, is associated with litigation described under Legal Matters—Stockholder Matters in Note 14. Also included in other corporate matters are charges of $7 million and $46 million for the three and nine months ended September 30, 2022, respectively, recorded following Russia’s invasion of Ukraine in the first quarter of 2022, principally to reserve against amounts due from counterparties in Russia, Belarus and Ukraine.

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	Use of Estimates—The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may vary from these estimates under different assumptions or conditions.
Net Earnings per Common Share	Net Earnings per Common Share—Basic net earnings per share (“EPS”) is based upon net earnings available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings available to common stockholders is calculated as net earnings from continuing operations or net earnings, as applicable, adjusted to include dividends on our Mandatory Convertible Preferred Stock.Weighted average shares for diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) or performance stock units (“PSUs”) only in the periods in which such effect would have been dilutive. Diluted EPS also reflects the effect of the assumed conversion of preferred stock, if dilutive, which includes the issuance of common shares in the weighted average number of shares and excludes the above-mentioned preferred stock dividend adjustment to net earnings available to common stockholders.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity On January 1, 2022, we adopted Financial Accounting Standards Board (“FASB”) amended guidance to reduce complexity associated with the accounting for convertible instruments with characteristics of liabilities and equity. Under this guidance, embedded conversion features associated with convertible instruments no longer need to be separated from the host contracts unless they are required to be accounted for as derivatives or have been issued at a substantial premium. For contracts in an entity’s own equity, this guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exceptions. The adoption of this guidance did not have a material impact on our consolidated financial statements.

Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Reconciliation from Basic to Diluted Shares

The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(in millions)	2022	2021	2022	2021
Weighted average shares for basic EPS	649	646	649	638
Dilutive effect of shares issuable under stock-based compensation plans	1	5	1	6

Weighted average shares for diluted EPS	650	651	650	644

Schedule of Earnings Per Share, Basic and Diluted

The table below presents a reconciliation of net earnings from continuing operations and net earnings to the amounts used in the calculations of basic and diluted EPS.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Amounts attributable to Paramount:
Net earnings from continuing operations	$	153	$	465	$	902	$	2,359
Preferred stock dividends	(14)		(14)		(43)		(30)
Net earnings from continuing operations for basic and diluted EPS calculation	$	139	$	451	$	859	$	2,329

Amounts attributable to Paramount:
Net earnings	$	231	$	538	$	1,083	$	2,485
Preferred stock dividends	(14)		(14)		(43)		(30)
Net earnings for basic and diluted EPS calculation	$	217	$	524	$	1,040	$	2,455

Dispositions (Tables)

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Revenues	$	353	$	321	$	863	$	725
Costs and expenses:
Operating	198		182		483		429
Selling, general and administrative	45		38		130		114

Restructuring charges	2		1		2		1
Total costs and expenses (a)	245		221		615		544
Operating income	108		100		248		181
Other items, net	(3)		(6)		(9)		(8)
Earnings from discontinued operations	105		94		239		173
Income tax provision (b)	(27)		(21)		(58)		(47)
Net earnings from discontinued operations, net of tax	$	78	$	73	$	181	$	126

The following table presents the major classes of assets and liabilities of our discontinued operations.


	At			At
	September 30, 2022			December 31, 2021
Receivables, net		$	542		$	536
Other current assets		256			209
Goodwill		434			435
Property and equipment, net		48			46
Operating lease assets		205			203
Other assets		120			131
Total Assets		$	1,605		$	1,560
Royalties payable		$	156		$	155
Other current liabilities		378			416
Operating lease liabilities		185			194
Other liabilities		18			19
Total Liabilities		$	737		$	784

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Programming and Other Inventory (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Current Programming and Other Inventory


	At			At
	September 30, 2022			December 31, 2021
Film Group Monetization:
Acquired program rights, including prepaid sports rights		$	3,433		$	3,432
Internally-produced television and film programming:
Released		5,991			3,808
In process and other		3,620			2,609

Individual Monetization:
Acquired libraries		407			441
Film inventory:
Released		689			606
Completed, not yet released		132			253
In process and other		1,282			1,303
Internally-produced television programming:
Released		556			1,604
In process and other		787			769
Home entertainment		44			37
Total programming and other inventory		16,941			14,862
Less current portion		1,492			1,504
Total noncurrent programming and other inventory		$	15,449		$	13,358

Noncurrent Programming and Other Inventory


	At			At
	September 30, 2022			December 31, 2021
Film Group Monetization:
Acquired program rights, including prepaid sports rights		$	3,433		$	3,432
Internally-produced television and film programming:
Released		5,991			3,808
In process and other		3,620			2,609

Individual Monetization:
Acquired libraries		407			441
Film inventory:
Released		689			606
Completed, not yet released		132			253
In process and other		1,282			1,303
Internally-produced television programming:
Released		556			1,604
In process and other		787			769
Home entertainment		44			37
Total programming and other inventory		16,941			14,862
Less current portion		1,492			1,504
Total noncurrent programming and other inventory		$	15,449		$	13,358

Programming and Production Costs

The following table presents amortization of television and film programming and production costs, which is included within “Operating expenses” on the Consolidated Statements of Operations.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Programming costs, acquired programming	$	987	$	1,025	$	3,632	$	3,625

Production costs, internally-produced television and film programming:
Individual monetization	$	392	$	735	$	1,554	$	2,245
Film group monetization	$	1,202	$	847	$	3,646	$	2,148

Related Parties (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Related Party Transactions

The following tables present the amounts recorded in our consolidated financial statements related to these transactions.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022 (a)		2021		2022 (a)		2021
Revenues	$	83	$	37	$	211	$	175
Operating expenses	$	11	$	5	$	17	$	13


	At			At
	September 30, 2022 (a)			December 31, 2021

Accounts receivable		$	97		$	50

(a) Revenues for the three and nine months ended September 30, 2022 and accounts receivable at September 30, 2022 include amounts related to SkyShowtime.

Revenues (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The table below presents our revenues disaggregated into categories based on the nature of such revenues. See Note 13 for revenues by segment disaggregated into these categories.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Revenues by Type:
Advertising	$	2,337	$	2,386	$	7,746	$	8,094
Affiliate and subscription	2,863		2,650		8,591		7,701
Theatrical	231		67		1,126		202
Licensing and other	1,485		1,507		4,560		4,589
Total Revenues	$	6,916	$	6,610	$	22,023	$	20,586

Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Our debt consists of the following:


	At			At
	September 30, 2022			December 31, 2021

7.875% Debentures due 2023		$	139		$	139
7.125% Senior Notes due 2023		35			35
3.875% Senior Notes due 2024		—			490
3.70% Senior Notes due 2024		—			599
3.50% Senior Notes due 2025		—			597
4.75% Senior Notes due 2025		552			1,242
4.0% Senior Notes due 2026		794			793
3.45% Senior Notes due 2026		124			123
2.90% Senior Notes due 2027		694			692
3.375% Senior Notes due 2028		496			496
3.70% Senior Notes due 2028		494			493
4.20% Senior Notes due 2029		495			494
7.875% Senior Debentures due 2030		830			830
4.95% Senior Notes due 2031		1,225			1,223
4.20% Senior Notes due 2032		974			972
5.50% Senior Debentures due 2033		427			427
4.85% Senior Debentures due 2034		87			87
6.875% Senior Debentures due 2036		1,071			1,070
6.75% Senior Debentures due 2037		75			75
5.90% Senior Notes due 2040		298			298
4.50% Senior Debentures due 2042		45			45
4.85% Senior Notes due 2042		488			488
4.375% Senior Debentures due 2043		1,128			1,123
4.875% Senior Debentures due 2043		18			18
5.85% Senior Debentures due 2043		1,233			1,233
5.25% Senior Debentures due 2044		345			345
4.90% Senior Notes due 2044		541			540
4.60% Senior Notes due 2045		590			590
4.95% Senior Notes due 2050		945			944
5.875% Junior Subordinated Debentures due 2057		—			514
6.25% Junior Subordinated Debentures due 2057		643			643
6.375% Junior Subordinated Debentures due 2062		989			—
Other bank borrowings		47			35
Obligations under finance leases		12			16
Total debt (a)		15,834			17,709

Less current portion		196			11
Total long-term debt, net of current portion		$	15,638		$	17,698

Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Financial Instruments

Gains recognized on derivative financial instruments were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021		Financial Statement Account
Non-designated foreign exchange contracts	$	35	$	13	$	75	$	12	Other items, net

Fair Value Measurements


		At			At
	September 30, 2022			December 31, 2021
Assets:

Foreign currency hedges		$	59		$	23
Total Assets		$	59		$	23
Liabilities:
Deferred compensation		$	313		$	435
Foreign currency hedges		137			29
Total Liabilities		$	450		$	464

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2022

Variable Interest Entity Disclosure [Abstract]

Schedule of Variable Interest Entities

The following tables present the amounts recorded in our consolidated financial statements related to our consolidated VIEs.


		At			At
	September 30, 2022			December 31, 2021
Total assets		$	1,771		$	1,578

Total liabilities		$	268		$	184


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Revenues	$	98	$	179	$	287	$	342

Operating income (loss)	$	(35)	$	(6)	$	(90)	$	2

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in the components of accumulated other comprehensive loss.


	Continuing Operations							Discontinued Operations
	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Other Comprehensive Income (Loss) (a)			Accumulated Other Comprehensive Loss
At December 31, 2021		$	(445)		$	(1,434)			$	(23)		$	(1,902)
Other comprehensive loss before reclassifications		(452)			—				(14)			(466)
Reclassifications to net earnings		—			49		(b)		—			49
Other comprehensive income (loss)		(452)			49				(14)			(417)
At September 30, 2022		$	(897)		$	(1,385)			$	(37)		$	(2,319)


	Continuing Operations							Discontinued Operations
	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Other Comprehensive Income (Loss) (a)			Accumulated Other Comprehensive Loss
At December 31, 2020		$	(303)		$	(1,509)			$	(20)		$	(1,832)
Other comprehensive income (loss) before reclassifications		(113)			11				—			(102)
Reclassifications to net earnings		—			51		(b)		—			51
Other comprehensive income (loss)		(113)			62				—			(51)
At September 30, 2021		$	(416)		$	(1,447)			$	(20)		$	(1,883)

(a) Reflects cumulative translation adjustments.

Pension and Other Postretirement Benefits (Tables)

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits


	Pension Benefits				Postretirement Benefits
Three Months Ended September 30,	2022		2021		2022		2021
Components of net periodic cost (a):
Service cost	$	—	$	—	$	1	$	1
Interest cost	38		37		2		2
Expected return on plan assets	(43)		(47)		—		—
Amortization of actuarial loss (gain) (b)	24		23		(4)		(4)
Settlements (c)	—		10		—		—
Net periodic cost	$	19	$	23	$	(1)	$	(1)


	Pension Benefits				Postretirement Benefits
Nine Months Ended September 30,	2022		2021		2022		2021
Components of net periodic cost (a):
Service cost	$	—	$	—	$	1	$	1
Interest cost	113		109		6		6
Expected return on plan assets	(129)		(141)		—		—
Amortization of actuarial loss (gain) (b)	73		70		(11)		(11)
Settlements (c)	—		10		—		—
Net periodic cost	$	57	$	48	$	(4)	$	(4)

(a) Amounts reflect our domestic plans only.

(b) Reflects amounts reclassified from accumulated other comprehensive loss to net earnings.

(c) Reflects the accelerated recognition of a portion of the unamortized actuarial losses due to the volume of lump sum benefit payments in one of our pension plans.

Redeemable Noncontrolling Interest (Tables)

9 Months Ended

Sep. 30, 2022

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interests

The activity reflected within redeemable noncontrolling interest for the nine months ended September 30, 2022 and 2021 is presented below.


	Nine Months Ended
	September 30,
	2022		2021
Beginning balance	$	107	$	197
Net earnings	2		8
Distributions	(5)		(4)
Translation adjustment	(27)		(4)
Redemption value adjustment	17		(94)
Ending balance	$	94	$	103

Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Revenues by Segment


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Revenues:
Advertising	$	1,973	$	2,039	$	6,668	$	7,230
Affiliate and subscription	2,000		2,108		6,156		6,303
Licensing and other	975		1,073		3,025		2,899
TV Media	4,948		5,220		15,849		16,432
Advertising	363		348		1,073		857
Subscription	863		542		2,435		1,398
Direct-to-Consumer	1,226		890		3,508		2,255
Advertising	3		2		17		14
Theatrical	231		67		1,126		202
Licensing and other	549		461		1,627		1,777
Filmed Entertainment	783		530		2,770		1,993
Eliminations	(41)		(30)		(104)		(94)
Total Revenues	$	6,916	$	6,610	$	22,023	$	20,586

Intercompany Revenues by Segment


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Intercompany Revenues:
TV Media	$	9	$	19	$	33	$	38
Direct-to-Consumer	—		1		—		2
Filmed Entertainment	32		10		71		54
Total Intercompany Revenues	$	41	$	30	$	104	$	94

Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Adjusted OIBDA:
TV Media	$	1,231	$	1,385	$	4,155	$	4,654
Direct-to-Consumer	(343)		(198)		(1,244)		(490)
Filmed Entertainment	41		(24)		185		207
Corporate/Eliminations	(104)		(111)		(320)		(351)
Stock-based compensation (a)	(39)		(32)		(114)		(133)
Depreciation and amortization	(92)		(95)		(282)		(289)
Restructuring and other corporate matters	(169)		(46)		(276)		(81)

Net gain on dispositions	41		—		56		116
Operating income	566		879		2,160		3,633
Interest expense	(231)		(243)		(701)		(745)
Interest income	33		11		73		37
Net gains (losses) from investments	(9)		(5)		(9)		47
Loss on extinguishment of debt	—		—		(120)		(128)
Other items, net	(36)		(26)		(91)		(55)
Earnings from continuing operations before income taxes and equity in loss of investee companies	323		616		1,312		2,789
Provision for income taxes	(101)		(120)		(264)		(312)
Equity in loss of investee companies, net of tax	(58)		(18)		(124)		(80)
Net earnings from continuing operations	164		478		924		2,397
Net earnings from discontinued operations, net of tax	78		73		181		126
Net earnings (Paramount and noncontrolling interests)	242		551		1,105		2,523
Net earnings attributable to noncontrolling interests	(11)		(13)		(22)		(38)
Net earnings attributable to Paramount	$	231	$	538	$	1,083	$	2,485

Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2022

Additional Financial Information Disclosure [Abstract]

Supplemental Cash Flow Information


	Nine Months Ended
	September 30,
	2022		2021
Cash paid for interest	$	755	$	783

Cash paid for income taxes:
Continuing operations	$	31	$	171
Discontinued operations	$	11	$	40

Noncash additions to operating lease assets	$	127	$	180

Restructuring Charges by Type

During the three and nine months ended September 30, 2022 and 2021, we recorded the following costs associated with restructuring and other corporate matters.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
TV Media	$	77	$	5	$	86	$	5
Direct-to-Consumer	—		—		1		—
Filmed Entertainment	—		26		18		26
Corporate	—		15		—		15
Severance (a)	77		46		105		46
Exit costs	8		—		8		35
Restructuring charges	85		46		113		81

Other corporate matters	84		—		163		—
Restructuring and other corporate matters	$	169	$	46	$	276	$	81

(a) Severance costs include the accelerated vesting of stock-based compensation.

Basis of Presentation - Narrative (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 26, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Nov. 25, 2020
Stock Options and RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		14	6	10	5
Mandatory Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		10	10	10	10
Simon And Schuster \| Discontinued Operations, Disposed of by Sale
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Sale of business, consideration							$ 2,175
Mandatory Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, percentage	5.75%			5.75%		5.75%

Basis of Presentation - Reconciliation from Basic to Diluted Shares (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Weighted average shares for basic EPS (in shares)	649	646	649	638
Dilutive effect of shares issuable under stock-based compensation plans (in shares)	1	5	1	6
Weighted average shares for diluted EPS (in shares)	650	651	650	644

Basis of Presentation - Schedule of earnings per share, basic and diluted (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net earnings from continuing operations	$ 153	$ 465	$ 902	$ 2,359
Preferred stock dividends	(14)	(14)	(43)	(30)
Net earnings from continuing operations for basic EPS calculation	139	451	859	2,329
Net earnings from continuing operations for diluted EPS calculation	139	451	859	2,329
Net earnings	231	538	1,083	2,485
Preferred stock dividends	(14)	(14)	(43)	(30)
Net earnings for basic EPS calculation	217	524	1,040	2,455
Net earnings for diluted EPS calculation	$ 217	$ 524	$ 1,040	$ 2,455

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Dispositions - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
Dispositions - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Nov. 25, 2020
Discontinued Operations [Line Items]
Net gain on dispositions		$ 41	$ 0	$ 56	$ 116
Gain (loss) on sale of business					$ 116
Simon And Schuster
Discontinued Operations [Line Items]
Contingent termination fee						$ 200
Not Discontinued Operations, Disposed of by Sale \| Nordics
Discontinued Operations [Line Items]
Net gain on dispositions	$ 41
Not Discontinued Operations, Disposed of by Sale \| Other Dispositions
Discontinued Operations [Line Items]
Net gain on dispositions				$ 15
Discontinued Operations, Disposed of by Sale \| Simon And Schuster
Discontinued Operations [Line Items]
Sale of business, consideration						$ 2,175

Dispositions - Schedule of Discontinued Operations, Net Earnings (Details) - Discontinued operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Discontinued Operations [Line Items]
Revenues	$ 353	$ 321	$ 863	$ 725
Costs and expenses:
Operating	198	182	483	429
Selling, general and administrative	45	38	130	114
Restructuring charges	2	1	2	1
Total costs and expenses	245	221	615	544
Operating income	108	100	248	181
Other items, net	(3)	(6)	(9)	(8)
Earnings from discontinued operations	105	94	239	173
Income tax provision	(27)	(21)	(58)	(47)
Net earnings from discontinued operations, net of tax	78	73	181	126
Previous disposals, cost and expenses	15	7	25	9
Previous disposals, income tax prevision	$ 4	$ 2	$ 6	$ 9

Dispositions - Schedule of Discontinued Operations, Assets and Liabilities (Details) - Discontinued operations - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets
Receivables, net	$ 542	$ 536
Other current assets	256	209
Goodwill	434	435
Property and equipment, net	48	46
Operating lease assets	205	203
Other assets	120	131
Total Assets	1,605	1,560
Liabilities
Royalties payable	156	155
Other current liabilities	378	416
Operating lease liabilities	185	194
Other liabilities	18	19
Total Liabilities	$ 737	$ 784

Programming and Other Inventory - Programming Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventory [Line Items]
Acquired program rights, including prepaid sports rights, film group monetization	$ 3,433	$ 3,432
Acquired libraries, individual monetization	407	441
Home entertainment	44	37
Total programming and other inventory	16,941	14,862
Less current portion	1,492	1,504
Total noncurrent programming and other inventory	15,449	13,358
Internally Produced Television Programming
Inventory [Line Items]
Released, film group monetization	5,991	3,808
In process and other, film group monetization	3,620	2,609
Released, individual monetization	556	1,604
In process and other, individual monetization	787	769
Film Inventory
Inventory [Line Items]
Released, individual monetization	689	606
Completed, not yet released, individual monetization	132	253
In process and other, individual monetization	$ 1,282	$ 1,303

Programming and Other Inventory - Programming and Production Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Inventory Disclosure [Abstract]
Programming costs, acquired programming	$ 987	$ 1,025	$ 3,632	$ 3,625
Production costs, internally-produced television and film programming:
Individual monetization	392	735	1,554	2,245
Film group monetization	$ 1,202	$ 847	$ 3,646	$ 2,148

Related Parties - Narrative (Details)	Sep. 30, 2022 trustee
Related Party Transaction [Line Items]
SMR Trust ownership in NAI	80.00%
National Amusements, Inc.
Related Party Transaction [Line Items]
NAI ownership of Paramount common stock Class A common stock (percentage)	77.40%
NAI ownership of Paramount Class A and Class B common stock on a combined basis (percentage)	9.80%
Number of trustees	7
Number of beneficiary trustees	2

Related Parties - Schedule of Related Party Transactions (Details) - Other Related Parties - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Revenues	$ 83	$ 37	$ 211	$ 175
Operating expenses	11	$ 5	17	$ 13
Accounts receivable	$ 97		$ 97		$ 50

- Definition

For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds.

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-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

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-Paragraph 1
-Subparagraph (SX 210.7-03.3)
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

+ Details

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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+ Details

Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total Revenues	$ 6,916	$ 6,610	$ 22,023	$ 20,586
Advertising
Disaggregation of Revenue [Line Items]
Total Revenues	2,337	2,386	7,746	8,094
Affiliate and subscription
Disaggregation of Revenue [Line Items]
Total Revenues	2,863	2,650	8,591	7,701
Theatrical
Disaggregation of Revenue [Line Items]
Total Revenues	231	67	1,126	202
Licensing and other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 1,485	$ 1,507	$ 4,560	$ 4,589

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenues - Receivables (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenues - Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Other corporate matters	$ 84	$ 0	$ 163	$ 0
Allowance for credit loss	111		111		$ 80
Other Assets
Disaggregation of Revenue [Line Items]
Noncurrent receivables	1,570		1,570		$ 1,840
Russia, Belarus and Ukraine Counterparties
Disaggregation of Revenue [Line Items]
Other corporate matters	$ 7		$ 46

Revenues - Contract Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 866		$ 1,200
Revenue recognized	$ 800	$ 800

Revenues - Unrecognized Revenues Under Contract (Details) $ in Billions	Sep. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenue	$ 9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenue	$ 1
Expected timing of satisfaction period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenue	$ 3
Expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenue	$ 2
Expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenue	$ 3
Expected timing of satisfaction period

Revenues - Performance Obligations Satisfied in Previous Periods (Details) - USD ($) $ in Billions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Performance obligation satisfied	$ 0.3	$ 0.1	$ 0.3	$ 0.3

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Other bank borrowings	$ 47	$ 35
Obligations under finance leases	12	16
Total debt	15,834	17,709
Less current portion	196	11
Total long-term debt, net of current portion	15,638	17,698
Net unamortized discount on senior debt	446	466
Unamortized deferred financing costs	91	95
Face value of debt	$ 16,370	18,270
7.875% Debentures due 2023
Debt Instrument [Line Items]
Stated interest rate	7.875%
Carrying value of senior debt	$ 139	139
7.125% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate	7.125%
Carrying value of senior debt	$ 35	35
3.875% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate	3.875%
Carrying value of senior debt	$ 0	490
3.70% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate	3.70%
Carrying value of senior debt	$ 0	599
3.50% Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate	3.50%
Carrying value of senior debt	$ 0	597
4.75% Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate	4.75%
Carrying value of senior debt	$ 552	1,242
4.0% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	4.00%
Carrying value of senior debt	$ 794	793
3.45% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	3.45%
Carrying value of senior debt	$ 124	123
2.90% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate	2.90%
Carrying value of senior debt	$ 694	692
3.375% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate	3.375%
Carrying value of senior debt	$ 496	496
3.70% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate	3.70%
Carrying value of senior debt	$ 494	493
4.20% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate	4.20%
Carrying value of senior debt	$ 495	494
7.875% Senior Debentures due 2030
Debt Instrument [Line Items]
Stated interest rate	7.875%
Carrying value of senior debt	$ 830	830
4.95% Senior Notes due 2031
Debt Instrument [Line Items]
Stated interest rate	4.95%
Carrying value of senior debt	$ 1,225	1,223
4.20% Senior Notes due 2032
Debt Instrument [Line Items]
Stated interest rate	4.20%
Carrying value of senior debt	$ 974	972
5.50% Senior Debentures due 2033
Debt Instrument [Line Items]
Stated interest rate	5.50%
Carrying value of senior debt	$ 427	427
4.85% Senior Debentures due 2034
Debt Instrument [Line Items]
Stated interest rate	4.85%
Carrying value of senior debt	$ 87	87
6.875% Senior Debentures due 2036
Debt Instrument [Line Items]
Stated interest rate	6.875%
Carrying value of senior debt	$ 1,071	1,070
6.75% Senior Debentures due 2037
Debt Instrument [Line Items]
Stated interest rate	6.75%
Carrying value of senior debt	$ 75	75
5.90% Senior Notes due 2040
Debt Instrument [Line Items]
Stated interest rate	5.90%
Carrying value of senior debt	$ 298	298
4.50% Senior Debentures due 2042
Debt Instrument [Line Items]
Stated interest rate	4.50%
Carrying value of senior debt	$ 45	45
4.85% Senior Notes due 2042
Debt Instrument [Line Items]
Stated interest rate	4.85%
Carrying value of senior debt	$ 488	488
4.375% Senior Debentures due 2043
Debt Instrument [Line Items]
Stated interest rate	4.375%
Carrying value of senior debt	$ 1,128	1,123
4.875% Senior Debentures due 2043
Debt Instrument [Line Items]
Stated interest rate	4.875%
Carrying value of senior debt	$ 18	18
5.85% Senior Debentures due 2043
Debt Instrument [Line Items]
Stated interest rate	5.85%
Carrying value of senior debt	$ 1,233	1,233
5.25% Senior Debentures due 2044
Debt Instrument [Line Items]
Stated interest rate	5.25%
Carrying value of senior debt	$ 345	345
4.90% Senior Notes due 2044
Debt Instrument [Line Items]
Stated interest rate	4.90%
Carrying value of senior debt	$ 541	540
4.60% Senior Notes due 2045
Debt Instrument [Line Items]
Stated interest rate	4.60%
Carrying value of senior debt	$ 590	590
4.95% Senior Notes due 2050
Debt Instrument [Line Items]
Stated interest rate	4.95%
Carrying value of senior debt	$ 945	944
5.875% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Stated interest rate	5.875%
Junior subordinated notes	$ 0	514
6.25% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Stated interest rate	6.25%
Junior subordinated notes	$ 643	643
6.375% Junior Subordinated Debentures due 2062
Debt Instrument [Line Items]
Stated interest rate	6.375%
Junior subordinated notes	$ 989	$ 0
Face value of debt	$ 1,000

Debt - Debt Redemption and Issuance Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Line of Credit Facility [Line Items]
Redemption price				$ 3,123	$ 2,220
Loss on extinguishment of debt		$ 0	$ 0	120	128
Debt issued		$ 16,370		16,370		$ 18,270
Senior Notes
Line of Credit Facility [Line Items]
Debt redeemed				2,390	1,990
Redemption price				$ 2,490	$ 2,110
5.875% Junior Subordinated Debentures due 2057
Line of Credit Facility [Line Items]
Redemption price	$ 520
Stated interest rate		5.875%		5.875%
6.375% Junior Subordinated Debentures due 2062
Line of Credit Facility [Line Items]
Stated interest rate		6.375%		6.375%
Debt issued		$ 1,000		$ 1,000
Interest rate, reset period				5 years
6.375% Junior Subordinated Debentures due 2062 \| US Treasury Rate \| From March 30, 2027
Line of Credit Facility [Line Items]
Basis spread on variable rate				3.999%
6.375% Junior Subordinated Debentures due 2062 \| US Treasury Rate \| From March 30, 2032
Line of Credit Facility [Line Items]
Basis spread on variable rate				4.249%
6.375% Junior Subordinated Debentures due 2062 \| US Treasury Rate \| From March 30, 2047
Line of Credit Facility [Line Items]
Basis spread on variable rate				4.999%
6.25% Junior Subordinated Debentures due 2057
Line of Credit Facility [Line Items]
Stated interest rate		6.25%		6.25%
6.25% Junior Subordinated Debentures due 2057 \| London Interbank Offered Rate (LIBOR) \| From March 1, 2027
Line of Credit Facility [Line Items]
Basis spread on variable rate				3.899%

Debt - Commercial Paper Narrative (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Commercial paper	$ 0	$ 0

Debt - Credit Facility Narrative (Details) - Revolving Credit Facility	9 Months Ended
	Sep. 30, 2022 USD ($)
Line of Credit Facility [Line Items]
Period for consolidated EBITDA	12 months
Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under credit facility	$ 3,500,000,000
Maximum consolidated leverage ratio	4.5
Maximum consolidated leverage ratio, potential increase	5.0
Amount borrowed under credit facility	$ 0
Availability under credit facility	$ 3,500,000,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Debt - Other Bank Borrowings Narrative (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Other bank borrowings	$ 47,000,000	$ 35,000,000
Credit Facility \| Miramax
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	$ 300,000,000	$ 300,000,000
Other Bank Borrowings
Debt Instrument [Line Items]
Weighted average interest rate	5.80%	3.50%

Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Derivative [Line Items]
Carrying value of notes and debentures	$ 15,780	$ 15,780		$ 15,780		$ 17,660
Fair value of debt	13,700	13,700		13,700		21,500
Investments without readily determinable fair value	66	66		66		59
Net gains (losses) from investments		$ (9)	$ (5)	$ (9)	$ 47
Investment impairment	$ (5)
Unrealized gain (loss) on marketable securities			$ (5)		47
Gain on sale of investments					$ 37
The CW
Derivative [Line Items]
Decrease in ownership interest	37.50%	37.50%		37.50%
Noncash distribution received	$ 139
Ownership interest	12.50%	12.50%		12.50%
Net gains (losses) from investments	$ (4)
Cash Flow Hedging \| Foreign exchange contract
Derivative [Line Items]
Maximum derivative contract term				24 months
Notional amount of derivative	2,660	$ 2,660		$ 2,660		1,940
Cash Flow Hedging \| Foreign exchange contract \| Production
Derivative [Line Items]
Notional amount of derivative	2,040	2,040		2,040		1,380
Cash Flow Hedging \| Foreign exchange contract \| Other
Derivative [Line Items]
Notional amount of derivative	$ 621	$ 621		$ 621		$ 564

Financial Instruments and Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Foreign exchange contract
Derivatives [Line Items]
Gain (loss) on non-designated foreign exchange contracts	$ 35	$ 13	$ 75	$ 12

Financial Instruments and Fair Value Measurements - Fair Value Measurements (Details) - Level 2 - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets:
Foreign currency hedges	$ 59	$ 23
Total Assets	59	23
Liabilities:
Deferred compensation	313	435
Foreign currency hedges	137	29
Total Liabilities	$ 450	$ 464

Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Variable Interest Entity [Line Items]
Total assets	$ 57,287		$ 57,287		$ 58,620
Revenues	6,916	$ 6,610	22,023	$ 20,586
Operating income (loss)	566	879	2,160	3,633
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets	1,771		1,771		1,578
Total liabilities	268		268		$ 184
Revenues	98	179	287	342
Operating income (loss)	$ (35)	$ (6)	$ (90)	$ 2

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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+ Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

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Stockholders' Equity - Stock Offerings (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		9 Months Ended		12 Months Ended
	Mar. 26, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Proceeds from issuance of common stock	$ 1,670	$ 0	$ 1,672
Proceeds from issuance of preferred stock	$ 983	$ 0	$ 983
Common Class B
Class of Stock [Line Items]
Stock issuances (in shares)	20
Shares issued (in dollars per share)	$ 85
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Stock issuances (in shares)	10
Preferred stock, percentage	5.75%	5.75%		5.75%
Liquidation preference (in dollars per share)	$ 100

Stockholders' Equity - Mandatory Convertible Preferred Stock (Details) - Series A Convertible Preferred Stock			9 Months Ended	12 Months Ended
	Apr. 01, 2024	Mar. 26, 2021 $ / shares	Sep. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock, percentage		5.75%	5.75%	5.75%
Liquidation preference (in dollars per share)		$ 100
Forecast
Class of Stock [Line Items]
Consecutive trading days	20 days
Trading days	21 days
Forecast \| Minimum
Class of Stock [Line Items]
Convertible rate	1.0013
Forecast \| Maximum
Class of Stock [Line Items]
Convertible rate	1.1765

Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Class of Stock [Line Items]
Dividends recorded on preferred stock	$ 14.0			$ 14.0		$ 43.0	$ 30.0
Class A and Class B Common Stock
Class of Stock [Line Items]
Dividends per common share (in dollars per share)	$ 0.24			$ 0.24		$ 0.72	$ 0.72
Dividends recorded on common stock	$ 159.0			$ 159.0		$ 477.0	$ 468.0
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Dividends per preferred share (in dollars per share)	$ 1.4375	$ 1.4375	$ 1.4375	$ 1.4375	$ 1.5493
Dividends recorded on preferred stock	$ 14.4			$ 14.4		$ 43.1	$ 29.9

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax
Accumulated other comprehensive income (loss) beginning balance	$ (1,902)	$ (1,832)
Other comprehensive income (loss) before reclassifications	(466)	(102)
Reclassifications to net earnings	49	51
Other comprehensive income (loss)	(417)	(51)
Accumulated other comprehensive income (loss) ending balance	(2,319)	(1,883)
Tax provision on net actuarial gain (loss) and prior service costs related to pension and other postretirement benefit plans	16	20
Cumulative Translation Adjustments
AOCI Attributable to Parent, Net of Tax
Accumulated other comprehensive income (loss) beginning balance	(445)	(303)
Other comprehensive income (loss) before reclassifications	(452)	(113)
Reclassifications to net earnings	0	0
Other comprehensive income (loss)	(452)	(113)
Accumulated other comprehensive income (loss) ending balance	(897)	(416)
Net Actuarial Loss and Prior Service Cost
AOCI Attributable to Parent, Net of Tax
Accumulated other comprehensive income (loss) beginning balance	(1,434)	(1,509)
Other comprehensive income (loss) before reclassifications	0	11
Reclassifications to net earnings	49	51
Other comprehensive income (loss)	49	62
Accumulated other comprehensive income (loss) ending balance	(1,385)	(1,447)
Other Comprehensive Income (Loss), Discontinued Operations
AOCI Attributable to Parent, Net of Tax
Accumulated other comprehensive income (loss) beginning balance	(23)	(20)
Other comprehensive income (loss) before reclassifications	(14)	0
Reclassifications to net earnings	0	0
Other comprehensive income (loss)	(14)	0
Accumulated other comprehensive income (loss) ending balance	$ (37)	$ (20)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 101	$ 120	$ 264	$ 312
Effective income tax rate	31.30%	19.50%	20.10%	11.20%
Net discrete tax (provision) benefit	$ (9)		$ 72	$ 290
(Provision) benefit from other items identified as affecting comparability	$ 29		$ 77	$ 14
Percentage point increase (decrease) in effective tax rate	5.00%		(4.80%)	(10.50%)
Income tax benefit, adjustments of deferred tax asset				$ 260

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	38	37	113	109
Expected return on plan assets	(43)	(47)	(129)	(141)
Amortization of actuarial loss (gain)	24	23	73	70
Settlements	0	10	0	10
Net periodic cost	19	23	57	48
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1	1	1
Interest cost	2	2	6	6
Expected return on plan assets	0	0	0	0
Amortization of actuarial loss (gain)	(4)	(4)	(11)	(11)
Settlements	0	0	0	0
Net periodic cost	$ (1)	$ (1)	$ (4)	$ (4)

Redeemable Noncontrolling Interests - Narrative (Details) - Nick UK - Subsequent Event £ in Millions	Oct. 31, 2022 GBP (£)
Noncontrolling Interest [Line Items]
Percentage of interest acquired	40.00%
Consideration transferred	£ 88
Ownership percentage after acquisition	100.00%

Redeemable Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Redeemable Noncontrolling Interest
Beginning balance	$ 107	$ 197
Net earnings	2	8
Distributions	(5)	(4)
Translation adjustment	(27)	(4)
Redemption value adjustment	17	(94)
Ending balance	$ 94	$ 103

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Segment Information - Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ (6,916)	$ (6,610)	$ (22,023)	$ (20,586)
Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(4,948)	(5,220)	(15,849)	(16,432)
Operating Segments \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(1,226)	(890)	(3,508)	(2,255)
Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(783)	(530)	(2,770)	(1,993)
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	41	30	104	94
Eliminations \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	9	19	33	38
Eliminations \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0	1	0	2
Eliminations \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	32	10	71	54
Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(2,337)	(2,386)	(7,746)	(8,094)
Advertising \| Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(1,973)	(2,039)	(6,668)	(7,230)
Advertising \| Operating Segments \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(363)	(348)	(1,073)	(857)
Advertising \| Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(3)	(2)	(17)	(14)
Affiliate and subscription
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(2,863)	(2,650)	(8,591)	(7,701)
Affiliate and subscription \| Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(2,000)	(2,108)	(6,156)	(6,303)
Affiliate and subscription \| Operating Segments \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(863)	(542)	(2,435)	(1,398)
Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(1,485)	(1,507)	(4,560)	(4,589)
Licensing and other \| Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(975)	(1,073)	(3,025)	(2,899)
Licensing and other \| Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(549)	(461)	(1,627)	(1,777)
Theatrical
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(231)	(67)	(1,126)	(202)
Theatrical \| Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ (231)	$ (67)	$ (1,126)	$ (202)

Segment Information - Operating Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Stock-based compensation			$ (127)	$ (154)
Depreciation and amortization	$ (92)	$ (95)	(282)	(289)
Restructuring and other corporate matters	(169)	(46)	(276)	(81)
Net gain on dispositions	41	0	56	116
Operating income	566	879	2,160	3,633
Interest expense	(231)	(243)	(701)	(745)
Interest income	33	11	73	37
Net gains (losses) from investments	(9)	(5)	(9)	47
Loss on extinguishment of debt	0	0	(120)	(128)
Other items, net	(36)	(26)	(91)	(55)
Earnings from continuing operations before income taxes and equity in loss of investee companies	323	616	1,312	2,789
Provision for income taxes	(101)	(120)	(264)	(312)
Equity in loss of investee companies, net of tax	(58)	(18)	(124)	(80)
Net earnings from continuing operations	164	478	924	2,397
Net earnings from discontinued operations, net of tax	78	73	181	126
Net earnings (Paramount and noncontrolling interests)	242	551	1,105	2,523
Net earnings attributable to noncontrolling interests	(11)	(13)	(22)	(38)
Net earnings attributable to Paramount	231	538	1,083	2,485
Operating Segments \| TV Media
Segment Reporting Information [Line Items]
Adjusted OIBDA	1,231	1,385	4,155	4,654
Operating Segments \| Direct-to-Consumer
Segment Reporting Information [Line Items]
Adjusted OIBDA	(343)	(198)	(1,244)	(490)
Operating Segments \| Filmed Entertainment
Segment Reporting Information [Line Items]
Adjusted OIBDA	41	(24)	185	207
Corporate/Eliminations
Segment Reporting Information [Line Items]
Adjusted OIBDA	(104)	(111)	(320)	(351)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Stock-based compensation	(39)	(32)	(114)	(133)
Depreciation and amortization	(92)	(95)	(282)	(289)
Restructuring and other corporate matters	(169)	(46)	(276)	(81)
Net gain on dispositions	41	0	56	116
Segment Reconciling Items \| Restructuring and Other Corporate Matters
Segment Reporting Information [Line Items]
Stock-based compensation	$ (11)	$ (21)	$ (13)	$ (21)

Commitments and Contingencies (Details) $ in Thousands				3 Months Ended	9 Months Ended	12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Mar. 26, 2021	Jan. 27, 2021 claim	Sep. 09, 2019 defendant	Sep. 30, 2022 USD ($) claim	Sep. 30, 2022 USD ($) claim	Dec. 31, 2021 USD ($) claim	Dec. 31, 2020 USD ($)	Dec. 31, 2019	Nov. 25, 2020 USD ($)	Mar. 31, 2020 lawsuit	Jan. 23, 2020 lawsuit	Aug. 01, 2018 lawFirm
Loss Contingencies [Line Items]
Outstanding letters of credit and surety bonds				$ 174,000	$ 174,000
Lawsuits consolidated \| lawsuit										3
Number of claims dismissed \| claim		1
Number of consolidated class action lawsuits \| lawsuit											4
Number of law firms retained \| lawFirm												2
Number of defendants \| defendant			14
Costs for settlement and defense of asbestos claims, net of insurance recoveries and taxes						$ 63,000	$ 35,000
Construction Laborers Pension Trust for Southern California \| Settled Litigation Pending Final Approval \| Insurers
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party					14,750
Federal Securities Class Action \| Settled Litigation Pending Final Approval \| The Company
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party					$ 7,250
Simon And Schuster
Loss Contingencies [Line Items]
Contingent termination fee									$ 200,000
Asbestos Claims
Loss Contingencies [Line Items]
Number of pending asbestos claims \| claim				25,880	25,880	27,770
Number of new asbestos claims \| claim				660
Number of asbestos claims closed or moved to inactive docket \| claim				1,570
Series A Convertible Preferred Stock
Loss Contingencies [Line Items]
Preferred stock, percentage	5.75%				5.75%	5.75%
CBS Television City
Loss Contingencies [Line Items]
Guaranteed cash flow period								5 years
Estimated liability				$ 51,000	$ 51,000
Famous Players
Loss Contingencies [Line Items]
Estimated liability				$ 25,000	$ 25,000

Supplemental Financial Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash and Cash Equivalents [Line Items]
Cash paid for interest	$ 755	$ 783
Noncash additions to operating lease assets	127	180
Continuing operations
Cash and Cash Equivalents [Line Items]
Cash paid for income taxes	31	171
Discontinued operations
Cash and Cash Equivalents [Line Items]
Cash paid for income taxes	$ 11	$ 40

Supplemental Financial Information - Lease Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Additional Financial Information Disclosure [Abstract]
Lease income	$ 16	$ 42	$ 50	$ 113

Supplemental Financial Information - Restructuring and Other Corporate Matters (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Severance	$ 77	$ 46	$ 105	$ 46
Exit costs	8	0	8	35
Restructuring charges	85	46	113	81
Other corporate matters	84	0	163	0
Restructuring and other corporate matters	169	46	276	81
Restructuring reserve	173		173		$ 190
Payments for restructuring			94
Legal Matters, Stockholder Matters Litigation
Restructuring Cost and Reserve [Line Items]
Other corporate matters	77		117
Russia, Belarus and Ukraine Counterparties
Restructuring Cost and Reserve [Line Items]
Other corporate matters	7		46
TV Media
Restructuring Cost and Reserve [Line Items]
Severance	77	5	86	5
Direct-to-Consumer
Restructuring Cost and Reserve [Line Items]
Severance	0	0	1	0
Filmed Entertainment
Restructuring Cost and Reserve [Line Items]
Severance	0	26	18	26
Corporate
Restructuring Cost and Reserve [Line Items]
Severance	$ 0	$ 15	$ 0	$ 15