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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number 001-09553
Paramount Global
(Exact name of registrant as specified in its charter)
Delaware04-2949533
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
1515 BroadwayNew York,New York10036
(Address of principal executive offices)(Zip Code)
(212) 258-6000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Class A Common Stock, $0.001 par valuePARAAThe Nasdaq Stock Market LLC
Class B Common Stock, $0.001 par valuePARAThe Nasdaq Stock Market LLC
5.75% Series A Mandatory Convertible Preferred Stock, $0.001 par valuePARAPThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer 
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No 
Number of shares of common stock outstanding at October 31, 2023:
Class A Common Stock, par value $.001 per share— 40,702,875
Class B Common Stock, par value $.001 per share— 610,703,513



PARAMOUNT GLOBAL
INDEX TO FORM 10-Q
Page
PART I – FINANCIAL INFORMATION
Item 1.
Item 1A.



PART I – FINANCIAL INFORMATION
Item 1.Financial Statements.
PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Revenues$7,133 $6,916 $22,014 $22,023 
Costs and expenses:  
Operating4,681 4,460 14,872 14,362 
Programming charges  2,371  
Selling, general and administrative1,736 1,670 5,272 4,999 
Depreciation and amortization105 92 310 282 
Restructuring and other corporate matters(10)169 44 276 
Total costs and expenses6,512 6,391 22,869 19,919 
Gain on dispositions 41  56 
Operating income (loss)621 566 (855)2,160 
Interest expense(232)(231)(698)(701)
Interest income29 33 97 73 
Gain (loss) from investments (9)168 (9)
Loss on extinguishment of debt    (120)
Other items, net(42)(36)(148)(91)
Earnings (loss) from continuing operations before income taxes
   and equity in loss of investee companies
376 323 (1,436)1,312 
(Provision for) benefit from income taxes(40)(101)436 (264)
Equity in loss of investee companies, net of tax(75)(58)(259)(124)
Net earnings (loss) from continuing operations261 164 (1,259)924 
Net earnings from discontinued operations, net of tax48 78 166 181 
Net earnings (loss) (Paramount and noncontrolling interests)309 242 (1,093)1,105 
Net earnings attributable to noncontrolling interests(14)(11)(29)(22)
Net earnings (loss) attributable to Paramount$295 $231 $(1,122)$1,083 
Amounts attributable to Paramount:
Net earnings (loss) from continuing operations$247 $153 $(1,288)$902 
Net earnings from discontinued operations, net of tax48 78 166 181 
Net earnings (loss) attributable to Paramount$295 $231 $(1,122)$1,083 
Basic net earnings (loss) per common share attributable to Paramount:  
Net earnings (loss) from continuing operations$.36 $.21 $(2.04)$1.32 
Net earnings from discontinued operations$.07 $.12 $.25 $.28 
Net earnings (loss)$.43 $.33 $(1.79)$1.60 
Diluted net earnings (loss) per common share attributable to Paramount:  
Net earnings (loss) from continuing operations$.36 $.21 $(2.04)$1.32 
Net earnings from discontinued operations$.07 $.12 $.25 $.28 
Net earnings (loss)$.43 $.33 $(1.79)$1.60 
Weighted average number of common shares outstanding:  
Basic652 649 651 649 
Diluted652 650 651 650 
See notes to consolidated financial statements.
-3-


PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; in millions)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Net earnings (loss) (Paramount and noncontrolling interests)$309 $242 $(1,093)$1,105 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments(87)(248)56 (457)
Decrease to net actuarial loss and prior service costs13 16 36 49 
Other comprehensive income (loss) from continuing operations,
net of tax (Paramount and noncontrolling interests)
(74)(232)92 (408)
Other comprehensive loss from discontinued operations(5)(8)(1)(14)
Comprehensive income (loss)230 2 (1,002)683 
Less: Comprehensive income attributable to noncontrolling interests14 10 31 17 
Comprehensive income (loss) attributable to Paramount$216 $(8)$(1,033)$666 
See notes to consolidated financial statements.

-4-


PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except per share amounts)
AtAt
September 30, 2023December 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents$1,804 $2,885 
Receivables, net6,939 7,412 
Programming and other inventory1,754 1,342 
Prepaid expenses and other current assets1,536 1,308 
Current assets of discontinued operations678 787 
Total current assets12,711 13,734 
Property and equipment, net1,668 1,762 
Programming and other inventory13,844 16,278 
Goodwill16,488 16,499 
Intangible assets, net2,675 2,694 
Operating lease assets1,264 1,391 
Deferred income tax assets, net1,273 1,242 
Other assets3,913 3,991 
Assets of discontinued operations804 802 
Total Assets$54,640 $58,393 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable$953 $1,403 
Accrued expenses2,118 2,071 
Participants’ share and royalties payable2,731 2,416 
Accrued programming and production costs1,695 2,063 
Deferred revenues848 973 
Debt38 239 
Other current liabilities1,196 1,477 
Current liabilities of discontinued operations471 549 
Total current liabilities10,050 11,191 
Long-term debt15,627 15,607 
Participants’ share and royalties payable1,453 1,744 
Pension and postretirement benefit obligations1,436 1,458 
Deferred income tax liabilities, net500 1,077 
Operating lease liabilities 1,307 1,428 
Program rights obligations209 367 
Other liabilities1,476 1,715 
Liabilities of discontinued operations204 200 
Commitments and contingencies (Note 13)
Paramount stockholders’ equity:
5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share;
    25 shares authorized; 10 (2023 and 2022) shares issued
  
Class A Common Stock, par value $.001 per share; 55 shares authorized;
41 (2023 and 2022) shares issued
  
Class B Common Stock, par value $.001 per share; 5,000 shares authorized;
1,114 (2023) and 1,112 (2022) shares issued
1 1 
Additional paid-in capital33,176 33,063 
Treasury stock, at cost; 503 (2023 and 2022) shares of Class B Common Stock
(22,958)(22,958)
Retained earnings13,363 14,737 
Accumulated other comprehensive loss (1,718)(1,807)
Total Paramount stockholders’ equity21,864 23,036 
Noncontrolling interests514 570 
Total Equity22,378 23,606 
Total Liabilities and Equity$54,640 $58,393 
See notes to consolidated financial statements.
-5-


PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Nine Months Ended
September 30,
20232022
Operating Activities:
Net earnings (loss) (Paramount and noncontrolling interests)$(1,093)$1,105 
Less: Net earnings from discontinued operations, net of tax166 181 
Net earnings (loss) from continuing operations(1,259)924 
Adjustments to reconcile net earnings (loss) from continuing operations to net cash flow
   (used for) provided by operating activities from continuing operations:
Depreciation and amortization310 282 
Programming charges2,371  
Deferred tax benefit(592)(42)
Stock-based compensation131 127 
Gain on dispositions (56)
(Gain) loss from investments(168)9 
Loss on extinguishment of debt 120 
Equity in loss of investee companies, net of tax259 124 
Change in assets and liabilities(1,226)(1,269)
Net cash flow (used for) provided by operating activities from continuing operations(174)219 
Net cash flow provided by operating activities from discontinued operations205 107 
Net cash flow provided by operating activities31 326 
Investing Activities:
Investments (184)(189)
Capital expenditures(213)(228)
Other investing activities56 37 
Net cash flow used for investing activities from continuing operations(341)(380)
Net cash flow used for investing activities from discontinued operations(3)(3)
Net cash flow used for investing activities(344)(383)
Financing Activities:
Proceeds from issuance of notes and debentures 989 
Repayment of notes and debentures(139)(3,010)
Dividends paid on preferred stock(43)(43)
Dividends paid on common stock(351)(471)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation(21)(14)
Payments to noncontrolling interests(97)(106)
Other financing activities(93)(26)
Net cash flow used for financing activities(744)(2,681)
Effect of exchange rate changes on cash and cash equivalents(24)(146)
Net decrease in cash and cash equivalents(1,081)(2,884)
Cash and cash equivalents at beginning of year 2,885 6,267 
Cash and cash equivalents at end of period$1,804 $3,383 
See notes to consolidated financial statements.
-6-


PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited; in millions)
Three Months Ended September 30, 2023
Preferred StockClass A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal Paramount Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)(Shares)
June 30, 202310 $ 651 $1 $33,135 $(22,958)$13,116 $(1,639)$21,655 $502 $22,157 
Stock-based
compensation
activity
— — 1 — 41 — — — 41 — 41 
Preferred stock
dividends
— — — — — — (14)— (14)— (14)
Common stock
dividends
— — — — — — (34)— (34)— (34)
Noncontrolling
interests
— — — — — — — — — (2)(2)
Net earnings— — — — — — 295 — 295 14 309 
Other comprehensive
loss
— — — — — — — (79)(79)— (79)
September 30, 202310 $ 652 $1 $33,176 $(22,958)$13,363 $(1,718)$21,864 $514 $22,378 
Nine Months Ended September 30, 2023
Preferred StockClass A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal Paramount Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)(Shares)
December 31, 202210 $ 650 $1 $33,063 $(22,958)$14,737 $(1,807)$23,036 $570 $23,606 
Stock-based
compensation
activity and other
— — 2 — 113 — 19 — 132 — 132 
Preferred stock
dividends
— — — — — — (43)— (43)— (43)
Common stock
dividends
— — — — — — (228)— (228)— (228)
Noncontrolling
interests
— — — — — — — — — (87)(87)
Net earnings (loss)— — — — — — (1,122)— (1,122)29 (1,093)
Other comprehensive
income
— — — — — — — 89 89 2 91 
September 30, 202310 $ 652 $1 $33,176 $(22,958)$13,363 $(1,718)$21,864 $514 $22,378 
See notes to consolidated financial statements.


-7-


PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(Unaudited; in millions)
Three Months Ended September 30, 2022
Preferred StockClass A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal Paramount Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)(Shares)
June 30, 202210 $ 649 $1 $32,984 $(22,958)$14,829 $(2,080)$22,776 $504 $23,280 
Stock-based
compensation
activity
— — — — 50 — — — 50 — 50 
Preferred stock
dividends
— — — — — — (14)— (14)— (14)
Common stock
dividends
— — — — — — (159)— (159)— (159)
Noncontrolling
interests
— — — — — — 2 — 2 (22)(20)
Net earnings— — — — — — 231 — 231 11 242 
Other comprehensive
loss
— — — — — — — (239)(239)(1)(240)
September 30, 202210 $ 649 $1 $33,034 $(22,958)$14,889 $(2,319)$22,647 $492 $23,139 
Nine Months Ended September 30, 2022
Preferred StockClass A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal Paramount Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)(Shares)
December 31, 202110 $ 648 $1 $32,918 $(22,958)$14,343 $(1,902)$22,402 $568 $22,970 
Stock-based
compensation
activity
— — 1 — 116 — — — 116 — 116 
Preferred stock
dividends
— — — — — — (43)— (43)— (43)
Common stock
dividends
— — — — — — (477)— (477)— (477)
Noncontrolling
interests
— — — — — — (17)— (17)(93)(110)
Net earnings— — — — — — 1,083 — 1,083 22 1,105 
Other comprehensive
loss
— — — — — — — (417)(417)(5)(422)
September 30, 202210 $ 649 $1 $33,034 $(22,958)$14,889 $(2,319)$22,647 $492 $23,139 
See notes to consolidated financial statements.
-8-



PARAMOUNT GLOBAL AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in millions, except per share amounts)

1) BASIS OF PRESENTATION
Description of Business—Paramount Global, a global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide, is comprised of the following segments:

TV Media—Our TV Media segment consists of our (1) broadcast operationsthe CBS Television Network, our domestic broadcast television network; CBS Stations, our owned television stations; and our international free-to-air networks, Network 10, Channel 5, Telefe, and Chilevisión; (2) premium and basic cable networks, including Showtime (to be rebranded to Paramount+ with Showtime in the future), MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, CBS Sports Network, and international extensions of certain of these brands; (3) domestic and international television studio operations, including CBS Studios, Paramount Television Studios and MTV Entertainment Studios, as well as CBS Media Ventures, which produces and distributes first-run syndicated programming. TV Media also includes a number of digital properties such as CBS News Streaming and CBS Sports HQ.

Direct-to-Consumer—Our Direct-to-Consumer segment consists of our portfolio of domestic and international pay and free streaming services, including Paramount+, Pluto TV, Showtime Networks’ domestic premium subscription streaming service (Showtime OTT), BET+ and Noggin. Effective June 27, 2023, we launched the Paramount+ with Showtime plan in the United States, which replaced the Paramount+ Premium plan. Effective July 6, 2023, Showtime OTT was no longer offered as a standalone subscription service for new subscribers.

Filmed EntertainmentOur Filmed Entertainment segment consists of Paramount Pictures, Paramount Players, Paramount Animation, Nickelodeon Studio, Awesomeness and Miramax.

References to “Paramount,” the “Company,” “we,” “us” and “our” refer to Paramount Global and its consolidated subsidiaries, unless the context otherwise requires.

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, 2022.

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—Simon & Schuster is 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
-9-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
apparent from other sources. Actual results may vary from these estimates under different assumptions or conditions.

Net Earnings (Loss) per Common Share—Basic net earnings (loss) per share (“EPS”) is based upon net earnings (loss) available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings (loss) available to common stockholders is calculated as net earnings (loss) from continuing operations or net earnings (loss), as applicable, adjusted to include a reduction for dividends recorded during the applicable period on our 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”).

Weighted average shares for diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted share units (“RSUs”) or performance share 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 (loss) available to common stockholders.

For the nine months ended September 30, 2023, all of our stock options and RSUs, which totaled 19 million, were excluded from the calculation of diluted EPS because their inclusion would have been antidilutive since we reported a net loss. Stock options and RSUs totaling 18 million for the three months ended September 30, 2023 and 14 million and 10 million for the three and nine months ended September 30, 2022, respectively, were excluded from the calculations of diluted EPS because their inclusion would have been antidilutive. Also excluded from the calculation of diluted EPS for each period 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 EndedNine Months Ended
September 30,September 30,
(in millions)2023202220232022
Weighted average shares for basic EPS652 649 651 649 
Dilutive effect of shares issuable under stock-based
compensation plans
 1  1 
Weighted average shares for diluted EPS652 650 651 650 

-10-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Additionally, because the impact of the assumed conversion of the Mandatory Convertible Preferred Stock would have been antidilutive, net earnings (loss) from continuing operations and net earnings (loss) used in our calculations of diluted EPS for the three and nine months ended September 30, 2023 and 2022 include a reduction for the preferred stock dividends recorded during each period. The table below presents a reconciliation of net earnings (loss) from continuing operations and net earnings (loss) to the amounts used in the calculations of basic and diluted EPS.
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Amounts attributable to Paramount:
Net earnings (loss) from continuing operations$247 $153 $(1,288)$902 
Preferred stock dividends(14)(14)(43)(43)
Net earnings (loss) from continuing operations for basic and
   diluted EPS calculation
$233 $139 $(1,331)$859 
Amounts attributable to Paramount:
Net earnings (loss)
$295 $231 $(1,122)$1,083 
Preferred stock dividends(14)(14)(43)(43)
Net earnings (loss) for basic and diluted EPS calculation
$281 $217 $(1,165)$1,040 
-11-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
2) DISPOSITIONS
Simon & Schuster
On October 30, 2023, we completed the sale of Simon & Schuster to affiliates of Kohlberg Kravis Roberts & Co. for $1.62 billion. As a result, we will recognize a gain in the fourth quarter of 2023, which we estimate will be approximately $700 million.

The following table sets forth details of net earnings from discontinued operations for the three and nine months ended September 30, 2023 and 2022, which primarily reflects the results of Simon & Schuster.
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Revenues$307 $353 $857 $863 
Costs and expenses:
Operating195 198 501 483 
Selling, general and administrative 49 45 138 130 
Restructuring charges 2  2 
Total costs and expenses (a)
244 245 639 615 
Operating income63 108 218 248 
Other items, net(4)(3)(11)(9)
Earnings from discontinued operations59 105 207 239 
Provision for income taxes (b)
(11)(27)(41)(58)
Net earnings from discontinued operations, net of tax $48 $78 $166 $181 
(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 $3 million and $9 million for the three and nine months ended September 30, 2023, respectively, and $15 million and $25 million for the three and nine months ended September 30, 2022, respectively.
(b) The tax provision includes amounts relating to previously disposed businesses of $1 million and $2 million for the three and nine months ended September 30, 2023, respectively, and $4 million and $6 million for the three and nine months ended September 30, 2022, respectively.
The following table presents the major classes of assets and liabilities of our discontinued operations.
AtAt
September 30, 2023December 31, 2022
Receivables, net$465 $558 
Other current assets213 229 
Goodwill 435 434 
Property and equipment, net56 53 
Operating lease assets220 204 
Other assets93 111 
Total Assets$1,482 $1,589 
Royalties payable$146 $161 
Other current liabilities325 388 
Operating lease liabilities187 182 
Other liabilities17 18 
Total Liabilities$675 $749 
-12-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Other
In September 2022, in connection with our funding commitments under our streaming joint venture with Comcast Corporation, SkyShowtime, we made a noncash contribution of certain assets of Paramount+ in the Nordics to the joint venture, which resulted in a gain of $41 million. This gain is included in “Gain on dispositions” on the Consolidated Statements of Operations for the three and nine months ended September 30, 2022. 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.
3) PROGRAMMING AND OTHER INVENTORY
The following table presents our programming and other inventory at September 30, 2023 and December 31, 2022, grouped by type and predominant monetization strategy.
AtAt
September 30, 2023December 31, 2022
Film Group Monetization:
Acquired program rights, including prepaid sports rights$3,438 $3,238 
Internally-produced television and film programming:
Released6,591 7,154 
In process and other2,178 3,299 
Individual Monetization:
Acquired libraries361 394 
Film inventory:
Released686 694 
Completed, not yet released146 129 
In process and other1,198 1,317 
Internally-produced television programming:
Released506 624 
In process and other459 726 
Home entertainment35 45 
Total programming and other inventory15,598 17,620 
Less current portion1,754 1,342 
Total noncurrent programming and other inventory$13,844 $16,278 
The following table presents amortization of our television and film programming and production costs, which is included within “Operating expenses” on the Consolidated Statements of Operations.
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Programming costs, acquired programming$1,113 $987 $3,761 $3,632 
Production costs, internally-produced television and film
   programming:
Individual monetization$530 $392 $1,660 $1,554 
Film group monetization$1,104 $1,202 $3,830 $3,646 
-13-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Programming Charges
During the first half of 2023, in connection with the integration of Showtime into Paramount+ across both streaming and linear platforms, we performed a comprehensive strategic review of the combined content portfolio of Showtime and Paramount+. Additionally, during the first quarter of 2023, we commenced a review of our international content portfolio in connection with initiatives to rationalize and right-size our international operations to align with our streaming strategy, and close or globalize certain of our international channels. As a result, we changed the strategy for certain content, which led to content being removed from our platforms or abandoned, the write-off of development costs, distribution changes, and termination of programming agreements. Accordingly, during the first half of 2023 we recorded programming charges on the Consolidated Statement of Operations relating to these actions. These charges, which totaled $2.37 billion, were comprised of $1.97 billion for the impairment of content to its estimated fair value, as well as $402 million for development cost write-offs and contract termination costs. For content that was removed from our platforms or abandoned, the estimated fair value was determined using assumptions for secondary market licensing revenues, if any.
4) RELATED PARTIES
National Amusements, Inc.
National Amusements, Inc. (“NAI”) is the controlling stockholder of the Company. At September 30, 2023, 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 EndedNine Months Ended
September 30,September 30,
2023202220232022
Revenues$66 $83 $261 $211 
Operating expenses$5 $11 $18 $17 

AtAt
September 30, 2023 (a)
December 31, 2022
Receivables, net$232 $180 
Other assets (Receivables, noncurrent)$89 $18 
(a) The increase in receivables relates to our SkyShowtime joint venture.

Through the normal course of business, we are involved in other transactions with related parties that have not been material in any of the periods presented.
-14-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
5) REVENUES
The table below presents our revenues disaggregated into categories based on the nature of such revenues. See Note 12 for revenues by segment disaggregated into these categories.
Three Months Ended Nine Months Ended
September 30,September 30,
2023202220232022
Revenues by Type:
Advertising $2,133 $2,337 $7,179 $7,746 
Affiliate and subscription3,262 2,863 9,676 8,591 
Theatrical377 231 735 1,126 
Licensing and other1,361 1,485 4,424 4,560 
Total Revenues$7,133 $6,916 $22,014 $22,023 
Receivables
Reserves for accounts receivable reflect our expected credit losses based on historical experience as well as current and expected economic conditions. At September 30, 2023 and December 31, 2022, our allowance for credit losses was $99 million and $111 million, respectively.

Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.42 billion and $1.61 billion at September 30, 2023 and December 31, 2022, 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 were $0.9 billion and $1.06 billion at September 30, 2023 and December 31, 2022, respectively. We recognized revenues of $0.8 billion for each of the nine months ended September 30, 2023 and 2022 that were included in the opening balance of deferred revenues for the respective year.

Unrecognized Revenues Under Contract
At September 30, 2023, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were approximately $8 billion, of which $1 billion is expected to be recognized during the remainder of 2023, $3 billion in 2024, $2 billion in 2025, and $2 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. In addition, the timing of satisfying certain of the performance obligations under these long-term contracts is uncertain and, therefore, is also subject to change. 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.

-15-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Performance Obligations Satisfied in Previous Periods
Under 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, 2023 and 2022, we recognized revenues of $0.1 billion and $0.3 billion, respectively, and for each of the nine months ended September 30, 2023 and 2022, 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.
6) DEBT
Our debt consists of the following:
AtAt
September 30, 2023December 31, 2022
7.875% Debentures due 2023
$ $139 
7.125% Senior Notes due 2023
35 35 
4.75% Senior Notes due 2025
553 552 
4.0% Senior Notes due 2026
796 795 
3.45% Senior Notes due 2026
124 124 
2.90% Senior Notes due 2027
695 694 
3.375% Senior Notes due 2028
497 496 
3.70% Senior Notes due 2028
495 494 
4.20% Senior Notes due 2029
496 495 
7.875% Senior Debentures due 2030
830 830 
4.95% Senior Notes due 2031
1,228 1,226 
4.20% Senior Notes due 2032
977 975 
5.50% Senior Debentures due 2033
427 427 
4.85% Senior Debentures due 2034
87 87 
6.875% Senior Debentures due 2036
1,071 1,071 
6.75% Senior Debentures due 2037
76 75 
5.90% Senior Notes due 2040
298 298 
4.50% Senior Debentures due 2042
45 45 
4.85% Senior Notes due 2042
489 488 
4.375% Senior Debentures due 2043
1,136 1,130 
4.875% Senior Debentures due 2043
18 18 
5.85% Senior Debentures due 2043
1,234 1,233 
5.25% Senior Debentures due 2044
345 345 
4.90% Senior Notes due 2044
541 541 
4.60% Senior Notes due 2045
590 590 
4.95% Senior Notes due 2050
947 946 
6.25% Junior Subordinated Debentures due 2057
643 643 
6.375% Junior Subordinated Debentures due 2062
989 989 
Other bank borrowings 55 
Obligations under finance leases3 10 
Total debt (a)
15,665 15,846 
Less current portion 38 239 
Total long-term debt, net of current portion$15,627 $15,607 
(a) At September 30, 2023 and December 31, 2022, the senior and junior subordinated debt balances included (i) a net unamortized discount of $427 million and $442 million, respectively, and (ii) unamortized deferred financing costs of $84 million and $89 million, respectively. The face value of our total debt was $16.18 billion and $16.38 billion at September 30, 2023 and December 31, 2022, respectively.
-16-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
In September 2023, we repaid our $139 million of 7.875% debentures upon maturity. In addition, on November 1, 2023, we repaid our $35 million of 7.125% senior notes upon maturity.

On November 2, 2023, we announced the commencement of cash tender offers for up to $1.0 billion combined aggregate purchase price of certain of our outstanding senior notes due between 2025 and 2028.

During the nine months ended September 30, 2022, we redeemed $2.39 billion of senior notes, prior to maturity, for an aggregate redemption price of $2.49 billion. Also in 2022, we redeemed $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 also issued $1.00 billion of 6.375% junior subordinated debentures due 2062.

Commercial Paper
At both September 30, 2023 and December 31, 2022, we had no outstanding commercial paper borrowings.

Credit Facility
During the first quarter of 2023, we amended and extended our $3.50 billion revolving credit facility (the “Credit Facility”), which now matures in January 2027 (the “2023 Amendment”). 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 into. Under the 2023 Amendment, we replaced LIBOR as the benchmark rate for loans denominated in U.S. dollars with Term SOFR. The benchmark rate for loans denominated in euros, sterling and yen is based on EURIBOR, SONIA and TIBOR, respectively. The Credit Facility was also amended to include a provision that the occurrence of a Change of Control (as defined in the amended credit agreement) of Paramount will be an event of default that would give the lenders the right to accelerate any outstanding loans and terminate their commitments. At September 30, 2023, we had no borrowings outstanding under the Credit Facility and the availability under the Credit Facility was $3.50 billion.

The Credit Facility has one principal financial covenant which sets a maximum Consolidated Total Leverage Ratio (“Leverage Ratio”) at the end of each quarter, which prior to the 2023 Amendment was 4.5x. Under the 2023 Amendment, the maximum Leverage Ratio was increased to 5.75x for each quarter through and including the quarter ending September 30, 2024, and will then decrease to 5.5x for the quarters ending December 31, 2024 and March 31, 2025, with decreases of 0.25x for each subsequent quarter until it reaches 4.5x for the quarter ending March 31, 2026. The Leverage Ratio reflects the ratio of our Consolidated Indebtedness, net of unrestricted cash and cash equivalents at the end of a quarter, to our Consolidated EBITDA (each as defined in the amended credit agreement) for the trailing twelve-month period. Under the 2023 Amendment, the definition of the Leverage Ratio was also modified to set the maximum amount of unrestricted cash and cash equivalents that can be netted against Consolidated Indebtedness to $1.50 billion for quarters ending on or after September 30, 2024. In addition, under the 2023 Amendment, Simon & Schuster was treated as a continuing operation for the purposes of calculating Consolidated EBITDA until its disposition in October 2023. We met the covenant as of September 30, 2023.

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PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Other Bank Borrowings
At September 30, 2023, we had no outstanding bank borrowings under Miramax’s $50 million credit facility, which matures in November 2024. This facility replaced the previous $300 million credit facility that matured in April 2023. At December 31, 2022, we had $55 million of bank borrowings under the previous facility with a weighted average interest rate of 7.09%.
7) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
The carrying value of our financial instruments approximates fair value, except for notes and debentures. At September 30, 2023 and December 31, 2022, the carrying value of our outstanding notes and debentures was $15.66 billion and $15.78 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy) was $13.0 billion and $13.9 billion, respectively.

Investments
In April 2023, our ownership of Viacom18 was diluted from 49% to 13% following investment by other parties. Accordingly, we no longer account for it under the equity method. The difference between the carrying value of our 49% interest and the fair value of our 13% interest, as indicated by the additional investments, resulted in a noncash gain of $168 million during the second quarter of 2023.

In September 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 consisted of transaction costs. This loss, along with an impairment of an investment of $5 million, is recorded in “Gain (loss) from investments” on the Consolidated Statements of Operations.

The carrying value of our investments without a readily determinable fair value for which we have no significant influence, including Viacom18 subsequent to the dilution of our investment, was $592 million and $70 million at September 30, 2023 and December 31, 2022, respectively. These investments are included in “Other assets” on the Consolidated Balance Sheets.

Foreign Exchange Contracts
We use derivative financial instruments primarily to manage 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, 2023 and December 31, 2022, the notional amount of all foreign exchange contracts was $2.62 billion and $3.06 billion, respectively. At September 30, 2023, $2.14 billion related to future production costs and $477 million related to our foreign currency balances and other expected foreign currency cash flows. At December 31, 2022, $2.40 billion related to future production costs and $655 million related to our foreign currency balances and other expected foreign currency cash flows.

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PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)