0000813828-24-000020 | 10-Q | XBRL Viewer

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss (Paramount and noncontrolling interests)	$ (544)	$ (1,112)
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	(68)	53
Decrease to net actuarial loss and prior service costs	9	11
Other comprehensive income (loss) from continuing operations, net of tax (Paramount and noncontrolling interests)	(59)	64
Other comprehensive income from discontinued operations	0	2
Comprehensive loss	(603)	(1,046)
Less: Comprehensive income attributable to noncontrolling interests	10	7
Comprehensive loss attributable to Paramount	$ (613)	$ (1,053)

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

The carrying value of our financial instruments approximates fair value, except for notes and debentures. At March 31, 2024 and December 31, 2023, the carrying value of our outstanding notes and debentures was $14.61 billion and $14.60 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy) was $12.7 billion and $13.6 billion, respectively.

Investments

Our investments without a readily determinable fair value for which we have no significant influence, which are principally comprised of our investment in Viacom18, had a carrying value of $607 million and $612 million at March 31, 2024 and December 31, 2023, respectively. These investments are included in “Other assets” on the Consolidated Balance Sheets.

In March 2024, we entered into an agreement to sell our 13% interest in Viacom18 to Reliance Industries Limited (“Reliance”), the majority interest holder, for an aggregate purchase price of 42.86 billion Indian rupees (approximately $517 million based on the foreign exchange rate at the agreement date). The closing of this transaction is subject to the satisfaction of certain customary conditions, including receipt of applicable regulatory approvals and the completion of a separate transaction between Viacom18, Reliance and a third party.

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 March 31, 2024 and December 31, 2023, the notional amount of all foreign exchange contracts was $3.12 billion and $2.72 billion, respectively. At March 31, 2024, $2.57 billion related to future production costs and $546 million related to our foreign currency balances and other expected foreign currency cash flows. At December 31, 2023, $2.20 billion related to future production costs and $523 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
	March 31,
		2024		2023		Financial Statement Account
Non-designated foreign exchange contracts		$	9	$	1	Other items, net

Fair Value Measurements

The table below presents our assets and liabilities measured at fair value on a recurring basis at March 31, 2024 and December 31, 2023. 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
	March 31, 2024			December 31, 2023
Assets:

Foreign currency hedges		$	22		$	40
Total Assets		$	22		$	40
Liabilities:
Deferred compensation		$	367		$	366
Foreign currency hedges		18			30
Total Liabilities		$	385		$	396

The estimated fair values of our impaired content and lease assets were determined using Level 3 inputs. See Notes 2 and 3, respectively.

STOCKHOLDERS’ EQUITY - Summary of Common Stock Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Total common stock dividends	$ 35	$ 161
Total preferred stock dividends	$ 14	$ 14
Class A and Class B Common Stock
Class of Stock [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.05	$ 0.24
Total common stock dividends	$ 35	$ 161
Mandatory Convertible Preferred Stock
Class of Stock [Line Items]
Dividends declared per preferred share (in dollars per share)	$ 1.4375	$ 1.4375
Total preferred stock dividends	$ 14	$ 14

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

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.


	Three Months Ended
	March 31,
		2024		2023
Revenues:
Advertising		$	2,582	$	2,256
Affiliate and subscription		1,998		2,067
Licensing and other		651		870
TV Media		5,231		5,193
Advertising		520		398
Subscription		1,359		1,112

Direct-to-Consumer		1,879		1,510
Advertising		1		5
Theatrical		153		127
Licensing and other		451		456
Filmed Entertainment		605		588
Eliminations		(30)		(26)
Total Revenues		$	7,685	$	7,265

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. For content that is licensed between segments, content costs are allocated across segments based on the relative value of the distribution windows within each segment. Accordingly, no intersegment licensing revenues or profits are recorded by the licensor segment.


	Three Months Ended
	March 31,
		2024		2023
Intercompany Revenues:
TV Media		$	13	$	13

Filmed Entertainment		17		13
Total Intercompany Revenues		$	30	$	26

We present operating income excluding depreciation and amortization, stock-based compensation, restructuring charges, and programming charges, each where applicable (“Adjusted OIBDA”), as the measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting since it is the measure 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
	March 31,
		2024		2023
Adjusted OIBDA:
TV Media		$	1,445	$	1,306
Direct-to-Consumer		(286)		(511)
Filmed Entertainment		(3)		(99)
Corporate/Eliminations		(124)		(109)
Stock-based compensation (a)		(45)		(39)
Depreciation and amortization		(100)		(100)
Programming charges		(1,118)		(1,674)
Restructuring charges		(186)		—

Operating loss		(417)		(1,226)
Interest expense		(221)		(226)
Interest income		45		35
Loss from investment		(4)		—

Other items, net		(38)		(46)
Loss from continuing operations before income taxes and equity in loss of investee companies		(635)		(1,463)
Benefit from income taxes		172		381
Equity in loss of investee companies, net of tax		(90)		(75)
Net loss from continuing operations		(553)		(1,157)
Net earnings from discontinued operations, net of tax		9		45
Net loss (Paramount and noncontrolling interests)		(544)		(1,112)
Net earnings attributable to noncontrolling interests		(10)		(6)
Net loss attributable to Paramount		$	(554)	$	(1,118)

(a) For the three months ended March 31, 2024, stock-based compensation expense of $2 million is included in “Restructuring charges”.

- 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.

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+ Details

SEGMENT INFORMATION - Revenues by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 7,685	$ 7,265
Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	5,231	5,193
Operating Segments \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	1,879	1,510
Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	605	588
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	(30)	(26)
Eliminations \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	(13)	(13)
Eliminations \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	(17)	(13)
Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	3,096	2,651
Advertising \| Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	2,582	2,256
Advertising \| Operating Segments \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	520	398
Advertising \| Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	1	5
Affiliate and subscription
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	3,357	3,179
Affiliate and subscription \| Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	1,998	2,067
Affiliate and subscription \| Operating Segments \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	1,359	1,112
Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	1,079	1,308
Licensing and other \| Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	651	870
Licensing and other \| Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	451	456
Theatrical
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	153	127
Theatrical \| Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 153	$ 127

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Fair Value Measurements (Details) - Level 2 - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets:
Foreign currency hedges	$ 22	$ 40
Total Assets	22	40
Liabilities:
Deferred compensation	367	366
Foreign currency hedges	18	30
Total Liabilities	$ 385	$ 396

STOCKHOLDERS’ EQUITY - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 22,526
Ending balance	21,894
Cumulative Translation Adjustments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(504)	$ (680)
Other comprehensive income (loss) before reclassifications	(68)	52
Reclassifications to net loss	0	0
Other comprehensive income (loss)	(68)	52
Ending balance	(572)	(628)
Net Actuarial Loss and Prior Service Cost
AOCI Attributable to Parent, Net of Tax
Beginning balance	(1,052)	(1,097)
Other comprehensive income (loss) before reclassifications	0	0
Reclassifications to net loss	9	11
Other comprehensive income (loss)	9	11
Ending balance	(1,043)	(1,086)
Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax
Beginning balance		(30)
Other comprehensive income (loss) before reclassifications		2
Reclassifications to net loss		0
Other comprehensive income (loss)		2
Ending balance		(28)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax
Beginning balance	(1,556)	(1,807)
Other comprehensive income (loss) before reclassifications	(68)	54
Reclassifications to net loss	9	11
Other comprehensive income (loss)	(59)	65
Ending balance	$ (1,615)	$ (1,742)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2

+ Details

SEGMENT INFORMATION - Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Stock-based compensation	$ (47)	$ (39)
Depreciation and amortization	(100)	(100)
Programming charges	(1,118)	(1,674)
Restructuring charges	(186)	0
Operating loss	(417)	(1,226)
Interest expense	(221)	(226)
Interest income	45	35
Loss from investment	(4)	0
Other items, net	(38)	(46)
Loss from continuing operations before income taxes and equity in loss of investee companies	(635)	(1,463)
Benefit from income taxes	172	381
Equity in loss of investee companies, net of tax	(90)	(75)
Net loss from continuing operations	(553)	(1,157)
Net earnings from discontinued operations, net of tax	9	45
Net loss (Paramount and noncontrolling interests)	(544)	(1,112)
Net earnings attributable to noncontrolling interests	(10)	(6)
Net loss attributable to Paramount	(554)	(1,118)
Restructuring Charges
Segment Reporting Information [Line Items]
Restructuring charges	(153)
Operating Segments \| TV Media
Segment Reporting Information [Line Items]
Adjusted OIBDA	1,445	1,306
Operating Segments \| TV Media \| Restructuring Charges
Segment Reporting Information [Line Items]
Restructuring charges	(91)
Operating Segments \| Direct-to-Consumer
Segment Reporting Information [Line Items]
Adjusted OIBDA	(286)	(511)
Operating Segments \| Direct-to-Consumer \| Restructuring Charges
Segment Reporting Information [Line Items]
Restructuring charges	(14)
Operating Segments \| Filmed Entertainment
Segment Reporting Information [Line Items]
Adjusted OIBDA	(3)	(99)
Operating Segments \| Filmed Entertainment \| Restructuring Charges
Segment Reporting Information [Line Items]
Restructuring charges	(18)
Corporate/Eliminations
Segment Reporting Information [Line Items]
Adjusted OIBDA	(124)	(109)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Stock-based compensation	(45)	(39)
Depreciation and amortization	(100)	(100)
Programming charges	(1,118)	(1,674)
Restructuring charges	(186)	$ 0
Segment Reconciling Items \| Restructuring Charges
Segment Reporting Information [Line Items]
Stock-based compensation	$ (2)

REVENUES (Tables)

3 Months Ended

Mar. 31, 2024

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 12 for revenues by segment disaggregated into these categories.


	Three Months Ended
	March 31,
		2024		2023
Revenues by Type:
Advertising		$	3,096	$	2,651
Affiliate and subscription		3,357		3,179
Theatrical		153		127
Licensing and other		1,079		1,308
Total Revenues		$	7,685	$	7,265

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Benefit from income taxes	$ 172	$ 381
Effective income tax rate	27.10%	26.00%
Percentage point decrease in effective tax rate	5.00%	(1.50%)

- 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 (Tables)

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Components of Net Periodic Cost

The following table presents the components of net periodic cost for our pension and postretirement benefit plans, which are included within “Other items, net” on the Consolidated Statements of Operations.


	Pension Benefits				Postretirement Benefits
Three Months Ended March 31,	2024		2023		2024		2023
Components of net periodic cost (a):

Interest cost	$	49	$	51	$	2	$	3
Expected return on plan assets	(34)		(32)		—		—
Amortization of actuarial loss (gain) (b)	20		21		(4)		(4)
Net periodic cost	$	35	$	40	$	(2)	$	(1)

(a) Amounts reflect our domestic plans only.

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

STOCKHOLDERS’ EQUITY (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Summary of Common and Preferred Stock Dividends

The following table presents dividends declared per share and total dividends for our Class A and Class B Common Stock and our Mandatory Convertible Preferred Stock for the three months ended March 31, 2024 and 2023.


	Three Months Ended
	March 31,
		2024		2023
Class A and Class B Common Stock
Dividends declared per common share		$	.05	$	.24

Total common stock dividends		$	35	$	161
Mandatory Convertible Preferred Stock
Dividends declared per preferred share		$	1.4375	$	1.4375

Total preferred stock dividends		$	14	$	14

Schedule of Accumulated Other Comprehensive Income (Loss)

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


	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Accumulated Other Comprehensive Loss
At December 31, 2023		$	(504)		$	(1,052)			$	(1,556)
Other comprehensive loss before reclassifications		(68)			—				(68)
Reclassifications to net loss		—			9		(a)		9
Other comprehensive income (loss)		(68)			9				(59)
At March 31, 2024		$	(572)		$	(1,043)			$	(1,615)


	Continuing Operations							Discontinued Operations
	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Other Comprehensive Income (Loss) (b)			Accumulated Other Comprehensive Loss
At December 31, 2022		$	(680)		$	(1,097)			$	(30)		$	(1,807)
Other comprehensive income before reclassifications		52			—				2			54
Reclassifications to net loss		—			11		(a)		—			11
Other comprehensive income		52			11				2			65
At March 31, 2023		$	(628)		$	(1,086)			$	(28)		$	(1,742)

(a) Reflects amortization of net actuarial losses (see Note 11).

(b) Reflects cumulative translation adjustments.

PROGRAMMING AND OTHER INVENTORY - Summary of Programming and Other Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Acquired program rights, including prepaid sports rights, film group monetization	$ 2,536	$ 3,318
Acquired libraries, individual monetization	339	348
Home entertainment	30	34
Total programming and other inventory	14,312	15,265
Less current portion	892	1,414
Total noncurrent programming and other inventory	13,420	13,851
Internally Produced Television and Film Programming
Inventory [Line Items]
Released, film group monetization	6,494	6,666
In process and other, film group monetization	1,859	2,028
Released, individual monetization	476	496
In process and other, individual monetization	429	361
Films
Inventory [Line Items]
Released, individual monetization	727	624
Completed, not yet released, individual monetization	31	179
In process and other, individual monetization	$ 1,391	$ 1,211

PENSION AND OTHER POSTRETIREMENT BENEFITS

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFITS


	Pension Benefits				Postretirement Benefits
Three Months Ended March 31,	2024		2023		2024		2023
Components of net periodic cost (a):

Interest cost	$	49	$	51	$	2	$	3
Expected return on plan assets	(34)		(32)		—		—
Amortization of actuarial loss (gain) (b)	20		21		(4)		(4)
Net periodic cost	$	35	$	40	$	(2)	$	(1)

(a) Amounts reflect our domestic plans only.

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

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

DISCONTINUED OPERATIONS - Narrative (Details) $ in Millions	3 Months Ended
DISCONTINUED OPERATIONS - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Discontinued Operations, Disposed of by Sale \| Simon & Schuster
Discontinued Operations [Line Items]
Gain on sale of business	$ 12

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 2,384	$ 2,460
Receivables, net	7,096	7,115
Programming and other inventory	892	1,414
Prepaid expenses and other current assets	1,511	1,677
Current assets of discontinued operations	49	37
Total current assets	11,932	12,703
Property and equipment, net	1,612	1,666
Programming and other inventory	13,420	13,851
Goodwill	16,500	16,516
Intangible assets, net	2,580	2,589
Operating lease assets	1,117	1,183
Deferred income tax assets, net	1,244	1,242
Other assets	3,622	3,793
Total Assets	52,027	53,543
Current Liabilities:
Accounts payable	787	1,100
Accrued expenses	1,728	2,104
Participants’ share and royalties payable	2,625	2,702
Accrued programming and production costs	1,994	1,842
Deferred revenues	671	746
Debt	1	1
Other current liabilities	1,438	1,161
Total current liabilities	9,244	9,656
Long-term debt	14,607	14,601
Participants’ share and royalties payable	1,337	1,394
Pension and postretirement benefit obligations	1,332	1,337
Deferred income tax liabilities, net	273	503
Operating lease liabilities	1,199	1,256
Program rights obligations	204	204
Other liabilities	1,494	1,542
Commitments and contingencies (Note 14)
Paramount stockholders’ equity:
Additional paid-in capital	33,240	33,210
Treasury stock, at cost; $503 (2024 and 2023) shares of Class B Common Stock	(22,958)	(22,958)
Retained earnings	13,226	13,829
Accumulated other comprehensive loss	(1,615)	(1,556)
Total Paramount stockholders’ equity	21,894	22,526
Noncontrolling interests	443	524
Total Equity	22,337	23,050
Total Liabilities and Equity	52,027	53,543
Mandatory Convertible Preferred Stock
Paramount stockholders’ equity:
5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share; 25 shares authorized; 10 (2024 and 2023) shares issued	0	0
Class A Common Stock
Paramount stockholders’ equity:
Common stock	0	0
Class B Common Stock
Paramount stockholders’ equity:
Common stock	$ 1	$ 1

PROGRAMMING AND OTHER INVENTORY - Amortization of Programming and Production Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Inventory Disclosure [Abstract]
Acquired program rights	$ 1,782	$ 1,414
Internally-produced television and film programming, and acquired libraries:
Individual monetization	298	396
Film group monetization	$ 1,060	$ 1,368

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details) ₨ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 INR (₨)	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Carrying value of notes and debentures	$ 14,610		$ 14,600
Fair value of debt	12,700		13,600
Investments without readily determinable fair value	$ 607		612
Foreign exchange contract \| Cash Flow Hedging
Derivative [Line Items]
Maximum derivative contract term	24 months
Notional amount of derivative	$ 3,120		2,720
Foreign exchange contract \| Cash Flow Hedging \| Future Production Costs
Derivative [Line Items]
Notional amount of derivative	2,570		2,200
Foreign exchange contract \| Cash Flow Hedging \| Other Foreign Currency
Derivative [Line Items]
Notional amount of derivative	$ 546		$ 523
Viacom18
Derivative [Line Items]
Ownership interest to be sold (percent)	13.00%	13.00%
Aggregate purchase price	$ 517	₨ 42,860

VARIABLE INTEREST ENTITIES

3 Months Ended

Mar. 31, 2024

Variable Interest Entity Disclosure [Abstract]

VARIABLE INTEREST ENTITIES

In 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
	March 31, 2024			December 31, 2023
Total assets		$	1,874		$	1,886

Total liabilities		$	215		$	232


	Three Months Ended
	March 31,
		2024		2023
Revenues		$	137	$	145

Operating loss		$	(34)	$	(31)

SUPPLEMENTAL FINANCIAL INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

Additional Financial Information Disclosure [Abstract]

Supplemental Cash Flow Information


	Three Months Ended
	March 31,
	2024		2023
Cash paid for interest	$	229	$	275

Cash paid (received) for income taxes:
Continuing operations	$	27	$	(8)
Discontinued operations	$	—	$	2

Noncash additions to operating lease assets	$	45	$	58

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, 2022			10
Beginning balance at Dec. 31, 2022	$ 23,606	$ 23,036	$ 0	$ 1	$ 33,063	$ (22,958)	$ 14,737	$ (1,807)	$ 570
Common stock, beginning balance (in shares) at Dec. 31, 2022				650
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (in shares)				1
Stock-based compensation activity and other	43	43			24		19
Preferred stock dividends	(14)	(14)					(14)
Common stock dividends	(161)	(161)					(161)
Noncontrolling interests	(85)								(85)
Net earnings (loss)	(1,112)	(1,118)					(1,118)		6
Other comprehensive income (loss)	66	65						65	1
Preferred stock, ending balance (in shares) at Mar. 31, 2023			10
Ending balance at Mar. 31, 2023	22,343	21,851	$ 0	$ 1	33,087	(22,958)	13,463	(1,742)	492
Common stock, ending balance (in shares) at Mar. 31, 2023				651
Preferred stock, beginning balance (in shares) at Dec. 31, 2023			10
Beginning balance at Dec. 31, 2023	23,050	22,526	$ 0	$ 1	33,210	(22,958)	13,829	(1,556)	524
Common stock, beginning balance (in shares) at Dec. 31, 2023				653
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (in shares)				2
Stock-based compensation activity	30	30			30
Preferred stock dividends	(14)	(14)					(14)
Common stock dividends	(35)	(35)					(35)
Noncontrolling interests	(91)								(91)
Net earnings (loss)	(544)	(554)					(554)		10
Other comprehensive income (loss)	(59)	(59)						(59)
Preferred stock, ending balance (in shares) at Mar. 31, 2024			10
Ending balance at Mar. 31, 2024	$ 22,337	$ 21,894	$ 0	$ 1	$ 33,240	$ (22,958)	$ 13,226	$ (1,615)	$ 443
Common stock, ending balance (in shares) at Mar. 31, 2024				655

RELATED PARTIES - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Revenues	$ 7,685	$ 7,265
Operating costs	5,036	4,964
Receivables, net	7,096		$ 7,115
Other assets (Receivables, noncurrent)	3,622		3,793
Related Party
Related Party Transaction [Line Items]
Revenues	58	108
Operating costs	18	$ 4
Receivables, net	180		193
Other assets (Receivables, noncurrent)	$ 87		$ 101

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

SUPPLEMENTAL FINANCIAL INFORMATION

3 Months Ended

Mar. 31, 2024

Additional Financial Information Disclosure [Abstract]

SUPPLEMENTAL FINANCIAL INFORMATION

Supplemental Cash Flow Information


	Three Months Ended
	March 31,
	2024		2023
Cash paid for interest	$	229	$	275

Cash paid (received) for income taxes:
Continuing operations	$	27	$	(8)
Discontinued operations	$	—	$	2

Noncash additions to operating lease assets	$	45	$	58

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 $6 million and $14 million for the three months ended March 31, 2024 and 2023, respectively.

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Gains Recognized on Derivative Financial Instruments

Gains recognized on derivative financial instruments were as follows:


	Three Months Ended
	March 31,
		2024		2023		Financial Statement Account
Non-designated foreign exchange contracts		$	9	$	1	Other items, net

Fair Value Measurements


		At			At
	March 31, 2024			December 31, 2023
Assets:

Foreign currency hedges		$	22		$	40
Total Assets		$	22		$	40
Liabilities:
Deferred compensation		$	367		$	366
Foreign currency hedges		18			30
Total Liabilities		$	385		$	396

SUPPLEMENTAL FINANCIAL INFORMATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Additional Financial Information Disclosure [Abstract]
Lease income	$ 6	$ 14

DISCONTINUED OPERATIONS

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

The following table sets forth details of net earnings from discontinued operations for the three months ended March 31, 2023, which primarily reflects the results of Simon & Schuster. On October 30, 2023, we completed the sale of Simon & Schuster to affiliates of Kohlberg Kravis Roberts & Co. During the first quarter of 2024, we recorded an additional pretax gain of $12 million on the sale as a result of a working capital adjustment.


	Three Months Ended
	March 31, 2023
Revenues		$	258
Costs and expenses:
Operating		151
Selling, general and administrative		45

Total costs and expenses (a)		196
Operating income		62
Other items, net		(3)
Earnings from discontinued operations		59
Provision for income taxes (b)		(14)
Net earnings from discontinued operations, net of tax		$	45

(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 $4 million for the three months ended March 31, 2023.

(b) The tax provision includes amounts relating to previously disposed businesses of $1 million for the three months ended March 31, 2023.

PROGRAMMING AND OTHER INVENTORY

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

PROGRAMMING AND OTHER INVENTORY

The following table presents our programming and other inventory at March 31, 2024 and December 31, 2023, grouped by type and predominant monetization strategy.


	At			At
	March 31, 2024			December 31, 2023
Film Group Monetization:
Acquired program rights, including prepaid sports rights		$	2,536		$	3,318
Internally-produced television and film programming:
Released		6,494			6,666
In process and other		1,859			2,028

Individual Monetization:
Acquired libraries		339			348
Films:
Released		727			624
Completed, not yet released		31			179
In process and other		1,391			1,211
Internally-produced television programming:
Released		476			496
In process and other		429			361
Home entertainment		30			34
Total programming and other inventory		14,312			15,265
Less current portion		892			1,414
Total noncurrent programming and other inventory		$	13,420		$	13,851

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 Ended
	March 31,
		2024		2023
Acquired program rights		$	1,782	$	1,414

Internally-produced television and film programming, and acquired libraries:
Individual monetization		$	298	$	396
Film group monetization		$	1,060	$	1,368

Programming Charges

During the first quarter of 2024, in connection with our continued review of our content strategy, we made a strategic decision to focus on content with mass global appeal. As part of this, we are rationalizing original content on our streaming services, especially internationally, and improving the efficiency of our linear network programming. As a result, we have reviewed our expansive global content portfolio and removed select content from our platforms. In addition, we have decided not to move forward with certain titles and therefore have abandoned some development projects and terminated certain programming agreements. Accordingly, we recorded programming charges on the Consolidated Statement of Operations for the three months ended March 31, 2024 relating to these actions. These charges, which totaled $1.12 billion, were comprised of $909 million for the impairment of content to its estimated fair value, as well as $209 million for development cost write-offs and

contract termination costs. We may incur an additional programming charge of approximately $250 million later in 2024 related to the termination of an international programming agreement.

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, 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, we recorded programming charges on the Consolidated Statement of Operations relating to these actions. For the first quarter of 2023, we recorded charges totaling $1.67 billion, which were comprised of $1.45 billion for the impairment of content to its estimated fair value, as well as $225 million for development cost write-offs and contract termination costs.

For content that was removed from our platforms or abandoned in each period, the estimated fair value was determined using assumptions for secondary market licensing revenues, if any.

STOCKHOLDERS’ EQUITY

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

STOCKHOLDERS’ EQUITY

Mandatory Convertible Preferred Stock

At March 31, 2024, there were 9.7 million shares of our Mandatory Convertible Preferred Stock outstanding. On April 1, 2024, each outstanding share automatically and mandatorily converted into 1.1765 shares of our Class B Common Stock, resulting in the issuance of 11.5 million shares of Class B Common Stock. Prior to the mandatory conversion, 0.3 million shares of Mandatory Convertible Preferred Stock were voluntarily converted into Class B Common Stock during the three months ended March 31, 2024. The final dividend on the Mandatory Convertible Preferred Stock, which was declared during the three months ended March 31, 2024, was paid on April 1, 2024.

Dividends


	Three Months Ended
	March 31,
		2024		2023
Class A and Class B Common Stock
Dividends declared per common share		$	.05	$	.24

Total common stock dividends		$	35	$	161
Mandatory Convertible Preferred Stock
Dividends declared per preferred share		$	1.4375	$	1.4375

Total preferred stock dividends		$	14	$	14

Accumulated Other Comprehensive Income (Loss)

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


	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Accumulated Other Comprehensive Loss
At December 31, 2023		$	(504)		$	(1,052)			$	(1,556)
Other comprehensive loss before reclassifications		(68)			—				(68)
Reclassifications to net loss		—			9		(a)		9
Other comprehensive income (loss)		(68)			9				(59)
At March 31, 2024		$	(572)		$	(1,043)			$	(1,615)


	Continuing Operations							Discontinued Operations
	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Other Comprehensive Income (Loss) (b)			Accumulated Other Comprehensive Loss
At December 31, 2022		$	(680)		$	(1,097)			$	(30)		$	(1,807)
Other comprehensive income before reclassifications		52			—				2			54
Reclassifications to net loss		—			11		(a)		—			11
Other comprehensive income		52			11				2			65
At March 31, 2023		$	(628)		$	(1,086)			$	(28)		$	(1,742)

(a) Reflects amortization of net actuarial losses (see Note 11).

(b) Reflects cumulative translation adjustments.

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 $3 million and $4 million for the three months ended March 31, 2024 and 2023, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, 2023. 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.
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 (Loss) per Common Share	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 reflect 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.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued updated guidance for segment reporting, which requires the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the reported measure of segment profit or loss (“segment measure”), as well as the disclosure of the other segment items comprising the difference between segment revenues less these significant segment expenses and the segment measure. The update also requires an entity to disclose the title and position of the CODM and to describe how the CODM utilizes the segment measure to assess segment performance and allocate resources. In addition, the update aligns the interim disclosure requirements for segment profit or loss and assets with the annual requirements. The update is effective for us for our annual report for the year ended December 31, 2024, and for interim periods thereafter and is required to be applied retrospectively. Income Taxes In December 2023, the FASB issued guidance enhancing annual income tax disclosures. Under this guidance, certain enhancements to the effective tax rate reconciliation disclosure are required, including the disclosure of both percentages and amounts, specific categories, and additional information for reconciling items meeting a quantitative threshold defined by the guidance. Additionally, disclosures of income taxes paid and income tax expense must be disaggregated by federal, state and foreign taxes, with income taxes paid further disaggregated for individual jurisdictions that represent 5 percent or more of total income taxes paid. The guidance is effective for us for the year ended December 31, 2025, and should be applied prospectively, with retrospective application permitted.

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Variable Interest Entity [Line Items]
Total assets	$ 52,027		$ 53,543
Revenues	7,685	$ 7,265
Operating loss	(417)	(1,226)
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets	1,874		1,886
Total liabilities	215		$ 232
Revenues	137	145
Operating loss	$ (34)	$ (31)

- 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

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- 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.

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

DISCONTINUED OPERATIONS - Schedule of Net Earnings from Discontinued Operations (Details) - Discontinued operations $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Discontinued Operations [Line Items]
Revenues	$ 258
Costs and expenses:
Operating	151
Selling, general and administrative	45
Total costs and expenses	196
Operating income	62
Other items, net	(3)
Earnings from discontinued operations	59
Provision for income taxes	(14)
Net earnings from discontinued operations, net of tax	45
Previous disposals, cost and expenses	4
Previous disposals, income tax provision	$ 1

REVENUES

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

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
	March 31,
		2024		2023
Revenues by Type:
Advertising		$	3,096	$	2,651
Affiliate and subscription		3,357		3,179
Theatrical		153		127
Licensing and other		1,079		1,308
Total Revenues		$	7,685	$	7,265

Receivables

Reserves for accounts receivable reflect our expected credit losses based on historical experience as well as current and expected economic conditions and industry trends. At both March 31, 2024 and December 31, 2023, our allowance for credit losses was $120 million.

Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.22 billion and $1.39 billion at March 31, 2024 and December 31, 2023, 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 $0.7 billion and $0.8 billion at March 31, 2024 and December 31, 2023, respectively. We recognized revenues of $0.3 billion for each of the three months ended March 31, 2024 and 2023 that were included in the opening balance of deferred revenues for the respective year.

Unrecognized Revenues Under Contract

At March 31, 2024, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were approximately $7 billion, of which $3 billion is expected to be recognized during the remainder of 2024, $2 billion in 2025, $1 billion in 2026, and $1 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.

Performance Obligations Satisfied in Previous Periods

Under certain revenue 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 each of the three months ended March 31, 2024 and 2023, we recognized revenues of $0.1 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

RESTRUCTURING CHARGES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 186	$ 0

STOCKHOLDERS’ EQUITY - Narrative (Details) shares in Millions, $ in Millions		3 Months Ended
	Apr. 01, 2024 shares	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($)
Class of Stock [Line Items]
Tax benefit \| $		$ 3	$ 4
Mandatory Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock outstanding (in shares)		9.7
Class B Common Stock
Class of Stock [Line Items]
Stock issued (in shares)		0.3
Class B Common Stock \| Subsequent Event
Class of Stock [Line Items]
Convertible rate	1.1765
Stock issued (in shares)	11.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	3 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Mar. 31, 2024 USD ($) claim	Dec. 31, 2023 USD ($) claim	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Outstanding letters of credit and surety bonds	$ 2,070
Cost for settlement and defense of asbestos claims, net of insurance recoveries and tax benefits		$ 54	$ 57
Reasonably estimable period for long-term asbestos liability	10 years
Asbestos Claims
Loss Contingencies [Line Items]
Number of pending asbestos claims \| claim	19,510	19,970
Number of new asbestos claims \| claim	810
Number of asbestos claims closed or moved to inactive docket \| claim	1,270
Mandatory Convertible Preferred Stock
Loss Contingencies [Line Items]
Preferred stock, percentage	5.75%	5.75%
Famous Players
Loss Contingencies [Line Items]
Estimated guarantee liability	$ 8
Standby Letter of Credit Facility
Loss Contingencies [Line Items]
Outstanding letters of credit and surety bonds	1,860
Maximum borrowing capacity under credit facility	$ 1,900

BASIS OF PRESENTATION - Narrative (Details) - shares shares in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
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)	30	21
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
Mandatory Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, percentage	5.75%		5.75%

RELATED PARTIES - Narrative (Details)	Mar. 31, 2024 trustee
Related Party Transaction [Line Items]
General Trust ownership in NAI (percentage)	80.00%
NAI
Related Party Transaction [Line Items]
NAI ownership of common stock, Class A common stock (percentage)	77.40%
NAI ownership of Class A and Class B common stock on a combined basis (percentage)	9.70%
Number of trustees	7
Number of beneficiary trustees	2

DEBT (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Our debt consists of the following:


	At			At
	March 31, 2024			December 31, 2023
4.75% Senior Notes due 2025		$	125		$	125
4.0% Senior Notes due 2026		345			345
3.45% Senior Notes due 2026		86			86
2.90% Senior Notes due 2027		581			581
3.375% Senior Notes due 2028		497			497
3.70% Senior Notes due 2028		495			495
4.20% Senior Notes due 2029		496			496
7.875% Senior Debentures due 2030		830			830
4.95% Senior Notes due 2031		1,230			1,229
4.20% Senior Notes due 2032		978			977
5.50% Senior Debentures due 2033		428			428
4.85% Senior Debentures due 2034		87			87
6.875% Senior Debentures due 2036		1,072			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			489
4.375% Senior Debentures due 2043		1,140			1,138
4.875% Senior Debentures due 2043		18			18
5.85% Senior Debentures due 2043		1,234			1,234
5.25% Senior Debentures due 2044		345			345
4.90% Senior Notes due 2044		541			541
4.60% Senior Notes due 2045		591			591
4.95% Senior Notes due 2050		948			948
6.25% Junior Subordinated Debentures due 2057		643			643
6.375% Junior Subordinated Debentures due 2062		989			989

Obligations under finance leases		1			1
Total debt (a)		14,608			14,602
Less current portion		1			1
Total long-term debt, net of current portion		$	14,607		$	14,601

(a) At March 31, 2024 and December 31, 2023, the senior and junior subordinated debt balances included (i) a net unamortized discount of $415 million and $419 million, respectively, and (ii) unamortized deferred financing costs of $79 million and $81 million, respectively. The face value of our total debt was $15.10 billion at both March 31, 2024 and December 31, 2023.

BASIS OF PRESENTATION (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Reconciliation for Calculation of Basic and Diluted EPS

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


	Three Months Ended
	March 31,
		2024		2023
Amounts attributable to Paramount:
Net loss from continuing operations		$	(563)	$	(1,163)
Preferred stock dividends		(14)		(14)
Net loss from continuing operations for basic and diluted EPS calculation		$	(577)	$	(1,177)

Amounts attributable to Paramount:
Net loss		$	(554)	$	(1,118)
Preferred stock dividends		(14)		(14)
Net loss for basic and diluted EPS calculation		$	(568)	$	(1,132)

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Guarantees Letters of Credit and Surety Bonds At March 31, 2024, we had outstanding letters of credit and surety bonds of $2.07 billion that were not recorded on the Consolidated Balance Sheet, including $1.86 billion that was issued under a $1.9 billion standby letter of credit facility in accordance with the contractual requirements of one of our commitments. The amount outstanding under the letter of credit facility will decrease throughout 2024 as we make payments under the related contractual commitment. Letters of credit and surety bonds are primarily used as security against non-performance in the normal course of business under contractual requirements of certain of our commitments. The standby letter of credit facility, which matures in May 2026, is subject to the same principal financial covenant as the Credit Facility (see Note 6). Lease Guarantees We have certain indemnification obligations with respect to leases primarily associated with the previously discontinued operations of Famous Players Inc. Our guarantee liability relating to these lease commitments totaled $8 million at March 31, 2024, and is presented within “Other liabilities” on the Consolidated Balance Sheet. The amount of these 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. Litigation Related to Stock Offerings In August 2021, Camelot Event Driven Fund filed a putative securities class action lawsuit in New York Supreme Court, County of New York, and in November 2021, an amended complaint was filed that, among other changes, added an additional named plaintiff (as used in this paragraph, the “Complaint”). The Complaint is 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. In December 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 were heard in January 2023. In February 2023, the Court dismissed all claims against the Company while allowing the claims against the underwriters to proceed. The plaintiffs and underwriter defendants appealed the ruling, and in April 2024, the New York Supreme Court, Appellate Division, First Department, ruled in our favor and upheld the decision of the trial court dismissing the case against the Company and its officers. 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 March 31, 2024, we had pending approximately 19,510 asbestos claims, as compared with approximately 19,970 as of December 31, 2023. During the first quarter of 2024, we received approximately 810 new claims and closed or moved to an inactive docket approximately 1,270 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 2023 and 2022 for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $54 million and $57 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. A significant number of pending claims against us are non-cancer claims. It is difficult to predict long-term future asbestos liabilities, as events and circumstances may impact the estimate. 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. The reasonably estimable period for our long-term asbestos liability is 10 years, which we determined in consultation with a third-party firm with expertise in estimating asbestos liability and is due to the inherent uncertainties in the tort litigation system. Our estimated asbestos liability 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, and is assessed in consultation with the third-party firm. Changes in circumstances in future periods could cause our actual liabilities to be higher or lower than our current accrual. We will continue to evaluate our estimates and update our accrual as needed. 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. While we believe that our accruals for these matters are adequate, there can be no assurance that circumstances will not change in future periods and, as a result, our actual liabilities may be higher or lower than our accrual.

SEGMENT INFORMATION - Intercompany Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	$ (7,685)	$ (7,265)
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	30	26
Eliminations \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	13	13
Eliminations \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	$ 17	$ 13

- Definition

+ References

+ Details

DEBT

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

DEBT

Our debt consists of the following:


	At			At
	March 31, 2024			December 31, 2023
4.75% Senior Notes due 2025		$	125		$	125
4.0% Senior Notes due 2026		345			345
3.45% Senior Notes due 2026		86			86
2.90% Senior Notes due 2027		581			581
3.375% Senior Notes due 2028		497			497
3.70% Senior Notes due 2028		495			495
4.20% Senior Notes due 2029		496			496
7.875% Senior Debentures due 2030		830			830
4.95% Senior Notes due 2031		1,230			1,229
4.20% Senior Notes due 2032		978			977
5.50% Senior Debentures due 2033		428			428
4.85% Senior Debentures due 2034		87			87
6.875% Senior Debentures due 2036		1,072			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			489
4.375% Senior Debentures due 2043		1,140			1,138
4.875% Senior Debentures due 2043		18			18
5.85% Senior Debentures due 2043		1,234			1,234
5.25% Senior Debentures due 2044		345			345
4.90% Senior Notes due 2044		541			541
4.60% Senior Notes due 2045		591			591
4.95% Senior Notes due 2050		948			948
6.25% Junior Subordinated Debentures due 2057		643			643
6.375% Junior Subordinated Debentures due 2062		989			989

Obligations under finance leases		1			1
Total debt (a)		14,608			14,602
Less current portion		1			1
Total long-term debt, net of current portion		$	14,607		$	14,601

Commercial Paper

At both March 31, 2024 and December 31, 2023, we had no outstanding commercial paper borrowings.

Credit Facility

At March 31, 2024, we had a $3.50 billion revolving credit facility that matures in January 2027 (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 into. The benchmark rate for loans denominated in U.S. dollars is Term SOFR, and for loans denominated in euros, sterling and yen is based on EURIBOR, SONIA and TIBOR, respectively. At March 31, 2024, 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. The maximum Leverage Ratio was 5.75x for the quarter ended March 31, 2024 and will remain at this level 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 the quarter ending March 31, 2026 when it will be 4.5x, and will remain at this level until maturity. 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 credit agreement) for the trailing twelve-month period. For quarters ending on or after September 30, 2024, the maximum amount of unrestricted cash and cash equivalents that can be netted against Consolidated Indebtedness in the calculation of the Leverage Ratio will be $1.50 billion. We met the covenant as of March 31, 2024.

Other Bank Borrowings

At both March 31, 2024 and December 31, 2023, we had no outstanding bank borrowings under Miramax’s $50 million credit facility that matures in November 2024.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

SUPPLEMENTAL FINANCIAL INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash and Cash Equivalents [Line Items]
Cash paid for interest	$ 229	$ 275
Noncash additions to operating lease assets	45	58
Continuing operations
Cash and Cash Equivalents [Line Items]
Cash paid (received) for income taxes:	27	(8)
Discontinued operations
Cash and Cash Equivalents [Line Items]
Cash paid (received) for income taxes:	$ 0	$ 2

PROGRAMMING AND OTHER INVENTORY - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2024
Inventory [Line Items]
Entertainment, License Agreement for Program Material, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating	Operating
Film, Monetized in Film Group, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating	Operating
Film, Monetized on Its Own, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating	Operating
Programming charges	$ 1,118	$ 1,674
Content impairment	909	1,450
Development cost write-offs and contract termination costs	$ 209	$ 225
Forecast
Inventory [Line Items]
Programming charges			$ 250

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Summary of Income Tax Benefit Amounts Affecting Comparability of Results

Included in the benefit from income taxes are the following items identified as affecting the comparability of our results, which in aggregate increased our effective income tax rate by 5.0 percentage points.


	Three Months Ended March 31, 2024
			Impact from Items Affecting Comparability
		Loss Before Income Taxes	Tax (Benefit) Provision

Programming charges (Note 2)				$	1,118	$	(275)
Restructuring charges (Note 3)				$	186	$	(46)
Loss from investment				$	4	$	(1)
Net discrete tax provision				n/a		$	1

n/a - not applicable

Included in the benefit from income taxes are the following items identified as affecting the comparability of our results, which in aggregate reduced our effective income tax rate by 1.5 percentage points.


	Three Months Ended March 31, 2023
			Impact from Items Affecting Comparability
		Loss Before Income Taxes	Tax Benefit

Programming charges (Note 2)				$	1,674	$	(409)




Net discrete tax benefit (a)				n/a		$	(30)

n/a - not applicable

(a) Principally reflects a tax benefit from the resolution of an income tax matter in a foreign jurisdiction.

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 operations—the 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) domestic premium and basic cable networks, including Paramount+ with Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, CBS Sports Network, and international extensions of certain of these brands; and (3) domestic and international television studio operations, including CBS Studios, Paramount Television Studios and Showtime/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 includes our portfolio of domestic and international pay and free streaming services, including Paramount+, Pluto TV, and BET+. Effective July 6, 2023, Showtime Networks’ domestic premium subscription streaming service was no longer offered as a standalone streaming service for new subscribers and effective April 30, 2024 will no longer be available.

•Filmed Entertainment—Our 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.

On April 29, 2024, the Board of Directors of the Company established an Office of the CEO, consisting of the following three senior company executives: George Cheeks, President and Chief Executive Officer of CBS; Chris McCarthy, President and Chief Executive Officer, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, President and Chief Executive Officer of Paramount Pictures and Nickelodeon. Robert M. Bakish will step down as the Company’s President and Chief Executive Officer and has resigned from the Board of Directors, in each case, effective as of the end of the day on April 30, 2024. Between May 1, 2024 and October 31, 2024, Mr. Bakish has agreed to remain employed with the Company as a Senior Advisor to help ensure a seamless transition of his duties.

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, 2023.

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 October 30, 2023, we completed the sale of Simon & Schuster, which has been presented as a discontinued operation in our consolidated financial statements (see Note 13).

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 (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 reflect 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 each of the three-month periods ended March 31, 2024 and 2023, all of our stock options and RSUs, which totaled 30 million and 21 million, respectively, were excluded from the calculations of diluted EPS because their inclusion would have been antidilutive since we reported a net loss. 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.

Additionally, because the impact of the assumed conversion of the Mandatory Convertible Preferred Stock would have been antidilutive, net loss from continuing operations and net loss used in our calculations of diluted EPS for the three months ended March 31, 2024 and 2023 include a reduction for the preferred stock dividends recorded during each period. The table below presents a reconciliation of net loss from continuing operations and net loss to the amounts used in the calculations of basic and diluted EPS.


	Three Months Ended
	March 31,
		2024		2023
Amounts attributable to Paramount:
Net loss from continuing operations		$	(563)	$	(1,163)
Preferred stock dividends		(14)		(14)
Net loss from continuing operations for basic and diluted EPS calculation		$	(577)	$	(1,177)

Amounts attributable to Paramount:
Net loss		$	(554)	$	(1,118)
Preferred stock dividends		(14)		(14)
Net loss for basic and diluted EPS calculation		$	(568)	$	(1,132)

Accounting Pronouncements Not Yet Adopted

Segment Reporting

In November 2023, the Financial Accounting Standards Board (“FASB”) issued updated guidance for segment reporting, which requires the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the reported measure of segment profit or loss (“segment measure”), as well as the disclosure of the other segment items comprising the difference between segment revenues less these significant segment expenses and the segment measure. The update also requires an entity to disclose the title and position of the CODM and to describe how the CODM utilizes the segment measure to assess segment performance and allocate resources. In addition, the update aligns the interim disclosure requirements for segment profit or loss and assets with the annual requirements. The update is effective for us for our annual report for the year ended December 31, 2024, and for interim periods thereafter and is required to be applied retrospectively.

Income Taxes

In December 2023, the FASB issued guidance enhancing annual income tax disclosures. Under this guidance, certain enhancements to the effective tax rate reconciliation disclosure are required, including the disclosure of both percentages and amounts, specific categories, and additional information for reconciling items meeting a quantitative threshold defined by the guidance. Additionally, disclosures of income taxes paid and income tax expense must be disaggregated by federal, state and foreign taxes, with income taxes paid further disaggregated for individual jurisdictions that represent 5 percent or more of total income taxes paid. The guidance is effective for us for the year ended December 31, 2025, and should be applied prospectively, with retrospective application permitted.

RELATED PARTIES

3 Months Ended

Mar. 31, 2024

RELATED PARTIES

National Amusements, Inc.

National Amusements, Inc. (“NAI”) is the controlling stockholder of the Company. At March 31, 2024, NAI directly or indirectly owned approximately 77.4% of our voting Class A Common Stock, and approximately 9.7% 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. NA Administration, LLC is the corporate trustee of the General Trust and is governed by a seven-member board of directors, which acts by majority vote (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 directors of NA Administration, LLC and one of two directors who are beneficiaries of the General Trust. No member of our management or other member of our Board of Directors is a director of NA Administration, LLC.

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
	March 31,
		2024		2023
Revenues		$	58	$	108

Operating costs (a)		$	18	$	4

(a) Includes costs expensed as operating expenses in each year. 2024 also includes costs capitalized in programming assets during the period.


	At			At
	March 31, 2024			December 31, 2023

Receivables, net		$	180		$	193

Other assets (Receivables, noncurrent)		$	87		$	101

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.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities:
Net loss (Paramount and noncontrolling interests)	$ (544)	$ (1,112)
Less: Net earnings from discontinued operations, net of tax	9	45
Net loss from continuing operations	(553)	(1,157)
Adjustments to reconcile net loss from continuing operations to net cash flow provided by (used for) operating activities from continuing operations:
Depreciation and amortization	100	100
Programming charges	1,118	1,674
Deferred tax benefit	(231)	(436)
Stock-based compensation	47	39
Loss from investment	4	0
Equity in loss of investee companies, net of tax	90	75
Change in assets and liabilities	(315)	(778)
Net cash flow provided by (used for) operating activities from continuing operations	260	(483)
Net cash flow provided by operating activities from discontinued operations	0	105
Net cash flow provided by (used for) operating activities	260	(378)
Investing Activities:
Investments	(88)	(43)
Capital expenditures	(51)	(71)
Other investing activities	11	25
Net cash flow used for investing activities	(128)	(89)
Financing Activities:
Proceeds from issuance of debt	0	35
Repayment of debt	0	(32)
Dividends paid on preferred stock	(14)	(14)
Dividends paid on common stock	(35)	(166)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(17)	(16)
Payments to noncontrolling interests	(94)	(89)
Other financing activities	(27)	(30)
Net cash flow used for financing activities	(187)	(312)
Effect of exchange rate changes on cash and cash equivalents	(21)	3
Net decrease in cash and cash equivalents	(76)	(776)
Cash and cash equivalents at beginning of year	2,460	2,885
Cash and cash equivalents at end of period	$ 2,384	$ 2,109

RESTRUCTURING CHARGES (Tables)

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring Charges

During the three months ended March 31, 2024, we recorded the following restructuring charges.


	Three Months Ended
		March 31, 2024
Severance (a)		$	155
Exit costs		31
Restructuring charges		$	186

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

Rollforward of Restructuring Liability

The following is a rollforward of our restructuring liability, which is recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. The restructuring liability at March 31, 2024, which principally relates to severance payments, is expected to be substantially paid by the end of 2024.


	Balance at			2024 Activity					Balance at
	December 31, 2023			Charges (a)		Payments				March 31, 2024
TV Media		$	162	$	91		$	(50)			$	203
Direct-to-Consumer		6		14			(5)				15
Filmed Entertainment		14		18			(6)				26
Corporate		10		30			(7)				33
Total		$	192	$	153		$	(68)			$	277

(a) For the three months ended March 31, 2024, excludes stock-based compensation expense of $2 million and lease impairments of $31 million.

RELATED PARTIES (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Related Party Transactions

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


	Three Months Ended
	March 31,
		2024		2023
Revenues		$	58	$	108

Operating costs (a)		$	18	$	4

(a) Includes costs expensed as operating expenses in each year. 2024 also includes costs capitalized in programming assets during the period.


	At			At
	March 31, 2024			December 31, 2023

Receivables, net		$	180		$	193

Other assets (Receivables, noncurrent)		$	87		$	101

DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Net Earnings from Discontinued Operations


	Three Months Ended
	March 31, 2023
Revenues		$	258
Costs and expenses:
Operating		151
Selling, general and administrative		45

Total costs and expenses (a)		196
Operating income		62
Other items, net		(3)
Earnings from discontinued operations		59
Provision for income taxes (b)		(14)
Net earnings from discontinued operations, net of tax		$	45

(b) The tax provision includes amounts relating to previously disposed businesses of $1 million for the three months ended March 31, 2023.

- 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.

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BASIS OF PRESENTATION - Reconciliation for Calculation of Basic and Diluted EPS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Amounts attributable to Paramount:
Net loss from continuing operations	$ (563)	$ (1,163)
Preferred stock dividends	(14)	(14)
Net loss from continuing operations for basic EPS calculation	(577)	(1,177)
Net loss from continuing operations for diluted EPS calculation	(577)	(1,177)
Amounts attributable to Paramount:
Net loss	(554)	(1,118)
Preferred stock dividends	(14)	(14)
Net loss for basic EPS calculation	(568)	(1,132)
Net loss for diluted EPS calculation	$ (568)	$ (1,132)

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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

- Definition

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

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Mandatory 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	25
Preferred stock, shares issued (in shares)	10	10
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	55	55
Common stock, shares issued (in shares)	41	41
Class B Common Stock
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	5,000
Common stock, shares issued (in shares)	1,117	1,115
Treasury stock, at cost (in shares)	503	503

VARIABLE INTEREST ENTITIES (Tables)

3 Months Ended

Mar. 31, 2024

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
	March 31, 2024			December 31, 2023
Total assets		$	1,874		$	1,886

Total liabilities		$	215		$	232


	Three Months Ended
	March 31,
		2024		2023
Revenues		$	137	$	145

Operating loss		$	(34)	$	(31)

- 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

INCOME TAXES

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

The provision for/benefit from income taxes represents federal, state and local, and foreign taxes on earnings (loss) from continuing operations before income taxes and equity in loss of investee companies. For the three months ended March 31, 2024, we recorded a benefit from income taxes of $172 million, reflecting an effective income tax rate of 27.1%. Included in the benefit from income taxes are the following items identified as affecting the comparability of our results, which in aggregate increased our effective income tax rate by 5.0 percentage points.


	Three Months Ended March 31, 2024
			Impact from Items Affecting Comparability
		Loss Before Income Taxes	Tax (Benefit) Provision

Programming charges (Note 2)				$	1,118	$	(275)
Restructuring charges (Note 3)				$	186	$	(46)
Loss from investment				$	4	$	(1)
Net discrete tax provision				n/a		$	1

n/a - not applicable

For the three months ended March 31, 2023, we recorded a benefit from income taxes of $381 million, reflecting an effective income tax rate of 26.0%. Included in the benefit from income taxes are the following items identified as affecting the comparability of our results, which in aggregate reduced our effective income tax rate by 1.5 percentage points.


	Three Months Ended March 31, 2023
			Impact from Items Affecting Comparability
		Loss Before Income Taxes	Tax Benefit

Programming charges (Note 2)				$	1,674	$	(409)




Net discrete tax benefit (a)				n/a		$	(30)

n/a - not applicable

(a) Principally reflects a tax benefit from the resolution of an income tax matter in a foreign jurisdiction.

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”), Viacom and CBS filed separate tax returns. For CBS, during the fourth quarter of 2023, the Company and the IRS settled the income tax audit for the 2017 and 2018 tax years with the exception of one item. This item is currently being resolved through the Mutual Agreement Procedure process. 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

PENSION AND OTHER POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 49	$ 51
Expected return on plan assets	(34)	(32)
Amortization of actuarial loss (gain)	20	21
Net periodic cost	35	40
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	2	3
Expected return on plan assets	0	0
Amortization of actuarial loss (gain)	(4)	(4)
Net periodic cost	$ (2)	$ (1)

INCOME TAXES - Summary of Income Tax Benefit Amounts Affecting Comparability of Results (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Impact from Items Affecting Comparability
Loss before income taxes, programming charges	$ 1,118	$ 1,674
Loss before income taxes, restructuring charges	186	0
Loss before income taxes, loss from investment	4	0
Tax (benefit) provision, programming charges	(275)	(409)
Tax (benefit) provision, restructuring charges	(46)
Tax (benefit) provision, loss from investment	(1)
Net discrete tax (benefit) provision	$ 1	$ (30)

RESTRUCTURING CHARGES - Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 186	$ 0
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	155
Exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 31

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

RESTRUCTURING CHARGES

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING CHARGES

During the three months ended March 31, 2024, we recorded the following restructuring charges.


	Three Months Ended
		March 31, 2024
Severance (a)		$	155
Exit costs		31
Restructuring charges		$	186

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

The restructuring charges of $186 million for the three months ended March 31, 2024 are comprised of severance costs associated with strategic changes in our global workforce and the impairment of lease assets that we ceased use of in connection with initiatives to reduce our real estate footprint and create cost synergies. The impairments were primarily the result of a decline in market conditions since the inception of these leases and reflect the difference between the estimated fair values, which were determined based on the expected future cash flows of the lease assets, and the carrying values.


	Balance at			2024 Activity					Balance at
	December 31, 2023			Charges (a)		Payments				March 31, 2024
TV Media		$	162	$	91		$	(50)			$	203
Direct-to-Consumer		6		14			(5)				15
Filmed Entertainment		14		18			(6)				26
Corporate		10		30			(7)				33
Total		$	192	$	153		$	(68)			$	277

(a) For the three months ended March 31, 2024, excludes stock-based compensation expense of $2 million and lease impairments of $31 million.

PROGRAMMING AND OTHER INVENTORY (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Summary of Programming and Other Inventory, Current

The following table presents our programming and other inventory at March 31, 2024 and December 31, 2023, grouped by type and predominant monetization strategy.


	At			At
	March 31, 2024			December 31, 2023
Film Group Monetization:
Acquired program rights, including prepaid sports rights		$	2,536		$	3,318
Internally-produced television and film programming:
Released		6,494			6,666
In process and other		1,859			2,028

Individual Monetization:
Acquired libraries		339			348
Films:
Released		727			624
Completed, not yet released		31			179
In process and other		1,391			1,211
Internally-produced television programming:
Released		476			496
In process and other		429			361
Home entertainment		30			34
Total programming and other inventory		14,312			15,265
Less current portion		892			1,414
Total noncurrent programming and other inventory		$	13,420		$	13,851

Summary of Programming and Other Inventory, Noncurrent

The following table presents our programming and other inventory at March 31, 2024 and December 31, 2023, grouped by type and predominant monetization strategy.


	At			At
	March 31, 2024			December 31, 2023
Film Group Monetization:
Acquired program rights, including prepaid sports rights		$	2,536		$	3,318
Internally-produced television and film programming:
Released		6,494			6,666
In process and other		1,859			2,028

Individual Monetization:
Acquired libraries		339			348
Films:
Released		727			624
Completed, not yet released		31			179
In process and other		1,391			1,211
Internally-produced television programming:
Released		476			496
In process and other		429			361
Home entertainment		30			34
Total programming and other inventory		14,312			15,265
Less current portion		892			1,414
Total noncurrent programming and other inventory		$	13,420		$	13,851

Programming and Production Costs

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 Ended
	March 31,
		2024		2023
Acquired program rights		$	1,782	$	1,414

Internally-produced television and film programming, and acquired libraries:
Individual monetization		$	298	$	396
Film group monetization		$	1,060	$	1,368

COVER - shares	3 Months Ended
COVER - shares	Mar. 31, 2024	Apr. 25, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.001 par value
Trading Symbol	PARAA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		40,702,775
Class B Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class B Common Stock, $0.001 par value
Trading Symbol	PARA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		625,775,907

REVENUES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
REVENUES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Allowance for credit losses	$ 120		$ 120
Contract liabilities	700		800
Revenue recognized	300	$ 300
Unrecognized revenues	7,000
Revenue recognized for satisfaction of performance obligations	100	$ 100
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Disaggregation of Revenue [Line Items]
Unrecognized revenues	$ 3,000
Remaining performance obligation period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Disaggregation of Revenue [Line Items]
Unrecognized revenues	$ 2,000
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Unrecognized revenues	$ 1,000
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Disaggregation of Revenue [Line Items]
Unrecognized revenues	$ 1,000
Remaining performance obligation period
Other Noncurrent Assets
Disaggregation of Revenue [Line Items]
Noncurrent receivables	$ 1,220		$ 1,390

DEBT - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total long-term debt, net of current portion, Less current portion	Total long-term debt, net of current portion, Less current portion
Obligations under finance leases	$ 1	$ 1
Total debt	14,608	14,602
Less current portion	1	1
Total long-term debt, net of current portion	14,607	14,601
Net unamortized discount on senior debt	415	419
Unamortized deferred financing costs	79	81
Face value of debt	$ 15,100	15,100
4.75% Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate	4.75%
Carrying value of senior debt	$ 125	125
4.0% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	4.00%
Carrying value of senior debt	$ 345	345
3.45% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	3.45%
Carrying value of senior debt	$ 86	86
2.90% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate	2.90%
Carrying value of senior debt	$ 581	581
3.375% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate	3.375%
Carrying value of senior debt	$ 497	497
3.70% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate	3.70%
Carrying value of senior debt	$ 495	495
4.20% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate	4.20%
Carrying value of senior debt	$ 496	496
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	$ 1,230	1,229
4.20% Senior Notes due 2032
Debt Instrument [Line Items]
Stated interest rate	4.20%
Carrying value of senior debt	$ 978	977
5.50% Senior Debentures due 2033
Debt Instrument [Line Items]
Stated interest rate	5.50%
Carrying value of senior debt	$ 428	428
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	$ 1,072	1,071
6.75% Senior Debentures due 2037
Debt Instrument [Line Items]
Stated interest rate	6.75%
Carrying value of senior debt	$ 76	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	$ 489	489
4.375% Senior Debentures due 2043
Debt Instrument [Line Items]
Stated interest rate	4.375%
Carrying value of senior debt	$ 1,140	1,138
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	$ 1,234	1,234
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	541
4.60% Senior Notes due 2045
Debt Instrument [Line Items]
Stated interest rate	4.60%
Carrying value of senior debt	$ 591	591
4.95% Senior Notes due 2050
Debt Instrument [Line Items]
Stated interest rate	4.95%
Carrying value of senior debt	$ 948	948
6.25% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Stated interest rate	6.25%
Junior subordinated debentures	$ 643	643
6.375% Junior Subordinated Debentures due 2062
Debt Instrument [Line Items]
Stated interest rate	6.375%
Junior subordinated debentures	$ 989	$ 989

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Gains Recognized on Derivative Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Foreign exchange contract
Derivatives [Line Items]
Gains on non-designated foreign exchange contracts	$ 9	$ 1

REVENUES - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 7,685	$ 7,265
Advertising
Disaggregation of Revenue [Line Items]
Total Revenues	3,096	2,651
Affiliate and subscription
Disaggregation of Revenue [Line Items]
Total Revenues	3,357	3,179
Theatrical
Disaggregation of Revenue [Line Items]
Total Revenues	153	127
Licensing and other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 1,079	$ 1,308

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

RESTRUCTURING CHARGES - Rollforward of Restructuring Liability (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 192
Restructuring charges	186	$ 0
Payments	(68)
Restructuring reserve, ending balance	277
Restructuring Charges
Restructuring Reserve [Roll Forward]
Restructuring charges	153
Stock-based compensation expense	2
Lease impairments	31
Operating Segments \| TV Media
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	162
Payments	(50)
Restructuring reserve, ending balance	203
Operating Segments \| TV Media \| Restructuring Charges
Restructuring Reserve [Roll Forward]
Restructuring charges	91
Operating Segments \| Direct-to-Consumer
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	6
Payments	(5)
Restructuring reserve, ending balance	15
Operating Segments \| Direct-to-Consumer \| Restructuring Charges
Restructuring Reserve [Roll Forward]
Restructuring charges	14
Operating Segments \| Filmed Entertainment
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	14
Payments	(6)
Restructuring reserve, ending balance	26
Operating Segments \| Filmed Entertainment \| Restructuring Charges
Restructuring Reserve [Roll Forward]
Restructuring charges	18
Corporate
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	10
Payments	(7)
Restructuring reserve, ending balance	33
Corporate \| Restructuring Charges
Restructuring Reserve [Roll Forward]
Restructuring charges	$ 30

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Revenues by Segment


	Three Months Ended
	March 31,
		2024		2023
Revenues:
Advertising		$	2,582	$	2,256
Affiliate and subscription		1,998		2,067
Licensing and other		651		870
TV Media		5,231		5,193
Advertising		520		398
Subscription		1,359		1,112

Direct-to-Consumer		1,879		1,510
Advertising		1		5
Theatrical		153		127
Licensing and other		451		456
Filmed Entertainment		605		588
Eliminations		(30)		(26)
Total Revenues		$	7,685	$	7,265

Intercompany Revenues by Segment


	Three Months Ended
	March 31,
		2024		2023
Intercompany Revenues:
TV Media		$	13	$	13

Filmed Entertainment		17		13
Total Intercompany Revenues		$	30	$	26

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


	Three Months Ended
	March 31,
		2024		2023
Adjusted OIBDA:
TV Media		$	1,445	$	1,306
Direct-to-Consumer		(286)		(511)
Filmed Entertainment		(3)		(99)
Corporate/Eliminations		(124)		(109)
Stock-based compensation (a)		(45)		(39)
Depreciation and amortization		(100)		(100)
Programming charges		(1,118)		(1,674)
Restructuring charges		(186)		—

Operating loss		(417)		(1,226)
Interest expense		(221)		(226)
Interest income		45		35
Loss from investment		(4)		—

Other items, net		(38)		(46)
Loss from continuing operations before income taxes and equity in loss of investee companies		(635)		(1,463)
Benefit from income taxes		172		381
Equity in loss of investee companies, net of tax		(90)		(75)
Net loss from continuing operations		(553)		(1,157)
Net earnings from discontinued operations, net of tax		9		45
Net loss (Paramount and noncontrolling interests)		(544)		(1,112)
Net earnings attributable to noncontrolling interests		(10)		(6)
Net loss attributable to Paramount		$	(554)	$	(1,118)

(a) For the three months ended March 31, 2024, stock-based compensation expense of $2 million is included in “Restructuring charges”.

DEBT - Narrative (Details) $ in Millions	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Commercial paper				$ 0	$ 0
Revolving Credit Facility \| Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under credit facility				3,500
Borrowings outstanding				0
Remaining borrowing capacity under credit facility				3,500
Revolving Credit Facility \| Credit Facility \| Forecast
Line of Credit Facility [Line Items]
Maximum consolidated leverage ratio	4.5	5.5	5.75
Decrease in maximum consolidated leverage ratio	0.25
Maximum amount of unrestricted cash and cash equivalents netted against Consolidated Indebtedness			$ 1,500
Revolving Credit Facility \| Miramax Credit Facility, Matures November 2024
Line of Credit Facility [Line Items]
Maximum borrowing capacity under credit facility				50	50
Outstanding bank borrowings				$ 0	$ 0

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues	$ 7,685	$ 7,265
Costs and expenses:
Operating	5,036	4,964
Programming charges	1,118	1,674
Selling, general and administrative	1,662	1,753
Depreciation and amortization	100	100
Restructuring charges	186	0
Total costs and expenses	8,102	8,491
Operating loss	(417)	(1,226)
Interest expense	(221)	(226)
Interest income	45	35
Loss from investment	(4)	0
Other items, net	(38)	(46)
Loss from continuing operations before income taxes and equity in loss of investee companies	(635)	(1,463)
Benefit from income taxes	172	381
Equity in loss of investee companies, net of tax	(90)	(75)
Net loss from continuing operations	(553)	(1,157)
Net earnings from discontinued operations, net of tax	9	45
Net loss (Paramount and noncontrolling interests)	(544)	(1,112)
Net earnings attributable to noncontrolling interests	(10)	(6)
Net loss attributable to Paramount	(554)	(1,118)
Amounts attributable to Paramount:
Net loss from continuing operations	(563)	(1,163)
Net earnings from discontinued operations, net of tax	9	45
Net loss attributable to Paramount	$ (554)	$ (1,118)
Basic net earnings (loss) per common share attributable to Paramount:
Net loss from continuing operations (in dollars per share)	$ (0.88)	$ (1.81)
Net earnings from discontinued operations (in dollars per share)	0.01	0.07
Net loss (in dollars per share)	(0.87)	(1.74)
Diluted net earnings (loss) per common share attributable to Paramount:
Net loss from continuing operations (in dollars per share)	(0.88)	(1.81)
Net earnings from discontinued operations (in dollars per share)	0.01	0.07
Net loss (in dollars per share)	$ (0.87)	$ (1.74)
Weighted average number of common shares outstanding:
Basic (in shares)	654	651
Diluted (in shares)	654	651