0000813828-24-000053 | 10-Q | XBRL Viewer

PROGRAMMING AND OTHER INVENTORY

6 Months Ended

Jun. 30, 2024

The following table presents our programming and other inventory at June 30, 2024 and December 31, 2023, grouped by type and predominant monetization strategy.


	At			At
	June 30, 2024			December 31, 2023
Film Group Monetization:
Acquired program rights, including prepaid sports rights		$	2,918		$	3,318
Internally-produced television and film programming:
Released		6,318			6,666
In process and other		2,222			2,028

Individual Monetization:
Acquired libraries		330			348
Films:
Released		805			624
Completed, not yet released		22			179
In process and other		1,306			1,211
Internally-produced television programming:
Released		534			496
In process and other		512			361
Home entertainment		27			34
Total programming and other inventory		14,994			15,265
Less current portion		1,322			1,414
Total noncurrent programming and other inventory		$	13,672		$	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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Acquired program rights	$	1,066	$	1,234	$	2,848	$	2,648

Internally-produced television and film programming, and acquired libraries:
Individual monetization	$	370	$	734	$	668	$	1,130
Film group monetization	$	1,280	$	1,358	$	2,340	$	2,726

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 decided to rationalize original content on our streaming services, especially internationally, and improve the efficiency of our linear network programming. As a result, we reviewed our expansive global content portfolio and removed select content from our platforms. In addition, we 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 during the first quarter of 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.

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 in the first half of 2023. These charges, which totaled $697 million and $2.37 billion, for the three and six months ended June 30, 2023, respectively, were comprised of $520 million and $1.97 billion for the impairment of content to its estimated fair value, as well as $177 million and $402 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.

PENSION AND OTHER POSTRETIREMENT BENEFITS

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFITS

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 June 30,	2024		2023		2024		2023
Components of net periodic cost (a):

Interest cost	$	50	$	52	$	3	$	3
Expected return on plan assets	(34)		(32)		—		—
Amortization of actuarial loss (gain) (b)	20		21		(5)		(5)


Net periodic cost	$	36	$	41	$	(2)	$	(2)


	Pension Benefits				Postretirement Benefits
Six Months Ended June 30,	2024		2023		2024		2023
Components of net periodic cost (a):

Interest cost	$	99	$	103	$	5	$	6
Expected return on plan assets	(68)		(64)		—		—
Amortization of actuarial loss (gain) (b)	40		42		(9)		(9)
Net periodic cost	$	71	$	81	$	(4)	$	(3)

(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.

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+ Details

STOCKHOLDERS’ EQUITY - Schedule of Changes in Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 22,526
Ending balance	16,497
Cumulative Translation Adjustments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(504)	$ (680)
Other comprehensive income (loss) before reclassifications	(88)	97
Reclassifications to net loss	0	44
Other comprehensive income (loss)	(88)	141
Ending balance	(592)	(539)
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	20	23
Other comprehensive income (loss)	20	23
Ending balance	(1,032)	(1,074)
Other Comprehensive Income (Loss), Discontinued Operations
AOCI Attributable to Parent, Net of Tax
Beginning balance		(30)
Other comprehensive income (loss) before reclassifications		4
Reclassifications to net loss		0
Other comprehensive income (loss)		4
Ending balance		(26)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax
Beginning balance	(1,556)	(1,807)
Other comprehensive income (loss) before reclassifications	(88)	101
Reclassifications to net loss	20	67
Other comprehensive income (loss)	(68)	168
Ending balance	$ (1,624)	$ (1,639)

- Definition

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

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+ Details

PROGRAMMING AND OTHER INVENTORY - Schedule of Amortization of Television and Film Programming and Production Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Inventory Disclosure [Abstract]
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
Acquired program rights	$ 1,066	$ 1,234	$ 2,848	$ 2,648
Internally-produced television and film programming, and acquired libraries:
Individual monetization	370	734	668	1,130
Film group monetization	$ 1,280	$ 1,358	$ 2,340	$ 2,726

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 6,813	$ 7,616	$ 14,498	$ 14,881
Costs and expenses:
Operating	4,367	5,227	9,403	10,191
Programming charges	0	697	1,118	2,371
Selling, general and administrative	1,579	1,783	3,241	3,536
Depreciation and amortization	101	105	201	205
Impairment charges	5,996	0	5,996	0
Restructuring and other corporate matters	88	54	274	54
Total costs and expenses	12,131	7,866	20,233	16,357
Operating loss	(5,318)	(250)	(5,735)	(1,476)
Interest expense	(215)	(240)	(436)	(466)
Interest income	35	33	80	68
Gain (loss) from investments	0	168	(4)	168
Other items, net	(49)	(60)	(87)	(106)
Loss from continuing operations before income taxes and equity in loss of investee companies	(5,547)	(349)	(6,182)	(1,812)
Benefit from income taxes	215	95	387	476
Equity in loss of investee companies, net of tax	(72)	(109)	(162)	(184)
Net loss from continuing operations	(5,404)	(363)	(5,957)	(1,520)
Net earnings from discontinued operations, net of tax	0	73	9	118
Net loss (Paramount and noncontrolling interests)	(5,404)	(290)	(5,948)	(1,402)
Net earnings attributable to noncontrolling interests	(9)	(9)	(19)	(15)
Net loss attributable to Paramount	(5,413)	(299)	(5,967)	(1,417)
Amounts attributable to Paramount:
Net loss from continuing operations	(5,413)	(372)	(5,976)	(1,535)
Net earnings from discontinued operations, net of tax	0	73	9	118
Net loss attributable to Paramount	$ (5,413)	$ (299)	$ (5,967)	$ (1,417)
Basic net earnings (loss) per common share attributable to Paramount:
Net loss from continuing operations (in dollars per share)	$ (8.12)	$ (0.59)	$ (9.08)	$ (2.40)
Net earnings from discontinued operations (in dollars per share)	0	0.11	0.01	0.18
Net loss (in dollars per share)	(8.12)	(0.48)	(9.06)	(2.22)
Diluted net earnings (loss) per common share attributable to Paramount:
Net loss from continuing operations (in dollars per share)	(8.12)	(0.59)	(9.08)	(2.40)
Net earnings from discontinued operations (in dollars per share)	0	0.11	0.01	0.18
Net loss (in dollars per share)	$ (8.12)	$ (0.48)	$ (9.06)	$ (2.22)
Weighted average number of common shares outstanding:
Basic (in shares)	667	651	660	651
Diluted (in shares)	667	651	660	651

PENSION AND OTHER POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 50	$ 52	$ 99	$ 103
Expected return on plan assets	(34)	(32)	(68)	(64)
Amortization of actuarial loss (gain)	20	21	40	42
Net periodic cost	36	41	71	81
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	3	3	5	6
Expected return on plan assets	0	0	0	0
Amortization of actuarial loss (gain)	(5)	(5)	(9)	(9)
Net periodic cost	$ (2)	$ (2)	$ (4)	$ (3)

DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

The following table sets forth details of net earnings from discontinued operations for the three and six months ended June 30, 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			Six Months Ended
	June 30, 2023			June 30, 2023

Revenues		$	292		$	550
Costs and expenses:
Operating		155			306
Selling, general and administrative		44			89

Total costs and expenses (a)		199			395
Operating income		93			155
Other items, net		(4)			(7)
Earnings from discontinued operations		89			148
Provision for income taxes (b)		(16)			(30)
Net earnings from discontinued operations, net of tax		$	73		$	118

(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 $2 million and $6 million for the three and six months ended June 30, 2023, respectively.

(b) The tax provision includes amounts relating to previously disposed businesses of $1 million for the six months ended June 30, 2023.

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jun. 30, 2024 USD ($) claim	Jun. 30, 2024 USD ($) claim	Dec. 31, 2023 USD ($) claim	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Outstanding letters of credit and surety bonds	$ 1,230	$ 1,230
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	19,100	19,100	19,970
Number of new asbestos claims \| claim	740
Number of asbestos claims closed or moved to inactive docket \| claim	1,150
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	$ 8
Standby Letter of Credit Facility
Loss Contingencies [Line Items]
Outstanding letters of credit and surety bonds	1,020	1,020
Maximum borrowing capacity under credit facility	$ 1,900	$ 1,900

IMPAIRMENT, RESTRUCTURING AND OTHER CORPORATE MATTERS

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

IMPAIRMENT, RESTRUCTURING AND OTHER CORPORATE MATTERS

Interim Impairment Testing

We perform fair value-based impairment tests of goodwill and intangible assets with indefinite lives, comprised primarily of television FCC licenses, annually during the fourth quarter and also between annual tests if an event occurs or if circumstances change that would more likely than not reduce the fair value of a reporting unit or an indefinite-lived intangible asset below its carrying value. For the second quarter of 2024, we assessed the relevant factors that could impact the fair value of our reporting units, including recent indicators in the linear affiliate marketplace and the estimated total company market value indicated by the Skydance Transactions announced on July 7, 2024. Based on this assessment, we determined that an interim goodwill impairment test was necessary for

each of our reporting units. In addition, we considered factors that could impact the fair value of our FCC licenses, including recent projections by geographic market, and determined that interim impairment tests were necessary for eight markets in which we hold FCC licenses.

Goodwill — Goodwill is tested for impairment at the reporting unit level, which is an operating segment, or one level below. At June 30, 2024, we had five reporting units.

The impairment test for our Cable Networks reporting unit indicated that a goodwill impairment charge of $5.98 billion was required, which represents the goodwill balance of the reporting unit prior to the impairment test. The impairment charge, which was recorded within the TV Media segment, resulted from a downward adjustment to the reporting unit’s expected cash flows, primarily because of the linear affiliate market indicators noted above, and the estimated total company market value indicated by the Skydance Transactions. The estimated fair value of our Cable Networks reporting unit was based on the discounted cash flow method. The discounted cash flow method, which estimates fair value based on the present value of future cash flows, requires us to make various assumptions regarding the timing and amount of these cash flows, including growth rates, operating margins and capital expenditures for a projection period, plus the terminal value of the business at the end of the projection period. The assumptions about future cash flows are based on our internal forecasts of the applicable reporting unit, which incorporates our long-term business plans and historical trends. The terminal value is estimated using a long-term growth rate, which is based on expected trends and projections for the relevant industry. A discount rate is determined for the reporting unit based on the risks of achieving the future cash flows, including risks applicable to the industry and market as a whole, as well as the capital structure of comparable entities. For the impairment test of our Cable Networks reporting unit, we utilized a discount rate of 11% and a terminal value that was based on a long-term growth rate of (3)%.

The fair values of the remaining reporting units exceeded their respective carrying values and therefore no impairment charge was required. Three reporting units had fair values that exceeded their respective carrying values by less than 10% and the remaining reporting unit had a fair value that exceeded its carrying value by a significant amount.

FCC Licenses — FCC licenses are tested for impairment at the geographic market level. We consider each geographic market, which is comprised of all of our television stations within that geographic market, to be a single unit of accounting because the FCC licenses at this level represent their highest and best use. The FCC licenses impairment tests were performed using the Greenfield Discounted Cash Flow Method, which estimates the fair values of FCC licenses by valuing a hypothetical start-up station in the relevant market by adding discounted cash flows over a five-year build-up period to a residual value. The assumptions for the build-up period include industry projections of overall market revenues; the start-up station’s operating costs and capital expenditures, which are based on both industry and internal data; and average market share. The discount rate is determined based on the industry and market-based risk of achieving the projected cash flows, and the residual value is calculated using a long-term growth rate, which is based on projected long-range inflation and industry projections. The discount rate and the long-term growth rate were 8% and 0%, respectively.

The impairment tests indicated that the estimated fair values of FCC licenses in two of the eight markets tested were below their respective carrying values. Accordingly, we recorded an impairment charge of $15 million to write down the carrying values of these FCC licenses to their aggregate estimated fair value of $149 million. The impairment charge, which is recorded within the TV Media segment, was primarily the result of recent declines in industry projections in the markets where these FCC licenses are held.

Restructuring and Other Corporate Matters

During the three and six months ended June 30, 2024 and 2023, we recorded the following costs associated with restructuring and other corporate matters.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Severance (a)	$	70	$	54	$	225	$	54
Exit costs	—		—		31		—
Restructuring charges	70		54		256		54
Other corporate matters	18		—		18		—
Restructuring and other corporate matters	$	88	$	54	$	274	$	54

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

Severance charges of $225 million for the six months ended June 30, 2024 are comprised of $155 million recorded during the first quarter associated with strategic changes in our global workforce and $70 million recorded during the second quarter related to the exit of our CEO and other management changes. Additionally, during the six months ended June 30, 2024, we recorded charges of $31 million for 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.

The restructuring charges of $54 million for the three and six months ended June 30, 2023 were comprised of severance costs associated with initiatives to further streamline and transform our operations following our 2022 operating segment realignment and as we integrated Showtime into Paramount+.

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 June 30, 2024, which principally relates to severance payments, is expected to be substantially paid in the next 12 months.


	Balance at			2024 Activity					Balance at
	December 31, 2023			Charges (a)		Payments				June 30, 2024
TV Media		$	162	$	93		$	(92)			$	163
Direct-to-Consumer		6		15			(12)				9
Filmed Entertainment		14		22			(12)				24
Corporate		10		81			(17)				74
Total		$	192	$	211		$	(133)			$	270

(a) For the six months ended June 30, 2024, excludes stock-based compensation expense of $14 million and lease impairments of $31 million.

In addition, during the three months ended June 30, 2024, we recorded charges for other corporate matters of $18 million associated with legal and advisory fees related to the Skydance Transactions.

SUPPLEMENTAL FINANCIAL INFORMATION

6 Months Ended

Jun. 30, 2024

Additional Financial Information Disclosure [Abstract]

SUPPLEMENTAL FINANCIAL INFORMATION

Supplemental Cash Flow Information


	Six Months Ended
	June 30,
	2024		2023
Cash paid for interest	$	418	$	449

Cash paid for income taxes:
Continuing operations	$	174	$	56
Discontinued operations	$	—	$	14

Noncash additions to operating lease assets	$	60	$	69

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 $9 million and $15 million for the three and six months ended June 30, 2024, respectively, and $8 million and $22 million for the three and six months ended June 30, 2023, respectively.

DISCONTINUED OPERATIONS - Schedule of Net Earnings from Discontinued Operations (Details) - Discontinued operations - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Discontinued Operations [Line Items]
Revenues	$ 292	$ 550
Costs and expenses:
Operating	155	306
Selling, general and administrative	44	89
Total costs and expenses	199	395
Operating income	93	155
Other items, net	(4)	(7)
Earnings from discontinued operations	89	148
Provision for income taxes	(16)	(30)
Net earnings from discontinued operations, net of tax	73	118
Previous disposals, cost and expenses	$ 2	6
Previous disposals, income tax provision		$ 1

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Total Paramount Stockholders’ Equity	Preferred Stock Outstanding	Class A and B Common Stock Outstanding	Additional Paid-In Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Preferred stock outstanding, 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 outstanding, 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	91	91			72		19
Preferred stock dividends	(29)	(29)					(29)
Common stock dividends	(194)	(194)					(194)
Noncontrolling interests	(85)								(85)
Net earnings (loss)	(1,402)	(1,417)					(1,417)		15
Other comprehensive income (loss)	170	168						168	2
Preferred stock outstanding, ending balance (in shares) at Jun. 30, 2023			10
Ending balance at Jun. 30, 2023	22,157	21,655	$ 0	$ 1	33,135	(22,958)	13,116	(1,639)	502
Common stock outstanding, ending balance (in shares) at Jun. 30, 2023				651
Preferred stock outstanding, beginning balance (in shares) at Mar. 31, 2023			10
Beginning balance at Mar. 31, 2023	22,343	21,851	$ 0	$ 1	33,087	(22,958)	13,463	(1,742)	492
Common stock outstanding, beginning balance (in shares) at Mar. 31, 2023				651
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity	48	48			48
Preferred stock dividends	(14)	(14)					(14)
Common stock dividends	(34)	(34)					(34)
Net earnings (loss)	(290)	(299)					(299)		9
Other comprehensive income (loss)	104	103						103	1
Preferred stock outstanding, ending balance (in shares) at Jun. 30, 2023			10
Ending balance at Jun. 30, 2023	22,157	21,655	$ 0	$ 1	33,135	(22,958)	13,116	(1,639)	502
Common stock outstanding, ending balance (in shares) at Jun. 30, 2023				651
Preferred stock outstanding, 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 outstanding, 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	89	89			89
Stock conversion (in shares)			(10)	12
Preferred stock dividends	(14)	(14)					(14)
Common stock dividends	(69)	(69)					(69)
Noncontrolling interests	(92)								(92)
Net earnings (loss)	(5,948)	(5,967)					(5,967)		19
Other comprehensive income (loss)	(70)	(68)						(68)	(2)
Preferred stock outstanding, ending balance (in shares) at Jun. 30, 2024			0
Ending balance at Jun. 30, 2024	16,946	16,497	$ 0	$ 1	33,299	(22,958)	7,779	(1,624)	449
Common stock outstanding, ending balance (in shares) at Jun. 30, 2024				667
Preferred stock outstanding, beginning balance (in shares) at Mar. 31, 2024			10
Beginning balance at Mar. 31, 2024	22,337	21,894	$ 0	$ 1	33,240	(22,958)	13,226	(1,615)	443
Common stock outstanding, beginning balance (in shares) at Mar. 31, 2024				655
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity	59	59			59
Stock conversion (in shares)			(10)	12
Common stock dividends	(34)	(34)					(34)
Noncontrolling interests	(1)								(1)
Net earnings (loss)	(5,404)	(5,413)					(5,413)		9
Other comprehensive income (loss)	(11)	(9)						(9)	(2)
Preferred stock outstanding, ending balance (in shares) at Jun. 30, 2024			0
Ending balance at Jun. 30, 2024	$ 16,946	$ 16,497	$ 0	$ 1	$ 33,299	$ (22,958)	$ 7,779	$ (1,624)	$ 449
Common stock outstanding, ending balance (in shares) at Jun. 30, 2024				667

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Level 2 - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets:
Foreign currency hedges	$ 21	$ 40
Total Assets	21	40
Liabilities:
Deferred compensation	364	366
Foreign currency hedges	17	30
Total Liabilities	$ 381	$ 396

REVENUES

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Revenues by Type:
Advertising	$	2,251	$	2,395	$	5,347	$	5,046
Affiliate and subscription	3,275		3,235		6,632		6,414
Theatrical	138		231		291		358
Licensing and other	1,149		1,755		2,228		3,063
Total Revenues	$	6,813	$	7,616	$	14,498	$	14,881

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 June 30, 2024 and December 31, 2023, our allowance for credit losses was $161 million and $120 million, respectively.

Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.07 billion and $1.39 billion at June 30, 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 $0.8 billion at both June 30, 2024 and December 31, 2023. We recognized revenues of $0.5 billion and $0.6 billion for the six months ended June 30, 2024 and 2023, respectively, that were included in the opening balance of deferred revenues for the respective year.

Unrecognized Revenues Under Contract

At June 30, 2024, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were approximately $6 billion, of which $2 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. We recognized revenues for which our performance obligation was satisfied in a prior period of $0.2 billion for each of the three months ended June 30, 2024 and 2023, and $0.3 billion and $0.2 billion for the six months ended June 30, 2024 and 2023, respectively. Included in each period were revenues 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. In addition, the three and six months ended June 30, 2024 include advertising revenue for amounts received during the second quarter of 2024 for the underreporting of revenue by a sales partner in prior periods.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

INCOME TAXES - Schedule of Benefit from Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings (Loss) Before Income Taxes
Programming charges (Note 2)	$ 0	$ (1,120)	$ (697)	$ (1,118)	$ (2,371)
Impairment charges (Note 3)	(5,996)		0	(5,996)	0
Restructuring and other corporate matters (Note 3)	(88)		(54)	(274)	(54)
Gain (loss) from investment	0		168	(4)	168
Benefit from (Provision for) Income Taxes
Programming charges (Note 2)	0		173	275	582
Impairment charges (Note 3)	349			349
Restructuring and other corporate matters (Note 3)	9		14	55	14
Gain (loss) from investment	0		(60)	1	(60)
Net discrete tax (benefit) provision	$ (48)		$ 4	$ (49)	$ 34

REVENUES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
REVENUES - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Allowance for credit losses	$ 161		$ 161		$ 120
Contract liabilities	800		800		800
Revenue recognized			500	$ 600
Unrecognized revenues	6,000		6,000
Revenue recognized for satisfaction of performance obligations in prior period	200	$ 200	300	$ 200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Disaggregation of Revenue [Line Items]
Unrecognized revenues	$ 2,000		$ 2,000
Remaining performance obligation period	6 months		6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Disaggregation of Revenue [Line Items]
Unrecognized revenues	$ 2,000		$ 2,000
Remaining performance obligation period	1 year		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		$ 1,000
Remaining performance obligation period	1 year		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		$ 1,000
Remaining performance obligation period
Other Noncurrent Assets
Disaggregation of Revenue [Line Items]
Noncurrent receivables	$ 1,070		$ 1,070		$ 1,390

SEGMENT INFORMATION - Schedule of Financial Information by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 6,813	$ 7,616	$ 14,498	$ 14,881
Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	4,271	5,157	9,502	10,350
Operating Segments \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	1,880	1,665	3,759	3,175
Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	679	831	1,284	1,419
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	(17)	(37)	(47)	(63)
Eliminations \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	(4)	(8)	(17)	(21)
Eliminations \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	(13)	(29)	(30)	(42)
Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	2,251	2,395	5,347	5,046
Advertising \| Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	1,733	1,946	4,315	4,202
Advertising \| Operating Segments \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	513	441	1,033	839
Advertising \| Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	7	11	8	16
Affiliate and subscription
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	3,275	3,235	6,632	6,414
Affiliate and subscription \| Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	1,908	2,011	3,906	4,078
Affiliate and subscription \| Operating Segments \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	1,367	1,224	2,726	2,336
Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	1,149	1,755	2,228	3,063
Licensing and other \| Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	630	1,200	1,281	2,070
Licensing and other \| Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	534	589	985	1,045
Theatrical
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	138	231	291	358
Theatrical \| Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 138	$ 231	$ 291	$ 358

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 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 June 30, 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 $12.4 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 June 30, 2024 and December 31, 2023, respectively. These investments are included in “Other assets” on the Consolidated Balance Sheets. In April 2023, our ownership of Viacom18 was diluted from 49% to 13% following investment by other parties. The difference between the carrying value of our 49% interest and the fair value of our 13% interest, as indicated by the additional investments, resulted in a noncash gain of $168 million during the second quarter of 2023.

In 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 $514 million based on the foreign exchange rate on June 30, 2024). 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 June 30, 2024 and December 31, 2023, the notional amount of all foreign exchange contracts was $3.21 billion and $2.72 billion, respectively. At June 30, 2024, $2.79 billion related to future production costs and $417 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 (losses) recognized on derivative financial instruments were as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023		Financial Statement Account
Non-designated foreign exchange contracts	$	1	$	(7)	$	10	$	(6)	Other items, net

Fair Value Measurements

The table below presents our assets and liabilities measured at fair value on a recurring basis at June 30, 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
	June 30, 2024			December 31, 2023
Assets:

Foreign currency hedges		$	21		$	40
Total Assets		$	21		$	40
Liabilities:
Deferred compensation		$	364		$	366
Foreign currency hedges		17			30
Total Liabilities		$	381		$	396

The estimated fair values of our assets that were impaired during the periods presented were determined using Level 3 inputs. See Notes 2 and 3.

COVER - shares	6 Months Ended
COVER - shares	Jun. 30, 2024	Aug. 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
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		40,702,763
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		626,011,612

RELATED PARTIES - Narrative (Details) - trustee	Jul. 07, 2024	Jun. 30, 2024
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)		9.50%
Number of trustees		7
Number of beneficiary trustees		2
NAI \| Subsequent Event
Related Party Transaction [Line Items]
NAI ownership of common stock, Class A common stock (percentage)	77.40%

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details) ₨ in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2024 INR (₨)	Dec. 31, 2023 USD ($)	Apr. 30, 2023	Mar. 31, 2023
Derivative [Line Items]
Carrying value of notes and debentures	$ 14,610		$ 14,610			$ 14,600
Fair value of debt	12,400		12,400			13,600
Investments without readily determinable fair value	607		607			612
Noncash gain from investments	0	$ 168	$ (4)	$ 168
Foreign exchange contract \| Cash Flow Hedging
Derivative [Line Items]
Maximum derivative contract term			24 months
Notional amount of derivative	3,210		$ 3,210			2,720
Foreign exchange contract \| Cash Flow Hedging \| Future Production Costs
Derivative [Line Items]
Notional amount of derivative	2,790		2,790			2,200
Foreign exchange contract \| Cash Flow Hedging \| Other Foreign Currency
Derivative [Line Items]
Notional amount of derivative	417		417			$ 523
Viacom18
Derivative [Line Items]
Ownership percentage before dilution								49.00%
Ownership percentage after dilution							13.00%
Noncash gain from investments		$ 168
Ownership interest to be sold (percent)					13.00%
Aggregate purchase price	$ 514		$ 514		₨ 42,860

SUPPLEMENTAL FINANCIAL INFORMATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Additional Financial Information Disclosure [Abstract]
Lease income	$ 9	$ 8	$ 15	$ 22

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 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
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)	1,129	1,115
Treasury stock, at cost (in shares)	503	503

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

IMPAIRMENT, RESTRUCTURING AND OTHER CORPORATE MATTERS (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Other Corporate Matters

During the three and six months ended June 30, 2024 and 2023, we recorded the following costs associated with restructuring and other corporate matters.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Severance (a)	$	70	$	54	$	225	$	54
Exit costs	—		—		31		—
Restructuring charges	70		54		256		54
Other corporate matters	18		—		18		—
Restructuring and other corporate matters	$	88	$	54	$	274	$	54

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

Schedule of Rollforward of Restructuring Liability


	Balance at			2024 Activity					Balance at
	December 31, 2023			Charges (a)		Payments				June 30, 2024
TV Media		$	162	$	93		$	(92)			$	163
Direct-to-Consumer		6		15			(12)				9
Filmed Entertainment		14		22			(12)				24
Corporate		10		81			(17)				74
Total		$	192	$	211		$	(133)			$	270

(a) For the six months ended June 30, 2024, excludes stock-based compensation expense of $14 million and lease impairments of $31 million.

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Revenues:
Advertising	$	1,733	$	1,946	$	4,315	$	4,202
Affiliate and subscription	1,908		2,011		3,906		4,078
Licensing and other	630		1,200		1,281		2,070
TV Media	4,271		5,157		9,502		10,350
Advertising	513		441		1,033		839
Subscription	1,367		1,224		2,726		2,336

Direct-to-Consumer	1,880		1,665		3,759		3,175
Advertising	7		11		8		16
Theatrical	138		231		291		358
Licensing and other	534		589		985		1,045
Filmed Entertainment	679		831		1,284		1,419
Eliminations	(17)		(37)		(47)		(63)
Total Revenues	$	6,813	$	7,616	$	14,498	$	14,881

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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Intercompany Revenues:
TV Media	$	4	$	8	$	17	$	21

Filmed Entertainment	13		29		30		42
Total Intercompany Revenues	$	17	$	37	$	47	$	63

We present operating income excluding depreciation and amortization, stock-based compensation, restructuring charges and other corporate matters, programming charges, and impairment 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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Adjusted OIBDA:
TV Media	$	1,018	$	1,194	$	2,463	$	2,500
Direct-to-Consumer	26		(424)		(260)		(935)
Filmed Entertainment	(54)		5		(57)		(94)
Corporate/Eliminations	(73)		(124)		(197)		(233)
Stock-based compensation (a)	(50)		(45)		(95)		(84)
Depreciation and amortization	(101)		(105)		(201)		(205)
Programming charges	—		(697)		(1,118)		(2,371)
Impairment charges	(5,996)		—		(5,996)		—
Restructuring and other corporate matters	(88)		(54)		(274)		(54)

Operating loss	(5,318)		(250)		(5,735)		(1,476)
Interest expense	(215)		(240)		(436)		(466)
Interest income	35		33		80		68
Gain (loss) from investments	—		168		(4)		168

Other items, net	(49)		(60)		(87)		(106)
Loss from continuing operations before income taxes and equity in loss of investee companies	(5,547)		(349)		(6,182)		(1,812)
Benefit from income taxes	215		95		387		476
Equity in loss of investee companies, net of tax	(72)		(109)		(162)		(184)
Net loss from continuing operations	(5,404)		(363)		(5,957)		(1,520)
Net earnings from discontinued operations, net of tax	—		73		9		118
Net loss (Paramount and noncontrolling interests)	(5,404)		(290)		(5,948)		(1,402)
Net earnings attributable to noncontrolling interests	(9)		(9)		(19)		(15)
Net loss attributable to Paramount	$	(5,413)	$	(299)	$	(5,967)	$	(1,417)

(a) Stock-based compensation expense of $12 million and $14 million for the three and six months ended June 30, 2024, respectively, and $4 million for both the three and six months ended June 30, 2023 is included in “Restructuring and other corporate matters”.

- 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

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Gains (Losses) Recognized on Derivative Financial Instruments

Gains (losses) recognized on derivative financial instruments were as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023		Financial Statement Account
Non-designated foreign exchange contracts	$	1	$	(7)	$	10	$	(6)	Other items, net

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis


		At			At
	June 30, 2024			December 31, 2023
Assets:

Foreign currency hedges		$	21		$	40
Total Assets		$	21		$	40
Liabilities:
Deferred compensation		$	364		$	366
Foreign currency hedges		17			30
Total Liabilities		$	381		$	396

SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash and Cash Equivalents [Line Items]
Cash paid for interest	$ 418	$ 449
Noncash additions to operating lease assets	60	69
Continuing operations
Cash and Cash Equivalents [Line Items]
Cash paid for income taxes:	174	56
Discontinued operations
Cash and Cash Equivalents [Line Items]
Cash paid for income taxes:	$ 0	$ 14

RELATED PARTIES (Tables)

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Revenues	$	79	$	87	$	137	$	195

Operating costs (a)	$	19	$	9	$	37	$	13

(a) Includes costs expensed as operating expenses in each year. The three and six months ended June 30, 2024 also include costs capitalized in programming assets during the period.


	At			At
	June 30, 2024			December 31, 2023

Receivables, net		$	202		$	193

Other assets (Receivables, noncurrent)		$	78		$	101

SUPPLEMENTAL FINANCIAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

Additional Financial Information Disclosure [Abstract]

Schedule of Supplemental Cash Flow Information

Supplemental Cash Flow Information


	Six Months Ended
	June 30,
	2024		2023
Cash paid for interest	$	418	$	449

Cash paid for income taxes:
Continuing operations	$	174	$	56
Discontinued operations	$	—	$	14

Noncash additions to operating lease assets	$	60	$	69

BASIS OF PRESENTATION - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Amounts attributable to Paramount:
Net loss from continuing operations	$ (5,413)	$ (372)	$ (5,976)	$ (1,535)
Preferred stock dividends		(14)	(14)	(29)
Net loss from continuing operations for basic EPS calculation		(386)	(5,990)	(1,564)
Net loss from continuing operations for diluted EPS calculation		(386)	(5,990)	(1,564)
Amounts attributable to Paramount:
Net loss	$ (5,413)	(299)	(5,967)	(1,417)
Preferred stock dividends		(14)	(14)	(29)
Net loss for basic EPS calculation		(313)	(5,981)	(1,446)
Net loss for diluted EPS calculation		$ (313)	$ (5,981)	$ (1,446)

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

+ Details

- Definition

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

+ References

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

+ References + Details

STOCKHOLDERS’ EQUITY (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Dividends Declared Per Share and Total 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 and six months ended June 30, 2024 and 2023.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Class A and Class B Common Stock
Dividends declared per common share	$	.05	$	.05	$	.10	$	.29

Total common stock dividends	$	34	$	34	$	69	$	194
Mandatory Convertible Preferred Stock
Dividends declared per preferred share	$	—	$	1.4375	$	1.4375	$	2.8750

Total preferred stock dividends	$	—	$	14	$	14	$	29

Schedule of Changes in Components of Accumulated Other Comprehensive 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		(88)			—				(88)
Reclassifications to net loss		—			20		(a)		20
Other comprehensive income (loss)		(88)			20				(68)
At June 30, 2024		$	(592)		$	(1,032)			$	(1,624)


	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		97				—				4			101
Reclassifications to net loss		44		(c)		23		(a)		—			67
Other comprehensive income		141				23				4			168
At June 30, 2023		$	(539)			$	(1,074)			$	(26)		$	(1,639)

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

(b) Reflects cumulative translation adjustments.

(c) Reflects amounts realized within “Gain (loss) from investments” on the Consolidated Statement of Operations in connection with the dilution of our interest in Viacom18 (see Note 7).

STOCKHOLDERS’ EQUITY

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

STOCKHOLDERS’ EQUITY

Mandatory Convertible Preferred Stock

On April 1, 2024, each of the 9.7 million outstanding shares of our Mandatory Convertible Preferred Stock was 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 first quarter of 2024. The final dividend on the Mandatory Convertible Preferred Stock was declared during the first quarter of 2024 and paid on April 1, 2024.

Dividends


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Class A and Class B Common Stock
Dividends declared per common share	$	.05	$	.05	$	.10	$	.29

Total common stock dividends	$	34	$	34	$	69	$	194
Mandatory Convertible Preferred Stock
Dividends declared per preferred share	$	—	$	1.4375	$	1.4375	$	2.8750

Total preferred stock dividends	$	—	$	14	$	14	$	29

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		(88)			—				(88)
Reclassifications to net loss		—			20		(a)		20
Other comprehensive income (loss)		(88)			20				(68)
At June 30, 2024		$	(592)		$	(1,032)			$	(1,624)


	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		97				—				4			101
Reclassifications to net loss		44		(c)		23		(a)		—			67
Other comprehensive income		141				23				4			168
At June 30, 2023		$	(539)			$	(1,074)			$	(26)		$	(1,639)

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

(b) Reflects cumulative translation adjustments.

(c) Reflects amounts realized within “Gain (loss) from investments” on the Consolidated Statement of Operations in connection with the dilution of our interest in Viacom18 (see Note 7).

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 $7 million and $8 million for the six months ended June 30, 2024 and 2023, respectively.

- Definition

The entire disclosure for equity.

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+ Details

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Variable Interest Entity [Line Items]
Total assets	$ 45,890		$ 45,890		$ 53,543
Revenues	6,813	$ 7,616	14,498	$ 14,881
Operating loss	(5,318)	(250)	(5,735)	(1,476)
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets	1,917		1,917		1,886
Total liabilities	201		201		$ 232
Revenues	130	201	267	346
Operating loss	$ (30)	$ (1)	$ (64)	$ (32)

- Definition

Amount of asset recognized for present right to economic benefit.

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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

BASIS OF PRESENTATION (Policies)	6 Months Ended
BASIS OF PRESENTATION (Policies)	Jun. 30, 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 (the “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”). On April 1, 2024, all outstanding shares of our Mandatory Convertible Preferred Stock were automatically and mandatorily converted into shares of our Class B Common Stock. The final dividend on the Mandatory Convertible Preferred Stock was declared during the first quarter of 2024 and paid on April 1, 2024 (see Note 9). 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. In periods prior to the conversion of our preferred stock, 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.

IMPAIRMENT, RESTRUCTURING AND OTHER CORPORATE MATTERS - Schedule of Restructuring and Other Corporate Matters (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 70		$ 54	$ 256	$ 54
Other corporate matters	18		0	18	0
Restructuring and other corporate matters	88		54	274	54
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	70	$ 155	54	225	54
Restructuring and other corporate matters			54		54
Exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0		$ 0	$ 31	$ 0

- Definition

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+ References + Details

BASIS OF PRESENTATION (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of 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			Six Months Ended
	Ended			June 30,
	June 30, 2023			2024		2023
Amounts attributable to Paramount:
Net loss from continuing operations		$	(372)	$	(5,976)	$	(1,535)
Preferred stock dividends		(14)		(14)		(29)
Net loss from continuing operations for basic and diluted EPS calculation		$	(386)	$	(5,990)	$	(1,564)

Amounts attributable to Paramount:
Net loss		$	(299)	$	(5,967)	$	(1,417)
Preferred stock dividends		(14)		(14)		(29)
Net loss for basic and diluted EPS calculation		$	(313)	$	(5,981)	$	(1,446)

STOCKHOLDERS’ EQUITY - Narrative (Details) shares in Millions, $ in Millions		3 Months Ended	6 Months Ended
	Apr. 01, 2024 shares	Mar. 31, 2024 shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Class of Stock [Line Items]
Tax benefit \| $			$ 7	$ 8
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]
Convertible rate	1.1765
Stock issued (in shares)	11.5	0.3

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

BASIS OF PRESENTATION - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended			12 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2023 shares	Jun. 30, 2025 USD ($) $ / shares shares	Jun. 30, 2024 shares	Jun. 30, 2023 shares	Dec. 31, 2023	Apr. 29, 2024 executive
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of senior company executives appointed as Co-CEOs \| executive							3
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)	30,000,000	19,000,000		30,000,000	20,000,000
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)		10,000,000			10,000,000
Mandatory Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, percentage				5.75%		5.75%
Skydance Investor Group \| Forecast
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Investment by certain affiliates of existing investors \| $			$ 6,000
Investment by certain affiliates of existing investors, cash \| $			1,500
Investment by certain affiliates of existing investors, cash-stock election \| $			$ 4,500
Skydance Investor Group \| Forecast \| New Paramount Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock issuance (in shares)			317,000,000
Share price (in dollars per share) \| $ / shares			$ 15.00
Warrant issuance (in shares)			200,000,000
Warrants price (in dollars per share) \| $ / shares			$ 30.50
Warrant expiration period			5 years
Skydance Investor Group \| Forecast \| Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential remaining to be contributed \| $			$ 1,500
Skydance Investor Group \| Forecast \| Maximum \| New Paramount Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock issuance (in shares)			400,000,000
Holders Of Paramount Class A Shares Other Than National Amusements Investors \| Forecast \| New Paramount Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock conversion ratio (in shares)			1.5333
Holders Of Paramount Class A Shares Other Than National Amusements Investors \| Forecast \| Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock conversion price per share (in dollars per share) \| $ / shares			$ 23.00
Holders Of Paramount Class B Shares Other Than National Amusements Investors \| Forecast \| New Paramount Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock conversion ratio (in shares)			1
Holders Of Paramount Class B Shares Other Than National Amusements Investors \| Forecast \| Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock conversion price per share (in dollars per share) \| $ / shares			$ 15.00
Skydance \| Forecast
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Termination fee \| $			$ 400

DEBT

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

DEBT

Our debt consists of the following:


	At			At
	June 30, 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		496			495
4.20% Senior Notes due 2029		496			496
7.875% Senior Debentures due 2030		829			830
4.95% Senior Notes due 2031		1,230			1,229
4.20% Senior Notes due 2032		979			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		1,142			1,138
4.875% Senior Debentures due 2043		18			18
5.85% Senior Debentures due 2043		1,235			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		949			948
6.25% Junior Subordinated Debentures due 2057		644			643
6.375% Junior Subordinated Debentures due 2062		989			989

Obligations under finance leases		1			1
Total debt (a)		14,614			14,602
Less current portion		126			1
Total long-term debt, net of current portion		$	14,488		$	14,601

(a) At June 30, 2024 and December 31, 2023, the senior and junior subordinated debt balances included (i) a net unamortized discount of $410 million and $419 million, respectively, and (ii) unamortized deferred financing costs of $78 million and $81 million, respectively. The face value of our total debt was $15.10 billion at both June 30, 2024 and December 31, 2023.

Commercial Paper

At both June 30, 2024 and December 31, 2023, we had no outstanding commercial paper borrowings.

Credit Facility

At June 30, 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 June 30, 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 June 30, 2024 and will remain at this level for 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 June 30, 2024.

The Credit Facility also includes a provision that the occurrence of a change of control of Paramount will be an event of default that would give the lenders the right to accelerate any outstanding loans and terminate their commitments. On August 1, 2024, we entered into amendments to the Credit Facility and our $1.9 billion standby letter of credit facility (see Note 14), which, among other things, revise the change of control provision and related definitions to reflect the ownership structure of Paramount after giving effect to the Skydance Transactions. In addition, the amendments increase the amount of unrestricted cash and cash equivalents that can be netted against Consolidated Indebtedness in the calculation of the Leverage Ratio to $3.0 billion. These amendments will only become operative upon closing of the Skydance Transactions (see Note 1).

Other Bank Borrowings

At both June 30, 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

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+ Details

DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Net Earnings from Discontinued Operations


	Three Months Ended			Six Months Ended
	June 30, 2023			June 30, 2023

Revenues		$	292		$	550
Costs and expenses:
Operating		155			306
Selling, general and administrative		44			89

Total costs and expenses (a)		199			395
Operating income		93			155
Other items, net		(4)			(7)
Earnings from discontinued operations		89			148
Provision for income taxes (b)		(16)			(30)
Net earnings from discontinued operations, net of tax		$	73		$	118

(b) The tax provision includes amounts relating to previously disposed businesses of $1 million for the six months ended June 30, 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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+ Details

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Financial Information by Reportable Segment


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Revenues:
Advertising	$	1,733	$	1,946	$	4,315	$	4,202
Affiliate and subscription	1,908		2,011		3,906		4,078
Licensing and other	630		1,200		1,281		2,070
TV Media	4,271		5,157		9,502		10,350
Advertising	513		441		1,033		839
Subscription	1,367		1,224		2,726		2,336

Direct-to-Consumer	1,880		1,665		3,759		3,175
Advertising	7		11		8		16
Theatrical	138		231		291		358
Licensing and other	534		589		985		1,045
Filmed Entertainment	679		831		1,284		1,419
Eliminations	(17)		(37)		(47)		(63)
Total Revenues	$	6,813	$	7,616	$	14,498	$	14,881

Schedule of Intercompany Revenues by Segment


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Intercompany Revenues:
TV Media	$	4	$	8	$	17	$	21

Filmed Entertainment	13		29		30		42
Total Intercompany Revenues	$	17	$	37	$	47	$	63

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Adjusted OIBDA:
TV Media	$	1,018	$	1,194	$	2,463	$	2,500
Direct-to-Consumer	26		(424)		(260)		(935)
Filmed Entertainment	(54)		5		(57)		(94)
Corporate/Eliminations	(73)		(124)		(197)		(233)
Stock-based compensation (a)	(50)		(45)		(95)		(84)
Depreciation and amortization	(101)		(105)		(201)		(205)
Programming charges	—		(697)		(1,118)		(2,371)
Impairment charges	(5,996)		—		(5,996)		—
Restructuring and other corporate matters	(88)		(54)		(274)		(54)

Operating loss	(5,318)		(250)		(5,735)		(1,476)
Interest expense	(215)		(240)		(436)		(466)
Interest income	35		33		80		68
Gain (loss) from investments	—		168		(4)		168

Other items, net	(49)		(60)		(87)		(106)
Loss from continuing operations before income taxes and equity in loss of investee companies	(5,547)		(349)		(6,182)		(1,812)
Benefit from income taxes	215		95		387		476
Equity in loss of investee companies, net of tax	(72)		(109)		(162)		(184)
Net loss from continuing operations	(5,404)		(363)		(5,957)		(1,520)
Net earnings from discontinued operations, net of tax	—		73		9		118
Net loss (Paramount and noncontrolling interests)	(5,404)		(290)		(5,948)		(1,402)
Net earnings attributable to noncontrolling interests	(9)		(9)		(19)		(15)
Net loss attributable to Paramount	$	(5,413)	$	(299)	$	(5,967)	$	(1,417)

RELATED PARTIES - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Revenues	$ 6,813	$ 7,616	$ 14,498	$ 14,881
Operating costs	4,367	5,227	9,403	10,191
Receivables, net	6,545		6,545		$ 7,115
Other assets (Receivables, noncurrent)	3,474		3,474		3,793
Related Party
Related Party Transaction [Line Items]
Revenues	79	87	137	195
Operating costs	19	$ 9	37	$ 13
Receivables, net	202		202		193
Other assets (Receivables, noncurrent)	$ 78		$ 78		$ 101

- Definition

+ References

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss (Paramount and noncontrolling interests)	$ (5,404)	$ (290)	$ (5,948)	$ (1,402)
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	(22)	90	(90)	143
Decrease to net actuarial loss and prior service costs	11	12	20	23
Other comprehensive income (loss) from continuing operations, net of tax (Paramount and noncontrolling interests)	(11)	102	(70)	166
Other comprehensive income from discontinued operations	0	2	0	4
Comprehensive loss	(5,415)	(186)	(6,018)	(1,232)
Less: Comprehensive income attributable to noncontrolling interests	7	10	17	17
Comprehensive loss attributable to Paramount	$ (5,422)	$ (196)	$ (6,035)	$ (1,249)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities:
Net loss (Paramount and noncontrolling interests)	$ (5,948)	$ (1,402)
Less: Net earnings from discontinued operations, net of tax	9	118
Net loss from continuing operations	(5,957)	(1,520)
Adjustments to reconcile net loss from continuing operations to net cash flow provided by (used for) operating activities from continuing operations:
Programming charges	1,118	2,371
Depreciation and amortization	201	205
Impairment charges	5,996	0
Deferred tax benefit	(593)	(586)
Stock-based compensation	109	88
(Gain) loss from investments	4	(168)
Equity in loss of investee companies, net of tax and distributions	168	184
Change in assets and liabilities	(727)	(1,198)
Net cash flow provided by (used for) operating activities from continuing operations	319	(624)
Net cash flow provided by operating activities from discontinued operations	0	223
Net cash flow provided by (used for) operating activities	319	(401)
Investing Activities:
Investments	(166)	(124)
Capital expenditures	(100)	(140)
Other investing activities	21	39
Net cash flow used for investing activities from continuing operations	(245)	(225)
Net cash flow provided by (used for) investing activities from discontinued operations	48	(2)
Net cash flow used for investing activities	(197)	(227)
Financing Activities:
Proceeds from issuance of debt	0	45
Repayment of debt	0	(100)
Dividends paid on preferred stock	(29)	(29)
Dividends paid on common stock	(68)	(317)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(18)	(19)
Payments to noncontrolling interests	(97)	(93)
Other financing activities	(25)	(34)
Net cash flow used for financing activities	(237)	(547)
Effect of exchange rate changes on cash and cash equivalents	(30)	4
Net decrease in cash and cash equivalents	(145)	(1,171)
Cash and cash equivalents at beginning of year	2,460	2,885
Cash and cash equivalents at end of period	$ 2,315	$ 1,714

RELATED PARTIES

6 Months Ended

Jun. 30, 2024

RELATED PARTIES

National Amusements, Inc.

National Amusements, Inc. is the controlling stockholder of the Company. At June 30, 2024, NAI directly or indirectly owned approximately 77.4% of our voting Class A Common Stock, and approximately 9.5% 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.

On July 7, 2024, following their receipt of the final form of the Transaction Agreement and approval of the Skydance Transactions by our Board of Directors, but prior to the execution of the Transaction Agreement, NAI and its wholly owned subsidiaries, NAI Entertainment Holdings LLC and SPV-NAIEH LLC (the “NAI Company Stockholders”), representing approximately 77.4% of the voting power of the Company, executed and delivered a written consent (the “Written Consent”) approving and adopting the Transaction Agreement, which Written Consent became effective immediately following the execution of the Transaction Agreement by all of the parties thereto. Since the Written Consent represents approval by the holders of at least a majority of the outstanding shares of the Company with the right to vote on the adoption and approval of the Transaction Agreement, no additional approval is required from the Company’s stockholders for the Skydance Transactions. Concurrent with the execution of the Transaction Agreement, the NAI Company Stockholders also entered into a voting and support agreement with the Company and Skydance (the “Voting Agreement”), pursuant to which the NAI Company Stockholders agreed to vote (or cause to be voted) their shares in the Company in favor of certain matters set forth therein relating to the Skydance Transactions.

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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Revenues	$	79	$	87	$	137	$	195

Operating costs (a)	$	19	$	9	$	37	$	13

(a) Includes costs expensed as operating expenses in each year. The three and six months ended June 30, 2024 also include costs capitalized in programming assets during the period.


	At			At
	June 30, 2024			December 31, 2023

Receivables, net		$	202		$	193

Other assets (Receivables, noncurrent)		$	78		$	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
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-Section 50
-Paragraph 2
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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 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

PROGRAMMING AND OTHER INVENTORY (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Programming and Other Inventory, Current

The following table presents our programming and other inventory at June 30, 2024 and December 31, 2023, grouped by type and predominant monetization strategy.


	At			At
	June 30, 2024			December 31, 2023
Film Group Monetization:
Acquired program rights, including prepaid sports rights		$	2,918		$	3,318
Internally-produced television and film programming:
Released		6,318			6,666
In process and other		2,222			2,028

Individual Monetization:
Acquired libraries		330			348
Films:
Released		805			624
Completed, not yet released		22			179
In process and other		1,306			1,211
Internally-produced television programming:
Released		534			496
In process and other		512			361
Home entertainment		27			34
Total programming and other inventory		14,994			15,265
Less current portion		1,322			1,414
Total noncurrent programming and other inventory		$	13,672		$	13,851

Schedule of Programming and Other Inventory, Noncurrent

The following table presents our programming and other inventory at June 30, 2024 and December 31, 2023, grouped by type and predominant monetization strategy.


	At			At
	June 30, 2024			December 31, 2023
Film Group Monetization:
Acquired program rights, including prepaid sports rights		$	2,918		$	3,318
Internally-produced television and film programming:
Released		6,318			6,666
In process and other		2,222			2,028

Individual Monetization:
Acquired libraries		330			348
Films:
Released		805			624
Completed, not yet released		22			179
In process and other		1,306			1,211
Internally-produced television programming:
Released		534			496
In process and other		512			361
Home entertainment		27			34
Total programming and other inventory		14,994			15,265
Less current portion		1,322			1,414
Total noncurrent programming and other inventory		$	13,672		$	13,851

Schedule of Amortization of Television and Film 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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Acquired program rights	$	1,066	$	1,234	$	2,848	$	2,648

Internally-produced television and film programming, and acquired libraries:
Individual monetization	$	370	$	734	$	668	$	1,130
Film group monetization	$	1,280	$	1,358	$	2,340	$	2,726

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Benefit from Income Taxes

Included in the benefit from income taxes are the following items identified as affecting the comparability of our results, which in aggregate decreased our effective income tax rate by 13.8 percentage points and 13.9 percentage points for their respective periods.


	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
	Impact from Items Affecting Comparability
	Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes			Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes

Programming charges (Note 2)		$	—		$	—		$	(1,118)		$	275
Impairment charges (Note 3)		$	(5,996)		$	349		$	(5,996)		$	349
Restructuring and other corporate matters (Note 3)		$	(88)		$	9		$	(274)		$	55
Loss from investment		$	—		$	—		$	(4)		$	1
Net discrete tax provision (a)		n/a			$	(48)		n/a			$	(49)

n/a - not applicable

(a) Primarily attributable to the establishment of a valuation allowance on a deferred tax asset that is not expected to be realized because of a reduction in our deferred tax liabilities caused by the second quarter goodwill impairment charge. This impact was partially offset by amounts realized in connection with the filing of our tax returns in certain international jurisdictions.

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 11.8 percentage points and 5.2 percentage points for their respective periods.


	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
	Impact from Items Affecting Comparability
	Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes			Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes

Programming charges (Note 2)		$	(697)		$	173		$	(2,371)		$	582
Restructuring charges (Note 3)		$	(54)		$	14		$	(54)		$	14
Gain from investment (Note 7)		$	168		$	(60)		$	168		$	(60)
Net discrete tax benefit (a)		n/a			$	4		n/a			$	34

n/a - not applicable

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

PROGRAMMING AND OTHER INVENTORY - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Inventory Disclosure [Abstract]
Programming charges	$ 0	$ 1,120	$ 697	$ 1,118	$ 2,371
Content impairment		909	520		1,970
Development cost write-offs and contract termination costs		$ 209	$ 177		$ 402

VARIABLE INTEREST ENTITIES

6 Months Ended

Jun. 30, 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
	June 30, 2024			December 31, 2023
Total assets		$	1,917		$	1,886

Total liabilities		$	201		$	232


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Revenues	$	130	$	201	$	267	$	346

Operating loss	$	(30)	$	(1)	$	(64)	$	(32)

STOCKHOLDERS’ EQUITY - Schedule of Dividends Declared Per Share and Total Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Total common stock dividends	$ 34	$ 34	$ 69	$ 194
Total preferred stock dividends		$ 14	$ 14	$ 29
Class A and Class B Common Stock
Class of Stock [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.05	$ 0.05	$ 0.10	$ 0.29
Total common stock dividends	$ 34	$ 34	$ 69	$ 194
Mandatory Convertible Preferred Stock
Class of Stock [Line Items]
Dividends declared per preferred share (in dollars per share)	$ 0	$ 1.4375	$ 1.4375	$ 2.8750
Total preferred stock dividends	$ 0	$ 14	$ 14	$ 29

- 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	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Guarantees Letters of Credit and Surety Bonds At June 30, 2024, we had outstanding letters of credit and surety bonds of $1.23 billion that were not recorded on the Consolidated Balance Sheet, including $1.02 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 decreases 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 provisions similar to the Credit Facility, including the same principal financial covenant (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 June 30, 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 the Skydance Transactions On July 24, 2024, a purported holder of Paramount Class B Common Stock filed a putative class action lawsuit in the Court of Chancery of the State of Delaware against NAI, Shari E. Redstone, Barbara Byrne, Linda M. Griego, Judith McHale, Charles E. Phillips, Jr. and Susan Schuman, among other defendants (the “Complaint”). The Complaint alleges breaches of fiduciary duties to Paramount’s Class B stockholders in connection with the negotiation and approval of the Transaction Agreement, among other claims. The Complaint seeks unspecified damages, costs and expenses, as well as other relief. 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. The plaintiffs sought leave to reargue, or alternatively, appeal the ruling to the New York Court of Appeals, and in July 2024, the New York Supreme Court, Appellate Division, First Department, denied the plaintiffs’ request. 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 June 30, 2024, we had pending approximately 19,100 asbestos claims, as compared with approximately 19,970 as of December 31, 2023. During the second quarter of 2024, we received approximately 740 new claims and closed or moved to an inactive docket approximately 1,150 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.

DEBT - Narrative (Details)	Mar. 31, 2026	Jun. 30, 2025 USD ($)	Mar. 31, 2025	Sep. 30, 2024 USD ($)	Aug. 01, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Outstanding commercial paper borrowings						$ 0	$ 0
Revolving Credit Facility \| Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under credit facility						3,500,000,000
Borrowings outstanding						0
Remaining borrowing capacity under credit facility						3,500,000,000
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				$ 1,500,000,000
Revolving Credit Facility \| Miramax Credit Facility, Matures November 2024
Line of Credit Facility [Line Items]
Maximum borrowing capacity under credit facility						50,000,000	50,000,000
Outstanding bank borrowings						0	$ 0
Standby Letter of Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under credit facility						$ 1,900,000,000
Standby Letter of Credit Facility \| Subsequent Event
Line of Credit Facility [Line Items]
Maximum borrowing capacity under credit facility					$ 1,900,000,000
Standby Letter of Credit Facility \| Credit Facility \| Forecast
Line of Credit Facility [Line Items]
Maximum amount of unrestricted cash and cash equivalents netted against consolidated indebtedness		$ 3,000,000,000.0

VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Jun. 30, 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
	June 30, 2024			December 31, 2023
Total assets		$	1,917		$	1,886

Total liabilities		$	201		$	232


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Revenues	$	130	$	201	$	267	$	346

Operating loss	$	(30)	$	(1)	$	(64)	$	(32)

- 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

IMPAIRMENT, RESTRUCTURING AND OTHER CORPORATE MATTERS - Narrative (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024 USD ($) market reporting_unit	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) market reporting_unit	Jun. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of reporting units \| reporting_unit				5
Number of reporting units with fair values exceeding carrying values \| reporting_unit	3			3
Impairment charges				$ 5,996	$ 0
Restructuring charges	$ 70		$ 54	256	54
Lease impairments				31
Restructuring and other corporate matters	88		54	274	54
Other corporate matters	18		0	18	0
Skydance
Restructuring Cost and Reserve [Line Items]
Other corporate matters	18
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 70	$ 155	54	$ 225	54
Restructuring and other corporate matters			$ 54		$ 54
Maximum
Restructuring Cost and Reserve [Line Items]
Percentage of fair value in excess of carrying amount (up to)	10.00%			10.00%
Cable Networks \| TV Media
Restructuring Cost and Reserve [Line Items]
Goodwill impairment charge				$ 5,980
Cable Networks \| TV Media \| Measurement Input, Discount Rate
Restructuring Cost and Reserve [Line Items]
Assumption rates for goodwill impairment testing	0.11			0.11
Cable Networks \| TV Media \| Measurement Input, Long-Term Revenue Growth Rate
Restructuring Cost and Reserve [Line Items]
Assumption rates for goodwill impairment testing	(0.03)			(0.03)
Operating and Broadcast Rights
Restructuring Cost and Reserve [Line Items]
Number of quantitative assessments performed \| market				8
Operating and Broadcast Rights \| Measurement Input, Discount Rate
Restructuring Cost and Reserve [Line Items]
Assumption rates for intangible asset impairment testing	0.08			0.08
Operating and Broadcast Rights \| Measurement Input, Long-Term Revenue Growth Rate
Restructuring Cost and Reserve [Line Items]
Assumption rates for intangible asset impairment testing	0			0
Operating and Broadcast Rights \| TV Media \| Two Markets
Restructuring Cost and Reserve [Line Items]
Number of markets where carrying value of intangible asset exceeds fair value \| market	2			2
Impairment charges				$ 15
Carrying value of intangible assets	$ 149			$ 149

DEBT (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Our debt consists of the following:


	At			At
	June 30, 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		496			495
4.20% Senior Notes due 2029		496			496
7.875% Senior Debentures due 2030		829			830
4.95% Senior Notes due 2031		1,230			1,229
4.20% Senior Notes due 2032		979			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		1,142			1,138
4.875% Senior Debentures due 2043		18			18
5.85% Senior Debentures due 2043		1,235			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		949			948
6.25% Junior Subordinated Debentures due 2057		644			643
6.375% Junior Subordinated Debentures due 2062		989			989

Obligations under finance leases		1			1
Total debt (a)		14,614			14,602
Less current portion		126			1
Total long-term debt, net of current portion		$	14,488		$	14,601

BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 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 April 30, 2024, Showtime Networks’ domestic premium subscription streaming service was no longer 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 July 7, 2024, Paramount, Skydance Media, LLC (“Skydance”) and other parties entered into a definitive transaction agreement (the “Transaction Agreement”) pursuant to which Paramount and Skydance will become subsidiaries of a new holding company (the “Skydance Merger”). Concurrent with the execution of the Transaction Agreement, certain affiliates of existing investors of Skydance (the “Skydance Investor Group”), including members of the Ellison family and affiliates of RedBird Capital Partners, entered into an agreement with National Amusements, Inc. (“NAI”), the controlling stockholder of the Company, to purchase all of the outstanding equity interests of NAI (the “NAI Transaction”) (together with the Skydance Merger, the “Skydance Transactions”). In addition, certain affiliates of existing investors of Skydance, including the Skydance Investor Group, will make a $6.0 billion investment into Paramount (the “Investment”) in exchange for up to 400 million newly issued shares of Class B common stock of the new holding company (“New Paramount Class B Common Stock”) valued at $15.00 per share (subject to ratable reduction) as well as warrants to purchase 200 million shares of New Paramount Class B Common Stock at an initial strike price of $30.50 per share (subject to customary anti-dilution adjustments), which expire five years after issuance. The Investment will be comprised of $1.5 billion of cash to Paramount and up to $4.5 billion to fund the cash-stock election discussed below. If the cash-stock elections are undersubscribed, up to $1.5 billion of the unused portion of the $4.5 billion will be contributed to Paramount.

The Skydance Merger will involve: (i) a transaction pursuant to which existing Skydance investors will receive 317 million shares of New Paramount Class B Common Stock valued at $15.00 per share, and (ii) a cash-stock election pursuant to which Paramount Class A Common Stock held by holders other than NAI will be converted, at the holders’ election, into the right to receive either $23.00 in cash or 1.5333 shares of New Paramount Class B Common Stock, and Paramount Class B Common Stock held by holders other than NAI and the investors participating in the Investment will be converted, at the holders’ election, into the right to receive either $15.00 in cash (subject to proration) or one share of New Paramount Class B Common Stock.

The Skydance Transactions are subject to customary closing conditions, including regulatory approvals, and are expected to close in the first half of 2025. Consummation of the foregoing transactions is also subject to the contemporaneous consummation of each other transaction described above. In the event of a termination of the Transaction Agreement under certain specified circumstances, including in connection with the Company’s entry into a Superior Proposal (as defined in the Transaction Agreement), the Company will be required to pay Skydance a termination fee in the amount of $400 million.

At the closing of the Skydance Merger, our voting Class A Common Stock and non-voting Class B Common Stock (currently listed and traded on The Nasdaq Stock Market LLC under the symbols “PARAA” and “PARA,” respectively) will cease to be listed, and only the shares of New Paramount Class B Common Stock will be listed on The Nasdaq Stock Market LLC.

On April 29, 2024, the Board of Directors of the Company established an Office of the Chief Executive Officer, consisting of the following three senior company executives who were appointed as co-CEOs: 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. On April 30, 2024, Robert M. Bakish stepped down as the Company’s President and Chief Executive Officer and resigned from the Board of Directors. Mr. Bakish has agreed to remain employed with the Company as a Senior Advisor until October 31, 2024 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 (the “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”). On April 1, 2024, all outstanding shares of our Mandatory Convertible Preferred Stock were automatically and mandatorily converted into shares of our Class B Common Stock. The final dividend on the Mandatory Convertible Preferred Stock was declared during the first quarter of 2024 and paid on April 1, 2024 (see Note 9).

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. In periods prior to the conversion of our preferred stock, 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.

All of our stock options and RSUs for the three and six months ended June 30, 2024, which totaled 30 million for each period, and for the three and six months ended June 30, 2023, which totaled 19 million and 20 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 the six months ended June 30, 2024 prior to the preferred stock conversion discussed above, and for the three and six months ended June 30, 2023, 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 six months ended June 30, 2024 and the three and six months ended June 30, 2023 include a reduction for the preferred stock dividends recorded during each period prior to the April 2024 conversion. 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			Six Months Ended
	Ended			June 30,
	June 30, 2023			2024		2023
Amounts attributable to Paramount:
Net loss from continuing operations		$	(372)	$	(5,976)	$	(1,535)
Preferred stock dividends		(14)		(14)		(29)
Net loss from continuing operations for basic and diluted EPS calculation		$	(386)	$	(5,990)	$	(1,564)

Amounts attributable to Paramount:
Net loss		$	(299)	$	(5,967)	$	(1,417)
Preferred stock dividends		(14)		(14)		(29)
Net loss for basic and diluted EPS calculation		$	(313)	$	(5,981)	$	(1,446)

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.

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Cost for Pension and Postretirement Benefit Plans


	Pension Benefits				Postretirement Benefits
Three Months Ended June 30,	2024		2023		2024		2023
Components of net periodic cost (a):

Interest cost	$	50	$	52	$	3	$	3
Expected return on plan assets	(34)		(32)		—		—
Amortization of actuarial loss (gain) (b)	20		21		(5)		(5)


Net periodic cost	$	36	$	41	$	(2)	$	(2)


	Pension Benefits				Postretirement Benefits
Six Months Ended June 30,	2024		2023		2024		2023
Components of net periodic cost (a):

Interest cost	$	99	$	103	$	5	$	6
Expected return on plan assets	(68)		(64)		—		—
Amortization of actuarial loss (gain) (b)	40		42		(9)		(9)
Net periodic cost	$	71	$	81	$	(4)	$	(3)

(a) Amounts reflect our domestic plans only.

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

INCOME TAXES

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2024, we recorded a benefit from income taxes of $215 million and $387 million, reflecting an effective income tax rate of 3.9% and 6.3%, respectively. Included in the benefit from income taxes are the following items identified as affecting the comparability of our results, which in aggregate decreased our effective income tax rate by 13.8 percentage points and 13.9 percentage points for their respective periods.


	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
	Impact from Items Affecting Comparability
	Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes			Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes

Programming charges (Note 2)		$	—		$	—		$	(1,118)		$	275
Impairment charges (Note 3)		$	(5,996)		$	349		$	(5,996)		$	349
Restructuring and other corporate matters (Note 3)		$	(88)		$	9		$	(274)		$	55
Loss from investment		$	—		$	—		$	(4)		$	1
Net discrete tax provision (a)		n/a			$	(48)		n/a			$	(49)

n/a - not applicable

For the three and six months ended June 30, 2023, we recorded a benefit from income taxes of $95 million and $476 million, reflecting an effective income tax rate of 27.2% and 26.3%, respectively. 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 11.8 percentage points and 5.2 percentage points for their respective periods.


	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
	Impact from Items Affecting Comparability
	Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes			Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes

Programming charges (Note 2)		$	(697)		$	173		$	(2,371)		$	582
Restructuring charges (Note 3)		$	(54)		$	14		$	(54)		$	14
Gain from investment (Note 7)		$	168		$	(60)		$	168		$	(60)
Net discrete tax benefit (a)		n/a			$	4		n/a			$	34

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 tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
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-Paragraph 231
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 12C
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 12: 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 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

SEGMENT INFORMATION - Schedule of Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Stock-based compensation				$ (109)	$ (88)
Depreciation and amortization	$ (101)		$ (105)	(201)	(205)
Programming charges	0	$ (1,120)	(697)	(1,118)	(2,371)
Impairment charges				(5,996)	0
Restructuring and other corporate matters	(88)		(54)	(274)	(54)
Operating loss	(5,318)		(250)	(5,735)	(1,476)
Interest expense	(215)		(240)	(436)	(466)
Interest income	35		33	80	68
Gain (loss) from investments	0		168	(4)	168
Other items, net	(49)		(60)	(87)	(106)
Loss from continuing operations before income taxes and equity in loss of investee companies	(5,547)		(349)	(6,182)	(1,812)
Benefit from income taxes	215		95	387	476
Equity in loss of investee companies, net of tax	(72)		(109)	(162)	(184)
Net loss from continuing operations	(5,404)		(363)	(5,957)	(1,520)
Net earnings from discontinued operations, net of tax	0		73	9	118
Net loss (Paramount and noncontrolling interests)	(5,404)		(290)	(5,948)	(1,402)
Net earnings attributable to noncontrolling interests	(9)		(9)	(19)	(15)
Net loss attributable to Paramount	(5,413)		(299)	(5,967)	(1,417)
Operating Segments \| TV Media
Segment Reporting Information [Line Items]
Adjusted OIBDA	1,018		1,194	2,463	2,500
Operating Segments \| Direct-to-Consumer
Segment Reporting Information [Line Items]
Adjusted OIBDA	26		(424)	(260)	(935)
Operating Segments \| Filmed Entertainment
Segment Reporting Information [Line Items]
Adjusted OIBDA	(54)		5	(57)	(94)
Corporate/Eliminations
Segment Reporting Information [Line Items]
Adjusted OIBDA	(73)		(124)	(197)	(233)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Stock-based compensation	(50)		(45)	(95)	(84)
Depreciation and amortization	(101)		(105)	(201)	(205)
Programming charges	0		(697)	(1,118)	(2,371)
Impairment charges	(5,996)		0	(5,996)	0
Restructuring and other corporate matters	(88)		(54)	(274)	(54)
Segment Reconciling Items \| Restructuring and Other Corporate Matters
Segment Reporting Information [Line Items]
Stock-based compensation	$ (12)		$ (4)	$ (14)	$ (4)

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Benefit from income taxes	$ 215	$ 95	$ 387	$ 476
Effective income tax rate	3.90%	27.20%	6.30%	26.30%
Percentage point increase (decrease) in effective tax rate	(13.80%)	11.80%	(13.90%)	5.20%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

REVENUES - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 6,813	$ 7,616	$ 14,498	$ 14,881
Advertising
Disaggregation of Revenue [Line Items]
Total Revenues	2,251	2,395	5,347	5,046
Affiliate and subscription
Disaggregation of Revenue [Line Items]
Total Revenues	3,275	3,235	6,632	6,414
Theatrical
Disaggregation of Revenue [Line Items]
Total Revenues	138	231	291	358
Licensing and other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 1,149	$ 1,755	$ 2,228	$ 3,063

- 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

PROGRAMMING AND OTHER INVENTORY - Schedule of Programming and Other Inventory (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory [Line Items]
Acquired program rights, including prepaid sports rights, film group monetization	$ 2,918	$ 3,318
Acquired libraries, individual monetization	330	348
Home entertainment	27	34
Total programming and other inventory	14,994	15,265
Less current portion	1,322	1,414
Total noncurrent programming and other inventory	13,672	13,851
Internally Produced Television and Film Programming
Inventory [Line Items]
Released, film group monetization	6,318	6,666
In process and other, film group monetization	2,222	2,028
Released, individual monetization	534	496
In process and other, individual monetization	512	361
Films
Inventory [Line Items]
Released, individual monetization	805	624
Completed, not yet released, individual monetization	22	179
In process and other, individual monetization	$ 1,306	$ 1,211

REVENUES (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of 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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Revenues by Type:
Advertising	$	2,251	$	2,395	$	5,347	$	5,046
Affiliate and subscription	3,275		3,235		6,632		6,414
Theatrical	138		231		291		358
Licensing and other	1,149		1,755		2,228		3,063
Total Revenues	$	6,813	$	7,616	$	14,498	$	14,881

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 2,315	$ 2,460
Receivables, net	6,545	7,115
Programming and other inventory	1,322	1,414
Prepaid expenses and other current assets	1,497	1,677
Current assets of discontinued operations	0	37
Total current assets	11,679	12,703
Property and equipment, net	1,567	1,666
Programming and other inventory	13,672	13,851
Goodwill	10,509	16,516
Intangible assets, net	2,558	2,589
Operating lease assets	1,069	1,183
Deferred income tax assets, net	1,362	1,242
Other assets	3,474	3,793
Total Assets	45,890	53,543
Current Liabilities:
Accounts payable	826	1,100
Accrued expenses	1,865	2,104
Participants’ share and royalties payable	2,462	2,702
Accrued programming and production costs	1,769	1,842
Deferred revenues	708	746
Debt	126	1
Other current liabilities	1,250	1,161
Total current liabilities	9,006	9,656
Long-term debt	14,488	14,601
Participants’ share and royalties payable	1,326	1,394
Pension and postretirement benefit obligations	1,329	1,337
Deferred income tax liabilities, net	35	503
Operating lease liabilities	1,127	1,256
Program rights obligations	229	204
Other liabilities	1,404	1,542
Commitments and contingencies (Note 14)
Paramount stockholders’ equity:
Additional paid-in capital	33,299	33,210
Treasury stock, at cost; 503 (2024 and 2023) shares of Class B Common Stock	(22,958)	(22,958)
Retained earnings	7,779	13,829
Accumulated other comprehensive loss	(1,624)	(1,556)
Total Paramount stockholders’ equity	16,497	22,526
Noncontrolling interests	449	524
Total Equity	16,946	23,050
Total Liabilities and Equity	45,890	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 (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

IMPAIRMENT, RESTRUCTURING AND OTHER CORPORATE MATTERS - Schedule of Rollforward of Restructuring Liability (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 192
Charges	211
Payments	(133)
Restructuring reserve, ending balance	270
Lease impairments	31
Restructuring and Other Corporate Matters
Restructuring Reserve [Roll Forward]
Stock-based compensation expense	14
Lease impairments	31
Operating Segments \| TV Media
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	162
Charges	93
Payments	(92)
Restructuring reserve, ending balance	163
Operating Segments \| Direct-to-Consumer
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	6
Charges	15
Payments	(12)
Restructuring reserve, ending balance	9
Operating Segments \| Filmed Entertainment
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	14
Charges	22
Payments	(12)
Restructuring reserve, ending balance	24
Corporate
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	10
Charges	81
Payments	(17)
Restructuring reserve, ending balance	$ 74

SEGMENT INFORMATION - Schedule of Intercompany Revenues by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	$ (6,813)	$ (7,616)	$ (14,498)	$ (14,881)
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	17	37	47	63
Eliminations \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	4	8	17	21
Eliminations \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	$ 13	$ 29	$ 30	$ 42

- Definition

+ References

+ Details

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Gains (Losses) Recognized on Derivative Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Non-designated foreign exchange contracts
Derivatives [Line Items]
Gains (losses) on non-designated foreign exchange contracts	$ 1	$ (7)	$ 10	$ (6)

DEBT - Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 30, 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	14,614	14,602
Less current portion	126	1
Total long-term debt, net of current portion	14,488	14,601
Net unamortized discount on senior debt	410	419
Unamortized deferred financing costs	78	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	$ 496	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	$ 829	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	$ 979	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	$ 1,142	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	$ 1,235	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	$ 949	948
6.25% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Stated interest rate	6.25%
Junior subordinated debentures	$ 644	643
6.375% Junior Subordinated Debentures due 2062
Debt Instrument [Line Items]
Stated interest rate	6.375%
Junior subordinated debentures	$ 989	$ 989