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SUPPLEMENTAL FINANCIAL INFORMATION - Components of Other Items, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Additional Financial Information Disclosure [Abstract]
Pension and postretirement benefit costs	$ (139)	$ (153)	$ (65)
Foreign exchange losses	(47)	(66)	(58)
Other	4	3	(1)
Other items, net	$ (182)	$ (216)	$ (124)

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 28	$ 35	$ 41

VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2024

Variable Interest Entity Disclosure [Abstract]

Summary of Variable Interest Entities

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


At December 31,	2024		2023
Total assets	$	1,825	$	1,886

Total liabilities	$	198	$	232


Year Ended December 31,	2024		2023		2022
Revenues	$	530	$	598	$	524

Operating loss	$	(124)	$	(107)	$	(56)

- 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

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value

The table below presents our assets and liabilities measured at fair value on a recurring basis at December 31, 2024 and 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 December 31,	2024		2023
Assets:
Foreign currency hedges	$	45	$	40
Total Assets	$	45	$	40
Liabilities:
Deferred compensation	$	385	$	366
Foreign currency hedges	48		30
Total Liabilities	$	433	$	396

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

We perform fair value-based impairment tests of goodwill and intangible assets with indefinite lives, comprised primarily of television FCC licenses, on an annual basis, 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.

Goodwill

Goodwill is tested for impairment at the reporting unit level, which is an operating segment, or one level below. At December 31, 2024, we had five reporting units.

Interim Impairment Tests

For the second quarter of 2024, we assessed the relevant factors that could impact the fair value of our reporting units, including indicators in the linear affiliate marketplace and the estimated total company market value indicated by the Transactions and the NAI Transaction announced on July 7, 2024. Based on this assessment, we determined that an interim goodwill impairment test was necessary for each of our 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 represented the goodwill balance of the reporting unit prior to the impairment test. The impairment charge, which was recorded within the TV Media segment during the second quarter of 2024, 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 Transactions and the NAI Transaction. 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 incorporate 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.

Annual Impairment Tests

For the 2024 annual impairment test, we performed qualitative assessments for all of our reporting units with goodwill balances. For each reporting unit, we weighed the relative impact of reporting-unit-specific, industry, and macroeconomic factors, and considered changes in each since the second quarter quantitative impairment tests. The reporting unit specific factors that were considered included updated financial forecasts, actual performance and changes to the reporting units’ carrying amounts. For each industry in which the reporting units operate, we considered changes to revenue and earnings multiples of publicly traded companies with operations and economic characteristics comparable to each of our reporting units, growth projections from independent sources and significant developments within the industry. We also considered macroeconomic and market factors, including changes in interest rates and changes in our market capitalization.

Considering the aggregation of all relevant factors, we concluded that it is not more likely than not that the fair values of our reporting units are less than their respective carrying values. Therefore, performing a quantitative impairment test for these reporting units was unnecessary.

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. At December 31, 2024, we had 14 television markets with FCC license book values.

Quantitative impairment tests for our FCC licenses are performed using the Greenfield Discounted Cash Flow Method, which estimates the fair values of the 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.

Interim Impairment Tests

For the second quarter of 2024, we assessed the relevant factors that could impact the fair value of our FCC licenses, including projections by geographic market, and determined that quantitative interim impairment tests were necessary for eight television markets in which we hold FCC licenses. These tests, for which we used a discount rate of 8% and a long-term growth rate of 0%, 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 during the three months ended June 30, 2024 to write down the carrying values of these FCC licenses to their aggregate estimated fair value. The impairment charge, which was recorded within the TV Media segment, was primarily the result of recent declines in industry projections.

For the third quarter of 2024, as a result of a further decline in industry-projected long-term growth rates, we determined that a quantitative interim impairment test was necessary for each of our 14 markets with FCC license book values, which totaled $2.29 billion prior to the impairment tests. The tests indicated that the estimated fair values of FCC licenses in five of the 14 markets were below their respective carrying values. Accordingly, we recorded an impairment charge of $104 million during the three months ended September 30, 2024, to write down the carrying values of FCC licenses in these five markets to their aggregate estimated fair value. The impairment charge, which was recorded within the TV Media segment, was primarily the result of a reduction in the long-term growth rate utilized in the impairment tests to (2)%. The estimated fair values of FCC licenses in the remaining nine markets exceeded their carrying values by more than 10%.

Annual Impairment Tests

For the 2024 annual impairment test, we performed qualitative assessments for nine television markets. For each market, we weighed the relative impact of market-specific and macroeconomic factors as well as the changes in these factors and their impact on discount rates and growth rates since our last quantitative test in the third quarter of 2024. The market-specific factors considered include recent projections by geographic market from both independent and internal sources for revenue and operating costs, as well as average market share. Based on the qualitative assessments, we concluded that it is not more likely than not that the fair values of the FCC licenses in each of these television markets are less than their respective carrying values. Therefore, performing a quantitative impairment test on these markets was unnecessary.

We performed a quantitative impairment test for the FCC licenses in the remaining five markets. The FCC licenses in these markets were written down to their fair value as of September 30, 2024 in connection with the third quarter 2024 interim impairment test discussed above. The discount rate and the long-term growth rate used in the annual test were 7.5% and (2)%, respectively. The annual impairment tests indicated that the estimated fair values of FCC licenses in each of the markets were below their respective carrying values. Accordingly, we recorded an impairment charge of $22 million within the TV Media segment during the fourth quarter of 2024 to write down the carrying values of these FCC licenses to their aggregate estimated fair value of $1.01 billion. This impairment charge was primarily the result of updated market data.

In addition, we performed a quantitative impairment test for our Australian broadcast licenses using the Greenfield Discounted Cash Flow Method, which indicated that the estimated fair value of these licenses was lower than their carrying value. Accordingly, we recorded an impairment charge of $8 million within the TV Media segment to write down the carrying value of these licenses to $13 million.

For the 2023 annual test for FCC licenses, we performed a quantitative impairment test for eight U.S. television markets. The impairment tests indicated that the estimated fair values of FCC licenses in five of the markets were below their respective carrying values. Accordingly, we recorded an impairment charge of $83 million to write

down the carrying values of these FCC licenses to their aggregate estimated fair value. The impairment charge, which is recorded within the TV Media segment, was primarily due to increased market volatility and higher interest rates in the fourth quarter of 2023 compared to the prior quarters of 2023 and the fourth quarter of 2022, which resulted in a higher discount rate.

The following tables present the changes in the book value of goodwill by segment for the years ended December 31, 2024 and 2023.


	Balance at					Foreign		Balance at
	December 31, 2023			Impairment		Currency		December 31, 2024
TV Media:
Goodwill		$	24,522	$	—	$	(27)		$	24,495
Accumulated impairment losses		(13,354)		(5,981)		—			(19,335)
Goodwill, net of impairment		11,168		(5,981)		(27)			5,160
Direct-to-Consumer
Goodwill		2,728		—		—			2,728
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,728		—		—			2,728
Filmed Entertainment:
Goodwill		2,620		—		—			2,620
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,620		—		—			2,620
Total:
Goodwill		29,870		—		(27)			29,843
Accumulated impairment losses		(13,354)		(5,981)		—			(19,335)
Goodwill, net of impairment		$	16,516	$	(5,981)	$	(27)		$	10,508


	Balance at			Acquisitions /		Foreign		Balance at
	December 31, 2022			(Dispositions)		Currency		December 31, 2023
TV Media:
Goodwill		$	24,505	$	(12)	$	29		$	24,522
Accumulated impairment losses		(13,354)		—		—			(13,354)
Goodwill, net of impairment		11,151		(12)		29			11,168
Direct-to-Consumer:
Goodwill		2,728		—		—			2,728
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,728		—		—			2,728
Filmed Entertainment:
Goodwill		2,620		—		—			2,620
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,620		—		—			2,620
Total:
Goodwill		29,853		(12)		29			29,870
Accumulated impairment losses		(13,354)		—		—			(13,354)
Goodwill, net of impairment		$	16,499	$	(12)	$	29		$	16,516

Our intangible assets were as follows:


			Accumulated
At December 31, 2024	Gross		Amortization		Net
Intangible assets subject to amortization:
Trade names	$	241	$	(166)	$	75
Licenses	127		(68)		59
Customer agreements	121		(103)		18
Other intangible assets	238		(196)		42
Total intangible assets subject to amortization	727		(533)		194
FCC licenses	2,165		—		2,165
International broadcast licenses	13		—		13
Other intangible assets	34		—		34
Total intangible assets	$	2,939	$	(533)	$	2,406


			Accumulated
At December 31, 2023	Gross		Amortization		Net
Intangible assets subject to amortization:
Trade names	$	242	$	(154)	$	88
Licenses	129		(62)		67
Customer agreements	124		(102)		22
Other intangible assets	239		(192)		47
Total intangible assets subject to amortization	734		(510)		224
FCC licenses	2,306		—		2,306
International broadcast licenses	25		—		25
Other intangible assets	34		—		34
Total intangible assets	$	3,099	$	(510)	$	2,589

Amortization expense was as follows:


Year Ended December 31,	2024			2023			2022
Amortization expense		$	28		$	35		$	41

We expect our aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2025 through 2029, to be as follows:


	2025			2026			2027			2028			2029
Future amortization expense		$	24		$	23		$	22		$	22		$	20

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenues	$ 29,213	$ 29,652	$ 30,154
Costs and expenses:
Operating	19,437	20,017	19,845
Programming charges	1,118	2,371	0
Selling, general and administrative	6,658	7,245	7,033
Depreciation and amortization	392	418	378
Impairment charges	6,130	83	27
Restructuring, transaction-related items, and other corporate matters	747	(31)	585
Total costs and expenses	34,482	30,103	27,868
Gains on dispositions	0	0	56
Operating income (loss)	(5,269)	(451)	2,342
Interest expense	(860)	(920)	(931)
Interest income	151	137	108
Gain (loss) from investments	(17)	168	(9)
Gain (loss) on extinguishment of debt	0	29	(120)
Other items, net	(182)	(216)	(124)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	(6,177)	(1,253)	1,266
Benefit from (provision for) income taxes	305	361	(227)
Equity in loss of investee companies, net of tax	(291)	(360)	(204)
Net earnings (loss) from continuing operations	(6,163)	(1,252)	835
Net earnings from discontinued operations, net of tax	14	676	379
Net earnings (loss) (Paramount and noncontrolling interests)	(6,149)	(576)	1,214
Net earnings attributable to noncontrolling interests	(41)	(32)	(110)
Net earnings (loss) attributable to Paramount	(6,190)	(608)	1,104
Amounts attributable to Paramount:
Net earnings (loss) from continuing operations	(6,204)	(1,284)	725
Net earnings from discontinued operations, net of tax	14	676	379
Net earnings (loss) attributable to Paramount	$ (6,190)	$ (608)	$ 1,104
Basic net earnings (loss) per common share attributable to Paramount:
Net earnings (loss) from continuing operations (in dollars per share)	$ (9.36)	$ (2.06)	$ 1.03
Net earnings from discontinued operations (in dollars per share)	0.02	1.04	0.58
Net earnings (loss) (in dollars per share)	(9.34)	(1.02)	1.61
Diluted net earnings (loss) per common share attributable to Paramount:
Net earnings (loss) from continuing operations (in dollars per share)	(9.36)	(2.06)	1.03
Net earnings from discontinued operations (in dollars per share)	0.02	1.04	0.58
Net earnings (loss) (in dollars per share)	$ (9.34)	$ (1.02)	$ 1.61
Weighted average number of common shares outstanding:
Basic (in shares)	664	652	649
Diluted (in shares)	664	652	650

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Activities:
Net earnings (loss) (Paramount and noncontrolling interests)	$ (6,149)	$ (576)	$ 1,214
Less: Net earnings from discontinued operations, net of tax	14	676	379
Net earnings (loss) from continuing operations	(6,163)	(1,252)	835
Adjustments to reconcile net earnings (loss) from continuing operations to net cash flow provided by (used for) operating activities from continuing operations:
Programming charges	1,118	2,371	0
Depreciation and amortization	392	418	378
Impairment charges	6,130	83	27
Amortization of content costs and participation and residuals expense	13,888	14,713	14,951
Deferred tax benefit	(630)	(650)	(106)
Stock-based compensation	245	177	172
Gains on dispositions	0	0	(56)
(Gain) loss from investments	17	(168)	9
(Gain) loss on extinguishment of debt	0	(29)	120
Equity in loss of investee companies, net of tax and distributions	304	363	207
Change in assets and liabilities
Decrease (increase) in receivables	548	523	(180)
Increase in inventory and related program, participation, and residuals liabilities	(15,812)	(15,518)	(17,164)
Increase (decrease) in accounts payable and other liabilities	324	(659)	596
Increase (decrease) in pension and postretirement benefit obligations	23	(69)	(44)
Increase in income taxes	141	267	272
Other, net	227	(186)	(159)
Net cash flow provided by (used for) operating activities from continuing operations	752	384	(142)
Net cash flow provided by operating activities from discontinued operations	0	91	361
Net cash flow provided by operating activities	752	475	219
Investing Activities:
Investments	(326)	(322)	(254)
Capital expenditures	(263)	(328)	(358)
Proceeds from dispositions	554	71	95
Other investing activities	(8)	(3)	(1)
Net cash flow used for investing activities from continuing operations	(43)	(582)	(518)
Net cash flow provided by (used for) investing activities from discontinued operations	55	1,524	(8)
Net cash flow provided by (used for) investing activities	12	942	(526)
Financing Activities:
Proceeds from issuance of debt	0	45	1,138
Repayment of debt	(126)	(1,277)	(3,140)
Dividends paid on preferred stock	(29)	(58)	(58)
Dividends paid on common stock	(139)	(389)	(631)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(60)	(29)	(31)
Payments to noncontrolling interests	(127)	(93)	(218)
Other financing activities	(26)	(40)	(41)
Net cash flow used for financing activities	(507)	(1,841)	(2,981)
Effect of exchange rate changes on cash and cash equivalents	(56)	(1)	(94)
Net increase (decrease) in cash and cash equivalents	201	(425)	(3,382)
Cash and cash equivalents at beginning of year	2,460	2,885	6,267
Cash and cash equivalents at end of year	$ 2,661	$ 2,460	$ 2,885

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net earnings (loss)	$ (6,190)	$ (608)	$ 1,104

- 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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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

RELATED PARTIES - Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Revenues	$ 29,213	$ 29,652	$ 30,154
Operating costs	19,437	20,017	19,845
Receivables, net	6,920	7,115
Other assets (Receivables, noncurrent)	2,828	3,793
Related Party
Related Party Transaction [Line Items]
Revenues	273	322	358
Operating costs	114	24	$ 24
Receivables, net	190	193
Other assets (Receivables, noncurrent)	$ 82	$ 101

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

SEGMENT INFORMATION - Long-lived Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived Assets	$ 16,502	$ 16,700
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived Assets	15,407	15,249
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived Assets	$ 1,095	$ 1,451

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS


At December 31,	2024		2023
Assets:
Foreign currency hedges	$	45	$	40
Total Assets	$	45	$	40
Liabilities:
Deferred compensation	$	385	$	366
Foreign currency hedges	48		30
Total Liabilities	$	433	$	396

The estimated fair values of our assets that were impaired during the periods presented were determined using Level 3 inputs. See Notes 3 and 4.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

PENSION AND OTHER POSTRETIREMENT BENEFITS - Components of Net Periodic Cost (Benefit) and Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other comprehensive income (loss):
Deferred income taxes	$ 34	$ 14	$ 108
Recognized in other comprehensive income (loss), net of tax	105	45	337
Discontinued operations
Components of net periodic cost:
Net periodic cost (benefit)		7	3
Pension Benefits
Components of net periodic cost:
Service cost	0	0	0
Interest cost	198	207	150
Expected return on plan assets	(136)	(128)	(172)
Amortization of actuarial losses (gains)	80	83	97
Net periodic cost (benefit)	142	162	75
Other comprehensive income (loss):
Actuarial (loss) gain	57	(22)	325
Share of equity investee	0	0	1
Amortization of actuarial losses (gains)	80	83	97
Recognized in other comprehensive income (loss), before tax	137	61	423
Deferred income taxes	(34)	(14)	(103)
Recognized in other comprehensive income (loss), net of tax	103	47	320
Postretirement Benefits
Components of net periodic cost:
Service cost	1	1	1
Interest cost	10	12	8
Expected return on plan assets	0	0	0
Amortization of actuarial losses (gains)	(17)	(18)	(15)
Net periodic cost (benefit)	(6)	(5)	(6)
Other comprehensive income (loss):
Actuarial (loss) gain	14	11	29
Share of equity investee	0	0	0
Amortization of actuarial losses (gains)	(17)	(18)	(15)
Recognized in other comprehensive income (loss), before tax	(3)	(7)	14
Deferred income taxes	1	2	(3)
Recognized in other comprehensive income (loss), net of tax	$ (2)	$ (5)	$ 11

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful Lives of Property and Equipment (Details)	Dec. 31, 2024
Buildings and building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful lives (in years)	10 years
Buildings and building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful lives (in years)	40 years
Equipment and other (including finance leases) \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful lives (in years)	3 years
Equipment and other (including finance leases) \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful lives (in years)	20 years

STOCK-BASED COMPENSATION - RSUs and PSUs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
RSUs and PSUs (a)
Shares
Non-vested, beginning balance (in shares)	15,504,261
Granted (in shares)	20,970,112
Vested (in shares)	(12,139,195)
Forfeited (in shares)	(4,085,536)
Non-vested, ending balance (in shares)	20,249,642	15,504,261
Weighted Average Grant Date Fair Value
Non-vested, beginning balance (in dollars per share)	$ 26.38
Granted (in dollars per share)	10.97	$ 22.83	$ 31.58
Vested (in dollars per share)	20.27
Forfeited (in dollars per share)	17.37
Non-vested, ending balance (in dollars per share)	$ 15.90	$ 26.38
Performance Share Units (PSUs)
Shares
Granted (in shares)	3,600,000

SEGMENT INFORMATION - Intercompany Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	$ (29,213)	$ (29,652)	$ (30,154)
Intercompany Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	153	126	188
Intercompany Revenues \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	84	63	66
Intercompany Revenues \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	0	1	0
Intercompany Revenues \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	$ 69	$ 62	$ 122

- Definition

+ References

+ Details

LEASES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease income, comprehensive income, extensible list, not disclosed flag	total lease income	total lease income	total lease income
Lease income	$ 34	$ 34	$ 65

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

(Tabular dollars in millions)


Col. A	Col. B			Col. C			Col. D			Col. E
Description	Balance at Beginning of Period			Charged to Expenses and Other Accounts			Deductions			Balance at End of Period
Allowance for doubtful accounts:
Year ended December 31, 2024		$	120		$	39		$	34		$	125
Year ended December 31, 2023		$	111		$	26		$	17		$	120
Year ended December 31, 2022		$	80		$	40		$	9		$	111

Valuation allowance on deferred tax assets:
Year ended December 31, 2024		$	498		$	198		$	41		$	655
Year ended December 31, 2023		$	488		$	20		$	10		$	498
Year ended December 31, 2022		$	581		$	15		$	108		$	488

Reserves for inventory obsolescence:
Year ended December 31, 2024		$	32		$	—		$	4		$	28
Year ended December 31, 2023		$	44		$	7		$	19		$	32
Year ended December 31, 2022		$	47		$	—		$	3		$	44

DISPOSITIONS - Discontinued Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Costs and expenses:
Discontinued operation, gain (loss) on disposal, statement of income or comprehensive income [extensible enumeration]	Net earnings from discontinued operations, net of tax
Discontinued operations
Discontinued Operations [Line Items]
Revenues	$ 958	$ 1,177
Costs and expenses:
Operating	568	716
Selling, general and administrative	149	180
Restructuring charges	2	3
Total costs and expenses	719	899
Operating income	239	278
Termination fee, net of advisory fees		190
Other items, net	(9)	(12)
Earnings from discontinued operations	230	456
Benefit from (provision for) income taxes	9	(77)
Earnings from discontinued operations, net of tax	239	379
Gain on sale (net of tax)	437
Net earnings from discontinued operations, net of tax	676
Tax effect of gain on sale	258
Discontinued operations \| Simon and Schuster
Costs and expenses:
Termination fee		200
Discontinued operations \| Simon and Schuster
Discontinued Operations [Line Items]
Revenues	958	1,177
Costs and expenses:
Operating	580	746
Selling, general and administrative	149	180
Restructuring charges	2	3
Total costs and expenses	731	929
Operating income	227	248
Termination fee, net of advisory fees		190
Other items, net	(9)	(12)
Earnings from discontinued operations	218	426
Benefit from (provision for) income taxes	12	(70)
Earnings from discontinued operations, net of tax	230	356
Gain on sale (net of tax)	437
Net earnings from discontinued operations, net of tax	667
Discontinued operations \| Other
Discontinued Operations [Line Items]
Revenues	0	0
Costs and expenses:
Operating	(12)	(30)
Selling, general and administrative	0	0
Restructuring charges	0	0
Total costs and expenses	(12)	(30)
Operating income	12	30
Termination fee, net of advisory fees		0
Other items, net	0	0
Earnings from discontinued operations	12	30
Benefit from (provision for) income taxes	(3)	(7)
Earnings from discontinued operations, net of tax	9	$ 23
Gain on sale (net of tax)	0
Net earnings from discontinued operations, net of tax	$ 9

LEASES - Summary of Operating Lease Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease assets	$ 1,012	$ 1,183
Other current liabilities	$ 284	$ 258
Operating lease, liability, current, statement of financial position [extensible enumeration]	Other current liabilities	Other current liabilities
Operating lease liabilities	$ 1,048	$ 1,256
Total lease liabilities	$ 1,332	$ 1,514

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Provision for income taxes for discontinued operations	$ 5	$ 249	$ 77
Benefit from (provision for) income taxes	(305)	(361)	227
Deferred income tax assets for tax credit carryforwards	52
Net operating loss carryforwards	371
Interest limitation carryforward	114	63
Valuation allowance	655	498
Deferred income tax liabilities associated with future repatriations	13
Reserve for uncertain tax positions	280	286	303	$ 301
Amount included in reserve for uncertain tax positions that would affect effective income tax rate if recognized	252
Interest and penalties recognized for uncertain tax positions	28	26	14
Accrued interest and penalties for uncertain tax positions	104	87
Equity Method Investees
Operating Loss Carryforwards [Line Items]
Benefit from (provision for) income taxes	$ (1)	$ (10)	$ (33)
Effective income tax rate (in percent)	0.30%	2.70%	13.90%

REVENUES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
REVENUES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities	$ 900	$ 800	$ 1,060
Revenue recognized	700	900	900
Unrecognized revenues	7,000
Revenue recognized for satisfaction of performance obligations in prior period	500	400	$ 400
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenues	$ 3,000
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenues	$ 2,000
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenues	$ 1,000
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenues	$ 1,000
Remaining performance obligation period
Other Noncurrent Assets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Noncurrent receivables	$ 1,030	$ 1,390

STOCKHOLDERS’ EQUITY (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Summary 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 years ended December 31, 2024, 2023 and 2022.


Year Ended December 31,	2024		2023		2022
Class A and Class B Common Stock
Dividends declared per common share	$	.20	$	.39	$	.96

Total common stock dividends	$	138	$	261	$	635

Mandatory Convertible Preferred Stock
Dividends declared per preferred share	$	1.4375	$	5.75	$	5.75

Total preferred stock dividends	$	14	$	58	$	58

Summary of Changes in Components of Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in the components of accumulated other comprehensive income (loss).


	Continuing Operations								Discontinued Operations
					Net Actuarial								Accumulated
	Cumulative				Loss and				Other				Other
	Translation				Prior				Comprehensive				Comprehensive
	Adjustments				Service Cost				Income (Loss) (a)				Loss
At December 31, 2021		$	(445)			$	(1,434)			$	(23)			$	(1,902)
Other comprehensive income (loss) before reclassifications		(235)				273				(7)				31
Reclassifications to net earnings		—				64		(b)		—				64
Other comprehensive income (loss)		(235)				337				(7)				95
At December 31, 2022		(680)				(1,097)				(30)				(1,807)
Other comprehensive income (loss) before reclassifications		132				(7)				(5)				120
Reclassifications to net loss		44		(c)		52		(b)		35		(d)		131
Other comprehensive income		176				45				30				251
At December 31, 2023		(504)				(1,052)				—				(1,556)
Other comprehensive income (loss) before reclassifications		(153)				55				—				(98)
Reclassifications to net loss		—				50		(b)		—				50
Other comprehensive income (loss)		(153)				105				—				(48)
At December 31, 2024		$	(657)			$	(947)			$	—			$	(1,604)

(a) Reflects cumulative translation adjustments.

(b) Reflects amortization of net actuarial losses.

(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 10).

(d) Reflects amounts realized within “Net earnings from discontinued operations, net of tax” on the Consolidated Statement of Operations in connection with the sale of Simon & Schuster (see Note 18).

RESTRUCTURING, TRANSACTION-RELATED ITEMS, AND OTHER CORPORATE MATTERS - Restructuring Charges and Other Corporate Matters (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 554	$ 102	$ 328
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring, transaction-related items, and other corporate matters
Transaction-related items	$ 62	(156)	211
Other corporate matters	131	23	46
Restructuring, transaction-related items, and other corporate matters	747	(31)	585
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	523	67	260
Exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 31	$ 35	$ 68

- 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

PROGRAMMING AND OTHER INVENTORY - Amortization of Programming and Production Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Entertainment, license agreement for program material, amortization expense, statement of income or comprehensive income [extensible enumeration]	Operating	Operating	Operating
Film, monetized in film group, amortization expense, statement of income or comprehensive income [extensible enumeration]	Operating	Operating	Operating
Film, monetized on its own, amortization expense, statement of income or comprehensive income [extensible enumeration]	Operating	Operating	Operating
Acquired program rights	$ 5,482	$ 5,331	$ 5,018
Internally-produced television and film programming, and acquired libraries:
Individual monetization	1,608	2,065	2,104
Film group monetization	$ 4,898	$ 5,097	$ 5,187

PENSION AND OTHER POSTRETIREMENT BENEFITS - Funded Status of Pension and Postretirement Benefit Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Amounts recognized on the Consolidated Balance Sheets:
Noncurrent liabilities	$ (1,226)	$ (1,337)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Funded status at end of year	(1,129)	(1,204)
Amounts recognized on the Consolidated Balance Sheets:
Noncurrent assets	1	0
Current liabilities	(73)	(74)
Noncurrent liabilities	(1,057)	(1,130)
Net amounts recognized	(1,129)	(1,204)
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Funded status at end of year	(165)	(193)
Amounts recognized on the Consolidated Balance Sheets:
Noncurrent assets	0	0
Current liabilities	(27)	(30)
Noncurrent liabilities	(138)	(163)
Net amounts recognized	$ (165)	$ (193)

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

SUPPLEMENTAL FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Additional Financial Information Disclosure [Abstract]

Summary Components of Other Items, Net

The following table presents the components of “Other items, net” on the Consolidated Statements of Operations.


Year Ended December 31,	2024		2023		2022
Pension and postretirement benefit costs	$	(139)	$	(153)	$	(65)
Foreign exchange losses	(47)		(66)		(58)

Other	4		3		(1)
Other items, net	$	(182)	$	(216)	$	(124)

Summary of Redeemable Noncontrolling Interest

The activity reflected within redeemable noncontrolling interest for the year ended December 31, 2022 is presented below.


Year Ended December 31,	2022
Beginning balance	$	107
Net earnings	4
Distributions	(6)
Translation adjustment	(20)
Redemption value adjustment	17
Purchase of noncontrolling interest	(102)
Ending balance	$	—

Summary of Supplemental Cash Flow Information

Supplemental Cash Flow Information


Year Ended December 31,	2024		2023		2022
Cash paid for interest	$	833	$	901	$	920

Cash paid for income taxes:
Continuing operations	$	184	$	22	$	61
Discontinued operations	—		85		12
Total cash paid for income taxes	$	184	$	107	$	73

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	12 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,246	$ 5,170
Less: Accumulated depreciation	3,680	3,504
Property and equipment, net	1,566	1,666
Depreciation expense	364	383	$ 337
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	370	373
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	889	881
Equipment and other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,987	$ 3,916

PENSION AND OTHER POSTRETIREMENT BENEFITS - Plan Assets Measured at Fair Value (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	$ 2,352	$ 2,507	$ 2,363
Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	1,668	1,739
Fair Value, Recurring \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	(60)	69
Fair Value, Recurring \| U.S. treasury securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	140	107
Fair Value, Recurring \| Government-related securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	117	129
Fair Value, Recurring \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	1,138	1,164
Fair Value, Recurring \| Mortgage-backed and asset-backed securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	156	128
Fair Value, Recurring \| U.S. large capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	43	89
Fair Value, Recurring \| U.S. small capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	67	18
Fair Value, Recurring \| Non-U.S. large capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	25
Fair Value, Recurring \| Non-U.S. small capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	2
Fair Value, Recurring \| Exchange Traded Fund (ETF)
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	32	27
Fair Value, Recurring \| Other
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	8	8
Fair Value, Recurring \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	309	241
Fair Value, Recurring \| Level 1 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 1 \| U.S. treasury securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	140	107
Fair Value, Recurring \| Level 1 \| Government-related securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 1 \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 1 \| Mortgage-backed and asset-backed securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 1 \| U.S. large capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	43	89
Fair Value, Recurring \| Level 1 \| U.S. small capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	67	18
Fair Value, Recurring \| Level 1 \| Non-U.S. large capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	25
Fair Value, Recurring \| Level 1 \| Non-U.S. small capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	2
Fair Value, Recurring \| Level 1 \| Exchange Traded Fund (ETF)
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	32	27
Fair Value, Recurring \| Level 1 \| Other
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	1,359	1,498
Fair Value, Recurring \| Level 2 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	(60)	69
Fair Value, Recurring \| Level 2 \| U.S. treasury securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 2 \| Government-related securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	117	129
Fair Value, Recurring \| Level 2 \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	1,138	1,164
Fair Value, Recurring \| Level 2 \| Mortgage-backed and asset-backed securities
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	156	128
Fair Value, Recurring \| Level 2 \| U.S. large capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 2 \| U.S. small capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 2 \| Non-U.S. large capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0
Fair Value, Recurring \| Level 2 \| Non-U.S. small capitalization
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0
Fair Value, Recurring \| Level 2 \| Exchange Traded Fund (ETF)
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Fair Value, Recurring \| Level 2 \| Other
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	8	8
Fair Value, Recurring \| Net Asset Value \| Common collective funds
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	626	676
Fair Value, Recurring \| Net Asset Value \| Limited partnerships
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	11	10
Fair Value, Recurring \| Net Asset Value \| Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	$ 47	$ 82

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT


At December 31,	2024		2023
Land	$	370	$	373
Buildings	889		881
Equipment and other	3,987		3,916
	5,246		5,170
Less: Accumulated depreciation	3,680		3,504
Property and equipment, net	$	1,566	$	1,666


Year Ended December 31,	2024		2023		2022
Depreciation expense	$	364	$	383	$	337

PROGRAMMING AND OTHER INVENTORY - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Programming charges	$ 1,118	$ 2,371	$ 0
Content impairment	909	1,970
Development cost write-offs and contract termination costs	209	$ 402
Expected amortization of completed, not yet released film inventory	$ 33

VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2024

Variable Interest Entity Disclosure [Abstract]

VARIABLE INTEREST ENTITIES

In the normal course of business, we enter into joint ventures or make investments with business partners that support our underlying business strategy and provide us the ability to enter new markets to expand the reach of our brands, develop new programming and/or distribute our existing content. In certain instances, an entity in which we make an investment may qualify as a 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 December 31,	2024		2023
Total assets	$	1,825	$	1,886

Total liabilities	$	198	$	232


Year Ended December 31,	2024		2023		2022
Revenues	$	530	$	598	$	524

Operating loss	$	(124)	$	(107)	$	(56)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Mandatory Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, percentage (in percent)	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)	0	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)	1,133	1,115
Treasury stock, at cost (in shares)	503	503

LEASES - Weighted Average Lease Assumptions (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term	6 years	7 years
Weighted average discount rate	3.80%	3.90%

SEGMENT INFORMATION - Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Revenues	$ 29,213	$ 29,652	$ 30,154
Total costs and expenses	34,482	30,103	27,868
Stock-based compensation expense	(245)	(177)	(172)
Depreciation and amortization	(392)	(418)	(378)
Programming charges	(1,118)	(2,371)	0
Restructuring, transaction-related items, and other corporate matters	(747)	31	(585)
Gains on dispositions	0	0	56
Operating income (loss)	(5,269)	(451)	2,342
Interest expense	(860)	(920)	(931)
Interest income	151	137	108
Gain (loss) from investments	(17)	168	(9)
Gain (loss) on extinguishment of debt	0	29	(120)
Other items, net	(182)	(216)	(124)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	(6,177)	(1,253)	1,266
Benefit from (provision for) income taxes	305	361	(227)
Equity in loss of investee companies, net of tax	(291)	(360)	(204)
Net earnings (loss) from continuing operations	(6,163)	(1,252)	835
Net earnings from discontinued operations, net of tax	14	676	379
Net earnings (loss) (Paramount and noncontrolling interests)	(6,149)	(576)	1,214
Net earnings attributable to noncontrolling interests	(41)	(32)	(110)
Net earnings (loss) attributable to Paramount	(6,190)	(608)	1,104
Restructuring, Transaction-Related Items, And Other Corporate Matters
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Stock-based compensation expense	(35)	(5)	(14)
Operating Segments \| TV Media
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Revenues	18,779	20,085	21,732
Content costs	9,199	9,861	10,696
Advertising and marketing	689	761	906
Other	4,543	4,672	4,679
Total costs and expenses	14,431	15,294	16,281
Adjusted OIBDA	4,348	4,791	5,451
Operating Segments \| Direct-to-Consumer
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Revenues	7,632	6,736	4,904
Content costs	4,415	4,459	3,496
Advertising and marketing	1,341	1,751	1,565
Other	2,373	2,189	1,662
Total costs and expenses	8,129	8,399	6,723
Adjusted OIBDA	(497)	(1,663)	(1,819)
Operating Segments \| Filmed Entertainment
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Revenues	2,955	2,957	3,706
Content costs	1,496	1,545	1,924
Advertising and marketing	783	751	651
Other	772	780	859
Total costs and expenses	3,051	3,076	3,434
Adjusted OIBDA	(96)	(119)	272
Corporate/Eliminations
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Adjusted OIBDA	(427)	(447)	(470)
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Stock-based compensation expense	(210)	(172)	(158)
Depreciation and amortization	(392)	(418)	(378)
Programming charges	(1,118)	(2,371)	0
Impairment charges	(6,130)	(83)	(27)
Restructuring, transaction-related items, and other corporate matters	(747)	31	(585)
Gains on dispositions	0	0	56
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment \| Restructuring, Transaction-Related Items, And Other Corporate Matters
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Stock-based compensation expense	$ (35)	$ (5)	$ (14)

PENSION AND OTHER POSTRETIREMENT BENEFITS

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFITS

The Company and certain of its subsidiaries sponsor qualified and non-qualified defined benefit pension plans, principally non-contributory, covering eligible employees. Our pension plans consist of both funded and unfunded plans, and our domestic plans are frozen to future benefit accruals. The majority of participants in these plans are retired employees or former employees of previously divested businesses. Plan benefits are based primarily on an employee’s years of service and pay for each year that the employee participated in the plan. We fund our pension plans in accordance with the Employee Retirement Income Security Act of 1974 (“ERISA”), the Pension Protection Act of 2006, the Internal Revenue Code of 1986 and other applicable laws, rules and regulations. Plan assets consist principally of corporate bonds, equity securities, common collective trust funds, U.S. government securities and short-term investments. The Company’s Common Stock represented approximately 0.7% and 1.0% of the fair value of plan assets at December 31, 2024 and 2023, respectively.

In addition, the Company sponsors health and welfare plans that provide postretirement health care and life insurance benefits to eligible retired employees and their covered dependents. Eligibility is based in part on certain age and service requirements at the time of their retirement. Most of the plans are contributory and contain cost-sharing features such as deductibles and coinsurance, which are adjusted annually, as well as caps on the annual dollar amount we will contribute toward the cost of coverage. Claims and premiums for which we are responsible are paid with our own funds.

The pension plan disclosures herein include information related to our domestic pension and postretirement benefit plans only, unless otherwise noted. At December 31, 2024 and 2023, the Consolidated Balance Sheets also include a liability of $31 million and $44 million, respectively, in “Pension and postretirement benefit obligations” relating to our non-U.S. pension plans and certain other retirement severance plans.

We use a December 31 measurement date for all pension and other postretirement benefit plans.

The following table sets forth the change in benefit obligation for our pension and postretirement benefit plans.


	Pension Benefits				Postretirement Benefits
	2024		2023		2024		2023
Change in benefit obligation:
Benefit obligation, beginning of year	$	3,711	$	3,661	$	193	$	222
Service cost	—		—		1		1
Interest cost	198		207		10		12
Actuarial (gain) loss	(93)		137		(14)		(11)
Benefits paid	(335)		(294)		(34)		(40)
Participants’ contributions	—		—		6		6
Retiree Medicare drug subsidy	—		—		3		3
Benefit obligation, end of year	$	3,481	$	3,711	$	165	$	193

The actuarial gain of $93 million, included in the change in benefit obligation for pension benefits in 2024, was driven by a 40 basis point increase in the discount rate from December 31, 2023 to December 31, 2024.

The following table sets forth the change in plan assets for our pension and postretirement benefit plans.


	Pension Benefits				Postretirement Benefits
	2024		2023		2024		2023
Change in plan assets:
Fair value of plan assets, beginning of year	$	2,507	$	2,363	$	—	$	—
Actual return on plan assets	100		243		—		—
Employer contributions	80		195		25		31
Benefits paid	(335)		(294)		(34)		(40)
Participants’ contributions	—		—		6		6
Retiree Medicare drug subsidy	—		—		3		3
Fair value of plan assets, end of year	$	2,352	$	2,507	$	—	$	—

The funded status of pension and postretirement benefit obligations and the related amounts recognized on the Consolidated Balance Sheets were as follows:


	Pension Benefits				Postretirement Benefits
At December 31,	2024		2023		2024		2023
Funded status at end of year	$	(1,129)	$	(1,204)	$	(165)	$	(193)
Amounts recognized on the Consolidated Balance Sheets:
Noncurrent assets	$	1	$	—	$	—	$	—
Current liabilities	(73)		(74)		(27)		(30)
Noncurrent liabilities	(1,057)		(1,130)		(138)		(163)
Net amounts recognized	$	(1,129)	$	(1,204)	$	(165)	$	(193)

Our qualified pension plans were underfunded by $347 million and $378 million at December 31, 2024 and 2023, respectively.

The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets.


	Pension Benefits				Postretirement Benefits
At December 31,	2024		2023		2024		2023
Net actuarial (loss) gain	$	(1,448)	$	(1,585)	$	147	$	150
Net prior service cost	(1)		(1)		—		—
	(1,449)		(1,586)		147		150
Deferred income taxes	390		424		(14)		(15)
Net amount recognized in accumulated other comprehensive income (loss)	$	(1,059)	$	(1,162)	$	133	$	135

The accumulated benefit obligation for all defined benefit pension plans was $3.48 billion and $3.71 billion at December 31, 2024 and 2023, respectively.

Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below.


At December 31,	2024		2023
Projected and accumulated benefit obligation	$	2,960	$	3,711
Fair value of plan assets	$	1,830	$	2,507

The following tables present the components of net periodic cost (benefit) and amounts recognized in other comprehensive income (loss).


	Pension Benefits						Postretirement Benefits
Year Ended December 31,	2024		2023		2022		2024		2023		2022
Components of net periodic cost:
Service cost	$	—	$	—	$	—	$	1	$	1	$	1
Interest cost	198		207		150		10		12		8
Expected return on plan assets	(136)		(128)		(172)		—		—		—
Amortization of actuarial losses (gains)	80		83		97		(17)		(18)		(15)

Net periodic cost (benefit) (a)	$	142	$	162	$	75	$	(6)	$	(5)	$	(6)

(a) Includes amounts reflected in net earnings from discontinued operations of $7 million and $3 million for the years ended December 31, 2023 and 2022, respectively.

The service cost component of net periodic cost is presented on the Consolidated Statements of Operations within operating income. All other components of net periodic cost are presented below operating income, in “Other items, net.”


	Pension Benefits						Postretirement Benefits
Year Ended December 31,	2024		2023		2022		2024		2023		2022
Other comprehensive income (loss):
Actuarial (loss) gain	$	57	$	(22)	$	325	$	14	$	11	$	29
Share of equity investee	—		—		1		—		—		—

Amortization of actuarial losses (gains)	80		83		97		(17)		(18)		(15)
	137		61		423		(3)		(7)		14
Deferred income taxes	(34)		(14)		(103)		1		2		(3)
Recognized in other comprehensive income (loss), net of tax	$	103	$	47	$	320	$	(2)	$	(5)	$	11


	Pension Benefits						Postretirement Benefits
	2024		2023		2022		2024		2023		2022
Weighted average assumptions used to determine benefit obligations at December 31:
Discount rate	6.0	%	5.6	%	5.9	%	6.1	%	5.7	%	6.0	%
Rate of compensation increase	—	%	—	%	—	%	N/A		N/A		N/A
Weighted average assumptions used to determine net periodic costs for the year ended December 31:
Discount rate	5.6	%	5.9	%	3.2	%	5.7	%	6.0	%	3.0	%
Expected long-term return on plan assets	5.7	%	5.7	%	5.6	%	N/A		N/A		N/A
Cash balance interest crediting rate	5.0	%	5.0	%	5.0	%	N/A		N/A		N/A
Rate of compensation increase	—	%	—	%	—	%	N/A		N/A		N/A

N/A - not applicable

The discount rates are determined primarily based on the yield of a portfolio of high quality bonds, providing cash flows necessary to meet the pension plans’ expected future benefit payments, as determined for the projected benefit obligations. The expected return on plan assets assumption is derived using the current and expected asset allocation of the pension plan assets and considering historical as well as expected returns on various classes of plan assets.

The following additional assumptions were used in accounting for postretirement benefits.


	2024		2023
Projected health care cost trend rate (pre-65)	7.0	%	6.5	%
Projected health care cost trend rate (post-65)	7.0	%	6.5	%
Ultimate trend rate	5.0	%	5.0	%
Year ultimate trend rate is achieved	2033		2030

Plan Assets

The Paramount Global Investments Committee (the “Committee”) determines the strategy for the investment of pension plan assets. The Committee establishes target asset allocations for our pension plan trusts based upon an analysis of the timing and amount of projected benefit payments, projected company contributions, the expected returns and risk of the asset classes and the correlation of those returns. The target asset allocation for the Company’s domestic pension plans is to invest between 60% - 68% in liability hedging assets, 22% - 30% in equity securities, 4% - 10% in real estate and real assets, and the remainder in cash, cash equivalents, Paramount stock and other investments. At December 31, 2024, the trusts were invested approximately 65% in liability hedging assets, 26% in equity securities, 7% in real estate and real assets, and the remainder in cash, cash equivalents, Paramount stock and other investments. Liability hedging assets consist of a diversified portfolio of fixed income instruments that are substantially investment grade, with a duration that approximates the duration of the liabilities covered by the trust. All equity portfolios are diversified between U.S. and non-U.S. equities and include large and small capitalization equities. The asset allocations are reviewed regularly.

The following tables set forth our pension plan assets measured at fair value on a recurring basis at December 31, 2024 and 2023. These assets have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. See Note 11 for a description of the levels within this hierarchy. There are no investments categorized as Level 3.


At December 31, 2024	Level 1		Level 2		Total
Cash and cash equivalents (a)	$	—	$	(60)	$	(60)
Fixed income securities:
U.S. treasury securities	140		—		140
Government-related securities	—		117		117
Corporate bonds (b)	—		1,138		1,138
Mortgage-backed and asset-backed securities	—		156		156
Equity securities:
U.S. large capitalization	43		—		43
U.S. small capitalization	67		—		67
Non-U.S. large capitalization	25		—		25
Non-U.S. small capitalization	2		—		2
Exchange Traded Fund (ETF)	32		—		32
Other	—		8		8
Total assets in fair value hierarchy	$	309	$	1,359	$	1,668
Common collective funds measured at net asset value (c) (d)					626
Limited partnerships measured at net asset value (c)					11
Mutual funds measured at net asset value (c)					47
Investments, at fair value					$	2,352


At December 31, 2023	Level 1		Level 2		Total
Cash and cash equivalents (a)	$	—	$	69	$	69
Fixed income securities:
U.S. treasury securities	107		—		107
Government-related securities	—		129		129
Corporate bonds (b)	—		1,164		1,164
Mortgage-backed and asset-backed securities	—		128		128
Equity securities:
U.S. large capitalization	89		—		89
U.S. small capitalization	18		—		18
Exchange Traded Fund (ETF)	27		—		27
Other	—		8		8
Total assets in fair value hierarchy	$	241	$	1,498	$	1,739
Common collective funds measured at net asset value (c) (d)					676
Limited partnerships measured at net asset value (c)					10
Mutual funds measured at net asset value (c)					82
Investments, at fair value					$	2,507

(a) Assets categorized as Level 2 reflect investments in money market funds. Negative cash at December 31, 2024 includes $60 million of pending trades for investments purchased and sold.

(b) Securities of diverse sectors and industries, substantially all investment grade.

(c) In accordance with FASB guidance, investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.

(d) Underlying investments consist mainly of U.S. large capitalization and international equity securities.

Money market investments are carried at amortized cost, which approximates fair value due to the short-term maturity of these investments. Investments in equity securities are reported at fair value based on quoted market prices on national security exchanges. The fair value of investments in common collective funds and mutual funds is determined using the net asset value (“NAV”) provided by the administrator of the fund as a practical expedient. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by the number of outstanding units. The fair value of U.S. treasury securities is determined based on quoted market prices in active markets. The fair value of government-related securities and corporate bonds is determined based on quoted market prices on national security exchanges, when available, or using valuation models which incorporate certain other observable inputs, including recent trading activity for comparable securities and broker quoted prices. The fair value of mortgage-backed and asset-backed securities is based upon valuation models which incorporate available dealer quotes, projected cash flows and market information. The fair value of limited partnerships has been estimated using the NAV of the ownership interest. The NAV is determined using quarterly financial statements issued by the partnership, which determine the value based on the fair value of the underlying investments.

Future Benefit Payments

Estimated future benefit payments are as follows:


	2025		2026		2027		2028		2029		2030-2034
Pension	$	318	$	317	$	309	$	309	$	298	$	1,359
Postretirement	$	28	$	25	$	23	$	21	$	18	$	63
Retiree Medicare drug subsidy	$	3	$	3	$	2	$	2	$	2	$	10

In 2025, we expect to make $124 million in contributions to our qualified pension plans to satisfy minimum funding requirements and to maintain at least an 80% funding threshold under ERISA and $75 million to our non-qualified pension plans to satisfy benefit payments due under these plans. Also in 2025, we expect to contribute approximately $28 million to our other postretirement benefit plans to satisfy our portion of benefit payments due under these plans.

Multiemployer Pension and Postretirement Benefit Plans

We contribute to a number of multiemployer defined benefit pension plans under the terms of collective bargaining agreements that cover our union-represented employees, including talent, writers, directors, producers and other employees, primarily in the entertainment industry. The other employers participating in these multiemployer plans are primarily in the entertainment and other related industries. The risks of participating in multiemployer plans are different from single-employer plans as assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers and if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. In addition, if we choose to stop participating in some of its multiemployer plans we may be required to pay those plans a withdrawal liability based on the underfunded status of the plan. We recognize the net periodic cost for multiemployer pension and postretirement benefit plans based on the required contributions to the plans.

The financial health of a multiemployer plan is indicated by the zone status, as defined by the Pension Protection Act of 2006. Plans in the red zone are in critical status; those in the yellow zone are in endangered status; and those in the green zone are neither critical nor endangered.

The table below presents information concerning our participation in multiemployer defined benefit pension plans.


	Employer Identification Number/Pension Plan Number	Pension Protection Act		Company Contributions						Expiration Date of Collective Bargaining Agreement
		Zone Status (a)
Pension Plan		2024	2023	2024		2023		2022
AFTRA Retirement Plan (b)	13-6414972-001	Green	Green	$	18	$	18	$	16	6/30/2026
Directors Guild of America - Producer (b)	95-2892780-001	Green	Green	17		17		19		6/30/2026
Producer-Writers Guild of America (b)	95-2216351-001	Green	Green	24		24		30		5/1/2026
Screen Actors Guild - Producers (b)	95-2110997-001	Green	Green	24		27		30		6/30/2026
Motion Picture Industry (b)	95-1810805-001	Green	Green	65		48		63		(c)
I.A.T.S.E. Local No. 33 Pension Trust Fund	95-6377503-001	Green	Green	1		2		5		12/31/2025
Other Plans				16		15		14
	Total contributions			$	165	$	151	$	177

(a) The zone status for each individual plan listed was certified by each plan’s actuary as of the beginning of the plan years for 2024 and 2023. The plan year is the twelve months ending December 31 for each plan listed above except AFTRA Retirement Plan, which has a plan year ending November 30.

(b) The Company was listed in these plan’s most recent Form 5500 as providing more than 5% of total contributions for the plan.

As a result of the above noted zone status there were no funding improvements or rehabilitation plans implemented, as defined by ERISA, nor any surcharges imposed for any of the individual plans listed.

We also contribute to multiemployer plans that provide postretirement healthcare and other benefits to certain employees under collective bargaining agreements. The contributions to these plans were $215 million, $172 million and $192 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Defined Contribution Plans

We sponsor defined contribution plans for the benefit of employees meeting eligibility requirements. Employer contributions to such plans were $133 million, $151 million and $137 million for the years ended December 31, 2024, 2023 and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 2,661	$ 2,460
Receivables, net	6,920	7,115
Programming and other inventory	1,429	1,414
Prepaid expenses and other current assets	1,532	1,677
Current assets of discontinued operations	0	37
Total current assets	12,542	12,703
Property and equipment, net	1,566	1,666
Programming and other inventory	13,924	13,851
Goodwill	10,508	16,516
Intangible assets, net	2,406	2,589
Operating lease assets	1,012	1,183
Deferred income tax assets, net	1,386	1,242
Other assets	2,828	3,793
Total Assets	46,172	53,543
Current Liabilities:
Accounts payable	953	1,100
Accrued expenses	2,199	2,104
Participants’ share and royalties payable	2,574	2,702
Accrued programming and production costs	1,720	1,842
Deferred revenues	825	746
Debt	0	1
Other current liabilities	1,360	1,161
Total current liabilities	9,631	9,656
Long-term debt	14,501	14,601
Participants’ share and royalties payable	1,310	1,394
Pension and postretirement benefit obligations	1,226	1,337
Deferred income tax liabilities, net	34	503
Operating lease liabilities	1,048	1,256
Program rights obligations	260	204
Other liabilities	1,380	1,542
Commitments and contingencies (Note 19)
Paramount stockholders’ equity:
Additional paid-in capital	33,394	33,210
Treasury stock, at cost; 503 (2024 and 2023) shares of Class B Common Stock	(22,958)	(22,958)
Retained earnings	7,487	13,829
Accumulated other comprehensive loss	(1,604)	(1,556)
Total Paramount stockholders’ equity	16,320	22,526
Noncontrolling interests	462	524
Total Equity	16,782	23,050
Total Liabilities and Equity	46,172	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; 0 (2024) and 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
Treasury stock, at cost (in shares)	503	503

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended		12 Months Ended
	Feb. 04, 2025 $ / shares	Dec. 31, 2024 USD ($) claim	Dec. 31, 2023 USD ($) claim	Dec. 31, 2024 USD ($) claim	Dec. 31, 2023 USD ($) claim	Jan. 31, 2025 USD ($)	Aug. 01, 2024 USD ($)	Jan. 31, 2024 USD ($)	Dec. 31, 2022 claim
Other Commitments [Line Items]
Long-term programming and talent commitments		$ 29,864		$ 29,864
Long-term committed purchase obligations		1,173		1,173
Outstanding letters of credit and surety bonds		226		226
Cost for settlement and defense of asbestos claims, net of insurance recoveries and tax benefits				$ 34	$ 54
Reasonably estimable period for long-term asbestos liability (in years)				10 years
Increase for asbestos matters accrual		$ 57	$ 23
Asbestos Matters
Other Commitments [Line Items]
Number of pending asbestos claims \| claim		18,310	19,970	18,310	19,970				21,580
Number of new asbestos claims \| claim				3,100
Number of asbestos claims closed or moved to inactive docket \| claim				4,760
Famous Players
Other Commitments [Line Items]
Estimated guarantee liability		$ 8		$ 8
Subsequent Event
Other Commitments [Line Items]
Outstanding letters of credit and surety bonds						$ 1,750
Subsequent Event \| Class B Common Stock
Other Commitments [Line Items]
Alternative offer after end of go shop period (in dollars per share) \| $ / shares	$ 19.00
Subsequent Event \| Class A Common Stock
Other Commitments [Line Items]
Alternative offer after end of go shop period (in dollars per share) \| $ / shares	$ 23.00
Standby Letters of Credit
Other Commitments [Line Items]
Outstanding letters of credit and surety bonds		0		0				$ 1,900
Maximum borrowing capacity under credit facility		1,900		1,900			$ 1,900
Sports programming rights
Other Commitments [Line Items]
Long-term programming and talent commitments		26,210		26,210
Production and licensing of television and film programming, including talent contracts
Other Commitments [Line Items]
Long-term programming and talent commitments		$ 3,650		$ 3,650

DEBT

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

DEBT

Our debt consists of the following:


At December 31,	2024		2023

4.75% Senior Notes due 2025	$	—	$	125
4.0% Senior Notes due 2026	346		345
3.70% (2024) and 3.45% (2023) Senior Notes due 2026	86		86
2.90% Senior Notes due 2027	582		581
3.375% Senior Notes due 2028	498		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	1,232		1,229
4.20% Senior Notes due 2032	980		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	490		489
4.375% Senior Debentures due 2043	1,146		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	542		541
4.60% Senior Notes due 2045	591		591
4.95% Senior Notes due 2050	950		948
6.25% Junior Subordinated Debentures due 2057	644		643
6.375% Junior Subordinated Debentures due 2062	989		989

Obligations under finance leases	—		1
Total debt (a)	14,501		14,602

Less current portion of long-term debt	—		1
Total long-term debt, net of current portion	$	14,501	$	14,601

(a) At December 31, 2024 and 2023, the senior and junior debt balances included (i) a net unamortized discount of $401 million and $419 million, respectively, and (ii) unamortized deferred financing costs of $74 million and $81 million, respectively. The face value of our total debt was $14.98 billion at December 31, 2024 and $15.10 billion at December 31, 2023.

Senior Debt

During the fourth quarter of 2024, we redeemed our $126 million of outstanding 4.75% senior notes due in 2025 at par.

During 2023, we repurchased $1.04 billion of our outstanding senior notes due between 2025 and 2027 through a tender offer, for an aggregate repurchase price of $1.00 billion. These repurchases resulted in a pre-tax gain on extinguishment of debt of $29 million. In 2023, we also repaid our $139 million of 7.875% debentures and $35 million of 7.125% senior notes, each at maturity.

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

Our outstanding senior notes and debentures provide for certain covenant packages typical for an investment grade company. We have senior notes and debentures with a total face value of $9.54 billion that have an acceleration trigger that requires us to make a redemption offer at 101% of the principal amount plus accrued and unpaid interest in the event of ratings downgrades to below investment grade by all three ratings agencies (Moody’s Investors Service, Inc., S&P Global Ratings and Fitch Ratings, Ltd.) due to a change of control.

Junior Debt

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

Our $644 million of 6.25% junior subordinated debentures due February 2057 accrue interest at the stated fixed rate until February 28, 2027, on which date the rate will switch to a floating rate. Under the terms of the debentures the floating rate is based on three-month LIBOR plus 3.899%, reset quarterly, however, with the phasing out of LIBOR and the passage of the Adjustable Interest Rate (LIBOR) Act, signed into law on March 15, 2022, it is expected that the 6.25% junior subordinated debentures due 2057 will, upon switching to a floating rate, bear interest at a replacement rate based on three-month CME Term Secured Overnight Financing Rate (SOFR). These debentures can be called by us at par at any time after the expiration of the fixed-rate period.

Our junior subordinated debentures, which have a total face value of $1.65 billion, also provide for certain covenant packages. In the event of ratings downgrades by all three rating agencies due to a change of control, there is a provision in the junior subordinated debentures that requires us to either elect to redeem the debentures at 101% of the principal amount plus accrued and unpaid interest or, if we elect not to redeem the debentures, the interest rate will be increased by 5 percentage points.

Long-Term Debt Maturities

At December 31, 2024, our scheduled maturities of long-term debt at face value, which excludes payments for the related interest and finance leases, were as follows:


																2030 and
	2025			2026			2027			2028			2029			Thereafter
Long-term debt		$	—		$	433		$	584		$	1,000		$	500	$	12,459

Commercial Paper

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

Credit Facility

At December 31, 2024, we had a $3.50 billion revolving credit facility that matures in January 2027 (the “Credit Facility”). The Credit Facility is used for general corporate purposes and to support commercial paper borrowings, if any. We may, at our option, also borrow in certain foreign currencies up to specified limits under the Credit Facility. Borrowing rates under the Credit Facility are determined at the time of each borrowing and are generally based on either the prime rate in the U.S. or an applicable benchmark rate plus a margin (based on our senior unsecured debt rating), depending on the type and tenor of the loans entered into. The benchmark rate for

loans denominated in U.S. dollars is Term SOFR, and for loans denominated in euros, sterling and yen is based on EURIBOR, SONIA and TIBOR, respectively. At December 31, 2024, we had no borrowings outstanding under the Credit Facility and the availability under the Credit Facility was $3.50 billion.

The Credit Facility has one principal financial covenant which sets a maximum Consolidated Total Leverage Ratio (“Leverage Ratio”) at the end of each quarter. The maximum Leverage Ratio was 5.5x for the quarter ended December 31, 2024 and will remain at this level for the quarter ending March 31, 2025. The Leverage Ratio will then decrease 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. The maximum amount of unrestricted cash and cash equivalents that can be netted against Consolidated Indebtedness in the calculation of the Leverage Ratio is $1.50 billion. We met the covenant as of December 31, 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 19), 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 Transactions and the NAI Transaction. 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 Transactions (see Note 1).

Other Bank Borrowings

At both December 31, 2024 and 2023, we had no outstanding bank borrowings under Miramax’s $50 million credit facility that matures in November 2025.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (a)(3)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (a)(1)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Weighted Average Shares Used in Calculation of EPS (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Weighted average shares for basic EPS (in shares)	664	652	649
Dilutive effect of shares issuable under stock-based compensation plans (in shares)	0	0	1
Weighted average shares for diluted EPS (in shares)	664	652	650

PROGRAMMING AND OTHER INVENTORY - Expected Amortization of Released Programming Inventory (Details) $ in Millions	Dec. 31, 2024 USD ($)
Acquired program rights
2025	$ 2,292
2026	470
2027	245
Individual monetization
2025	935
2026	193
2027	135
Film group monetization
2025	3,266
2026	1,666
2027	$ 1,004

LEASES (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Summary of Operating Lease Assets and Liabilities

At December 31, 2024 and 2023, the following amounts were recorded on the Consolidated Balance Sheets relating to our operating leases.


	2024		2023
Right-of-Use Assets
Operating lease assets	$	1,012	$	1,183

Lease Liabilities
Other current liabilities	$	284	$	258
Operating lease liabilities	1,048		1,256
Total lease liabilities	$	1,332	$	1,514


	2024		2023
Weighted average remaining lease term	6 years		7 years

Weighted average discount rate	3.8	%	3.9	%

Summary of Operating Lease Information

The following table presents our lease cost relating to our operating leases.


Year Ended December 31,	2024		2023		2022
Operating lease cost (a) (b)	$	301	$	332	$	373
Short-term lease cost (b) (c)	181		229		306
Variable lease cost (b) (d)	84		76		77
Sublease income	(7)		(7)		(12)
Total lease cost	$	559	$	630	$	744

(a) Includes fixed lease costs and non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) associated with long-term operating leases.

(b) Includes costs capitalized in programming assets during the period for leased assets used in the production of programming.

(c) Short-term leases, which are not recorded in right-of-use assets and lease liabilities on the Consolidated Balance Sheets, have a term of 12 months or less and exclude month-to-month leases.

(d) Primarily includes non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) and costs for equipment leases that vary based on usage.

The following table presents supplemental cash flow information for our operating leases.


Year Ended December 31,	2024		2023		2022
Payments for amounts included in operating lease liabilities (operating cash flows)	$	338	$	368	$	394

Noncash additions to operating lease assets	$	130	$	123	$	170

Summary of Expected Future Payments for Operating Lease Liabilities

The expected future payments relating to our operating lease liabilities at December 31, 2024 are as follows:


2025	$	333
2026	265
2027	215
2028	196
2029	152
2030 and thereafter	371
Total minimum payments	1,532
Less amounts representing interest	200
Present value of minimum payments	$	1,332

INCOME TAXES - U.S. and Foreign Components of Earnings From Continuing Operations Before Income Taxes and Equity in Loss of Investee Companies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ (5,862)	$ (2,039)	$ 324
Foreign	(315)	786	942
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	$ (6,177)	$ (1,253)	$ 1,266

- Definition

Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments.

+ References + Details

STOCK-BASED COMPENSATION - Stock-Based Compensation Expense (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) Employee shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes		$ 245	$ 177	$ 172
Related tax benefit		(37)	(35)	(35)
Stock-based compensation expense, net of tax benefit		208	142	137
Incremental stock-based compensation expense	$ 31
Operating and SG&A Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes		210	172	158
Restructuring charges
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes		35	5	14
RSUs and PSUs (a)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes		210	172	155
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes		$ 0	$ 0	$ 3
Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting, number (in shares) \| shares		3,414,007
Plan modifications, number of grantees affected \| Employee		77
Performance Share Units (PSUs) \| Share-Based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting, number (in shares) \| shares		634,075
Plan modifications, number of grantees affected \| Employee		3

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill
Goodwill, beginning balance	$ 29,870	$ 29,853
Accumulated impairment losses, beginning balance	(13,354)	(13,354)
Goodwill, net of impairment, beginning balance	16,516	16,499
Goodwill, Impairment	(5,981)
Goodwill, Acquisitions / (Dispositions)		(12)
Goodwill, Foreign Currency	(27)	29
Goodwill, ending balance	29,843	29,870
Accumulated impairment losses, ending balance	(19,335)	(13,354)
Goodwill, net of impairment, ending balance	10,508	16,516
Operating Segments \| TV Media
Goodwill
Goodwill, beginning balance	24,522	24,505
Accumulated impairment losses, beginning balance	(13,354)	(13,354)
Goodwill, net of impairment, beginning balance	11,168	11,151
Goodwill, Impairment	(5,981)
Goodwill, Acquisitions / (Dispositions)		(12)
Goodwill, Foreign Currency	(27)	29
Goodwill, ending balance	24,495	24,522
Accumulated impairment losses, ending balance	(19,335)	(13,354)
Goodwill, net of impairment, ending balance	5,160	11,168
Operating Segments \| Direct-to-Consumer
Goodwill
Goodwill, beginning balance	2,728	2,728
Accumulated impairment losses, beginning balance	0	0
Goodwill, net of impairment, beginning balance	2,728	2,728
Goodwill, ending balance	2,728	2,728
Accumulated impairment losses, ending balance	0	0
Goodwill, net of impairment, ending balance	2,728	2,728
Operating Segments \| Filmed Entertainment
Goodwill
Goodwill, beginning balance	2,620	2,620
Accumulated impairment losses, beginning balance	0	0
Goodwill, net of impairment, beginning balance	2,620	2,620
Goodwill, ending balance	2,620	2,620
Accumulated impairment losses, ending balance	0	0
Goodwill, net of impairment, ending balance	$ 2,620	$ 2,620

FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Gains (Losses) Recognized on Derivative Financial Instruments

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


Year Ended December 31,	2024			2023			Financial Statement Account
Non-designated foreign exchange contracts		$	13		$	(10)	Other items, net

COVER - USD ($)	12 Months Ended
COVER - USD ($)	Dec. 31, 2024	Feb. 21, 2025	Jun. 28, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 6,329,109,788
Documents Incorporated by Reference	Portions of Paramount Global’s Notice of 2025 Annual Meeting of Stockholders and Proxy Statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A of the Securities Exchange Act of 1934 (Part III).
Central Index Key	0000813828
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Class A Common Stock, $0.001 par value
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.001 par value
Trading Symbol	PARAA
Security Exchange Name	NASDAQ
Shares of common stock outstanding		40,702,683
Class B Common Stock, $0.001 par value
Document Information [Line Items]
Title of 12(b) Security	Class B Common Stock, $0.001 par value
Trading Symbol	PARA
Security Exchange Name	NASDAQ
Shares of common stock outstanding		630,007,633

INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

The U.S. and foreign components of earnings (loss) from continuing operations before income taxes and equity in loss of investee companies were as follows:


Year Ended December 31,	2024		2023		2022
United States	$	(5,862)	$	(2,039)	$	324
Foreign	(315)		786		942
Total	$	(6,177)	$	(1,253)	$	1,266

The components of the (benefit from) provision for income taxes were as follows:


Year Ended December 31,	2024		2023		2022
Current:
Federal	$	121	$	70	$	75
State and local	56		84		64
Foreign	148		135		194
Total current	325		289		333
Deferred:
Federal	(538)		(556)		(57)
State and local	(116)		(110)		(14)
Foreign	24		16		(35)
Total deferred	(630)		(650)		(106)
(Benefit from) provision for income taxes	$	(305)	$	(361)	$	227

In addition, included in net earnings from discontinued operations was an income tax provision of $5 million, $249 million and $77 million for 2024, 2023, and 2022, respectively.

The equity in loss of investee companies is shown net of tax on the Consolidated Statements of Operations. The tax benefit relating to losses from equity investments was $1 million in 2024, $10 million in 2023 and $33 million in 2022, which represented an effective tax rate of 0.3%, 2.7% and 13.9% for 2024, 2023, and 2022, respectively.

The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% and the (benefit from) provision for income taxes is summarized as follows:


Year Ended December 31,	2024		2023		2022
Taxes on income at U.S. federal statutory rate	$	(1,297)	$	(263)	$	266
State and local taxes, net of federal tax benefit	(56)		(13)		44
Effect of foreign operations	74		(97)		(20)
Noncontrolling interests	(7)		(6)		(20)
Goodwill impairment	819		—		—
Interest limitation carryforward valuation allowance	101		—		—
Non-deductible expenses	55		9		11
Reorganization of foreign operations (a)	—		(4)		(72)
Tax deficiency from stock-based compensation	18		18		13
Other, net	(12)		(5)		5
(Benefit from) provision for income taxes	$	(305)	$	(361)	$	227

(a) For 2022, reflects a deferred tax benefit resulting from the transfer of intangible assets between our subsidiaries in connection with a reorganization of our international operations. The related deferred tax asset is primarily expected to be realized over a 25-year period.

The following table summarizes the components of deferred income tax assets and liabilities.


At December 31,	2024		2023
Deferred income tax assets:
Reserves and other accrued liabilities	$	354	$	294
Pension, postretirement and other employee benefits	460		518
Lease liability	409		400
Tax credit and loss carryforwards	538		423
Interest limitation carryforward	114		63
Capitalized costs	180		155
Intangible assets	428		20
Investments	25		—
Other	10		10
Total deferred income tax assets	2,518		1,883
Valuation allowance	(655)		(498)
Deferred income tax assets, net	1,863		1,385
Deferred income tax liabilities:
Lease asset	(340)		(326)
Property, equipment and other assets	(89)		(140)
Investments	—		(99)
Financing obligations	(66)		(67)
Other	(16)		(14)
Total deferred income tax liabilities	(511)		(646)
Deferred income tax assets, net	$	1,352	$	739

At December 31, 2024, we had deferred income tax assets for federal foreign tax credit carryforwards of $52 million and net operating loss carryforwards for federal, state and local, and foreign jurisdictions of $371 million, the majority of which expire in various years from 2025 through 2036. The deferred tax asset for the U.S. interest limitation carryforward of $114 million at December 31, 2024 has an indefinite carryforward period.

The 2024 and 2023 deferred income tax assets were reduced by a valuation allowance of $655 million and $498 million, respectively, principally relating to income tax benefits from capital losses and net operating losses in foreign jurisdictions and U.S. interest limitations, which are not expected to be realized.

Generally, the future remittance of foreign undistributed earnings will not be subject to U.S. federal income taxes and as a result, for substantially all of our foreign subsidiaries, we do not intend to assert indefinite reinvestment of both cash held outside of the U.S. and future cash earnings. However, a future repatriation of cash could be subject to state and local income taxes, foreign income taxes, tax on foreign currency translation gains and losses, and withholding taxes. Accordingly, as of December 31, 2024, we recorded deferred income tax liabilities associated with future repatriations of $13 million on the Consolidated Balance Sheet. Additional income taxes have not been provided for outside basis differences inherent in these entities, which could be recognized upon sale or other transaction, as these amounts continue to be indefinitely invested in foreign operations. The determination of the U.S. federal deferred income tax liability for such outside basis difference is not practicable.

The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties.


At January 1, 2022	$	301
Additions for current year tax positions	16
Additions for prior year tax positions	3
Reductions for prior year tax positions	(13)
Cash settlements	(2)
Statute of limitations lapses	(2)
At December 31, 2022	303
Additions for current year tax positions	15
Additions for prior year tax positions	20
Reductions for prior year tax positions	(46)
Cash settlements	(2)
Statute of limitations lapses	(4)
At December 31, 2023	286
Additions for current year tax positions	12
Additions for prior year tax positions	3
Reductions for prior year tax positions	(14)
Cash settlements	(3)
Statute of limitations lapses	(4)
At December 31, 2024	$	280

The reserve for uncertain tax positions of $280 million at December 31, 2024 includes $252 million which would affect our effective income tax rate, if and when recognized in future years. We recognized interest and penalties of $28 million, $26 million and $14 million for the years ended December 31, 2024, 2023 and 2022, respectively, in the Consolidated Statements of Operations. Liabilities for accrued interest and penalties totaling $104 million and $87 million as of December 31, 2024 and 2023, respectively, are included within “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets.

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 2019 merger of Viacom and 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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+ Details

RESTRUCTURING, TRANSACTION-RELATED ITEMS, AND OTHER CORPORATE MATTERS (Tables)

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Summary of Restructuring Charges, Transaction-Related Items, and Other Corporate Matters

During the years ended December 31, 2024, 2023 and 2022, we recorded the following restructuring charges, transaction-related items, and other corporate matters.


Year Ended December 31,	2024		2023		2022
Severance (a)	$	523	$	67	$	260
Exit costs	31		35		68
Restructuring charges	554		102		328
Transaction-related items	62		(156)		211
Other corporate matters	131		23		46
Restructuring, transaction-related items, and other corporate matters	$	747	$	(31)	$	585

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

Summary of Rollforward of Restructuring Liability

The following is a rollforward of our restructuring liability, which is recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. The restructuring liability at December 31, 2024, which principally relates to severance payments, is expected to be substantially paid by the end of 2025.


				2024 Activity
	Balance at December 31, 2023			Charges (a)		Payments			Balance at December 31, 2024
TV Media		$	162	$	181		$	(187)		$	156
Direct-to-Consumer		6		66			(36)			36
Filmed Entertainment		14		70			(38)			46
Corporate		10		171			(70)			111
Total		$	192	$	488		$	(331)		$	349


				2023 Activity
	Balance at December 31, 2022			Charges (a)		Payments			Balance at December 31, 2023
TV Media		$	251	$	42		$	(131)		$	162
Direct-to-Consumer		8		3			(5)			6
Filmed Entertainment		29		5			(20)			14
Corporate		14		12			(16)			10
Total		$	302	$	62		$	(172)		$	192

(a) For the years ended December 31, 2024 and 2023, excludes stock-based compensation expense of $35 million and $5 million, respectively, and lease asset impairments of $31 million and $35 million, respectively.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Calculation of Basic and Diluted EPS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amounts attributable to Paramount:
Net earnings (loss) from continuing operations	$ (6,204)	$ (1,284)	$ 725
Preferred stock dividends	(14)	(58)	(58)
Net earnings (loss) from continuing operations for basic and diluted EPS calculation	(6,218)	(1,342)	667
Amounts attributable to Paramount:
Net earnings (loss)	(6,190)	(608)	1,104
Preferred stock dividends	(14)	(58)	(58)
Net earnings (loss) for basic and diluted EPS calculation	$ (6,204)	$ (666)	$ 1,046

- 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

+ Details

- Definition

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

+ References + Details

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Summary of U.S. and Foreign Components of Earnings (Loss) From Continuing Operations Before Income Taxes and Equity in Loss of Investee Companies

The U.S. and foreign components of earnings (loss) from continuing operations before income taxes and equity in loss of investee companies were as follows:


Year Ended December 31,	2024		2023		2022
United States	$	(5,862)	$	(2,039)	$	324
Foreign	(315)		786		942
Total	$	(6,177)	$	(1,253)	$	1,266

Summary of Components of Income Tax Provision (Benefit)

The components of the (benefit from) provision for income taxes were as follows:


Year Ended December 31,	2024		2023		2022
Current:
Federal	$	121	$	70	$	75
State and local	56		84		64
Foreign	148		135		194
Total current	325		289		333
Deferred:
Federal	(538)		(556)		(57)
State and local	(116)		(110)		(14)
Foreign	24		16		(35)
Total deferred	(630)		(650)		(106)
(Benefit from) provision for income taxes	$	(305)	$	(361)	$	227

Summary of Reconciliation of U.S. Federal Statutory Income Tax Rate

The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% and the (benefit from) provision for income taxes is summarized as follows:


Year Ended December 31,	2024		2023		2022
Taxes on income at U.S. federal statutory rate	$	(1,297)	$	(263)	$	266
State and local taxes, net of federal tax benefit	(56)		(13)		44
Effect of foreign operations	74		(97)		(20)
Noncontrolling interests	(7)		(6)		(20)
Goodwill impairment	819		—		—
Interest limitation carryforward valuation allowance	101		—		—
Non-deductible expenses	55		9		11
Reorganization of foreign operations (a)	—		(4)		(72)
Tax deficiency from stock-based compensation	18		18		13
Other, net	(12)		(5)		5
(Benefit from) provision for income taxes	$	(305)	$	(361)	$	227

Summary of Components of Deferred Income Tax Assets and Liabilities

The following table summarizes the components of deferred income tax assets and liabilities.


At December 31,	2024		2023
Deferred income tax assets:
Reserves and other accrued liabilities	$	354	$	294
Pension, postretirement and other employee benefits	460		518
Lease liability	409		400
Tax credit and loss carryforwards	538		423
Interest limitation carryforward	114		63
Capitalized costs	180		155
Intangible assets	428		20
Investments	25		—
Other	10		10
Total deferred income tax assets	2,518		1,883
Valuation allowance	(655)		(498)
Deferred income tax assets, net	1,863		1,385
Deferred income tax liabilities:
Lease asset	(340)		(326)
Property, equipment and other assets	(89)		(140)
Investments	—		(99)
Financing obligations	(66)		(67)
Other	(16)		(14)
Total deferred income tax liabilities	(511)		(646)
Deferred income tax assets, net	$	1,352	$	739

Summary of Change in Reserve for Uncertain Tax Positions

The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties.


At January 1, 2022	$	301
Additions for current year tax positions	16
Additions for prior year tax positions	3
Reductions for prior year tax positions	(13)
Cash settlements	(2)
Statute of limitations lapses	(2)
At December 31, 2022	303
Additions for current year tax positions	15
Additions for prior year tax positions	20
Reductions for prior year tax positions	(46)
Cash settlements	(2)
Statute of limitations lapses	(4)
At December 31, 2023	286
Additions for current year tax positions	12
Additions for prior year tax positions	3
Reductions for prior year tax positions	(14)
Cash settlements	(3)
Statute of limitations lapses	(4)
At December 31, 2024	$	280

SUPPLEMENTAL FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2024

Additional Financial Information Disclosure [Abstract]

SUPPLEMENTAL FINANCIAL INFORMATION

The following table presents the components of “Other items, net” on the Consolidated Statements of Operations.


Year Ended December 31,	2024		2023		2022
Pension and postretirement benefit costs	$	(139)	$	(153)	$	(65)
Foreign exchange losses	(47)		(66)		(58)

Other	4		3		(1)
Other items, net	$	(182)	$	(216)	$	(124)

Redeemable Noncontrolling Interest

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


Year Ended December 31,	2022
Beginning balance	$	107
Net earnings	4
Distributions	(6)
Translation adjustment	(20)
Redemption value adjustment	17
Purchase of noncontrolling interest	(102)
Ending balance	$	—

Supplemental Cash Flow Information


Year Ended December 31,	2024		2023		2022
Cash paid for interest	$	833	$	901	$	920

Cash paid for income taxes:
Continuing operations	$	184	$	22	$	61
Discontinued operations	—		85		12
Total cash paid for income taxes	$	184	$	107	$	73

INCOME TAXES - Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred income tax assets:
Reserves and other accrued liabilities	$ 354	$ 294
Pension, postretirement and other employee benefits	460	518
Lease liability	409	400
Tax credit and loss carryforwards	538	423
Interest limitation carryforward	114	63
Capitalized costs	180	155
Intangible assets	428	20
Investments	25	0
Other	10	10
Total deferred income tax assets	2,518	1,883
Valuation allowance	(655)	(498)
Deferred income tax assets, net	1,863	1,385
Deferred income tax liabilities:
Lease asset	(340)	(326)
Property, equipment and other assets	(89)	(140)
Investments	0	(99)
Financing obligations	(66)	(67)
Other	(16)	(14)
Total deferred income tax liabilities	(511)	(646)
Deferred income tax assets, net	$ 1,352	$ 739

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grant (in shares)	38,000,000
Stock-based compensation expense	$ 245,000,000	$ 177,000,000	$ 172,000,000
Award expiration period	8 years
Stock options grants (in shares)	0	0	0
Remaining unrecognized stock option compensation cost	$ 0
Stock options exercised (in shares)	0	0	0
Weighted average remaining contractual life of outstanding stock options (years)	1 year 14 days
Weighted average remaining contractual life of exercisable stock options (years)	1 year 14 days
Intrinsic value of stock options outstanding	$ 0
Intrinsic value of stock options exercisable	$ 0
Closing stock price (in dollars per share)	$ 10.46
Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of PSU awards granted	$ 41,000,000	$ 43,000,000	$ 43,000,000
RSUs and PSUs (a)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 210,000,000	$ 172,000,000	$ 155,000,000
Weighted average grant date fair value (in dollars per share)	$ 10.97	$ 22.83	$ 31.58
Total fair value of RSUs and PSUs vested during the period	$ 130,000,000	$ 74,000,000	$ 77,000,000
Total unrecognized compensation cost related to non-vested RSUs and PSUs	$ 183,000,000
Weighted average period over which unrecognized compensation cost will be recognized	1 year 8 months 26 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0	0	3,000,000
Minimum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Minimum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Maximum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Maximum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Discontinued operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 2,000,000	$ 3,000,000

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Useful Lives of Property and Equipment

Depreciation is calculated using the straight-line method over estimated useful lives as follows:


Buildings and building improvements			10 to 40 years
Leasehold improvements			Shorter of lease term or useful life
Equipment and other (including finance leases)			3 to 20 years


At December 31,	2024		2023
Land	$	370	$	373
Buildings	889		881
Equipment and other	3,987		3,916
	5,246		5,170
Less: Accumulated depreciation	3,680		3,504
Property and equipment, net	$	1,566	$	1,666


Year Ended December 31,	2024		2023		2022
Depreciation expense	$	364	$	383	$	337

Summary of Reconciliation for Calculation of Basic and Diluted EPS

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


Year Ended December 31,	2024	2023	2022
(in millions)
Weighted average shares for basic EPS	664	652	649
Dilutive effect of shares issuable under stock-based compensation plans	—	—	1

Weighted average shares for diluted EPS	664	652	650

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


Year Ended December 31,	2024		2023		2022
Amounts attributable to Paramount:
Net earnings (loss) from continuing operations	$	(6,204)	$	(1,284)	$	725
Preferred stock dividends	(14)		(58)		(58)


Net earnings (loss) from continuing operations for basic and diluted EPS calculation	$	(6,218)	$	(1,342)	$	667

Amounts attributable to Paramount:
Net earnings (loss)	$	(6,190)	$	(608)	$	1,104
Preferred stock dividends	(14)		(58)		(58)


Net earnings (loss) for basic and diluted EPS calculation	$	(6,204)	$	(666)	$	1,046

COMMITMENTS AND CONTINGENCIES - Commitments and Contractual Obligations (Details) $ in Millions	Dec. 31, 2024 USD ($)
Programming and talent commitments
Total	$ 29,864
2025	3,982
2026	4,131
2027	3,533
2028	3,661
2029	3,328
2030 and Thereafter	11,229
Purchase obligations
Total	1,173
2025	554
2026	445
2027	113
2028	21
2029	9
2030 and Thereafter	31
Long-term Contractual Obligations
Total	1,571
2026	1,053
2027	312
2028	118
2029	69
2030 and Thereafter	$ 19

FINANCIAL INSTRUMENTS - Gains (Losses) Recognized on Derivative Financial Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Non-designated foreign exchange contracts
Derivative [Line Items]
Gain (loss) on non-designated foreign exchange contracts	$ 13	$ (10)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Total Paramount Stockholders’ Equity	Preferred Stock	Class A and B Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Non-Controlling Interests
Preferred stock outstanding, beginning balance (in shares) at Dec. 31, 2021			10,000,000
Beginning balance at Dec. 31, 2021	$ 22,970	$ 22,402	$ 0	$ 1	$ 32,918	$ (22,958)	$ 14,343	$ (1,902)	$ 568
Common stock outstanding, beginning balance (in shares) at Dec. 31, 2021				648,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (in shares)				2,000,000
Stock-based compensation activity	145	145			145
Preferred stock dividends	(58)	(58)					(58)
Common stock dividends	(635)	(635)					(635)
Noncontrolling interests	(120)	(17)					(17)		(103)
Net earnings (loss)	1,214	1,104					1,104		110
Other comprehensive income (loss)	90	95						95	(5)
Preferred stock outstanding, ending balance (in shares) at Dec. 31, 2022			10,000,000
Ending balance at Dec. 31, 2022	23,606	23,036	$ 0	$ 1	33,063	(22,958)	14,737	(1,807)	570
Common stock outstanding, ending balance (in shares) at Dec. 31, 2022				650,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (in shares)				3,000,000
Stock-based compensation activity and other	166	166			147		19
Preferred stock dividends	(58)	(58)					(58)
Common stock dividends	(261)	(261)					(261)
Noncontrolling interests	(81)								(81)
Net earnings (loss)	(576)	(608)					(608)		32
Other comprehensive income (loss)	254	251						251	3
Preferred stock outstanding, ending balance (in shares) at Dec. 31, 2023			10,000,000
Ending balance at Dec. 31, 2023	23,050	22,526	$ 0	$ 1	33,210	(22,958)	13,829	(1,556)	524
Common stock outstanding, ending balance (in shares) at Dec. 31, 2023				653,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (in shares)				6,000,000
Stock-based compensation activity	184	184			184
Stock conversion (in shares)			(10,000,000)	12,000,000
Preferred stock dividends	(14)	(14)					(14)
Common stock dividends	(138)	(138)					(138)
Noncontrolling interests	(100)								(100)
Net earnings (loss)	(6,149)	(6,190)					(6,190)		41
Other comprehensive income (loss)	(51)	(48)						(48)	(3)
Preferred stock outstanding, ending balance (in shares) at Dec. 31, 2024			0
Ending balance at Dec. 31, 2024	$ 16,782	$ 16,320	$ 0	$ 1	$ 33,394	$ (22,958)	$ 7,487	$ (1,604)	$ 462
Common stock outstanding, ending balance (in shares) at Dec. 31, 2024				671,000,000

PENSION AND OTHER POSTRETIREMENT BENEFITS - Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension Benefits
Weighted average assumptions used to determine benefit obligations at December 31:
Discount rate	6.00%	5.60%	5.90%
Rate of compensation increase	0.00%	0.00%	0.00%
Weighted average assumptions used to determine net periodic costs for the year ended December 31:
Discount rate	5.60%	5.90%	3.20%
Expected long-term return on plan assets	5.70%	5.70%	5.60%
Cash balance interest crediting rate	5.00%	5.00%	5.00%
Rate of compensation increase	0.00%	0.00%	0.00%
Postretirement Benefits
Weighted average assumptions used to determine benefit obligations at December 31:
Discount rate	6.10%	5.70%	6.00%
Weighted average assumptions used to determine net periodic costs for the year ended December 31:
Discount rate	5.70%	6.00%	3.00%
Defined Benefit Plan, Assumed Health Care Cost Trend Rates
Ultimate trend rate	5.00%	5.00%
Postretirement Benefits, Pre-65
Defined Benefit Plan, Assumed Health Care Cost Trend Rates
Projected health care cost trend rate	7.00%	6.50%
Postretirement Benefits, Post-65
Defined Benefit Plan, Assumed Health Care Cost Trend Rates
Projected health care cost trend rate	7.00%	6.50%

LEASES - Expected Future Minimum Payments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 333
2026	265
2027	215
2028	196
2029	152
2030 and thereafter	371
Total minimum payments	1,532
Less amounts representing interest	200
Present value of minimum payments	$ 1,332	$ 1,514

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

LEASES

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

LEASES

Lessee Contracts

We have operating leases primarily for office space, equipment, satellite transponders and studio facilities. We also have finance leases for equipment, which were not material for the periods presented. Lease costs are generally fixed, with certain contracts containing variable payments for non-lease costs based on usage and escalations in the lessors’ annual costs.

At December 31, 2024 and 2023, the following amounts were recorded on the Consolidated Balance Sheets relating to our operating leases.


	2024		2023
Right-of-Use Assets
Operating lease assets	$	1,012	$	1,183

Lease Liabilities
Other current liabilities	$	284	$	258
Operating lease liabilities	1,048		1,256
Total lease liabilities	$	1,332	$	1,514


	2024		2023
Weighted average remaining lease term	6 years		7 years

Weighted average discount rate	3.8	%	3.9	%

The following table presents our lease cost relating to our operating leases.


Year Ended December 31,	2024		2023		2022
Operating lease cost (a) (b)	$	301	$	332	$	373
Short-term lease cost (b) (c)	181		229		306
Variable lease cost (b) (d)	84		76		77
Sublease income	(7)		(7)		(12)
Total lease cost	$	559	$	630	$	744

(a) Includes fixed lease costs and non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) associated with long-term operating leases.

(b) Includes costs capitalized in programming assets during the period for leased assets used in the production of programming.

(c) Short-term leases, which are not recorded in right-of-use assets and lease liabilities on the Consolidated Balance Sheets, have a term of 12 months or less and exclude month-to-month leases.

(d) Primarily includes non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) and costs for equipment leases that vary based on usage.

The following table presents supplemental cash flow information for our operating leases.


Year Ended December 31,	2024		2023		2022
Payments for amounts included in operating lease liabilities (operating cash flows)	$	338	$	368	$	394

Noncash additions to operating lease assets	$	130	$	123	$	170

The expected future payments relating to our operating lease liabilities at December 31, 2024 are as follows:


2025	$	333
2026	265
2027	215
2028	196
2029	152
2030 and thereafter	371
Total minimum payments	1,532
Less amounts representing interest	200
Present value of minimum payments	$	1,332

As of December 31, 2024, we had no material leases that were executed but not yet commenced.

Lessor Contracts

For each of the years ended December 31, 2024 and 2023, we recorded total lease income of $34 million and for the year ended December 31, 2022 we recorded total lease income of $65 million, which relates to operating leases 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. Our future fixed lease income is not expected to be material.

LEASES

Lessee Contracts

At December 31, 2024 and 2023, the following amounts were recorded on the Consolidated Balance Sheets relating to our operating leases.


	2024		2023
Right-of-Use Assets
Operating lease assets	$	1,012	$	1,183

Lease Liabilities
Other current liabilities	$	284	$	258
Operating lease liabilities	1,048		1,256
Total lease liabilities	$	1,332	$	1,514


	2024		2023
Weighted average remaining lease term	6 years		7 years

Weighted average discount rate	3.8	%	3.9	%

The following table presents our lease cost relating to our operating leases.


Year Ended December 31,	2024		2023		2022
Operating lease cost (a) (b)	$	301	$	332	$	373
Short-term lease cost (b) (c)	181		229		306
Variable lease cost (b) (d)	84		76		77
Sublease income	(7)		(7)		(12)
Total lease cost	$	559	$	630	$	744

(a) Includes fixed lease costs and non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) associated with long-term operating leases.

(b) Includes costs capitalized in programming assets during the period for leased assets used in the production of programming.

(c) Short-term leases, which are not recorded in right-of-use assets and lease liabilities on the Consolidated Balance Sheets, have a term of 12 months or less and exclude month-to-month leases.

(d) Primarily includes non-lease costs (consisting of other occupancy and service costs relating to the use of an asset) and costs for equipment leases that vary based on usage.

The following table presents supplemental cash flow information for our operating leases.


Year Ended December 31,	2024		2023		2022
Payments for amounts included in operating lease liabilities (operating cash flows)	$	338	$	368	$	394

Noncash additions to operating lease assets	$	130	$	123	$	170

The expected future payments relating to our operating lease liabilities at December 31, 2024 are as follows:


2025	$	333
2026	265
2027	215
2028	196
2029	152
2030 and thereafter	371
Total minimum payments	1,532
Less amounts representing interest	200
Present value of minimum payments	$	1,332

As of December 31, 2024, we had no material leases that were executed but not yet commenced.

Lessor Contracts

FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

FINANCIAL INSTRUMENTS

The carrying value of our financial instruments approximates fair value, except for notes and debentures. At December 31, 2024 and 2023, the carrying value of our outstanding notes and debentures was $14.50 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 $13.3 billion and $13.6 billion, respectively.

Investments

At December 31, 2024 and 2023, included in “Other assets” on the Consolidated Balance Sheets are equity-method investments of $99 million and $96 million, respectively, and equity investments without a readily determinable fair value for which we have no significant influence of $86 million and $612 million, respectively.

In 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 in 2023. In November 2024, we completed the sale of the remaining 13% interest in Viacom18 to its majority interest holder, for an aggregate purchase price of $508 million, which resulted in a loss of $13 million. The loss in 2024 and the gain in 2023 were recorded in “Gain (loss) from investments” on the Consolidated Statements of Operations for the years ended December 31, 2024 and 2023, respectively.

At December 31, 2024, our equity-method investments include a 50% interest in SkyShowtime, a joint venture formed in 2022, which launched a new subscription streaming service in certain European territories, as well as interests in several international television joint ventures. For the year ended December 31, 2023, “Equity in loss of investee companies, net of tax” on the Consolidated Statement of Operations included an impairment charge of $16 million relating to an international television joint venture.

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

Foreign Exchange Contracts

We use derivative financial instruments primarily to manage our exposure to movements in foreign currency exchange rates when translating from the foreign local currency to the U.S. dollar. 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 currency forward contracts have principally been used to manage our exposure for currencies such as the British pound, the euro, the Canadian dollar and the Australian dollar, generally for periods up to 24 months. We designate forward contracts used to hedge committed and forecasted foreign currency transactions, including future production costs and programming obligations, as cash flow hedges. We also enter into non-designated forward contracts to hedge non-U.S. dollar denominated assets, liabilities, and cash flows.

In the third quarter of 2024, we entered into a foreign currency option contract to mitigate the exchange rate risk of the Indian rupee-denominated sale of our interest in Viacom18. The option contract had a notional amount of 42.86 billion Indian rupees and was settled upon closing of the transaction in November 2024. Changes in the fair value of this hedge were recognized in “Other items, net” on the Consolidated Statement of Operations in the periods incurred. We recognized a total loss of $5 million on this contract, which is included in the table below.

At December 31, 2024 and 2023, the notional amount of all foreign currency contracts was $2.75 billion and $2.72 billion, respectively. For 2024, $2.39 billion related to future production costs and $358 million related to our foreign currency assets and liabilities. For 2023, $2.20 billion related to future production costs and $523 million related to our foreign currency assets and liabilities.

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


Year Ended December 31,	2024			2023			Financial Statement Account
Non-designated foreign exchange contracts		$	13		$	(10)	Other items, net

We continually monitor our positions with, and credit quality of, the financial institutions that are counterparties to our financial instruments. We are exposed to credit loss in the event of nonperformance by the counterparties to the agreements. However, we do not anticipate nonperformance by the counterparties.

RESTRUCTURING, TRANSACTION-RELATED ITEMS, AND OTHER CORPORATE MATTERS - Rollforward of Restructuring Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 192	$ 302
Charges	488	62
Payments	(331)	(172)
Restructuring reserve, ending balance	349	192	$ 302
Lease asset impairments	31	35	68
Stock-based compensation	245	177	172
Restructuring, Transaction-Related Items, And Other Corporate Matters
Restructuring Reserve [Roll Forward]
Lease asset impairments	31	35
Stock-based compensation	35	5
Operating Segments \| TV Media
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	162	251
Charges	181	42
Payments	(187)	(131)
Restructuring reserve, ending balance	156	162	251
Operating Segments \| Direct-to-Consumer
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	6	8
Charges	66	3
Payments	(36)	(5)
Restructuring reserve, ending balance	36	6	8
Operating Segments \| Filmed Entertainment
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	14	29
Charges	70	5
Payments	(38)	(20)
Restructuring reserve, ending balance	46	14	29
Corporate
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	10	14
Charges	171	12
Payments	(70)	(16)
Restructuring reserve, ending balance	$ 111	$ 10	$ 14

GOODWILL AND OTHER INTANGIBLE ASSETS - Expected Aggregate Annual Amortization Expense (Details) $ in Millions	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 24
2026	23
2027	22
2028	22
2029	$ 20

SEGMENT INFORMATION - Revenue by Location (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 29,213	$ 29,652	$ 30,154
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	23,688	23,962	24,412
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 5,525	$ 5,690	$ 5,742

- Definition

+ References

+ Details

RESTRUCTURING, TRANSACTION-RELATED ITEMS, AND OTHER CORPORATE MATTERS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 554.0	$ 102.0	$ 328.0
Lease impairment charges		31.0	35.0	68.0
Transaction-related items		62.0	(156.0)	211.0
Other corporate matters		131.0	23.0	46.0
Russia, Belarus and Ukraine
Restructuring Cost and Reserve [Line Items]
Other corporate matters				46.0
Legal Matters - Stockholder Matters
Restructuring Cost and Reserve [Line Items]
Transaction-related items	$ (120.0)			122.5
Asbestos Matters
Restructuring Cost and Reserve [Line Items]
Other corporate matters		57.0	23.0
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges		523.0	67.0	$ 260.0
Severance \| One-time Severance Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 13.0
Abandonment Of Developed Technology No Longer Used
Restructuring Cost and Reserve [Line Items]
Other corporate matters		$ 74.0

SUPPLEMENTAL FINANCIAL INFORMATION - Redeemable Noncontrolling Interest (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 107
Net earnings	4
Distributions	(6)
Translation adjustment	(20)
Redemption value adjustment	17
Purchase of noncontrolling interest	(102)
Ending balance	$ 0

- Definition

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

+ References + Details

PENSION AND OTHER POSTRETIREMENT BENEFITS - Change in Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pension Benefits
Change in plan assets:
Fair value of plan assets, beginning of year	$ 2,507	$ 2,363
Actual return on plan assets	100	243
Employer contributions	80	195
Benefits paid	(335)	(294)
Participants’ contributions	0	0
Retiree Medicare drug subsidy	0	0
Fair value of plan assets, end of year	2,352	2,507
Postretirement Benefits
Change in plan assets:
Fair value of plan assets, beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	25	31
Benefits paid	(34)	(40)
Participants’ contributions	6	6
Retiree Medicare drug subsidy	3	3
Fair value of plan assets, end of year	$ 0	$ 0

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

STOCKHOLDERS’ EQUITY

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

STOCKHOLDERS’ EQUITY

In general, the Company’s Class A Common Stock and Class B Common Stock have the same economic rights; however, holders of the Company’s Class B Common Stock do not have any voting rights, except as required by law. Holders of the Company’s Class A Common Stock are entitled to one vote per share with respect to all matters on which the holders of the Company’s Common Stock are entitled to vote.

Mandatory Convertible Preferred Stock

At December 31, 2023, there were 10 million shares of our Mandatory Convertible Preferred Stock outstanding. During the first quarter of 2024, 0.3 million shares of Mandatory Convertible Preferred Stock were voluntarily converted into Class B Common Stock at a conversion rate of 1.0013 shares. On April 1, 2024, each of the remaining 9.7 million outstanding shares of our Mandatory Convertible Preferred Stock 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. The final dividend on the Mandatory Convertible Preferred Stock was declared during the first quarter of 2024 and paid on April 1, 2024.

Dividends


Year Ended December 31,	2024		2023		2022
Class A and Class B Common Stock
Dividends declared per common share	$	.20	$	.39	$	.96

Total common stock dividends	$	138	$	261	$	635

Mandatory Convertible Preferred Stock
Dividends declared per preferred share	$	1.4375	$	5.75	$	5.75

Total preferred stock dividends	$	14	$	58	$	58

Treasury Stock

At December 31, 2024, we had $2.36 billion of authorization remaining under our share repurchase program. We did not repurchase any shares of our common stock in the three years ended December 31, 2024.

Common Stock Conversion Rights

Holders of Class A Common Stock have the right to convert their shares to Class B Common Stock as long as there are at least 5,000 shares of Class A Common Stock outstanding. In 2024, 2023, and 2022, conversions of Class A Common Stock into Class B Common Stock were minimal.

Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in the components of accumulated other comprehensive income (loss).


	Continuing Operations								Discontinued Operations
					Net Actuarial								Accumulated
	Cumulative				Loss and				Other				Other
	Translation				Prior				Comprehensive				Comprehensive
	Adjustments				Service Cost				Income (Loss) (a)				Loss
At December 31, 2021		$	(445)			$	(1,434)			$	(23)			$	(1,902)
Other comprehensive income (loss) before reclassifications		(235)				273				(7)				31
Reclassifications to net earnings		—				64		(b)		—				64
Other comprehensive income (loss)		(235)				337				(7)				95
At December 31, 2022		(680)				(1,097)				(30)				(1,807)
Other comprehensive income (loss) before reclassifications		132				(7)				(5)				120
Reclassifications to net loss		44		(c)		52		(b)		35		(d)		131
Other comprehensive income		176				45				30				251
At December 31, 2023		(504)				(1,052)				—				(1,556)
Other comprehensive income (loss) before reclassifications		(153)				55				—				(98)
Reclassifications to net loss		—				50		(b)		—				50
Other comprehensive income (loss)		(153)				105				—				(48)
At December 31, 2024		$	(657)			$	(947)			$	—			$	(1,604)

(a) Reflects cumulative translation adjustments.

(b) Reflects amortization of net actuarial losses.

(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 10).

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 for the years ended December 31, 2024, 2023 and 2022 of $34 million, $14 million and $108 million, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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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 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RELATED PARTIES

12 Months Ended

Dec. 31, 2024

RELATED PARTIES

National Amusements, Inc.

National Amusements, Inc. (“NAI”) is the controlling stockholder of the Company. At December 31, 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 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 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 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.


Year Ended December 31,	2024		2023		2022
Revenues	$	273	$	322	$	358

Operating costs (a)	$	114	$	24	$	24

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


At December 31,	2024		2023
Receivables, net	$	190	$	193

Other assets (Receivables, noncurrent)	$	82	$	101

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

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

LEASES - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 301	$ 332	$ 373
Short-term lease cost	181	229	306
Variable lease cost	84	76	77
Sublease income	(7)	(7)	(12)
Total lease cost	$ 559	$ 630	$ 744

SUPPLEMENTAL FINANCIAL INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash paid for interest	$ 833	$ 901	$ 920
Total cash paid for income taxes	184	107	73
Continuing operations
Cash and Cash Equivalents [Line Items]
Total cash paid for income taxes	184	22	61
Discontinued operations
Cash and Cash Equivalents [Line Items]
Total cash paid for income taxes	$ 0	$ 85	$ 12

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Summary of Change in Benefit Obligations

The following table sets forth the change in benefit obligation for our pension and postretirement benefit plans.


	Pension Benefits				Postretirement Benefits
	2024		2023		2024		2023
Change in benefit obligation:
Benefit obligation, beginning of year	$	3,711	$	3,661	$	193	$	222
Service cost	—		—		1		1
Interest cost	198		207		10		12
Actuarial (gain) loss	(93)		137		(14)		(11)
Benefits paid	(335)		(294)		(34)		(40)
Participants’ contributions	—		—		6		6
Retiree Medicare drug subsidy	—		—		3		3
Benefit obligation, end of year	$	3,481	$	3,711	$	165	$	193

Summary of Change in Plan Assets

The following table sets forth the change in plan assets for our pension and postretirement benefit plans.


	Pension Benefits				Postretirement Benefits
	2024		2023		2024		2023
Change in plan assets:
Fair value of plan assets, beginning of year	$	2,507	$	2,363	$	—	$	—
Actual return on plan assets	100		243		—		—
Employer contributions	80		195		25		31
Benefits paid	(335)		(294)		(34)		(40)
Participants’ contributions	—		—		6		6
Retiree Medicare drug subsidy	—		—		3		3
Fair value of plan assets, end of year	$	2,352	$	2,507	$	—	$	—

Summary of Funded Status and Amounts Recognized on Consolidated Balance Sheets

The funded status of pension and postretirement benefit obligations and the related amounts recognized on the Consolidated Balance Sheets were as follows:


	Pension Benefits				Postretirement Benefits
At December 31,	2024		2023		2024		2023
Funded status at end of year	$	(1,129)	$	(1,204)	$	(165)	$	(193)
Amounts recognized on the Consolidated Balance Sheets:
Noncurrent assets	$	1	$	—	$	—	$	—
Current liabilities	(73)		(74)		(27)		(30)
Noncurrent liabilities	(1,057)		(1,130)		(138)		(163)
Net amounts recognized	$	(1,129)	$	(1,204)	$	(165)	$	(193)

Summary of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets.


	Pension Benefits				Postretirement Benefits
At December 31,	2024		2023		2024		2023
Net actuarial (loss) gain	$	(1,448)	$	(1,585)	$	147	$	150
Net prior service cost	(1)		(1)		—		—
	(1,449)		(1,586)		147		150
Deferred income taxes	390		424		(14)		(15)
Net amount recognized in accumulated other comprehensive income (loss)	$	(1,059)	$	(1,162)	$	133	$	135

Summary of Accumulated Benefit Obligations in Excess of Plan Assets

Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below.


At December 31,	2024		2023
Projected and accumulated benefit obligation	$	2,960	$	3,711
Fair value of plan assets	$	1,830	$	2,507

Summary of Components of Net Periodic Cost (Benefit)

The following tables present the components of net periodic cost (benefit) and amounts recognized in other comprehensive income (loss).


	Pension Benefits						Postretirement Benefits
Year Ended December 31,	2024		2023		2022		2024		2023		2022
Components of net periodic cost:
Service cost	$	—	$	—	$	—	$	1	$	1	$	1
Interest cost	198		207		150		10		12		8
Expected return on plan assets	(136)		(128)		(172)		—		—		—
Amortization of actuarial losses (gains)	80		83		97		(17)		(18)		(15)

Net periodic cost (benefit) (a)	$	142	$	162	$	75	$	(6)	$	(5)	$	(6)

(a) Includes amounts reflected in net earnings from discontinued operations of $7 million and $3 million for the years ended December 31, 2023 and 2022, respectively.

Summary of Amounts Recognized in Other Comprehensive Income (Loss)


	Pension Benefits						Postretirement Benefits
Year Ended December 31,	2024		2023		2022		2024		2023		2022
Other comprehensive income (loss):
Actuarial (loss) gain	$	57	$	(22)	$	325	$	14	$	11	$	29
Share of equity investee	—		—		1		—		—		—

Amortization of actuarial losses (gains)	80		83		97		(17)		(18)		(15)
	137		61		423		(3)		(7)		14
Deferred income taxes	(34)		(14)		(103)		1		2		(3)
Recognized in other comprehensive income (loss), net of tax	$	103	$	47	$	320	$	(2)	$	(5)	$	11

Summary of Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Costs


	Pension Benefits						Postretirement Benefits
	2024		2023		2022		2024		2023		2022
Weighted average assumptions used to determine benefit obligations at December 31:
Discount rate	6.0	%	5.6	%	5.9	%	6.1	%	5.7	%	6.0	%
Rate of compensation increase	—	%	—	%	—	%	N/A		N/A		N/A
Weighted average assumptions used to determine net periodic costs for the year ended December 31:
Discount rate	5.6	%	5.9	%	3.2	%	5.7	%	6.0	%	3.0	%
Expected long-term return on plan assets	5.7	%	5.7	%	5.6	%	N/A		N/A		N/A
Cash balance interest crediting rate	5.0	%	5.0	%	5.0	%	N/A		N/A		N/A
Rate of compensation increase	—	%	—	%	—	%	N/A		N/A		N/A

N/A - not applicable

Summary of Assumptions Regarding Heath Care Cost Trend Rates for Postretirement Benefits

The following additional assumptions were used in accounting for postretirement benefits.


	2024		2023
Projected health care cost trend rate (pre-65)	7.0	%	6.5	%
Projected health care cost trend rate (post-65)	7.0	%	6.5	%
Ultimate trend rate	5.0	%	5.0	%
Year ultimate trend rate is achieved	2033		2030

Summary of Fair Value of Pension Plan Assets


At December 31, 2024	Level 1		Level 2		Total
Cash and cash equivalents (a)	$	—	$	(60)	$	(60)
Fixed income securities:
U.S. treasury securities	140		—		140
Government-related securities	—		117		117
Corporate bonds (b)	—		1,138		1,138
Mortgage-backed and asset-backed securities	—		156		156
Equity securities:
U.S. large capitalization	43		—		43
U.S. small capitalization	67		—		67
Non-U.S. large capitalization	25		—		25
Non-U.S. small capitalization	2		—		2
Exchange Traded Fund (ETF)	32		—		32
Other	—		8		8
Total assets in fair value hierarchy	$	309	$	1,359	$	1,668
Common collective funds measured at net asset value (c) (d)					626
Limited partnerships measured at net asset value (c)					11
Mutual funds measured at net asset value (c)					47
Investments, at fair value					$	2,352


At December 31, 2023	Level 1		Level 2		Total
Cash and cash equivalents (a)	$	—	$	69	$	69
Fixed income securities:
U.S. treasury securities	107		—		107
Government-related securities	—		129		129
Corporate bonds (b)	—		1,164		1,164
Mortgage-backed and asset-backed securities	—		128		128
Equity securities:
U.S. large capitalization	89		—		89
U.S. small capitalization	18		—		18
Exchange Traded Fund (ETF)	27		—		27
Other	—		8		8
Total assets in fair value hierarchy	$	241	$	1,498	$	1,739
Common collective funds measured at net asset value (c) (d)					676
Limited partnerships measured at net asset value (c)					10
Mutual funds measured at net asset value (c)					82
Investments, at fair value					$	2,507

(a) Assets categorized as Level 2 reflect investments in money market funds. Negative cash at December 31, 2024 includes $60 million of pending trades for investments purchased and sold.

(b) Securities of diverse sectors and industries, substantially all investment grade.

(d) Underlying investments consist mainly of U.S. large capitalization and international equity securities.

Summary of Estimated Future Benefit Payments

Estimated future benefit payments are as follows:


	2025		2026		2027		2028		2029		2030-2034
Pension	$	318	$	317	$	309	$	309	$	298	$	1,359
Postretirement	$	28	$	25	$	23	$	21	$	18	$	63
Retiree Medicare drug subsidy	$	3	$	3	$	2	$	2	$	2	$	10

Summary of Participation in Multiemployer Defined Benefit Pension Plans

The table below presents information concerning our participation in multiemployer defined benefit pension plans.


	Employer Identification Number/Pension Plan Number	Pension Protection Act		Company Contributions						Expiration Date of Collective Bargaining Agreement
		Zone Status (a)
Pension Plan		2024	2023	2024		2023		2022
AFTRA Retirement Plan (b)	13-6414972-001	Green	Green	$	18	$	18	$	16	6/30/2026
Directors Guild of America - Producer (b)	95-2892780-001	Green	Green	17		17		19		6/30/2026
Producer-Writers Guild of America (b)	95-2216351-001	Green	Green	24		24		30		5/1/2026
Screen Actors Guild - Producers (b)	95-2110997-001	Green	Green	24		27		30		6/30/2026
Motion Picture Industry (b)	95-1810805-001	Green	Green	65		48		63		(c)
I.A.T.S.E. Local No. 33 Pension Trust Fund	95-6377503-001	Green	Green	1		2		5		12/31/2025
Other Plans				16		15		14
	Total contributions			$	165	$	151	$	177

(b) The Company was listed in these plan’s most recent Form 5500 as providing more than 5% of total contributions for the plan.

DEBT - Narrative (Details)	3 Months Ended	12 Months Ended
DEBT - Narrative (Details)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2026	Jun. 30, 2025 USD ($)	Mar. 31, 2025	Aug. 01, 2024 USD ($)
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt		$ 0	$ 29,000,000	$ (120,000,000)
Debt redemptions and repayments		126,000,000	1,277,000,000	3,140,000,000
Face value of debt	$ 14,980,000,000	14,980,000,000	15,100,000,000
Outstanding commercial paper	0	0	0
Standby Letters of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	$ 1,900,000,000	$ 1,900,000,000						$ 1,900,000,000
4.75% Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate (in percent)	4.75%	4.75%
Debt redemptions and repayments	$ 126,000,000
Senior Notes
Debt Instrument [Line Items]
Senior notes redeemed			1,040,000,000.00	2,390,000,000
Debt redemptions and repayments			$ 1,000,000,000	$ 2,490,000,000
7.875% Debentures due 2023
Debt Instrument [Line Items]
Stated interest rate (in percent)			7.875%
Debt redemptions and repayments			$ 139,000,000
7.125% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate (in percent)			7.125%
Debt redemptions and repayments			$ 35,000,000
5.875% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Stated interest rate (in percent)				5.875%
Senior notes redeemed				$ 520,000,000
Senior Debt, Redemption Trigger If Ratings Downgrades Due To Change Of Control
Debt Instrument [Line Items]
Face value of debt	9,540,000,000	$ 9,540,000,000
Debt redemption price percentage		101.00%
Junior Subordinated Debentures
Debt Instrument [Line Items]
Debt redemption price percentage		101.00%
Junior subordinated debentures	$ 1,650,000,000	$ 1,650,000,000
Percentage increase in interest rate		5.00%
6.375% Junior Subordinated Debentures due 2062
Debt Instrument [Line Items]
Stated interest rate (in percent)	6.375%	6.375%		6.375%
Face value of debt				$ 1,000,000,000.00
Interest rate reset period (in years)				5 years
Junior subordinated debentures	$ 989,000,000	$ 989,000,000	989,000,000
6.375% Junior Subordinated Debentures due 2062 \| From March 30, 2027 \| US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)				3.999%
6.375% Junior Subordinated Debentures due 2062 \| From March 30, 2032 \| US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)				4.249%
6.375% Junior Subordinated Debentures due 2062 \| From March 30, 2047 \| US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)				4.999%
6.25% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Stated interest rate (in percent)	6.25%	6.25%
Junior subordinated debentures	$ 644,000,000	$ 644,000,000	643,000,000
6.25% Junior Subordinated Debentures due 2057 \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)		3.899%
Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	3,500,000,000	$ 3,500,000,000
Borrowings outstanding	0	0
Remaining borrowing capacity under credit facility	$ 3,500,000,000	$ 3,500,000,000
Maximum consolidated leverage ratio	5.5	5.5
Maximum amount of unrestricted cash and cash equivalents netted against Consolidated Indebtedness	$ 1,500,000,000	$ 1,500,000,000
Credit Facility \| Revolving Credit Facility \| Forecast
Debt Instrument [Line Items]
Maximum consolidated leverage ratio					4.5
Decrease in maximum consolidated leverage ratio					0.25		5.5
Credit Facility \| Revolving Credit Facility And Standby Letters of Credit \| Forecast
Debt Instrument [Line Items]
Maximum amount of unrestricted cash and cash equivalents netted against Consolidated Indebtedness						$ 3,000,000,000
Miramax Credit Facility, Matures November 2025 \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	50,000,000	50,000,000	50,000,000
Other bank borrowings	$ 0	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Summary of Commitments and Contractual Obligations

These commitments are payable as follows:


	Payments Due by Period
													2030 and
	Total		2025		2026		2027		2028		2029		Thereafter
Off-Balance Sheet Arrangements
Programming and talent commitments	$	29,864	$	3,982	$	4,131	$	3,533	$	3,661	$	3,328	$	11,229
Purchase obligations	$	1,173	$	554	$	445	$	113	$	21	$	9	$	31

These long-term contractual obligations are payable as follows:


Payments Due by Period
										2030 and
Total		2026		2027		2028		2029		Thereafter
$	1,571	$	1,053	$	312	$	118	$	69	$	19

RESTRUCTURING, TRANSACTION-RELATED ITEMS, AND OTHER CORPORATE MATTERS

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING, TRANSACTION-RELATED ITEMS, AND OTHER CORPORATE MATTERS

During the years ended December 31, 2024, 2023 and 2022, we recorded the following restructuring charges, transaction-related items, and other corporate matters.


Year Ended December 31,	2024		2023		2022
Severance (a)	$	523	$	67	$	260
Exit costs	31		35		68
Restructuring charges	554		102		328
Transaction-related items	62		(156)		211
Other corporate matters	131		23		46
Restructuring, transaction-related items, and other corporate matters	$	747	$	(31)	$	585

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

Restructuring Charges

In 2024, 2023 and 2022, we recorded severance charges of $523 million, $67 million, and $260 million, respectively, associated with a series of strategic initiatives designed to streamline and transform our organization. 2024 included amounts related to restructuring our global workforce and the exit of our former CEO. For 2023 and 2022, the actions that gave rise to these severance costs included our 2022 operating segment realignment, the integration of Showtime into Paramount+, and the restructuring of our international operations. In addition, during 2023, certain eligible employees voluntarily elected to participate in a plan under which they are receiving one-time severance benefits, resulting in $13 million of severance costs.

We also recorded charges of $31 million, $35 million and $68 million in 2024, 2023, and 2022, respectively, for the impairment of lease assets that we ceased use of in connection with initiatives in recent years 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 discounted future cash flows of the lease assets, and the carrying values.


				2024 Activity
	Balance at December 31, 2023			Charges (a)		Payments			Balance at December 31, 2024
TV Media		$	162	$	181		$	(187)		$	156
Direct-to-Consumer		6		66			(36)			36
Filmed Entertainment		14		70			(38)			46
Corporate		10		171			(70)			111
Total		$	192	$	488		$	(331)		$	349


				2023 Activity
	Balance at December 31, 2022			Charges (a)		Payments			Balance at December 31, 2023
TV Media		$	251	$	42		$	(131)		$	162
Direct-to-Consumer		8		3			(5)			6
Filmed Entertainment		29		5			(20)			14
Corporate		14		12			(16)			10
Total		$	302	$	62		$	(172)		$	192

Transaction-Related Items

In 2024, we recorded costs for transaction-related items of $62 million associated with legal and advisory services related to the Transactions. In 2023, we recorded a benefit of $156 million, principally associated with stockholder litigation related to the 2019 merger of Viacom Inc. (“Viacom”) and CBS Corporation (“CBS”), consisting of $120 million from a settlement received in the fourth quarter of 2023, as well as insurance recoveries. In 2022, we recorded costs for transaction-related items of $211 million associated with these stockholder legal matters, including $122.5 million for a litigation settlement.

Other Corporate Matters

In 2024, we recorded charges for other corporate matters of $131 million, comprised of $74 million associated with the abandonment of developed technology and $57 million to increase our accrual for asbestos matters as discussed under Legal Matters—Claims Related to Former Businesses—Asbestos in Note 19. In 2023, we recorded a charge to increase our accrual for asbestos matters by $23 million. In 2022, we recorded charges for other corporate matters of $46 million following Russia’s invasion of Ukraine, principally to reserve against amounts due from counterparties in Russia, Belarus and Ukraine.

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) $ in Millions	3 Months Ended			12 Months Ended
	Dec. 31, 2024 USD ($) market	Sep. 30, 2024 USD ($) market	Jun. 30, 2024 USD ($) reportingUnit reporting_unit market	Dec. 31, 2024 USD ($) reportingUnit market	Dec. 31, 2023 USD ($) market
Impairment Testing Assumptions [Line Items]
Number of reporting units \| reportingUnit			5	5
Goodwill impairment charge				$ 5,981
Number of television markets with FCC license book values \| market				14
FCC licenses
Impairment Testing Assumptions [Line Items]
Number of quantitative assessments performed \| market	5		8		8
Number of markets where carrying value of intangible asset exceeds fair value \| market		14
Indefinite-lived intangible assets	$ 2,165	$ 2,290		$ 2,165	$ 2,306
FCC licenses \| Nine Markets
Impairment Testing Assumptions [Line Items]
Number of markets with fair values in excess of threshold of carrying values \| market		9
Fair values in excess of threshold of carrying values (in percent)		10.00%
International broadcast licenses
Impairment Testing Assumptions [Line Items]
Indefinite-lived intangible assets	13			13	$ 25
Three Reporting Units
Impairment Testing Assumptions [Line Items]
Number of reporting units with fair values exceeding carrying values \| reporting_unit			3
Three Reporting Units \| Maximum
Impairment Testing Assumptions [Line Items]
Percentage of fair value in excess of carrying amount (less than) (in percent)			10.00%
Discount Rate \| FCC licenses
Impairment Testing Assumptions [Line Items]
Assumption rates for intangible asset impairment testing (in percent)			0.08
Long-Term Growth Rate \| FCC licenses
Impairment Testing Assumptions [Line Items]
Assumption rates for intangible asset impairment testing (in percent)			0
TV Media \| FCC licenses \| Two Markets
Impairment Testing Assumptions [Line Items]
Number of markets where carrying value of intangible asset exceeds fair value \| market			2
Impairment charges			$ 15
TV Media \| FCC licenses \| Five Markets
Impairment Testing Assumptions [Line Items]
Number of markets where carrying value of intangible asset exceeds fair value \| market		5			5
Impairment charges	22	$ 104			$ 83
Indefinite-lived intangible assets	1,010			1,010
TV Media \| International broadcast licenses
Impairment Testing Assumptions [Line Items]
Impairment charges	13
Indefinite-lived intangible assets	$ 8			$ 8
TV Media \| Discount Rate \| FCC licenses \| Five Markets
Impairment Testing Assumptions [Line Items]
Assumption rates for intangible asset impairment testing (in percent)	0.075			0.075
TV Media \| Long-Term Growth Rate \| FCC licenses \| Five Markets
Impairment Testing Assumptions [Line Items]
Assumption rates for intangible asset impairment testing (in percent)	(0.02)	(0.02)		(0.02)
Cable Networks \| TV Media
Impairment Testing Assumptions [Line Items]
Goodwill impairment charge			$ 5,980
Cable Networks \| TV Media \| Discount Rate
Impairment Testing Assumptions [Line Items]
Assumption rates for goodwill impairment testing (in percent)			0.11
Cable Networks \| TV Media \| Long-Term Growth Rate
Impairment Testing Assumptions [Line Items]
Assumption rates for goodwill impairment testing (in percent)			(0.03)

PENSION AND OTHER POSTRETIREMENT BENEFITS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Percent of fair value of plan assets invested in Company common stock	0.70%	1.00%
Pension and postretirement benefit obligations	$ 1,226	$ 1,337
Company contributions to defined contribution plans	133	151	$ 137
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Pension and postretirement benefit obligations	1,057	1,130
Actuarial gain (loss)	$ 93	(137)
Basis point increase	0.40%
Underfunded status at year end	$ (1,129)	(1,204)
Accumulated benefit obligation for all defined benefit pension plans	3,480	3,710
Investments, at fair value	2,352	2,507	2,363
Company contributions to multiemployer plans	165	151	177
Pension Benefits \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	1,668	1,739
Pension Benefits \| Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Investments, at fair value	0	0
Pension Benefits \| Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Underfunded status at year end	$ (347)	(378)
Funding threshold (in percent)	80.00%
Expected contribution in the next fiscal year	$ 124
Pension Benefits \| Nonqualified Plan
Defined Benefit Plan Disclosure [Line Items]
Expected contribution in the next fiscal year	75
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Pension and postretirement benefit obligations	138	163
Actuarial gain (loss)	14	11
Underfunded status at year end	(165)	(193)
Investments, at fair value	0	0	0
Expected contribution in the next fiscal year	28
Company contributions to multiemployer plans	$ 215	172	$ 192
United States \| Liability Hedging
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, actual plan asset allocation percentage	65.00%
United States \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, actual plan asset allocation percentage	26.00%
United States \| Real Estate and Real Assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, actual plan asset allocation percentage	7.00%
United States \| Minimum \| Liability Hedging
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target plan asset allocation percentages	60.00%
United States \| Minimum \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target plan asset allocation percentages	22.00%
United States \| Minimum \| Real Estate and Real Assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target plan asset allocation percentages	4.00%
United States \| Maximum \| Liability Hedging
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target plan asset allocation percentages	68.00%
United States \| Maximum \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target plan asset allocation percentages	30.00%
United States \| Maximum \| Real Estate and Real Assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target plan asset allocation percentages	10.00%
Non-U.S. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Pension and postretirement benefit obligations	$ 31	$ 44

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

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. The tables below set forth our financial information by reportable segment that is regularly reviewed by the Office of the CEO (see Note 1), which is the Company’s CODM. We present operating income excluding depreciation and amortization, stock-based compensation, restructuring charges, transaction-related items, other corporate matters, programming charges, impairment charges and gains or losses on dispositions, each where applicable (“Adjusted OIBDA”), as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting. Programming charges consist only of charges related to major strategic changes (see Note 3), and do not include impairment charges that occur as part of our normal operations, which are recorded within content costs in the tables below, where applicable, and are not excluded in Adjusted OIBDA. Adjusted OIBDA is the primary method used by our management, including the CODM, for planning and forecasting of future periods, evaluating the operating performance of our segments, and making decisions about resource allocation. 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.


Year Ended December 31,	2024		2023		2022
Revenues:
Advertising	$	8,180	$	8,188	$	9,350
Affiliate and subscription	7,647		8,085		8,180
Licensing and other	2,952		3,812		4,202
TV Media	18,779		20,085		21,732
Advertising	2,114		1,795		1,533
Subscription	5,506		4,933		3,371
Licensing	12		8		—
Direct-to-Consumer	7,632		6,736		4,904
Advertising	16		24		23
Theatrical	813		813		1,223
Licensing and other	2,126		2,120		2,460
Filmed Entertainment	2,955		2,957		3,706
Eliminations	(153)		(126)		(188)
Total Revenues	$	29,213	$	29,652	$	30,154

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.


Year Ended December 31,	2024		2023		2022
Intercompany Revenues:
TV Media	$	84	$	63	$	66
Direct-to-Consumer	—		1		—
Filmed Entertainment	69		62		122
Total Intercompany Revenues	$	153	$	126	$	188


Year Ended December 31,	2024		2023		2022
TV Media
Revenues	$	18,779	$	20,085	$	21,732

Content costs	9,199		9,861		10,696
Advertising and marketing	689		761		906
Other (a)	4,543		4,672		4,679
Total segment expenses	14,431		15,294		16,281

TV Media Adjusted OIBDA	4,348		4,791		5,451
Direct-to-Consumer
Revenues	7,632		6,736		4,904

Content costs	4,415		4,459		3,496
Advertising and marketing	1,341		1,751		1,565
Other (b)	2,373		2,189		1,662
Total segment expenses	8,129		8,399		6,723

Direct-to-Consumer Adjusted OIBDA	(497)		(1,663)		(1,819)
Filmed Entertainment
Revenues	2,955		2,957		3,706

Content costs	1,496		1,545		1,924
Advertising and marketing	783		751		651
Other (c)	772		780		859
Total segment expenses	3,051		3,076		3,434

Filmed Entertainment Adjusted OIBDA	(96)		(119)		272
Corporate/Eliminations	(427)		(447)		(470)
Stock-based compensation (d)	(210)		(172)		(158)
Depreciation and amortization	(392)		(418)		(378)
Programming charges	(1,118)		(2,371)		—
Impairment charges	(6,130)		(83)		(27)
Restructuring, transaction-related items, and other corporate matters	(747)		31		(585)
Gains on dispositions	—		—		56
Operating income (loss)	(5,269)		(451)		2,342
Interest expense	(860)		(920)		(931)
Interest income	151		137		108
Gain (loss) from investments	(17)		168		(9)
Gain (loss) on extinguishment of debt	—		29		(120)
Other items, net	(182)		(216)		(124)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	(6,177)		(1,253)		1,266
Benefit from (provision for) income taxes	305		361		(227)
Equity in loss of investee companies, net of tax	(291)		(360)		(204)
Net earnings (loss) from continuing operations	(6,163)		(1,252)		835
Net earnings from discontinued operations, net of tax	14		676		379
Net earnings (loss) (Paramount and noncontrolling interests)	(6,149)		(576)		1,214
Net earnings attributable to noncontrolling interests	(41)		(32)		(110)
Net earnings (loss) attributable to Paramount	$	(6,190)	$	(608)	$	1,104

(a) Other segment expenses for our TV Media segment include employee compensation; revenue-sharing costs to television stations affiliated with the CBS Television Network; costs relating to the distribution of our content; costs for research, occupancy, technology, and professional services; and other costs associated with our operations.

(b) Other segment expenses for our Direct-to-Consumer segment include employee compensation; revenue-sharing costs, including for third-party distribution; costs for occupancy, technology, and professional services; and other costs associated with our operations.

(c) Other segment expenses for our Filmed Entertainment segment include employee compensation; costs relating to the distribution of our content; costs for occupancy, technology, and professional services; and other costs associated with our operations.

(d) Stock-based compensation expense of $35 million for 2024, $5 million for 2023 and $14 million for 2022 is included in “Restructuring, transaction-related items, and other corporate matters.”


Year Ended December 31,	2024		2023		2022
Revenues: (a)
United States	$	23,688	$	23,962	$	24,412
International	5,525		5,690		5,742
Total Revenues	$	29,213	$	29,652	$	30,154

(a) Revenue classifications are based on customers’ locations.


At December 31,	2024		2023
Long-lived Assets: (a)
United States	$	15,407	$	15,249
International	1,095		1,451
Total Long-lived Assets	$	16,502	$	16,700

(a) Reflects total assets less current assets, investments, goodwill, intangible assets, noncurrent receivables and noncurrent deferred tax assets.

We do not disclose our assets by segment because they are not regularly provided to the CODM and are not used to evaluate our operating performance or in determining the allocation of resources.

- 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

PENSION AND OTHER POSTRETIREMENT BENEFITS - Multiemployer Defined Benefit Pension Plans (Details) - Pension Benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Multiemployer Plans [Line Items]
Company Contributions	$ 165	$ 151	$ 177
AFTRA Retirement Plan
Multiemployer Plans [Line Items]
Employer Identification Number/Pension Plan Number	136414972
Pension Protection Act Zone Status	Green	Green
Company Contributions	$ 18	$ 18	16
Expiration Date of Collective Bargaining Agreement	Jun. 30, 2026
AFTRA Retirement Plan \| Minimum
Multiemployer Plans [Line Items]
Percent of total contributions (more than)	5.00%
Directors Guild of America - Producer
Multiemployer Plans [Line Items]
Employer Identification Number/Pension Plan Number	952892780
Pension Protection Act Zone Status	Green	Green
Company Contributions	$ 17	$ 17	19
Expiration Date of Collective Bargaining Agreement	Jun. 30, 2026
Directors Guild of America - Producer \| Minimum
Multiemployer Plans [Line Items]
Percent of total contributions (more than)	5.00%
Producer - Writers Guild of America
Multiemployer Plans [Line Items]
Employer Identification Number/Pension Plan Number	952216351
Pension Protection Act Zone Status	Green	Green
Company Contributions	$ 24	$ 24	30
Expiration Date of Collective Bargaining Agreement	May 01, 2026
Producer - Writers Guild of America \| Minimum
Multiemployer Plans [Line Items]
Percent of total contributions (more than)	5.00%
Screen Actors Guild - Producers
Multiemployer Plans [Line Items]
Employer Identification Number/Pension Plan Number	952110997
Pension Protection Act Zone Status	Green	Green
Company Contributions	$ 24	$ 27	30
Expiration Date of Collective Bargaining Agreement	Jun. 30, 2026
Screen Actors Guild - Producers \| Minimum
Multiemployer Plans [Line Items]
Percent of total contributions (more than)	5.00%
Motion Picture Industry
Multiemployer Plans [Line Items]
Employer Identification Number/Pension Plan Number	951810805
Pension Protection Act Zone Status	Green	Green
Company Contributions	$ 65	$ 48	63
Motion Picture Industry \| Minimum
Multiemployer Plans [Line Items]
Percent of total contributions (more than)	5.00%
I.A.T.S.E. Local No. 33 Pension Trust Fund
Multiemployer Plans [Line Items]
Employer Identification Number/Pension Plan Number	956377503
Pension Protection Act Zone Status	Green	Green
Company Contributions	$ 1	$ 2	5
Expiration Date of Collective Bargaining Agreement	Dec. 31, 2025
Other Plans
Multiemployer Plans [Line Items]
Company Contributions	$ 16	$ 15	$ 14

DEBT - Maturities of Long-Term Debt (Details) $ in Millions	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 0
2026	433
2027	584
2028	1,000
2029	500
2030 and Thereafter	$ 12,459

STOCKHOLDERS’ EQUITY - Changes in Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 22,526
Other comprehensive income (loss) before reclassifications	(98)	$ 120	$ 31
Reclassification to net earnings (loss)	50	131	64
Other comprehensive income (loss)	(48)	251	95
Ending balance	16,320	22,526
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax
Beginning balance	(1,556)	(1,807)	(1,902)
Ending balance	(1,604)	(1,556)	(1,807)
Cumulative Translation Adjustments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(504)	(680)	(445)
Other comprehensive income (loss) before reclassifications	(153)	132	(235)
Reclassification to net earnings (loss)	0	44	0
Other comprehensive income (loss)	(153)	176	(235)
Ending balance	(657)	(504)	(680)
Net Actuarial Loss and Prior Service Cost
AOCI Attributable to Parent, Net of Tax
Beginning balance	(1,052)	(1,097)	(1,434)
Other comprehensive income (loss) before reclassifications	55	(7)	273
Reclassification to net earnings (loss)	50	52	64
Other comprehensive income (loss)	105	45	337
Ending balance	(947)	(1,052)	(1,097)
Other Comprehensive Income (Loss) Discontinued Operations
AOCI Attributable to Parent, Net of Tax
Beginning balance	0	(30)	(23)
Other comprehensive income (loss) before reclassifications	0	(5)	(7)
Reclassification to net earnings (loss)	0	35	0
Other comprehensive income (loss)	0	30	(7)
Ending balance	$ 0	$ 0	$ (30)

- Definition

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

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross	$ 727		$ 734
Accumulated amortization	(533)		(510)
Net	194		224
Indefinite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	2,939		3,099
Total intangible assets, accumulated amortization	(533)		(510)
Total intangible assets, net	2,406		2,589
FCC licenses
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	2,165	$ 2,290	2,306
International broadcast licenses
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	13		25
Other intangible assets
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	34		34
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross	241		242
Accumulated amortization	(166)		(154)
Net	75		88
Indefinite-Lived Intangible Assets [Line Items]
Total intangible assets, accumulated amortization	(166)		(154)
Licenses
Finite-Lived Intangible Assets [Line Items]
Gross	127		129
Accumulated amortization	(68)		(62)
Net	59		67
Indefinite-Lived Intangible Assets [Line Items]
Total intangible assets, accumulated amortization	(68)		(62)
Customer agreements
Finite-Lived Intangible Assets [Line Items]
Gross	121		124
Accumulated amortization	(103)		(102)
Net	18		22
Indefinite-Lived Intangible Assets [Line Items]
Total intangible assets, accumulated amortization	(103)		(102)
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross	238		239
Accumulated amortization	(196)		(192)
Net	42		47
Indefinite-Lived Intangible Assets [Line Items]
Total intangible assets, accumulated amortization	$ (196)		$ (192)

DISPOSITIONS

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

DISPOSITIONS

Simon & Schuster

On October 30, 2023, we completed the sale of Simon & Schuster to affiliates of Kohlberg Kravis Roberts & Co. for $1.62 billion. As a result, we recognized a pretax gain during the fourth quarter of 2023 of $695 million. During 2024, as a result of working capital adjustments we recorded additional pretax gains on the sale totaling $19 million ($14 million, net of tax).

The following tables set forth details of net earnings from discontinued operations for the years ended December 31, 2023 and 2022, which primarily relates to Simon & Schuster.


Year Ended December 31, 2023	Simon & Schuster			Other (a)		Total
Revenues		$	958	$	—	$	958
Costs and expenses:
Operating		580		(12)		568
Selling, general and administrative		149		—		149
Restructuring charges		2		—		2
Total costs and expenses		731		(12)		719
Operating income		227		12		239
Other items, net		(9)		—		(9)
Earnings from discontinued operations		218		12		230
Benefit from (provision for) income taxes		12		(3)		9
Earnings from discontinued operations, net of tax		230		9		239
Gain on sale (net of tax of $258 million) (b)		437		—		437
Net earnings from discontinued operations, net of tax		$	667	$	9	$	676


Year Ended December 31, 2022	Simon & Schuster			Other (a)		Total
Revenues		$	1,177	$	—	$	1,177
Costs and expenses:
Operating		746		(30)		716
Selling, general and administrative		180		—		180
Restructuring charges		3		—		3
Total costs and expenses		929		(30)		899
Operating income		248		30		278
Termination fee, net of advisory fees (c)		190		—		190
Other items, net		(12)		—		(12)
Earnings from discontinued operations		426		30		456
Provision for income taxes		(70)		(7)		(77)
Net earnings from discontinued operations, net of tax		$	356	$	23	$	379

(a) Primarily relates to indemnification obligations for leases associated with the previously discontinued operations of Famous Players Inc. (“Famous Players”).

(b) The tax provision on the gain on sale differs from the amount that would be expected at the U.S. federal statutory income tax rate primarily because the goodwill was not deductible for tax purposes.

(c) In accordance with the terms of a previous agreement to sell Simon & Schuster, we received a $200 million termination payment after the U.S. Department of Justice prevailed in its suit to block the sale.

Other

In September 2022, in connection with our funding commitments under our streaming joint venture, SkyShowtime, we made a noncash contribution of certain assets of Paramount+ in the Nordics to the joint venture, which resulted in a gain of $41 million. Also in 2022, we recorded gains on dispositions totaling $15 million, comprised of a gain from the sale of international intangible assets and a working capital adjustment to the gain from the fourth quarter 2021 sale of CBS Studio Center.

DEBT (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Summary of Debt

Our debt consists of the following:


At December 31,	2024		2023

4.75% Senior Notes due 2025	$	—	$	125
4.0% Senior Notes due 2026	346		345
3.70% (2024) and 3.45% (2023) Senior Notes due 2026	86		86
2.90% Senior Notes due 2027	582		581
3.375% Senior Notes due 2028	498		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	1,232		1,229
4.20% Senior Notes due 2032	980		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	490		489
4.375% Senior Debentures due 2043	1,146		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	542		541
4.60% Senior Notes due 2045	591		591
4.95% Senior Notes due 2050	950		948
6.25% Junior Subordinated Debentures due 2057	644		643
6.375% Junior Subordinated Debentures due 2062	989		989

Obligations under finance leases	—		1
Total debt (a)	14,501		14,602

Less current portion of long-term debt	—		1
Total long-term debt, net of current portion	$	14,501	$	14,601

Summary of Maturities of Long-term Debt at Face Value

At December 31, 2024, our scheduled maturities of long-term debt at face value, which excludes payments for the related interest and finance leases, were as follows:


																2030 and
	2025			2026			2027			2028			2029			Thereafter
Long-term debt		$	—		$	433		$	584		$	1,000		$	500	$	12,459

REVENUES (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Summary of Disaggregation of Revenue

The table below presents our revenues disaggregated into categories based on the nature of such revenues. See Note 17 for revenues by segment disaggregated into these categories.


Year Ended December 31,	2024		2023		2022
Revenues by Type:
Advertising	$	10,295	$	9,989	$	10,890
Affiliate and subscription	13,153		13,018		11,551
Theatrical	813		813		1,223
Licensing and other	4,952		5,832		6,490
Total Revenues	$	29,213	$	29,652	$	30,154

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	New York, New York

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2024 shares	Jun. 30, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Apr. 29, 2024 executive
Product Information [Line Items]
Number of senior company executives appointed as Co-CEOs \| executive						3
Film development costs, expense period (in years)			3 years
Allowance for credit losses			$ 125	$ 120
Provision for doubtful accounts			39	26	$ 40
Advertising expenses			$ 2,530	$ 2,900	$ 2,690
Stock Options and RSUs
Product Information [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares) \| shares			28,000,000	19,000,000	11,000,000
Mandatory Convertible Preferred Stock
Product Information [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares) \| shares	10,000,000			10,000,000	10,000,000
Internally-Produced Television and Film Programming
Product Information [Line Items]
Period revenue is earned (in years)			10 years
Internally-Produced Television and Film Programming, Still In Production
Product Information [Line Items]
Period revenue is earned (in years)			5 years
Feature Film
Product Information [Line Items]
Period revenue is earned (in years)			10 years
Television and Film Libraries, Acquired
Product Information [Line Items]
Period revenue is earned (in years)			20 years
Other current assets
Product Information [Line Items]
Production tax incentives receivable			$ 600
Other assets
Product Information [Line Items]
Production tax incentives receivable			1,300
Other current liabilities
Product Information [Line Items]
Reserves for sales returns and allowances			$ 17	$ 40
Mandatory Convertible Preferred Stock
Product Information [Line Items]
Preferred stock, percentage (in percent)			5.75%	5.75%
Maximum
Product Information [Line Items]
Finite-lived intangible asset useful life (in years)			40 years
Remaining lease term term (in years)			14 years
Lease renewal term (in years)			10 years
Maximum \| Television Licensing
Product Information [Line Items]
Collection terms for agreements to license programming			5 years
Minimum
Product Information [Line Items]
Finite-lived intangible asset useful life (in years)			5 years
Minimum \| Television Licensing
Product Information [Line Items]
Collection terms for agreements to license programming			1 year
Skydance Investor Group \| Forecast
Product Information [Line Items]
Investment by certain affiliates of existing investors		$ 6,000
Investment by certain affiliates of existing investors, cash-stock election		4,500
Investment by certain affiliates of existing investors, cash		$ 1,500
Investment by certain affiliates of existing investors, subscription discount (in percent)		1.875%
Skydance Investor Group \| Forecast \| New Paramount Class B Common Stock
Product Information [Line Items]
Stock issuances (in shares) \| shares		317,000,000
Share price (in dollars per share) \| $ / shares		$ 15.00
Warrant issuance (in shares) \| shares		200,000,000
Warrants price (in dollars per share) \| $ / shares		$ 30.50
Warrant expiration period		5 years
Skydance Investor Group \| Forecast \| Maximum
Product Information [Line Items]
Potential remaining to be contributed		$ 1,500
Skydance Investor Group \| Forecast \| Maximum \| New Paramount Class B Common Stock
Product Information [Line Items]
Stock issuances (in shares) \| shares		400,000,000
Skydance Media, LLC \| Forecast
Product Information [Line Items]
Termination fee		$ 400
Holders Of Paramount Class A Shares Other Than NAI Equity Investors \| Forecast \| New Paramount Class B Common Stock
Product Information [Line Items]
Stock conversion ratio (in shares) \| shares		1.5333
Holders Of Paramount Class A Shares Other Than NAI Equity Investors \| Forecast \| Class A Common Stock
Product Information [Line Items]
Stock conversion price per share (in dollars per share) \| $ / shares		$ 23.00
Holders Of Paramount Class B Shares Other Than NAI Equity Investors \| Forecast \| New Paramount Class B Common Stock
Product Information [Line Items]
Stock conversion ratio (in shares) \| shares		1
Holders Of Paramount Class B Shares Other Than NAI Equity Investors \| Forecast \| Class B Common Stock
Product Information [Line Items]
Stock conversion price per share (in dollars per share) \| $ / shares		$ 15.00
National Amusements, Inc. (“NAI”) \| Forecast \| New Paramount Class A Common Stock
Product Information [Line Items]
Ownership after transaction (in percent)		100.00%

STOCKHOLDERS’ EQUITY - Narrative (Details) $ in Millions		3 Months Ended	12 Months Ended
STOCKHOLDERS’ EQUITY - Narrative (Details) $ in Millions	Apr. 01, 2024 shares	Mar. 31, 2024 shares	Dec. 31, 2024 USD ($) vote shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares
Class of Stock [Line Items]
Remaining authorization under share repurchase program \| $			$ 2,360
Common stock repurchased (in shares)			0	0	0
Minimum Class A shares needed for conversion (in shares)			5,000
Deferred income taxes \| $			$ 34	$ 14	$ 108
Class A Common Stock
Class of Stock [Line Items]
Votes per share \| vote			1
Mandatory Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)				10,000,000
Stock converted (in shares)	9,700,000	300,000
Class B Common Stock
Class of Stock [Line Items]
Convertible rate	1.1765	1.0013
Stock converted (in shares)	11,500,000

INCOME TAXES - Change in Reserve for Uncertain Tax Positions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in reserve for uncertain tax positions, excluding related accrued interest and penalties
Beginning balance	$ 286	$ 303	$ 301
Additions for current year tax positions	12	15	16
Additions for prior year tax positions	3	20	3
Reductions for prior year tax positions	(14)	(46)	(13)
Cash settlements	(3)	(2)	(2)
Statute of limitations lapses	(4)	(4)	(2)
Ending balance	$ 280	$ 286	$ 303

PENSION AND OTHER POSTRETIREMENT BENEFITS - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (loss) gain	$ (1,448)	$ (1,585)
Net prior service cost	(1)	(1)
Net amount recognized in accumulated other comprehensive income (loss) before tax	(1,449)	(1,586)
Deferred income taxes	390	424
Net amount recognized in accumulated other comprehensive income (loss)	(1,059)	(1,162)
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (loss) gain	147	150
Net prior service cost	0	0
Net amount recognized in accumulated other comprehensive income (loss) before tax	147	150
Deferred income taxes	(14)	(15)
Net amount recognized in accumulated other comprehensive income (loss)	$ 133	$ 135

RELATED PARTIES - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($) trustee	Jul. 07, 2024	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
SMR Trust ownership in NAI (in percent)	80.00%
Receivables, net	$ 6,920		$ 7,115
Other assets	$ 2,828		3,793
NAI
Related Party Transaction [Line Items]
NAI ownership of common stock, Class A common stock (in percent)	77.40%	77.40%
NAI ownership of Class A and Class B common stock on a combined basis (in percent)	9.50%
Number of trustees \| trustee	7
Number of beneficiary trustees \| trustee	2
Related Party
Related Party Transaction [Line Items]
Receivables, net	$ 190		193
Other assets	$ 82		$ 101

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Commitments

Our long-term commitments not recorded on the balance sheet primarily consist of programming and talent commitments and purchase obligations for goods and services resulting from our normal course of business.

Off-Balance Sheet Arrangements

Our long-term programming and talent commitments not recorded on the balance sheet, estimated to aggregate to $29.86 billion as of December 31, 2024, include $26.21 billion for sports programming rights and $3.65 billion relating to the production and licensing of television and film programming, including talent contracts. We also have long-term committed purchase obligations which include agreements to purchase goods or services in the future that totaled $1.17 billion as of December 31, 2024. These commitments are payable as follows:


	Payments Due by Period
													2030 and
	Total		2025		2026		2027		2028		2029		Thereafter
Off-Balance Sheet Arrangements
Programming and talent commitments	$	29,864	$	3,982	$	4,131	$	3,533	$	3,661	$	3,328	$	11,229
Purchase obligations	$	1,173	$	554	$	445	$	113	$	21	$	9	$	31

On-Balance Sheet Arrangements

At December 31, 2024, we also had long-term contractual obligations for programming liabilities, participations, and residuals. These long-term contractual obligations are payable as follows:


Payments Due by Period
										2030 and
Total		2026		2027		2028		2029		Thereafter
$	1,571	$	1,053	$	312	$	118	$	69	$	19

We also have long-term lease commitments for office space, equipment, transponders and studio facilities, which are recorded on the Consolidated Balance Sheet at December 31, 2024. See Note 9 for details of our operating lease commitments.

Guarantees

Letters of Credit and Surety Bonds

At December 31, 2024, we had outstanding letters of credit and surety bonds of $226 million that were not recorded on the Consolidated Balance Sheet, as well as a $1.9 billion standby letter of credit facility. In accordance with the contractual requirements of one of our commitments, in January 2024 a $1.9 billion letter of credit was issued under this facility and the amount outstanding under the letter of credit decreases as we make payments under the related contractual commitment. The amount outstanding was zero at December 31, 2024 and $1.75 billion in January 2025. 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 8).

Lease Guarantees

We have certain indemnification obligations with respect to leases primarily associated with the previously discontinued operations of Famous Players. Our guarantee liability relating to these lease commitments totaled $8 million at December 31, 2024, and is presented within “Other liabilities” on the Consolidated Balance Sheet. The amount of lease commitments varies over time depending on the expiration or termination of individual underlying leases, or the related indemnification obligation, and foreign exchange rates, among other things. We may also have exposure for certain other expenses related to the leases, such as property taxes and common area maintenance. We believe our accrual is sufficient to meet any future obligations based on our consideration of available financial information, the lessees’ historical performance in meeting their lease obligations and the underlying economic factors impacting the lessees’ business models.

Other

In the course of our business, we both provide and receive indemnities which are intended to allocate certain risks associated with business transactions. Similarly, we may remain contingently liable for various obligations of a business that has been divested in the event that a third party does not live up to its obligations under an indemnification obligation. We record a liability for our indemnification obligations and other contingent liabilities when probable and reasonably estimable.

Legal Matters

General

On an ongoing basis, we vigorously defend ourselves in numerous lawsuits and proceedings and respond to various investigations and inquiries from federal, state, local and international authorities (collectively, “Litigation”). Litigation may be brought against us without merit, is inherently uncertain and always difficult to predict. However, based on our understanding and evaluation of the relevant facts and circumstances, we believe that the following matters are not likely, in the aggregate, to result in a material adverse effect on our business, financial condition and results of operations.

Litigation Relating to the Transactions

In connection with the Transactions, on July 24, 2024, Scott Baker, a purported holder of Class B Common Stock, filed a putative class action lawsuit in the Court of Chancery of the State of Delaware (the “Court”) against NAI, Shari E. Redstone, Barbara M. Byrne, Linda M. Griego, Judith A. McHale, Charles E. Phillips, Jr., Susan Schuman, Skydance and David Ellison (the “Baker Action”). The complaint alleges breaches of fiduciary duties to Class B stockholders in connection with the negotiation and approval of the Transaction Agreement, among other claims, and seeks unspecified damages, costs and expenses, as well as other relief. On November 4, 2024, the Court granted the parties’ stipulation in the Baker Action agreeing to (i) postpone briefing on motions to dismiss until the filing or designation of an operative complaint following the resolution of the plaintiff’s motion to appoint him and the Baerlocher Family Trust, a purported holder of Class B Common Stock, as co-lead plaintiffs and Berger Montague PC as interim class counsel (the “Baker Leadership Motion”), and (ii) stay discovery until the resolution of any motions to dismiss any operative complaint following resolution of the Baker Leadership Motion. Throughout October 2024, various purported stockholders filed motions for intervention to oppose the Baker Leadership Motion. On December 31, 2024, the plaintiff, along with Mark Baerlocher, as trustee for the Baerlocher Family Trust, filed an amended complaint alleging the same breaches of fiduciary duties against the same defendants as in the original complaint.

Further, on April 30, 2024, a purported holder of Class B Common Stock filed a verified complaint for the inspection of books and records under Section 220 of the General Corporation Law of the State of Delaware (the “DGCL”) in the Court against us, seeking the inspection of our books and records in order to investigate whether our Board of Directors, NAI, Shari E. Redstone and/or our executive officers may have breached their fiduciary duties to our stockholders for alleged diversion of corporate opportunities (the “220 Action”). The magistrate judge held a trial on July 24, 2024 relating to the 220 Action and denied the request for the inspection of books and records. The plaintiff in the 220 Action noticed an exception to the Court, and on January 29, 2025, the Court ruled that the plaintiff is entitled to obtain books and records that are both necessary and sufficient to fulfill the purpose of its request. On February 25, 2025, the Court granted an implementing order that returned the 220 Action to the magistrate judge for further proceedings on the scope of production. Certain other purported holders of Class B Common Stock and Class A Common Stock have delivered demand letters to investigate similar alleged breaches of fiduciary duties in connection with the Transactions and are requesting the inspection of books and records. We have also received demand letters from purported holders of Class B Common Stock related to alleged omissions in New Paramount’s registration statement on Form S-4.

Additionally, on August 20, 2024, LiveVideo.AI Corp. filed a lawsuit in the Southern District of New York against Shari E. Redstone, NAI, Christine Varney and Monica Seligman, alleging that defendants did not fairly consider its offer to purchase Paramount. The complaint asserts claims for unfair competition, tortious interference, unjust enrichment and aiding and abetting breach of fiduciary duty, among others, and seeks unspecified monetary damages, costs and other relief. As of the date of this Annual Report on Form 10-K, the defendants have not been served.

On December 30, 2024, a purported holder of Class B Common Stock and Class A Common Stock filed a complaint for the inspection of books and records under Section 220 of the DGCL (the “Section 220 Demand”) in the Court against us to investigate possible breaches of fiduciary duties in connection with the Transactions. The complaint alleges that the documents produced to such purported stockholder thus far pursuant to the Section 220 Demand are insufficient to determine whether our officers, Board of Directors, Special Committee, NAI or Skydance breached their fiduciary duties (or aided and abetted such breaches). The complaint seeks an order requiring us to produce the documents identified in the Section 220 Demand, among other relief. Trial is scheduled for April 2025.

On February 4, 2025, New York City Employees’ Retirement System, the New York City Fire Department Pension Fund, the New York City Police Pension Fund, the New York City Board Of Education Retirement System, and the Teachers’ Retirement System of the City of New York, purported holders of Class B Common Stock and Class A Common Stock, filed a putative class action lawsuit in the Court against Barbara M. Byrne, Linda M. Griego, Judith A. McHale and Susan Schuman, which alleges breaches of fiduciary duties for their alleged failure to sufficiently consider an alternate offer that the plaintiffs claim is superior to the Transactions (the “NYCERS Action”). The plaintiffs argue that the no-shop provision in the Transaction Agreement should be declared invalid and unenforceable because it prevents the parties from engaging in further deal discussions and negotiations with companies other than Skydance, including, specifically, Project Rise Partners, after the no-shop period begins. The plaintiffs further assert that the Court has the power to invalidate this provision because Skydance allegedly aided and abetted NAI’s and Shari E. Redstone’s breach of fiduciary duties, including by agreeing to indemnify Shari E. Redstone (through Skydance’s separate agreement with NAI) for any breach of fiduciary duty claims arising out of the Transactions up to a certain amount. Skydance, NAI, Shari E. Redstone and Paramount are not parties to the action. The NYCERS Action seeks, among other forms of relief, an order from the Court enjoining the closing of the Transactions until the Court has reached a final resolution on the plaintiffs’ claims and an order compelling the Special Committee to evaluate Project Rise Partners’ alternative offer to, among other things, acquire Class A Common Stock for $23.00 per share and Class B Common Stock for $19.00 per share. The Project Rise Partners offer was made after the go-shop period in the Transaction Agreement had ended. The complaint does not seek compensatory damages at this time. The plaintiffs filed a motion for expedited proceedings along with their complaint. On February 18, 2025, the plaintiffs moved to join Paramount and Skydance (and various other entities named in the Transaction Agreement) as necessary parties to the litigation and moved for a temporary restraining order preventing the closing of the Transactions until the Court considers the plaintiffs’ anticipated motion for injunctive relief following expedited discovery. The same day, Project Rise Partners moved the Court to grant it leave to file an affidavit under seal. Oral argument on the plaintiffs’ motion to expedite, motion for a temporary restraining order and motion for joinder, as well as Project Rise Partners’ motion for leave to file an affidavit, is scheduled for March 3, 2025.

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 December 31, 2024, we had pending approximately 18,310 asbestos claims, as compared with approximately 19,970 as of December 31, 2023 and 21,580 as of December 31, 2022. During 2024, we received approximately 3,100 new claims and closed or moved to an inactive docket approximately 4,760 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 2024 and 2023 for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $34 million and $54 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. Based on an assessment of these factors during the fourth quarters of 2024 and 2023, we increased the accrual for asbestos matters by $57 million and $23 million, respectively, which were recorded as charges in “Restructuring, transaction-related items, and other corporate matters” on the Consolidated Statements of Operations. The increased accrual in each year was primarily the result of a lower-than-expected rate of decline in new claims. 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.

REVENUES

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUES

The table below presents our revenues disaggregated into categories based on the nature of such revenues. See Note 17 for revenues by segment disaggregated into these categories.


Year Ended December 31,	2024		2023		2022
Revenues by Type:
Advertising	$	10,295	$	9,989	$	10,890
Affiliate and subscription	13,153		13,018		11,551
Theatrical	813		813		1,223
Licensing and other	4,952		5,832		6,490
Total Revenues	$	29,213	$	29,652	$	30,154

Receivables

Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.03 billion and $1.39 billion at December 31, 2024 and 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.

Our receivables do not represent significant concentrations of credit risk at December 31, 2024 or 2023, due to the wide variety of customers, markets and geographic areas to which our products and services are sold.

Contract Liabilities

Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets and were $0.9 billion, $0.8 billion and $1.06 billion at December 31, 2024, 2023 and 2022, respectively. We recognized revenues of $0.7 billion for the year ended December 31, 2024 and $0.9 billion for each of the years ended December 31, 2023 and 2022 that were included in the opening balance of deferred revenues for the respective year.

Unrecognized Revenues Under Contract

At December 31, 2024, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were approximately $7 billion, of which $3 billion is expected to be recognized in 2025, $2 billion in 2026, $1 billion in 2027, 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 of $0.5 billion for the year ended December 31, 2024 and $0.4 billion for each of the years ended December 31, 2023 and 2022 from arrangements for the licensing of our content, including from distributors of transactional video-on-demand and electronic sell-through services and other licensing arrangements, as well as from the theatrical distribution of our films, for which our performance obligation was satisfied in a prior period. The amount for the year ended December 31, 2024 also included advertising revenue from amounts recognized during 2024 for the underreporting of revenue by an international advertising sales agent 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

FAIR VALUE MEASUREMENTS (Details) - Level 2 - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets:
Foreign currency hedges	$ 45	$ 40
Total Assets	45	40
Liabilities:
Deferred compensation	385	366
Foreign currency hedges	48	30
Total Liabilities	$ 433	$ 396

LEASES - Supplemental Cash Flow Information for Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Payments for amounts included in operating lease liabilities (operating cash flows)	$ 338	$ 368	$ 394
Noncash additions to operating lease assets	$ 130	$ 123	$ 170

PROGRAMMING AND OTHER INVENTORY

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

PROGRAMMING AND OTHER INVENTORY

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


At December 31,	2024		2023
Film Group Monetization:
Acquired program rights, including prepaid sports rights	$	3,168	$	3,318
Internally-produced television and film programming:
Released	6,847		6,666
In process and other	2,292		2,028

Individual Monetization:
Acquired libraries	308		348
Films:
Released	877		624
Completed, not yet released	42		179
In process and other	960		1,211
Internally-produced television programming:
Released	638		496
In process and other	195		361
Home entertainment	26		34
Total programming and other inventory	15,353		15,265
Less current portion	1,429		1,414
Total noncurrent programming and other inventory	$	13,924	$	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.


Year Ended December 31,	2024		2023		2022
Acquired program rights	$	5,482	$	5,331	$	5,018

Internally-produced television and film programming, and acquired libraries:
Individual monetization	$	1,608	$	2,065	$	2,104
Film group monetization	$	4,898	$	5,097	$	5,187

Programming Charges

During 2023 and 2024, we implemented major strategic changes to our content strategy that resulted in the removal of significant levels of content from our platforms, abandonment of development projects and termination of certain programming agreements. In 2023, we combined Paramount+ and Showtime into a single integrated product offering across both the linear and streaming services and began a strategic review of our international content portfolio in order to rationalize our international product offerings as we shifted to a global programming strategy. Leading up to these changes, we performed a comprehensive review of the combined content portfolio of Showtime and Paramount+ and our international content portfolio. As a result of this review, we identified content that did not align with the strategy for our newly combined product offering and content that was not aligned with the type of programming being utilized across our various platforms in accordance with a global programming strategy, which led to content being removed from our platforms, the abandonment of development projects, and the termination of programming agreements. This review continued in the first quarter of 2024 and resulted in the removal of a significant volume of additional content from our platforms, the abandonment of development projects, and the termination of programming agreements, particularly

internationally, including locally-produced content and domestic titles that no longer aligned with our shift to a global programming strategy.

The removal of this content from our platforms was a triggering event that required us to assess whether the affected programming assets were impaired. Our impairment review compared the current carrying value of each title with its fair value, which considered (1) that the titles were no longer being utilized on our platforms and we had no intention to use the titles on our platforms in the future and (2) the estimated future cash flows associated with any anticipated licensing of the titles to third parties, which was minimal. As a result, we recorded programming charges in the applicable periods to write down the carrying value of the impacted titles to their estimated fair value. Programming charges totaled $1.12 billion in 2024, and 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. Programming charges in 2023 totaled $2.37 billion, and were comprised of $1.97 billion for the impairment of content to its estimated fair value and $402 million for development cost write-offs and contract termination costs.

The following table presents the estimated expected amortization over each of the next three years of released programming inventory on the Consolidated Balance Sheet at December 31, 2024.


	2025		2026		2027
Acquired program rights	$	2,292	$	470	$	245

Internally-produced television and film programming, and acquired libraries:
Individual monetization	$	935	$	193	$	135
Film group monetization	$	3,266	$	1,666	$	1,004

During the year ending December 31, 2025, we expect to amortize approximately $33 million of our completed, not yet released film inventory, which is monetized on an individual basis.

SEGMENT INFORMATION - Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 29,213	$ 29,652	$ 30,154
Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	10,295	9,989	10,890
Affiliate and subscription
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	13,153	13,018	11,551
Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	4,952	5,832	6,490
Theatrical
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	813	813	1,223
Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	18,779	20,085	21,732
Operating Segments \| TV Media \| Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	8,180	8,188	9,350
Operating Segments \| TV Media \| Affiliate and subscription
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	7,647	8,085	8,180
Operating Segments \| TV Media \| Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	2,952	3,812	4,202
Operating Segments \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	7,632	6,736	4,904
Operating Segments \| Direct-to-Consumer \| Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	2,114	1,795	1,533
Operating Segments \| Direct-to-Consumer \| Affiliate and subscription
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	5,506	4,933	3,371
Operating Segments \| Direct-to-Consumer \| Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	12	8	0
Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	2,955	2,957	3,706
Operating Segments \| Filmed Entertainment \| Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	16	24	23
Operating Segments \| Filmed Entertainment \| Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	2,126	2,120	2,460
Operating Segments \| Filmed Entertainment \| Theatrical
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	813	813	1,223
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	(153)	(126)	(188)
Eliminations \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	(84)	(63)	(66)
Eliminations \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	0	(1)	0
Eliminations \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ (69)	$ (62)	$ (122)

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

We have long-term equity-based incentive plans (the “Plans”) under which stock options, RSUs and PSUs are issued. The purpose of the Plans is to benefit and advance the interests of our company by attracting, retaining and motivating participants and to compensate participants for their contributions to the financial success of our company. The Plans provide for awards of stock options, stock appreciation rights, restricted and unrestricted shares, RSUs, dividend equivalents, performance awards and other equity-related awards. RSUs and PSUs accrue dividends each time we declare a quarterly cash dividend, which are paid upon vesting when the shares are delivered and are forfeited if the award does not vest. Upon exercise of stock options or vesting of RSUs and PSUs, we issue new shares from our existing authorization. At December 31, 2024, there were 38 million shares available for future grant under the Plans. Stock-based compensation awards were also granted under Viacom’s equity incentive plans until December 31, 2020. Upon exercise of outstanding stock options or vesting of RSUs and PSUs previously granted under Viacom’s equity incentive plans, shares may be issued from Viacom’s previous authorization or from treasury stock.

The following table summarizes stock-based compensation expense for the years ended December 31, 2024, 2023 and 2022.


Year Ended December 31,	2024		2023		2022
RSUs and PSUs (a)	$	210	$	172	$	155
Stock options	—		—		3
Expense included in operating and SG&A	210		172		158
Expense included in restructuring charges (b)	35		5		14
Stock-based compensation expense, before income taxes	245		177		172
Related tax benefit	(37)		(35)		(35)
Stock-based compensation expense, net of tax benefit	$	208	$	142	$	137

(a) In connection with the Transactions, certain of the Company’s employees may become entitled to payments and benefits that, in accordance with Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended, may not be deductible for tax purposes by the Company and result in an excise tax for the employees. To mitigate the potential tax impacts, the Compensation Committee of the Company’s Board of Directors approved the immediate vesting and settlement in shares of the Company’s Class B Common Stock of (a) 3,414,007 RSUs that were previously granted to 77 employees and scheduled to vest in future years and (b) 634,075 PSUs, comprising the target awards previously-granted with performance periods ending in calendar years 2026 and 2027 for three executives, for which performance-based vesting conditions would otherwise have been deemed achieved at target performance for purposes of the conversion of the PSUs pursuant to the Transaction Agreement. As a result of these modifications, we recorded $31 million of stock-based compensation expense during the three months ended December 31, 2024.

(b) Reflects accelerations as a result of restructuring activities, which are included in “Restructuring, transaction-related items, and other corporate matters” on the Consolidated Statements of Operations.

Included in net earnings from discontinued operations was stock-based compensation expense of $2 million and $3 million for the years ended December 31, 2023 and 2022, respectively.

RSUs and PSUs

Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a one- to four-year service period.

Forfeitures for RSUs are estimated on the date of grant based on historical forfeiture rates and adjusted based on actual forfeitures. On an annual basis, we revise the estimated forfeiture rate, as necessary.

For PSU awards with a market condition, the number of shares to be issued upon vesting is based on the total shareholder return of the Company’s Class B Common Stock measured against the companies comprising the S&P 500 Index or a defined peer group over a designated measurement period. Certain other PSU awards are based on the achievement of established internal operating goals. The fair value of PSU awards with a market condition is determined using a Monte Carlo simulation model, and is expensed over the required employee service period. Compensation expense for these PSUs is not adjusted for the actual number of shares issued based on the outcome of the market condition for completed performance periods. The fair value of PSU awards with internal performance conditions is based on the market price of the shares on the date of grant, and is expensed based on the probable outcome of internal performance metrics and subsequently adjusted to reflect the actual shares issued based on the outcome of the performance metrics for completed performance periods. For all PSU awards, if the required service period is not completed, the award is forfeited, and compensation expense is adjusted. The fair value of PSU awards granted during the year ended December 31, 2024 was $41 million and during each of the years ended December 31, 2023 and 2022 was $43 million.

The weighted average grant date fair value of RSUs and PSUs granted was $10.97, $22.83 and $31.58 in 2024, 2023, and 2022, respectively. The total market value of RSUs and PSUs that vested during 2024, 2023, and 2022 was $130 million, $74 million and $77 million, respectively. Total unrecognized compensation cost related to non-vested RSUs and PSUs at December 31, 2024 was $183 million, which is expected to be recognized over a weighted average period of 1.74 years.

The following table summarizes our RSU and PSU share activity:


			Weighted Average
	Shares		Grant Date Fair Value
Non-vested at December 31, 2023		15,504,261		$	26.38
Granted (a)		20,970,112		$	10.97
Vested		(12,139,195)		$	20.27
Forfeited		(4,085,536)		$	17.37
Non-vested at December 31, 2024		20,249,642		$	15.90

(a) Grant activity includes 3.6 million of PSUs at target for 2024.

Stock Options

Compensation expense for stock options is determined based on the grant date fair value of the award calculated using the Black-Scholes options-pricing model. Stock options generally vest over a three- to four-year service period and expire eight years from the date of grant. Forfeitures are estimated on the date of grant based on historical forfeiture rates. We adjust the compensation expense based on actual forfeitures.

There were no stock option grants during any of the periods presented.

At December 31, 2024, all stock options are vested and there is no remaining unrecognized compensation cost.

The following table summarizes our stock option activity under the Plans.


			Weighted Average
	Stock Options		Exercise Price
Outstanding and Exercisable at December 31, 2023		3,545,406		$	54.70

Expired		(746,960)		$	55.84
Outstanding and Exercisable at December 31, 2024		2,798,446		$	54.40

There were no stock option exercises during the years ended December 31, 2024, 2023 and 2022.

At December 31, 2024, stock options outstanding and exercisable have a weighted average remaining contractual life of 1.04 years. There was no intrinsic value for options outstanding and exercisable, based on our closing stock price of $10.46 at December 31, 2024.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Consolidation

Principles of Consolidation—The consolidated financial statements include the accounts of Paramount, its subsidiaries in which a controlling interest is maintained and variable interest entities (“VIEs”) where we are considered the primary beneficiary, after the elimination of intercompany transactions. Controlling interest is determined by majority ownership interest and the absence of substantive third party participating rights. Investments over which we have a significant influence, without a controlling interest, are accounted for under the equity method. For these investments, our proportionate share of net earnings or loss of the entity is recorded in “Equity in loss of investee companies, net of tax” on the Consolidated Statements of Operations.

Reclassifications

Reclassifications—Certain amounts reported for prior years have been reclassified to conform to the current year’s presentation.

Use of Estimates

Use of Estimates—The preparation of our financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP” or “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.

Business Combinations

Business Combinations—We generally account for business combinations using the acquisition method of accounting. Under the acquisition method, once control is obtained of a business, 100% of the assets, liabilities and certain contingent liabilities acquired, as well as amounts attributed to noncontrolling interests, are recorded at fair value. Any transaction costs are expensed as incurred.

Cash and Cash Equivalents

Cash and Cash Equivalents—Cash and cash equivalents consist of cash on hand and highly liquid investments with maturities of three months or less at the date of purchase, including money market funds, U.S. Treasury bills, and bank time deposits.

Programming Inventory

Programming Inventory—We produce and acquire rights to programming to exhibit on our broadcast and cable networks, streaming services and broadcast television stations, and in theaters. We also produce programming for third parties. Costs for internally-produced and acquired programming inventory, including prepayments for such costs, are recorded within the non-current portion of “Programming and other inventory” on the Consolidated Balance Sheets. Prepayments for the rights to air sporting and other live events that are expected to be expensed over the next 12 months are classified within the current portion of “Programming and other inventory” on the Consolidated Balance Sheets.

Costs incurred to produce television programs and feature films (which include direct production costs, production overhead, acquisition costs and development costs) are capitalized when incurred and amortized over the projected life of each television program or feature film. Costs incurred to acquire television series and feature film programming rights, including advances, are capitalized when the license period has begun and the program is accepted and available for airing and amortized over the shorter of the license period or the period in which an economic benefit is expected to be derived.

In addition, production inventory is reduced by contributions from co-production partners, as applicable, and tax incentives earned for qualified production spending in certain U.S. states and international locations. As a result, the benefit of these items will be recognized through reduced amortization over the life of the related content. Included in “Other current assets” and “Other assets” on the Consolidated Balance Sheet at December 31, 2024 were receivables for production tax incentives of $0.6 billion and $1.3 billion, respectively.

We categorize our capitalized production and programming costs based on the expected predominant monetization strategy throughout the life of the content. Our programming that is expected to be predominantly monetized through licensing and distribution on third-party platforms is considered individually monetized and our programming that is expected to be predominantly monetized on our networks and streaming services together with other programming, is considered to be monetized as part of a film group. The predominant monetization strategy is determined when capitalization of production costs commences and is reassessed if there is a significant change to the expected future monetization strategy. This reassessment will include an assessment of the monetization strategy throughout the entire life of the programming.

For internally-produced television programs and feature films that are predominantly monetized on an individual basis, we use an individual-film-forecast computation method to amortize capitalized production costs and to accrue estimated liabilities for participations and residuals over the applicable title’s life cycle based upon the ratio of current period revenues to estimated remaining total gross revenues to be earned (“Ultimate Revenues”) for each title. The estimate of Ultimate Revenues impacts the timing of amortization of capitalized production costs and expensing of participations and residual costs. For television programming, our estimate of Ultimate Revenues includes revenues to be earned within 10 years from the delivery of the first episode, or, if still in production, five years from the delivery of the most recent episode, if later. These estimates are based on the past performance of similar television programs in a market, the performance in the initial markets and future firm commitments to license programs.

For feature films, our estimate of Ultimate Revenues includes revenues from all sources that are estimated to be earned within 10 years from the date of a film’s initial release. Prior to the release of feature films, we estimate Ultimate Revenues based on the historical performance of similar content and pre-release market research (including test market screenings), as well as factors relating to the specific film, including the expected number of theaters and markets in which the original content will be released, the genre of the original content and the past box office performance of the lead actors and actresses. Upon a film’s initial release, we update our estimate of Ultimate Revenues based on actual and expected future performance. Our estimates of revenues from succeeding windows and markets are revised based on historical relationships to theatrical performance and an analysis of current market trends. For acquired television and film libraries, our estimate of Ultimate Revenues is for a period within 20 years from the date of acquisition. Ultimate Revenue estimates are periodically reviewed and adjustments, if any, will result in changes to inventory amortization rates and estimated accruals for residuals and participations.

Film development costs that have not been set for production are expensed within three years unless they are abandoned earlier, in which case these projects are written down to their estimated fair value in the period the decision to abandon the project is determined.

For programming that is predominantly monetized as part of a film group, capitalized costs are amortized based on an estimate of the timing of our usage of and benefit from such programming. The costs of programming rights licensed under multi-year sports programming agreements are capitalized if the rights payments are made before the related economic benefit has been received and amortized over the period in which an economic benefit is expected to be derived based on the relative value of the events broadcast by us during a period in relation to the estimated total value of the events over the term of the sports programming agreement.

For content that is predominantly monetized on an individual basis, a television program or feature film is tested for impairment when events or circumstances indicate that its fair value may be less than its unamortized cost. Content that is predominantly monetized within a film group is assessed for impairment at the film group level and would similarly be tested for impairment if circumstances indicate that the fair value of the film group is less than its unamortized costs. If the carrying value of a film group or individual television program or feature film exceeds the estimated fair value, an impairment charge will then be recorded in the amount of the difference. A change in the monetization strategy of content, whether monetized individually or as part of a film group, will result in a reassessment of the predominant monetization strategy and may trigger an assessment of the content for impairment. Any resulting impairment test will be performed either at the individual level or at the film group level where the future cash flows will be generated, as appropriate. In addition, unamortized costs for internally-produced or acquired programming that has been abandoned are written off.

Television and feature film programming and production costs, including inventory amortization, development costs, residuals and participations and impairment charges that occur as part of our normal operations are included within “Operating expenses” on the Consolidated Statements of Operations.

For 2024 and 2023, we incurred programming charges as a result of major strategic changes to our content strategy, as further described in Note 3. These programming charges, which include impairment charges, development cost write-offs and contract termination costs, are included within “Programming charges” on the Consolidated Statements of Operations

Property and Equipment

Property and Equipment—Property and equipment is stated at cost. Depreciation is calculated using the straight-line method over estimated useful lives as follows:


Buildings and building improvements			10 to 40 years
Leasehold improvements			Shorter of lease term or useful life
Equipment and other (including finance leases)			3 to 20 years

Costs associated with repairs and maintenance of property and equipment are expensed as incurred.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets—We assess long-lived assets and intangible assets, other than goodwill and intangible assets with indefinite lives, for impairment whenever there is an indication that the carrying amount of the asset group may not be recoverable. Recoverability of these asset groups is determined by comparing the forecasted undiscounted cash flows expected to be generated by these asset groups to their net carrying value. If the carrying value is not recoverable, the amount of impairment charge, if any, is measured by the difference between the net carrying value and the estimated fair value of the assets.

Investments

Investments—Investments over which we have a significant influence, without a controlling interest, are accounted for under the equity method. Equity investments for which we have no significant influence are measured at fair value where a readily determinable fair value exists. Equity investments that do not have a readily determinable fair value are measured at cost less impairment, if any, and adjusted for observable price changes. Gains and losses resulting from changes in the fair value of equity investments are recorded in “Gain (loss) from investments” on the Consolidated Statements of Operations. We monitor our investments for impairment and reduce the carrying value of the investment if we determine that an impairment charge is required based on qualitative and quantitative information. Our investments are included in “Other assets” on the Consolidated Balance Sheets.

Goodwill and Intangible Assets

Goodwill and Intangible Assets—Goodwill is allocated to various reporting units, which are at or one level below our operating segments. Intangible assets with finite lives, which primarily consist of trade names, licenses, and customer agreements are generally amortized using the straight-line method over their estimated useful lives, which range from 5 to 40 years. Goodwill and other intangible assets with indefinite lives, which consist primarily of FCC licenses, are not amortized but are tested for impairment on an annual basis and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. If the carrying value of goodwill or the indefinite-lived intangible asset exceeds its fair value, an impairment charge is recognized

Guarantees

Guarantees—At the inception of a guarantee, we recognize a liability for the fair value of an obligation assumed by issuing the guarantee. The related liability is subsequently reduced as utilized or extinguished and increased if there is a probable loss associated with the guarantee which exceeds the value of the recorded liability.

Treasury Stock

Treasury Stock—Treasury stock is accounted for using the cost method. Retirements of treasury stock are reflected as a reduction to additional paid-in capital.

Fair Value Measurements

Fair Value Measurements—Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The framework for measuring fair value provides a hierarchy that prioritizes the inputs to valuation techniques 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. Certain assets and liabilities, including foreign currency hedges and deferred compensation liabilities, are measured and recorded at fair value on a recurring basis. Other assets and liabilities, including television and film production costs, lease assets, goodwill, intangible assets, and equity-method investments are recorded at fair value only if an impairment charge is recognized. Impairment charges, if applicable, are generally determined using discounted cash flows, which is a Level 3 valuation technique.

Derivative Financial Instruments

Derivative Financial Instruments—Derivative financial instruments are recorded on the Consolidated Balance Sheets as assets or liabilities and measured at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair value of both the derivatives and the hedged items are recorded in “Other items, net” on the Consolidated Statements of Operations. For derivatives designated as cash flow hedges, the effective portion of the changes in fair value of the derivatives is recorded in “Accumulated other comprehensive loss” on the Consolidated Balance Sheets and subsequently recognized in net earnings when the hedged items are recognized.

Pension and Postretirement Benefits

Pension and Postretirement Benefits—The service cost component of net benefit cost for our pension and postretirement benefits is recorded on the same line items on the Consolidated Statements of Operations as other compensation costs of the related employees. All of the other components of net benefit cost are presented separately from the service cost component and below the subtotal of operating income in “Other items, net” on the Consolidated Statements of Operations.

Other Liabilities

Other Liabilities—Other liabilities consist primarily of the noncurrent portion of residual liabilities of previously disposed businesses, long-term income tax liabilities, deferred compensation and other employee benefit accruals.

Revenues

Revenue is recognized when control of a good or service is transferred to a customer. Control is considered to be transferred when the customer has the ability to direct the use of and obtain substantially all of the remaining benefits of that good or service.

Advertising Revenues—Advertising revenues are recognized when the advertising spots are aired on television or streamed or displayed on digital platforms. Advertising spots are typically sold as part of advertising campaigns consisting of multiple commercial units. If a contract includes a guarantee to deliver a targeted audience rating or number of impressions, the delivery of the advertising spots that achieve the guarantee represents the performance obligation to be satisfied over time and revenues are recognized based on the proportion of the audience rating or impressions delivered to the total guaranteed in the contract. Audience ratings and impressions are determined based on data provided by independent third-party companies. To the extent the amounts billed exceed the amount of revenue recognized, such excess is deferred until the guaranteed audience ratings or impressions are delivered. For contracts that do not include impressions guarantees, the individual advertising spots are the performance obligation and consideration is allocated among the individual advertising spots based on relative

standalone selling price. Advertising contracts, which are generally short-term, are billed monthly, with payments due shortly after the invoice date.

Affiliate and Subscription Revenues—Affiliate and subscription revenues are principally comprised of affiliate fees received from distributors for carriage of our cable networks (“cable affiliate fees”) and our owned television stations (“retransmission fees”); affiliate fees received from television stations for their affiliation with the CBS Television Network (“reverse compensation”); and subscription fees for our subscription streaming services. Costs incurred for advertising, marketing and other services provided to us by cable, satellite and other distributors that are in exchange for a distinct service are recorded as expenses. If a distinct service is not received, such costs are recorded as a reduction to revenues.

The performance obligation for our affiliate agreements is a license to our programming provided through the continuous delivery of live linear feeds and, for agreements with certain distributors, also includes a license to programming for video-on-demand viewing. Affiliate revenues are recognized over the term of the agreement as we satisfy our performance obligation by continuously providing our customer with the right to use our programming. For agreements that provide for a variable fee, revenues are determined each month based on an agreed upon contractual rate applied to the number of subscribers to our customer’s service. For agreements that provide for a fixed fee, revenues are recognized based on the relative fair value of the content provided over the term of the agreement. These agreements primarily include agreements with television stations affiliated with the CBS Television Network (“network affiliates”) for which fair value is determined based on the fair value of the network affiliate’s service and the value of our programming. For affiliate revenues, payments are generally due monthly. Subscription revenues to our streaming services are recognized evenly over the subscription period.

Theatrical Revenues—Theatrical revenue is earned from the theatrical distribution of our films during the exhibition period. Under these arrangements, revenues are recognized based on sales to the end customer.

Licensing and Other Revenues—Licensing and other revenues are principally comprised of fees from the licensing of the rights to exhibit our internally-produced television and film programming on various platforms in the secondary market after its initial exhibition on our owned or third-party platforms; license fees from content produced or distributed for third parties; home entertainment revenues, which include revenues from the viewing of our content on a transactional basis through transactional video-on-demand (TVOD) and electronic sell-through services, and the sale and distribution of our content through DVDs and Blu-ray discs to wholesale and retail partners; fees from the use of our trademarks and brands for consumer products, recreation and live events; and revenues from studio rentals and production services.

For licenses of exhibition rights for internally-produced programming, each individual episode or film delivered represents a separate performance obligation and revenues are recognized when the episode or film is made available to the licensee for exhibition and the license period has begun. For license agreements that include delivery of content on one or more dates for a fixed fee, consideration is allocated based on the relative standalone selling price of each episode or film. Estimation of standalone selling prices requires judgment, which can impact the timing of recognizing revenues. Agreements to license programming are often long term, with collection terms ranging from one to five years.

When payment is due from a customer more than one year before or after revenue is recognized, we consider the contract to contain a significant financing component and the transaction price is adjusted for the effects of the time value of money. We do not adjust the transaction price for the time value of money if payment is expected within one year of recognizing revenues.

We also license our programming to distributors of transactional video-on-demand and similar services. Under these arrangements, our performance obligation is the delivery of our content to such distributors who then license our content to the end customer. Our revenues are determined each month based on a contractual rate applied to the number of licenses to the distributors’ end customers. Similarly, revenues earned from electronic sell-through services are recognized as each program is downloaded by the end customer.

Revenues associated with the licensing of our brands for consumer products, recreation and live events are generally determined based on contractual royalty rates applied to sales reported by the licensees. For consumer products and recreation arrangements that include minimum guaranteed consideration, revenue is recognized as sales occur by the licensee, if the sales-based consideration is expected to exceed the minimum guarantee, or ratably if it is not expected to exceed the minimum guarantee. For live events, we recognize revenue when the event is held.

Revenues from the sales of DVDs and Blu-ray discs to wholesalers and retailers are recognized upon the later of the physical delivery to the customer or the date that any sales restrictions on the retailers are lifted.

We earn revenues from the distribution of content on behalf of third parties. We also have arrangements for the distribution or sale of our content by third parties. Under such arrangements, we determine whether revenues should be recognized based on the gross amount of consideration received from the customer or the net amount of revenue we retain after payment to the third party producer or distributor, based on an assessment of which party controls the good or service being transferred.

Revenue Allowances—DVDs and Blu-ray discs are generally sold with a right of return. We record a provision for sales returns and allowances at the time of sale based upon an estimate of future returns, rebates and other incentives. In determining this provision, we consider sources of qualitative and quantitative evidence including forecast sales data, customers’ rights of return, sales levels for units already shipped, historical return rates for similar products, current economic trends, the competitive environment, promotions and our sales strategies. Reserves for sales returns and allowances of $17 million and $40 million at December 31, 2024 and 2023, respectively, are recorded in “Other current liabilities” on the Consolidated Balance Sheets.

Reserves for accounts receivable reflect our expected credit losses, which are estimated based on historical experience, as well as current and expected economic conditions and industry trends. Our allowance for credit losses was $125 million and $120 million at December 31, 2024 and 2023, respectively. The provision for doubtful accounts charged to expense was $39 million in 2024, $26 million in 2023 and $40 million in 2022.

Contract Liabilities—A contract liability is recorded when consideration is received from a customer prior to fully satisfying a performance obligation in a contract. Our contract liabilities primarily consist of cash received related to advertising arrangements for which the required audience rating or impressions have not been delivered; consumer products arrangements with minimum guarantees; and content licensing arrangements under which the content has not yet been made available to the customer. These contract liabilities will be recognized as revenues when control of the related product or service is transferred to the customer. Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets.

Collaborative Arrangements

Collaborative Arrangements—Collaborative arrangements primarily consist of joint efforts with third parties to produce and distribute programming such as television series and live sporting events, including the agreement between us and Turner Broadcasting System, Inc. to telecast the NCAA Division I Men’s Basketball Championship (the “NCAA Tournament”), which runs through 2032. In connection with this agreement for the

NCAA Tournament, advertisements aired on the CBS Television Network are recorded as revenues and our share of the program rights fees and other operating costs are recorded as operating expenses.

We also enter into collaborative arrangements with other studios to jointly finance and distribute film and television programming, under which each partner is responsible for distribution of the program in specific territories or distribution windows. Under these arrangements, our share of costs for co-productions are initially capitalized as programming inventory and amortized over the estimated economic life of the program. In such arrangements where we have distribution rights, all proceeds generated from such distribution are recorded as revenues and any participation profits due to third party collaborators are recorded as participation expenses. In co-production arrangements where third party collaborators have distribution rights, our net participating profits are recorded as revenues.

Leases

Leases—Our leases are principally comprised of operating leases for office space, equipment, satellite transponders and studio facilities. We determine that a contract contains a lease if we obtain substantially all of the economic benefits of, and the right to direct the use of, an asset identified in the contract. For leases with terms greater than 12 months, we record a right-of-use asset and a lease liability representing the present value of future lease payments. The discount rate used to measure the lease asset and liability is determined at the beginning of the lease term using the rate implicit in the lease, if readily determinable, or our collateralized incremental borrowing rate. For those contracts that include fixed rental payments for both the use of the asset (“lease costs”) as well as for other occupancy or service costs relating to the asset (“non-lease costs”), we generally include both the lease costs and non-lease costs in the measurement of the lease asset and liability. We also own buildings and production facilities where we lease space to lessees.

Our leases generally have remaining terms of up to 14 years and often contain renewal options to extend the lease for periods of generally up to 10 years. For leases that contain renewal options, we include the renewal period in the lease term if it is reasonably certain that the option will be exercised. Lease expense and income for our operating leases are recognized on a straight-line basis over the lease term, with the exception of variable lease costs, which are expensed as incurred, and leases of assets used in the production of programming, which are capitalized in programming assets and amortized over the projected useful life of the related programming.

Advertising

Advertising—Advertising costs are expensed as incurred.

Interest

Interest—Costs associated with the refinancing or issuance of debt, as well as debt discounts or premiums, are recorded as interest over the term of the related debt.

Income Taxes

Income Taxes—The provision for/benefit from income taxes includes federal, state, local, and foreign taxes. We recognize the tax on global intangible low-taxed income, a U.S. tax on certain income earned by our foreign subsidiaries, within the provision for income taxes as a period cost when incurred. Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be reversed. We evaluate the realizability of deferred tax assets and establish a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized. Deferred tax assets and deferred tax liabilities are classified as noncurrent on the Consolidated Balance Sheets.

For tax positions taken in a previously filed tax return or expected to be taken in a future tax return, we evaluate each position to determine whether it is more likely than not that the tax position will be sustained upon examination, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is subject to a measurement assessment to determine the amount of benefit to be recognized in the Consolidated Statement of Operations and the appropriate reserve to establish, if any. If a tax position does not meet the more-likely-than-not recognition threshold, a tax reserve is established and no benefit is recognized. A number of years may elapse before a tax return containing tax matters for which a reserve has been established is audited and finally resolved. We recognize interest and penalty charges related to the reserve for uncertain tax positions as income tax expense.

Foreign Currency Translation and Transactions

Foreign Currency Translation and Transactions—Assets and liabilities of subsidiaries with a functional currency other than the U.S. Dollar are translated into U.S. Dollars at foreign exchange rates in effect at the balance sheet date, while results of operations are translated at average foreign exchange rates for the respective periods. The resulting translation gains and losses are included as a separate component of stockholders’ equity in “Accumulated other comprehensive loss” on the Consolidated Balance Sheets. Argentina has been designated as a highly inflationary economy during all periods presented. Transactions denominated in currencies other than the functional currency will result in remeasurement gains and losses, which are included in “Other items, net” on the Consolidated Statements of Operations.

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 dividends 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 13).

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 reflected the effect of the assumed conversion of preferred stock, when dilutive, which included the issuance of common shares in the weighted average number of shares and excluded the above-mentioned preferred stock dividend adjustment to net earnings (loss) available to common stockholders.

Stock-based Compensation

Stock-based Compensation—We measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award.

Recently Adopted Accounting Pronouncements and Not Yet Adopted

Recently Adopted Accounting Pronouncements

Segment Reporting

During the fourth quarter of 2024, we adopted amended Financial Accounting Standards Board (“FASB”) 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 us 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. We applied this guidance to all periods presented (See Note 17).

Accounting Pronouncements Not Yet Adopted

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 inclusion 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 starting with the year ended December 31, 2025, with early adoption permitted. The amendment will be applied on a prospective basis, with the option to apply the guidance retrospectively.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued guidance requiring disclosure in the notes to the financial statements of the disaggregation of relevant expense captions on the income statement into specified expense categories, including employee compensation, as well as disclosure of total selling expenses. The guidance is effective for us for the year ended December 31, 2027, and for all interim and annual periods thereafter, and may be applied either prospectively or retrospectively.

INCOME TAXES - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 121	$ 70	$ 75
State and local	56	84	64
Foreign	148	135	194
Total current	325	289	333
Deferred:
Federal	(538)	(556)	(57)
State and local	(116)	(110)	(14)
Foreign	24	16	(35)
Total deferred	(630)	(650)	(106)
(Benefit from) provision for income taxes	$ (305)	$ (361)	$ 227

PROGRAMMING AND OTHER INVENTORY - Summary of Programming and Other Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Acquired program rights, including prepaid sports rights, film group monetization	$ 3,168	$ 3,318
Acquired libraries, individual monetization	308	348
Home entertainment	26	34
Total programming and other inventory	15,353	15,265
Less current portion	1,429	1,414
Total noncurrent programming and other inventory	13,924	13,851
Internally-Produced Television and Film Programming
Inventory [Line Items]
Released, film group monetization	6,847	6,666
In process and other, film group monetization	2,292	2,028
Released, individual monetization	638	496
In process and other, individual monetization	195	361
Films:
Inventory [Line Items]
Released, individual monetization	877	624
Completed, not yet released, individual monetization	42	179
In process and other, individual monetization	$ 960	$ 1,211

Supplemental Financial Information - Narrative (Details) - Nick UK	Oct. 31, 2022
Business Acquisition [Line Items]
Percentage of voting interests acquired (in percent)	40.00%
Ownership percentage after acquisition (in percent)	100.00%

DISPOSITIONS - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
DISPOSITIONS - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Oct. 30, 2023
Discontinued Operations [Line Items]
Gains on dispositions			$ 0	$ 0	$ 56
Discontinued Operations, Disposed of by Sale \| Simon and Schuster
Discontinued Operations [Line Items]
Sale of business, consideration						$ 1,620
Pretax gain on sale		$ 695	19
Gain on sale (net of tax)			$ 14
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Nordics
Discontinued Operations [Line Items]
Gains on dispositions	$ 41
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Other Dispositions
Discontinued Operations [Line Items]
Gains on dispositions					$ 15

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary of Revenues by Segment

The tables below set forth our financial information by reportable segment that is regularly reviewed by the Office of the CEO (see Note 1), which is the Company’s CODM. We present operating income excluding depreciation and amortization, stock-based compensation, restructuring charges, transaction-related items, other corporate matters, programming charges, impairment charges and gains or losses on dispositions, each where applicable (“Adjusted OIBDA”), as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting. Programming charges consist only of charges related to major strategic changes (see Note 3), and do not include impairment charges that occur as part of our normal operations, which are recorded within content costs in the tables below, where applicable, and are not excluded in Adjusted OIBDA. Adjusted OIBDA is the primary method used by our management, including the CODM, for planning and forecasting of future periods, evaluating the operating performance of our segments, and making decisions about resource allocation. 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.


Year Ended December 31,	2024		2023		2022
Revenues:
Advertising	$	8,180	$	8,188	$	9,350
Affiliate and subscription	7,647		8,085		8,180
Licensing and other	2,952		3,812		4,202
TV Media	18,779		20,085		21,732
Advertising	2,114		1,795		1,533
Subscription	5,506		4,933		3,371
Licensing	12		8		—
Direct-to-Consumer	7,632		6,736		4,904
Advertising	16		24		23
Theatrical	813		813		1,223
Licensing and other	2,126		2,120		2,460
Filmed Entertainment	2,955		2,957		3,706
Eliminations	(153)		(126)		(188)
Total Revenues	$	29,213	$	29,652	$	30,154

Summary of Intercompany Revenues by Segment


Year Ended December 31,	2024		2023		2022
Intercompany Revenues:
TV Media	$	84	$	63	$	66
Direct-to-Consumer	—		1		—
Filmed Entertainment	69		62		122
Total Intercompany Revenues	$	153	$	126	$	188

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


Year Ended December 31,	2024		2023		2022
TV Media
Revenues	$	18,779	$	20,085	$	21,732

Content costs	9,199		9,861		10,696
Advertising and marketing	689		761		906
Other (a)	4,543		4,672		4,679
Total segment expenses	14,431		15,294		16,281

TV Media Adjusted OIBDA	4,348		4,791		5,451
Direct-to-Consumer
Revenues	7,632		6,736		4,904

Content costs	4,415		4,459		3,496
Advertising and marketing	1,341		1,751		1,565
Other (b)	2,373		2,189		1,662
Total segment expenses	8,129		8,399		6,723

Direct-to-Consumer Adjusted OIBDA	(497)		(1,663)		(1,819)
Filmed Entertainment
Revenues	2,955		2,957		3,706

Content costs	1,496		1,545		1,924
Advertising and marketing	783		751		651
Other (c)	772		780		859
Total segment expenses	3,051		3,076		3,434

Filmed Entertainment Adjusted OIBDA	(96)		(119)		272
Corporate/Eliminations	(427)		(447)		(470)
Stock-based compensation (d)	(210)		(172)		(158)
Depreciation and amortization	(392)		(418)		(378)
Programming charges	(1,118)		(2,371)		—
Impairment charges	(6,130)		(83)		(27)
Restructuring, transaction-related items, and other corporate matters	(747)		31		(585)
Gains on dispositions	—		—		56
Operating income (loss)	(5,269)		(451)		2,342
Interest expense	(860)		(920)		(931)
Interest income	151		137		108
Gain (loss) from investments	(17)		168		(9)
Gain (loss) on extinguishment of debt	—		29		(120)
Other items, net	(182)		(216)		(124)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	(6,177)		(1,253)		1,266
Benefit from (provision for) income taxes	305		361		(227)
Equity in loss of investee companies, net of tax	(291)		(360)		(204)
Net earnings (loss) from continuing operations	(6,163)		(1,252)		835
Net earnings from discontinued operations, net of tax	14		676		379
Net earnings (loss) (Paramount and noncontrolling interests)	(6,149)		(576)		1,214
Net earnings attributable to noncontrolling interests	(41)		(32)		(110)
Net earnings (loss) attributable to Paramount	$	(6,190)	$	(608)	$	1,104

(d) Stock-based compensation expense of $35 million for 2024, $5 million for 2023 and $14 million for 2022 is included in “Restructuring, transaction-related items, and other corporate matters.”

Summary of Revenues by Customer Location


Year Ended December 31,	2024		2023		2022
Revenues: (a)
United States	$	23,688	$	23,962	$	24,412
International	5,525		5,690		5,742
Total Revenues	$	29,213	$	29,652	$	30,154

(a) Revenue classifications are based on customers’ locations.

Summary of Long-lived Assets by Geographic Area


At December 31,	2024		2023
Long-lived Assets: (a)
United States	$	15,407	$	15,249
International	1,095		1,451
Total Long-lived Assets	$	16,502	$	16,700

(a) Reflects total assets less current assets, investments, goodwill, intangible assets, noncurrent receivables and noncurrent deferred tax assets.

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts:
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 120	$ 111	$ 80
Charged to Expenses and Other Accounts	39	26	40
Deductions	34	17	9
Balance at End of Period	125	120	111
Valuation allowance on deferred tax assets:
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	498	488	581
Charged to Expenses and Other Accounts	198	20	15
Deductions	41	10	108
Balance at End of Period	655	498	488
Reserves for inventory obsolescence:
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	32	44	47
Charged to Expenses and Other Accounts	0	7	0
Deductions	4	19	3
Balance at End of Period	$ 28	$ 32	$ 44

PENSION AND OTHER POSTRETIREMENT BENEFITS - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Projected benefit obligation	$ 2,960	$ 3,711
Accumulated benefit obligation	2,960	3,711
Fair value of plan assets	$ 1,830	$ 2,507

PENSION AND OTHER POSTRETIREMENT BENEFITS - Change in Benefit Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension Benefits
Change in benefit obligation:
Benefit obligation, beginning of year	$ 3,711	$ 3,661
Service cost	0	0	$ 0
Interest cost	198	207	150
Actuarial (gain) loss	(93)	137
Benefits paid	(335)	(294)
Participants’ contributions	0	0
Retiree Medicare drug subsidy	0	0
Benefit obligation, end of year	3,481	3,711	3,661
Postretirement Benefits
Change in benefit obligation:
Benefit obligation, beginning of year	193	222
Service cost	1	1	1
Interest cost	10	12	8
Actuarial (gain) loss	(14)	(11)
Benefits paid	(34)	(40)
Participants’ contributions	6	6
Retiree Medicare drug subsidy	3	3
Benefit obligation, end of year	$ 165	$ 193	$ 222

PENSION AND OTHER POSTRETIREMENT BENEFITS - Estimated Future Benefit Payments (Details) $ in Millions	Dec. 31, 2024 USD ($)
Retiree Medicare drug subsidy
2025	$ 3
2026	3
2027	2
2028	2
2029	2
2030-2034	10
Pension
Pension and Postretirement
2025	318
2026	317
2027	309
2028	309
2029	298
2030-2034	1,359
Postretirement
Pension and Postretirement
2025	28
2026	25
2027	23
2028	21
2029	18
2030-2034	$ 63

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DEBT - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance lease, liability, statement of financial position [extensible enumeration]	Total long-term debt, net of current portion, Less current portion of long-term debt	Total long-term debt, net of current portion, Less current portion of long-term debt
Obligations under finance leases	$ 0	$ 1
Total debt	14,501	14,602
Less current portion of long-term debt	0	1
Total long-term debt, net of current portion	14,501	14,601
Net unamortized discount on senior and junior subordinated debt	401	419
Unamortized deferred financing costs	74	81
Face value of debt	$ 14,980	15,100
4.75% Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate (in percent)	4.75%
Carrying value of senior debt	$ 0	125
4.0% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate (in percent)	4.00%
Carrying value of senior debt	$ 346	$ 345
3.70% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate (in percent)	3.70%
Carrying value of senior debt	$ 86
3.45% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate (in percent)		3.45%
Carrying value of senior debt		$ 86
2.90% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate (in percent)	2.90%
Carrying value of senior debt	$ 582	581
3.375% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate (in percent)	3.375%
Carrying value of senior debt	$ 498	497
3.70% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate (in percent)	3.70%
Carrying value of senior debt	$ 496	495
4.20% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate (in percent)	4.20%
Carrying value of senior debt	$ 496	496
7.875% Senior Debentures due 2030
Debt Instrument [Line Items]
Stated interest rate (in percent)	7.875%
Carrying value of senior debt	$ 829	830
4.95% Senior Notes due 2031
Debt Instrument [Line Items]
Stated interest rate (in percent)	4.95%
Carrying value of senior debt	$ 1,232	1,229
4.20% Senior Notes due 2032
Debt Instrument [Line Items]
Stated interest rate (in percent)	4.20%
Carrying value of senior debt	$ 980	977
5.50% Senior Debentures due 2033
Debt Instrument [Line Items]
Stated interest rate (in percent)	5.50%
Carrying value of senior debt	$ 428	428
4.85% Senior Debentures due 2034
Debt Instrument [Line Items]
Stated interest rate (in percent)	4.85%
Carrying value of senior debt	$ 87	87
6.875% Senior Debentures due 2036
Debt Instrument [Line Items]
Stated interest rate (in percent)	6.875%
Carrying value of senior debt	$ 1,072	1,071
6.75% Senior Debentures due 2037
Debt Instrument [Line Items]
Stated interest rate (in percent)	6.75%
Carrying value of senior debt	$ 76	75
5.90% Senior Notes due 2040
Debt Instrument [Line Items]
Stated interest rate (in percent)	5.90%
Carrying value of senior debt	$ 298	298
4.50% Senior Debentures due 2042
Debt Instrument [Line Items]
Stated interest rate (in percent)	4.50%
Carrying value of senior debt	$ 45	45
4.85% Senior Notes due 2042
Debt Instrument [Line Items]
Stated interest rate (in percent)	4.85%
Carrying value of senior debt	$ 490	489
4.375% Senior Debentures due 2043
Debt Instrument [Line Items]
Stated interest rate (in percent)	4.375%
Carrying value of senior debt	$ 1,146	1,138
4.875% Senior Debentures due 2043
Debt Instrument [Line Items]
Stated interest rate (in percent)	4.875%
Carrying value of senior debt	$ 18	18
5.85% Senior Debentures due 2043
Debt Instrument [Line Items]
Stated interest rate (in percent)	5.85%
Carrying value of senior debt	$ 1,235	1,234
5.25% Senior Debentures due 2044
Debt Instrument [Line Items]
Stated interest rate (in percent)	5.25%
Carrying value of senior debt	$ 345	345
4.90% Senior Notes due 2044
Debt Instrument [Line Items]
Stated interest rate (in percent)	4.90%
Carrying value of senior debt	$ 542	541
4.60% Senior Notes due 2045
Debt Instrument [Line Items]
Stated interest rate (in percent)	4.60%
Carrying value of senior debt	$ 591	591
4.95% Senior Notes due 2050
Debt Instrument [Line Items]
Stated interest rate (in percent)	4.95%
Carrying value of senior debt	$ 950	948
6.25% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Stated interest rate (in percent)	6.25%
Junior subordinated debentures	$ 644	643
6.375% Junior Subordinated Debentures due 2062
Debt Instrument [Line Items]
Stated interest rate (in percent)	6.375%		6.375%
Junior subordinated debentures	$ 989	$ 989
Face value of debt			$ 1,000

STOCK-BASED COMPENSATION - Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stock Options
Outstanding, beginning balance (in shares)	3,545,406
Expired (in shares)	(746,960)
Outstanding, ending balance (in shares)	2,798,446
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 54.70
Expired (in dollars per share)	55.84
Outstanding, ending balance (in dollars per share)	$ 54.40
Exercisable (in shares)	2,798,446	3,545,406
Exercisable (in dollars per share)	$ 54.40	$ 54.70

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business—Paramount Global is a global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide and 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 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 for 24-hour news and CBS Sports HQ for sports news and analysis.

•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.

Skydance Transactions—On July 7, 2024, Paramount entered into a transaction agreement (the “Transaction Agreement”) with Skydance Media, LLC (“Skydance”) and other parties pursuant to which Paramount and Skydance will become subsidiaries of a new holding company, currently referred to as New Paramount (the transactions contemplated by the Transaction Agreement, the “Transactions”). Concurrent with the execution of the Transaction Agreement, certain affiliates of existing investors of Skydance (the “NAI Equity Investors”), including entities controlled by 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”). In addition, the NAI Equity Investors and certain other affiliates of investors of Skydance will make an investment of up to $6.0 billion into New Paramount in exchange for up to 400 million newly issued shares of Class B Common Stock of New Paramount (“New Paramount Class B Common Stock”), subject to ratable reduction, for a purchase price of $15.00 per share, and the NAI Equity Investors will also receive warrants to purchase 200 million shares of New Paramount Class B Common Stock at an initial exercise price of $30.50 per share (subject to customary anti-dilution adjustments), which expire five years after issuance. Up to $4.5 billion of the proceeds from this investment will be used to fund the cash-stock election discussed below and a minimum of $1.5 billion of cash (less a subscription discount of 1.875%) will remain at New Paramount. If the cash-stock elections are undersubscribed, up to an additional $1.5 billion (less a subscription discount of 1.875%) of the unused portion of the $4.5 billion will also remain at New Paramount.

The Transactions will also include: (1) a transaction pursuant to which existing Skydance investors will receive 317 million shares of New Paramount Class B Common Stock, and (2) a cash-stock election pursuant to which (a)

shares of our Class A Common Stock held by stockholders other than NAI will be converted, at the stockholders’ election, into the right to receive either $23.00 in cash or 1.5333 shares of New Paramount Class B Common Stock, and (b) shares of our Class B Common Stock held by stockholders other than NAI, the NAI Equity Investors and certain other affiliates of investors of Skydance referred to above will be converted, at the stockholders’ 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 shares that are settled in cash will cease to exist after the completion of the Transactions.

At the closing of the Transactions, 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. New Paramount Class B Common Stock will not have any voting rights while shares of New Paramount Class A Common Stock (the “New Paramount Class A Common Stock” together with New Paramount Class B Common Stock, the “New Paramount Common Stock”) will be entitled to one vote per share with respect to all matters on which the holders of New Paramount Common Stock are entitled to vote. Following the Transactions, NAI and its applicable subsidiaries will hold 100% of the New Paramount Class A Common Stock.

The 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, we will be required to pay Skydance a termination fee in the amount of $400 million.

Leadership Changes—On April 29, 2024, the Board of Directors of the Company established an Office of the Chief Executive Officer (“CEO”), 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 remained employed with the Company as a Senior Advisor until October 31, 2024 to help ensure a seamless transition of his duties.

Discontinued Operations—Simon & Schuster, which was sold during the fourth quarter of 2023, is presented as a discontinued operation in our consolidated financial statements for all periods presented (see Note 18). Simon & Schuster was reported as the Publishing segment until we began presenting it as a discontinued operation in the fourth quarter of 2020.

Reclassifications—Certain amounts reported for prior years have been reclassified to conform to the current year’s presentation.

Property and Equipment—Property and equipment is stated at cost. Depreciation is calculated using the straight-line method over estimated useful lives as follows:


Buildings and building improvements			10 to 40 years
Leasehold improvements			Shorter of lease term or useful life
Equipment and other (including finance leases)			3 to 20 years

Costs associated with repairs and maintenance of property and equipment are expensed as incurred.

Treasury Stock—Treasury stock is accounted for using the cost method. Retirements of treasury stock are reflected as a reduction to additional paid-in capital.

Revenues

standalone selling price. Advertising contracts, which are generally short-term, are billed monthly, with payments due shortly after the invoice date.

NCAA Tournament, advertisements aired on the CBS Television Network are recorded as revenues and our share of the program rights fees and other operating costs are recorded as operating expenses.

Amounts attributable to transactions arising from collaborative arrangements between participants were not material to the consolidated financial statements for any period presented.

Advertising—Advertising costs are expensed as incurred. We incurred total advertising expenses of $2.53 billion in 2024, $2.90 billion in 2023 and $2.69 billion in 2022.

Interest—Costs associated with the refinancing or issuance of debt, as well as debt discounts or premiums, are recorded as interest over the term of the related debt.

All of our stock options and RSUs, which totaled 28 million and 19 million for the years ended December 31, 2024 and 2023, respectively, were excluded from the calculations of diluted EPS because their inclusion would have been antidilutive since we reported a net loss in each of these years. Stock options and RSUs totaling 11 million for the year ended December 31, 2022 were excluded from the calculation of diluted EPS because their inclusion would have been antidilutive. Also excluded from the calculation of diluted EPS for the year ended December 31, 2024 prior to the preferred stock conversion discussed above, and for the years ended December 31, 2023 and 2022, was the effect of the assumed conversion of our 10 million shares of Mandatory Convertible Preferred Stock into shares of common stock because the impact would have been antidilutive. The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.


Year Ended December 31,	2024	2023	2022
(in millions)
Weighted average shares for basic EPS	664	652	649
Dilutive effect of shares issuable under stock-based compensation plans	—	—	1

Weighted average shares for diluted EPS	664	652	650

Because the impact of the assumed conversion of the Mandatory Convertible Preferred Stock would have been antidilutive, net earnings (loss) from continuing operations and net earnings (loss) used in our calculation of diluted EPS for each of the years ended December 31, 2024, 2023 and 2022 include a reduction for the preferred stock dividends recorded during the periods prior to the April 2024 conversion. The table below presents a reconciliation of net earnings (loss) from continuing operations and net earnings (loss) to the amounts used in the calculations of basic and diluted EPS.


Year Ended December 31,	2024		2023		2022
Amounts attributable to Paramount:
Net earnings (loss) from continuing operations	$	(6,204)	$	(1,284)	$	725
Preferred stock dividends	(14)		(58)		(58)


Net earnings (loss) from continuing operations for basic and diluted EPS calculation	$	(6,218)	$	(1,342)	$	667

Amounts attributable to Paramount:
Net earnings (loss)	$	(6,190)	$	(608)	$	1,104
Preferred stock dividends	(14)		(58)		(58)


Net earnings (loss) for basic and diluted EPS calculation	$	(6,204)	$	(666)	$	1,046

Recently Adopted Accounting Pronouncements

Segment Reporting

Accounting Pronouncements Not Yet Adopted

Income Taxes

Disaggregation of Income Statement Expenses

FINANCIAL INSTRUMENTS - Narrative (Details) ₨ in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 30, 2024 INR (₨)
Derivative [Line Items]
Carrying value of notes and debentures		$ 14,500	$ 14,600
Fair value of debt		13,300	13,600
Equity method investments		99	96
Equity investments without readily determinable fair value		86	612
Gain (loss) from investments		$ (17)	168	$ (9)
Impairment charges on equity-method investment			16
Investment impairment				5
Foreign exchange forward \| Cash flow hedging
Derivative [Line Items]
Foreign exchange forward contract term (up to)		24 months
Foreign exchange contract
Derivative [Line Items]
Loss on derivative	$ 5
Foreign exchange contract \| Cash flow hedging
Derivative [Line Items]
Notional amount of foreign currency contracts		$ 2,750	2,720
Foreign exchange contract \| Cash flow hedging \| Future Production Costs
Derivative [Line Items]
Notional amount of foreign currency contracts		2,390	2,200
Foreign exchange contract \| Cash flow hedging \| Other Foreign Currency
Derivative [Line Items]
Notional amount of foreign currency contracts		358	$ 523
Viacom18
Derivative [Line Items]
Ownership interest (in percent)			49.00%
Ownership interest after dilution (in percent)			13.00%
Gain (loss) from investments		$ (13)	$ 168
Ownership interest sold (in percent)	13.00%				13.00%
Aggregate purchase price	$ 508
Viacom18 \| Foreign Exchange Option
Derivative [Line Items]
Notional amount of foreign currency contracts \| ₨					₨ 42,860
SkyShowtime
Derivative [Line Items]
Ownership interest (in percent)			50.00%
The CW
Derivative [Line Items]
Gain (loss) from investments				$ (4)
Decrease in ownership interest (in percent)				37.50%
Noncash distribution received				$ 139
Ownership interest after divestiture (in percent)				12.50%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net earnings (loss) (Paramount and noncontrolling interests)	$ (6,149)	$ (576)	$ 1,214
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	(156)	179	(240)
Decrease to net actuarial loss and prior service costs	105	45	337
Other comprehensive income (loss) from continuing operations, net of tax (Paramount and noncontrolling interests)	(51)	224	97
Other comprehensive income (loss) from discontinued operations	0	30	(7)
Comprehensive income (loss)	(6,200)	(322)	1,304
Less: Comprehensive income attributable to noncontrolling interests	38	35	105
Comprehensive income (loss) attributable to Paramount	$ (6,238)	$ (357)	$ 1,199

RELATED PARTIES (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Related Party Transactions

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


Year Ended December 31,	2024		2023		2022
Revenues	$	273	$	322	$	358

Operating costs (a)	$	114	$	24	$	24

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


At December 31,	2024		2023
Receivables, net	$	190	$	193

Other assets (Receivables, noncurrent)	$	82	$	101

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Book Value of Goodwill by Segment

The following tables present the changes in the book value of goodwill by segment for the years ended December 31, 2024 and 2023.


	Balance at					Foreign		Balance at
	December 31, 2023			Impairment		Currency		December 31, 2024
TV Media:
Goodwill		$	24,522	$	—	$	(27)		$	24,495
Accumulated impairment losses		(13,354)		(5,981)		—			(19,335)
Goodwill, net of impairment		11,168		(5,981)		(27)			5,160
Direct-to-Consumer
Goodwill		2,728		—		—			2,728
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,728		—		—			2,728
Filmed Entertainment:
Goodwill		2,620		—		—			2,620
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,620		—		—			2,620
Total:
Goodwill		29,870		—		(27)			29,843
Accumulated impairment losses		(13,354)		(5,981)		—			(19,335)
Goodwill, net of impairment		$	16,516	$	(5,981)	$	(27)		$	10,508


	Balance at			Acquisitions /		Foreign		Balance at
	December 31, 2022			(Dispositions)		Currency		December 31, 2023
TV Media:
Goodwill		$	24,505	$	(12)	$	29		$	24,522
Accumulated impairment losses		(13,354)		—		—			(13,354)
Goodwill, net of impairment		11,151		(12)		29			11,168
Direct-to-Consumer:
Goodwill		2,728		—		—			2,728
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,728		—		—			2,728
Filmed Entertainment:
Goodwill		2,620		—		—			2,620
Accumulated impairment losses		—		—		—			—
Goodwill, net of impairment		2,620		—		—			2,620
Total:
Goodwill		29,853		(12)		29			29,870
Accumulated impairment losses		(13,354)		—		—			(13,354)
Goodwill, net of impairment		$	16,499	$	(12)	$	29		$	16,516

Summary of Indefinite-lived Intangible Assets

Our intangible assets were as follows:


			Accumulated
At December 31, 2024	Gross		Amortization		Net
Intangible assets subject to amortization:
Trade names	$	241	$	(166)	$	75
Licenses	127		(68)		59
Customer agreements	121		(103)		18
Other intangible assets	238		(196)		42
Total intangible assets subject to amortization	727		(533)		194
FCC licenses	2,165		—		2,165
International broadcast licenses	13		—		13
Other intangible assets	34		—		34
Total intangible assets	$	2,939	$	(533)	$	2,406


			Accumulated
At December 31, 2023	Gross		Amortization		Net
Intangible assets subject to amortization:
Trade names	$	242	$	(154)	$	88
Licenses	129		(62)		67
Customer agreements	124		(102)		22
Other intangible assets	239		(192)		47
Total intangible assets subject to amortization	734		(510)		224
FCC licenses	2,306		—		2,306
International broadcast licenses	25		—		25
Other intangible assets	34		—		34
Total intangible assets	$	3,099	$	(510)	$	2,589

Summary of Finite-lived Intangible Assets

Our intangible assets were as follows:


			Accumulated
At December 31, 2024	Gross		Amortization		Net
Intangible assets subject to amortization:
Trade names	$	241	$	(166)	$	75
Licenses	127		(68)		59
Customer agreements	121		(103)		18
Other intangible assets	238		(196)		42
Total intangible assets subject to amortization	727		(533)		194
FCC licenses	2,165		—		2,165
International broadcast licenses	13		—		13
Other intangible assets	34		—		34
Total intangible assets	$	2,939	$	(533)	$	2,406


			Accumulated
At December 31, 2023	Gross		Amortization		Net
Intangible assets subject to amortization:
Trade names	$	242	$	(154)	$	88
Licenses	129		(62)		67
Customer agreements	124		(102)		22
Other intangible assets	239		(192)		47
Total intangible assets subject to amortization	734		(510)		224
FCC licenses	2,306		—		2,306
International broadcast licenses	25		—		25
Other intangible assets	34		—		34
Total intangible assets	$	3,099	$	(510)	$	2,589

Summary of Amortization Expense

Amortization expense was as follows:


Year Ended December 31,	2024			2023			2022
Amortization expense		$	28		$	35		$	41

Summary of Expected Aggregate Annual Amortization Expense

We expect our aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2025 through 2029, to be as follows:


	2025			2026			2027			2028			2029
Future amortization expense		$	24		$	23		$	22		$	22		$	20

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

INCOME TAXES - Reconciliation of U.S. Federal Statutory Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Taxes on income at U.S. federal statutory rate	$ (1,297)	$ (263)	$ 266
State and local taxes, net of federal tax benefit	(56)	(13)	44
Effect of foreign operations	74	(97)	(20)
Noncontrolling interests	(7)	(6)	(20)
Goodwill impairment	819	0	0
Interest limitation carryforward valuation allowance	101	0	0
Non-deductible expenses	55	9	11
Reorganization of foreign operations	0	(4)	(72)
Tax deficiency from stock-based compensation	18	18	13
Other, net	(12)	(5)	5
(Benefit from) provision for income taxes	$ (305)	$ (361)	$ 227
Deferred tax asset realization period			25 years

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense for the years ended December 31, 2024, 2023 and 2022.


Year Ended December 31,	2024		2023		2022
RSUs and PSUs (a)	$	210	$	172	$	155
Stock options	—		—		3
Expense included in operating and SG&A	210		172		158
Expense included in restructuring charges (b)	35		5		14
Stock-based compensation expense, before income taxes	245		177		172
Related tax benefit	(37)		(35)		(35)
Stock-based compensation expense, net of tax benefit	$	208	$	142	$	137

Summary of RSU and PSU Activity

The following table summarizes our RSU and PSU share activity:


			Weighted Average
	Shares		Grant Date Fair Value
Non-vested at December 31, 2023		15,504,261		$	26.38
Granted (a)		20,970,112		$	10.97
Vested		(12,139,195)		$	20.27
Forfeited		(4,085,536)		$	17.37
Non-vested at December 31, 2024		20,249,642		$	15.90

(a) Grant activity includes 3.6 million of PSUs at target for 2024.

Summary of Stock Option Activity

The following table summarizes our stock option activity under the Plans.


			Weighted Average
	Stock Options		Exercise Price
Outstanding and Exercisable at December 31, 2023		3,545,406		$	54.70

Expired		(746,960)		$	55.84
Outstanding and Exercisable at December 31, 2024		2,798,446		$	54.40

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Total assets	$ 46,172	$ 53,543
Revenues	29,213	29,652	$ 30,154
Operating loss	(5,269)	(451)	2,342
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets	1,825	1,886
Total liabilities	198	232
Revenues	530	598	524
Operating loss	$ (124)	$ (107)	$ (56)

- 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

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Depreciation is calculated using the straight-line method over estimated useful lives as follows:


Buildings and building improvements			10 to 40 years
Leasehold improvements			Shorter of lease term or useful life
Equipment and other (including finance leases)			3 to 20 years


At December 31,	2024		2023
Land	$	370	$	373
Buildings	889		881
Equipment and other	3,987		3,916
	5,246		5,170
Less: Accumulated depreciation	3,680		3,504
Property and equipment, net	$	1,566	$	1,666


Year Ended December 31,	2024		2023		2022
Depreciation expense	$	364	$	383	$	337

REVENUES - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 29,213	$ 29,652	$ 30,154
Advertising
Disaggregation of Revenue [Line Items]
Total Revenues	10,295	9,989	10,890
Affiliate and subscription
Disaggregation of Revenue [Line Items]
Total Revenues	13,153	13,018	11,551
Theatrical
Disaggregation of Revenue [Line Items]
Total Revenues	813	813	1,223
Licensing and other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 4,952	$ 5,832	$ 6,490

- 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

STOCKHOLDERS’ EQUITY - Dividends Declared Per Share and Total Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Total common stock dividends	$ 138	$ 261	$ 635
Total preferred stock dividends	$ 14	$ 58	$ 58
Class A and Class B Common Stock
Class of Stock [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.20	$ 0.39	$ 0.96
Total common stock dividends	$ 138	$ 261	$ 635
Mandatory Convertible Preferred Stock
Class of Stock [Line Items]
Dividends declared per preferred share (in dollars per share)	$ 1.4375	$ 5.75	$ 5.75
Total preferred stock dividends	$ 14	$ 58	$ 58

- Definition

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

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+ Details

PROGRAMMING AND OTHER INVENTORY (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Summary of Programming and Other Inventory, Current

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


At December 31,	2024		2023
Film Group Monetization:
Acquired program rights, including prepaid sports rights	$	3,168	$	3,318
Internally-produced television and film programming:
Released	6,847		6,666
In process and other	2,292		2,028

Individual Monetization:
Acquired libraries	308		348
Films:
Released	877		624
Completed, not yet released	42		179
In process and other	960		1,211
Internally-produced television programming:
Released	638		496
In process and other	195		361
Home entertainment	26		34
Total programming and other inventory	15,353		15,265
Less current portion	1,429		1,414
Total noncurrent programming and other inventory	$	13,924	$	13,851

Summary of Programming and Other Inventory, Noncurrent

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


At December 31,	2024		2023
Film Group Monetization:
Acquired program rights, including prepaid sports rights	$	3,168	$	3,318
Internally-produced television and film programming:
Released	6,847		6,666
In process and other	2,292		2,028

Individual Monetization:
Acquired libraries	308		348
Films:
Released	877		624
Completed, not yet released	42		179
In process and other	960		1,211
Internally-produced television programming:
Released	638		496
In process and other	195		361
Home entertainment	26		34
Total programming and other inventory	15,353		15,265
Less current portion	1,429		1,414
Total noncurrent programming and other inventory	$	13,924	$	13,851

Summary 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.


Year Ended December 31,	2024		2023		2022
Acquired program rights	$	5,482	$	5,331	$	5,018

Internally-produced television and film programming, and acquired libraries:
Individual monetization	$	1,608	$	2,065	$	2,104
Film group monetization	$	4,898	$	5,097	$	5,187

The following table presents the estimated expected amortization over each of the next three years of released programming inventory on the Consolidated Balance Sheet at December 31, 2024.


	2025		2026		2027
Acquired program rights	$	2,292	$	470	$	245

Internally-produced television and film programming, and acquired libraries:
Individual monetization	$	935	$	193	$	135
Film group monetization	$	3,266	$	1,666	$	1,004

DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations

The following tables set forth details of net earnings from discontinued operations for the years ended December 31, 2023 and 2022, which primarily relates to Simon & Schuster.


Year Ended December 31, 2023	Simon & Schuster			Other (a)		Total
Revenues		$	958	$	—	$	958
Costs and expenses:
Operating		580		(12)		568
Selling, general and administrative		149		—		149
Restructuring charges		2		—		2
Total costs and expenses		731		(12)		719
Operating income		227		12		239
Other items, net		(9)		—		(9)
Earnings from discontinued operations		218		12		230
Benefit from (provision for) income taxes		12		(3)		9
Earnings from discontinued operations, net of tax		230		9		239
Gain on sale (net of tax of $258 million) (b)		437		—		437
Net earnings from discontinued operations, net of tax		$	667	$	9	$	676


Year Ended December 31, 2022	Simon & Schuster			Other (a)		Total
Revenues		$	1,177	$	—	$	1,177
Costs and expenses:
Operating		746		(30)		716
Selling, general and administrative		180		—		180
Restructuring charges		3		—		3
Total costs and expenses		929		(30)		899
Operating income		248		30		278
Termination fee, net of advisory fees (c)		190		—		190
Other items, net		(12)		—		(12)
Earnings from discontinued operations		426		30		456
Provision for income taxes		(70)		(7)		(77)
Net earnings from discontinued operations, net of tax		$	356	$	23	$	379

(a) Primarily relates to indemnification obligations for leases associated with the previously discontinued operations of Famous Players Inc. (“Famous Players”).

- 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