Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

The tables below set forth our financial information by reportable segment. Our operating segments, which are the same as our reportable segments, have been determined in accordance with our internal management structure, which is organized based upon products and services.


Year Ended December 31,	2023		2022		2021
Revenues:
Advertising	$	8,188	$	9,350	$	10,105
Affiliate and subscription	8,085		8,180		8,413
Licensing and other	3,812		4,202		4,216
TV Media	20,085		21,732		22,734
Advertising	1,795		1,533		1,298
Subscription	4,933		3,371		2,029
Licensing	8		—		—
Direct-to-Consumer	6,736		4,904		3,327
Advertising	24		23		18
Theatrical	813		1,223		241
Licensing and other	2,120		2,460		2,428
Filmed Entertainment	2,957		3,706		2,687
Eliminations	(126)		(188)		(162)
Total Revenues	$	29,652	$	30,154	$	28,586

Intercompany Revenues by Segment


Year Ended December 31,	2023		2022		2021
Intercompany Revenues:
TV Media	$	63	$	66	$	87
Direct-to-Consumer	1		—		2
Filmed Entertainment	62		122		73
Total Intercompany Revenues	$	126	$	188	$	162

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


Year Ended December 31,	2023		2022		2021
Adjusted OIBDA:
TV Media	$	4,791	$	5,451	$	5,892
Direct-to-Consumer	(1,663)		(1,819)		(992)
Filmed Entertainment	(119)		272		207
Corporate/Eliminations	(447)		(470)		(491)
Stock-based compensation (a)	(172)		(158)		(172)
Depreciation and amortization	(418)		(378)		(390)
Programming charges	(2,371)		—		—
Impairment charges	(83)		(27)		—
Restructuring and other corporate matters	31		(585)		(100)
Net gains on dispositions	—		56		2,343
Operating income (loss)	(451)		2,342		6,297
Interest expense	(920)		(931)		(986)
Interest income	137		108		53
Gain (loss) from investments	168		(9)		47
Gain (loss) on extinguishment of debt	29		(120)		(128)
Other items, net	(216)		(124)		(77)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	(1,253)		1,266		5,206
Benefit from (provision for) income taxes	361		(227)		(646)
Equity in loss of investee companies, net of tax	(360)		(204)		(91)
Net earnings (loss) from continuing operations	(1,252)		835		4,469
Net earnings from discontinued operations, net of tax	676		379		162
Net earnings (loss) (Paramount and noncontrolling interests)	(576)		1,214		4,631
Net earnings attributable to noncontrolling interests	(32)		(110)		(88)
Net earnings (loss) attributable to Paramount	$	(608)	$	1,104	$	4,543

(a) Stock-based compensation expense of $5 million for 2023, $14 million for 2022 and $20 million for 2021 is included in “Restructuring and other corporate matters”.

Revenues by Customer Location


Year Ended December 31,	2023		2022		2021
Revenues: (a)
United States	$	23,962	$	24,412	$	23,320
International	5,690		5,742		5,266
Total Revenues	$	29,652	$	30,154	$	28,586

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

Long-lived Assets by Geographic Area


At December 31,	2023		2022
Long-lived Assets: (a)
United States	$	15,249	$	18,231
International	1,451		1,458
Total Long-lived Assets	$	16,700	$	19,689

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