STOCKHOLDERS’ EQUITY

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

STOCKHOLDERS’ EQUITY

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

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

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).

(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).

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.