SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

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

(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.”

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.