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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