Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000813828 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Common Class A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock, $0.001 par value | |
Trading Symbol | PARAA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 40,702,875 | |
Common Class B | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class B Common Stock, $0.001 par value | |
Trading Symbol | PARA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 610,703,513 | |
Mandatory Convertible Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.75% Series A Mandatory Convertible Preferred Stock, $0.001 par value | |
Trading Symbol | PARAP | |
Security Exchange Name | NASDAQ |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenues | $ 7,133 | $ 6,916 | $ 22,014 | $ 22,023 |
Costs and expenses: | ||||
Operating | 4,681 | 4,460 | 14,872 | 14,362 |
Programming charges | 0 | 0 | 2,371 | 0 |
Selling, general and administrative | 1,736 | 1,670 | 5,272 | 4,999 |
Depreciation and amortization | 105 | 92 | 310 | 282 |
Restructuring and other corporate matters | (10) | 169 | 44 | 276 |
Total costs and expenses | 6,512 | 6,391 | 22,869 | 19,919 |
Gain on dispositions | 0 | 41 | 0 | 56 |
Operating income (loss) | 621 | 566 | (855) | 2,160 |
Interest expense | (232) | (231) | (698) | (701) |
Interest income | 29 | 33 | 97 | 73 |
Gain (loss) from investments | 0 | (9) | 168 | (9) |
Loss on extinguishment of debt | 0 | 0 | 0 | (120) |
Other items, net | (42) | (36) | (148) | (91) |
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies | 376 | 323 | (1,436) | 1,312 |
(Provision for) benefit from income taxes | (40) | (101) | 436 | (264) |
Equity in loss of investee companies, net of tax | (75) | (58) | (259) | (124) |
Net earnings (loss) from continuing operations | 261 | 164 | (1,259) | 924 |
Net earnings from discontinued operations, net of tax | 48 | 78 | 166 | 181 |
Net earnings (loss) (Paramount and noncontrolling interests) | 309 | 242 | (1,093) | 1,105 |
Net earnings attributable to noncontrolling interests | (14) | (11) | (29) | (22) |
Net earnings (loss) attributable to Paramount | 295 | 231 | (1,122) | 1,083 |
Amounts attributable to Paramount: | ||||
Net earnings (loss) from continuing operations | 247 | 153 | (1,288) | 902 |
Net earnings from discontinued operations, net of tax | 48 | 78 | 166 | 181 |
Net earnings (loss) attributable to Paramount | $ 295 | $ 231 | $ (1,122) | $ 1,083 |
Basic net earnings (loss) per common share attributable to Paramount: | ||||
Net earnings (loss) from continuing operations (in dollars per share) | $ 0.36 | $ 0.21 | $ (2.04) | $ 1.32 |
Net earnings from discontinued operations (in dollars per share) | 0.07 | 0.12 | 0.25 | 0.28 |
Net earnings (loss) (in dollars per share) | 0.43 | 0.33 | (1.79) | 1.60 |
Diluted net earnings (loss) per common share attributable to Paramount: | ||||
Net earnings (loss) from continuing operations (in dollars per share) | 0.36 | 0.21 | (2.04) | 1.32 |
Net earnings from discontinued operations (in dollars per share) | 0.07 | 0.12 | 0.25 | 0.28 |
Net earnings (loss) (in dollars per share) | $ 0.43 | $ 0.33 | $ (1.79) | $ 1.60 |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 652 | 649 | 651 | 649 |
Diluted (in shares) | 652 | 650 | 651 | 650 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) (Paramount and noncontrolling interests) | $ 309 | $ 242 | $ (1,093) | $ 1,105 |
Other comprehensive income (loss), net of tax: | ||||
Cumulative translation adjustments | (87) | (248) | 56 | (457) |
Decrease to net actuarial loss and prior service costs | 13 | 16 | 36 | 49 |
Other comprehensive income (loss) from continuing operations, net of tax (Paramount and noncontrolling interests) | (74) | (232) | 92 | (408) |
Other comprehensive loss from discontinued operations | (5) | (8) | (1) | (14) |
Comprehensive income (loss) | 230 | 2 | (1,002) | 683 |
Less: Comprehensive income attributable to noncontrolling interests | 14 | 10 | 31 | 17 |
Comprehensive income (loss) attributable to Paramount | $ 216 | $ (8) | $ (1,033) | $ 666 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 1,804 | $ 2,885 |
Receivables, net | 6,939 | 7,412 |
Programming and other inventory | 1,754 | 1,342 |
Prepaid expenses and other current assets | 1,536 | 1,308 |
Current assets of discontinued operations | 678 | 787 |
Total current assets | 12,711 | 13,734 |
Property and equipment, net | 1,668 | 1,762 |
Programming and other inventory | 13,844 | 16,278 |
Goodwill | 16,488 | 16,499 |
Intangible assets, net | 2,675 | 2,694 |
Operating lease assets | 1,264 | 1,391 |
Deferred income tax assets, net | 1,273 | 1,242 |
Other assets | 3,913 | 3,991 |
Assets of discontinued operations | 804 | 802 |
Total Assets | 54,640 | 58,393 |
Current Liabilities: | ||
Accounts payable | 953 | 1,403 |
Accrued expenses | 2,118 | 2,071 |
Participants’ share and royalties payable | 2,731 | 2,416 |
Accrued programming and production costs | 1,695 | 2,063 |
Deferred revenues | 848 | 973 |
Debt | 38 | 239 |
Other current liabilities | 1,196 | 1,477 |
Current liabilities of discontinued operations | 471 | 549 |
Total current liabilities | 10,050 | 11,191 |
Long-term debt | 15,627 | 15,607 |
Participants’ share and royalties payable | 1,453 | 1,744 |
Pension and postretirement benefit obligations | 1,436 | 1,458 |
Deferred income tax liabilities, net | 500 | 1,077 |
Operating lease liabilities | 1,307 | 1,428 |
Program rights obligations | 209 | 367 |
Other liabilities | 1,476 | 1,715 |
Liabilities of discontinued operations | 204 | 200 |
Commitments and contingencies (Note 13) | ||
Paramount stockholders’ equity: | ||
Additional paid-in capital | 33,176 | 33,063 |
Treasury stock, at cost; 503 (2023 and 2022) shares of Class B Common Stock | (22,958) | (22,958) |
Retained earnings | 13,363 | 14,737 |
Accumulated other comprehensive loss | (1,718) | (1,807) |
Total Paramount stockholders’ equity | 21,864 | 23,036 |
Noncontrolling interests | 514 | 570 |
Total Equity | 22,378 | 23,606 |
Total Liabilities and Equity | 54,640 | 58,393 |
Mandatory Convertible Preferred Stock | ||
Paramount stockholders’ equity: | ||
5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share; 25 shares authorized; 10 (2023 and 2022) shares issued | 0 | 0 |
Common Class A | ||
Paramount stockholders’ equity: | ||
Common stock | 0 | 0 |
Common Class B | ||
Paramount stockholders’ equity: | ||
Common stock | $ 1 | $ 1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Mandatory Convertible Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, percentage | 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) | 10 | 10 |
Common Class A | ||
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 |
Common Class B | ||
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) | 1,114 | 1,112 |
Treasury stock, at cost (in shares) | 503 | 503 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities: | ||||
Net earnings (loss) (Paramount and noncontrolling interests) | $ 309 | $ 242 | $ (1,093) | $ 1,105 |
Less: Net earnings from discontinued operations, net of tax | 48 | 78 | 166 | 181 |
Net earnings (loss) from continuing operations | 261 | 164 | (1,259) | 924 |
Adjustments to reconcile net earnings (loss) from continuing operations to net cash flow (used for) provided by operating activities from continuing operations: | ||||
Depreciation and amortization | 105 | 92 | 310 | 282 |
Programming charges | 0 | 0 | 2,371 | 0 |
Deferred tax benefit | (592) | (42) | ||
Stock-based compensation | 131 | 127 | ||
Gain on dispositions | 0 | (41) | 0 | (56) |
(Gain) loss from investments | 0 | 9 | (168) | 9 |
Loss on extinguishment of debt | 0 | 0 | 0 | 120 |
Equity in loss of investee companies, net of tax | 75 | 58 | 259 | 124 |
Change in assets and liabilities | (1,226) | (1,269) | ||
Net cash flow (used for) provided by operating activities from continuing operations | (174) | 219 | ||
Net cash flow provided by operating activities from discontinued operations | 205 | 107 | ||
Net cash flow provided by operating activities | 31 | 326 | ||
Investing Activities: | ||||
Investments | (184) | (189) | ||
Capital expenditures | (213) | (228) | ||
Other investing activities | 56 | 37 | ||
Net cash flow used for investing activities from continuing operations | (341) | (380) | ||
Net cash flow used for investing activities from discontinued operations | (3) | (3) | ||
Net cash flow used for investing activities | (344) | (383) | ||
Financing Activities: | ||||
Proceeds from issuance of notes and debentures | 0 | 989 | ||
Repayment of notes and debentures | (139) | (3,010) | ||
Dividends paid on preferred stock | (43) | (43) | ||
Dividends paid on common stock | (351) | (471) | ||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (21) | (14) | ||
Payments to noncontrolling interests | (97) | (106) | ||
Other financing activities | (93) | (26) | ||
Net cash flow used for financing activities | (744) | (2,681) | ||
Effect of exchange rate changes on cash and cash equivalents | (24) | (146) | ||
Net decrease in cash and cash equivalents | (1,081) | (2,884) | ||
Cash and cash equivalents at beginning of year | 2,885 | 6,267 | ||
Cash and cash equivalents at end of period | $ 1,804 | $ 3,383 | $ 1,804 | $ 3,383 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ 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 | Noncontrolling Interests |
Preferred stock, beginning balance (in shares) at Dec. 31, 2021 | 10 | ||||||||
Beginning balance at Dec. 31, 2021 | $ 22,970 | $ 22,402 | $ 0 | $ 1 | $ 32,918 | $ (22,958) | $ 14,343 | $ (1,902) | $ 568 |
Common stock, beginning balance (in shares) at Dec. 31, 2021 | 648 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation activity (in shares) | 1 | ||||||||
Stock-based compensation activity | 116 | 116 | 116 | ||||||
Preferred stock dividends | (43) | (43) | (43) | ||||||
Common stock dividends | (477) | (477) | (477) | ||||||
Noncontrolling interests | (110) | (17) | (17) | (93) | |||||
Net earnings (loss) | 1,105 | 1,083 | 1,083 | 22 | |||||
Other comprehensive income (loss) | (422) | (417) | (417) | (5) | |||||
Preferred stock, ending balance (in shares) at Sep. 30, 2022 | 10 | ||||||||
Ending balance at Sep. 30, 2022 | 23,139 | 22,647 | $ 0 | $ 1 | 33,034 | (22,958) | 14,889 | (2,319) | 492 |
Common stock, ending balance (in shares) at Sep. 30, 2022 | 649 | ||||||||
Preferred stock, beginning balance (in shares) at Jun. 30, 2022 | 10 | ||||||||
Beginning balance at Jun. 30, 2022 | 23,280 | 22,776 | $ 0 | $ 1 | 32,984 | (22,958) | 14,829 | (2,080) | 504 |
Common stock, beginning balance (in shares) at Jun. 30, 2022 | 649 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation activity | 50 | 50 | 50 | ||||||
Preferred stock dividends | (14) | (14) | (14) | ||||||
Common stock dividends | (159) | (159) | (159) | ||||||
Noncontrolling interests | (20) | 2 | 2 | (22) | |||||
Net earnings (loss) | 242 | 231 | 231 | 11 | |||||
Other comprehensive income (loss) | (240) | (239) | (239) | (1) | |||||
Preferred stock, ending balance (in shares) at Sep. 30, 2022 | 10 | ||||||||
Ending balance at Sep. 30, 2022 | 23,139 | 22,647 | $ 0 | $ 1 | 33,034 | (22,958) | 14,889 | (2,319) | 492 |
Common stock, ending balance (in shares) at Sep. 30, 2022 | 649 | ||||||||
Preferred stock, beginning balance (in shares) at Dec. 31, 2022 | 10 | ||||||||
Beginning balance at Dec. 31, 2022 | 23,606 | 23,036 | $ 0 | $ 1 | 33,063 | (22,958) | 14,737 | (1,807) | 570 |
Common stock, beginning balance (in shares) at Dec. 31, 2022 | 650 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation activity (in shares) | 2 | ||||||||
Stock-based compensation activity and other | 132 | 132 | 113 | 19 | |||||
Preferred stock dividends | (43) | (43) | (43) | ||||||
Common stock dividends | (228) | (228) | (228) | ||||||
Noncontrolling interests | (87) | (87) | |||||||
Net earnings (loss) | (1,093) | (1,122) | (1,122) | 29 | |||||
Other comprehensive income (loss) | 91 | 89 | 89 | 2 | |||||
Preferred stock, ending balance (in shares) at Sep. 30, 2023 | 10 | ||||||||
Ending balance at Sep. 30, 2023 | 22,378 | 21,864 | $ 0 | $ 1 | 33,176 | (22,958) | 13,363 | (1,718) | 514 |
Common stock, ending balance (in shares) at Sep. 30, 2023 | 652 | ||||||||
Preferred stock, beginning balance (in shares) at Jun. 30, 2023 | 10 | ||||||||
Beginning balance at Jun. 30, 2023 | 22,157 | 21,655 | $ 0 | $ 1 | 33,135 | (22,958) | 13,116 | (1,639) | 502 |
Common stock, beginning balance (in shares) at Jun. 30, 2023 | 651 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation activity (in shares) | 1 | ||||||||
Stock-based compensation activity | 41 | 41 | 41 | ||||||
Preferred stock dividends | (14) | (14) | (14) | ||||||
Common stock dividends | (34) | (34) | (34) | ||||||
Noncontrolling interests | (2) | (2) | |||||||
Net earnings (loss) | 309 | 295 | 295 | 14 | |||||
Other comprehensive income (loss) | (79) | (79) | (79) | ||||||
Preferred stock, ending balance (in shares) at Sep. 30, 2023 | 10 | ||||||||
Ending balance at Sep. 30, 2023 | $ 22,378 | $ 21,864 | $ 0 | $ 1 | $ 33,176 | $ (22,958) | $ 13,363 | $ (1,718) | $ 514 |
Common stock, ending balance (in shares) at Sep. 30, 2023 | 652 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION Description of Business— Paramount Global, a global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide, 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) premium and basic cable networks, including Showtime (to be rebranded to Paramount+ with Showtime in the future), MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, CBS Sports Network, and international extensions of certain of these brands; (3) domestic and international television studio operations, including CBS Studios, Paramount Television Studios and 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 and CBS Sports HQ . • Direct-to-Consumer— Our Direct-to-Consumer segment consists of our portfolio of domestic and international pay and free streaming services, including Paramount+, Pluto TV, Showtime Networks’ domestic premium subscription streaming service (Showtime OTT), BET+ and Noggin. Effective June 27, 2023, we launched the Paramount+ with Showtime plan in the United States, which replaced the Paramount+ Premium plan. Effective July 6, 2023, Showtime OTT was no longer offered as a standalone subscription service for new subscribers. • 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. Basis of Presentation— The accompanying unaudited consolidated financial statements have been prepared on a basis consistent with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules of the Securities and Exchange Commission (SEC). These financial statements should be read in conjunction with the more detailed financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. Certain previously reported amounts have been reclassified to conform to the current presentation. Discontinued Operations— Simon & Schuster is presented as a discontinued operation in our consolidated financial statements for all periods presented (see Note 2). Use of Estimates— The preparation of our consolidated financial statements in conformity with 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. 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 a reduction for dividends recorded during the applicable period on our 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”). Weighted average shares for diluted EPS reflects 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. Diluted EPS also reflects the effect of the assumed conversion of preferred stock, if dilutive, which includes the issuance of common shares in the weighted average number of shares and excludes the above-mentioned preferred stock dividend adjustment to net earnings (loss) available to common stockholders. For the nine months ended September 30, 2023, all of our stock options and RSUs, which totaled 19 million, were excluded from the calculation of diluted EPS because their inclusion would have been antidilutive since we reported a net loss. Stock options and RSUs totaling 18 million for the three months ended September 30, 2023 and 14 million and 10 million for the three and nine months ended September 30, 2022, respectively, were excluded from the calculations of diluted EPS because their inclusion would have been antidilutive. Also excluded from the calculation of diluted EPS for each period was the effect of the assumed conversion of 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. Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2023 2022 2023 2022 Weighted average shares for basic EPS 652 649 651 649 Dilutive effect of shares issuable under stock-based compensation plans — 1 — 1 Weighted average shares for diluted EPS 652 650 651 650 Additionally, 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 calculations of diluted EPS for the three and nine months ended September 30, 2023 and 2022 include a reduction for the preferred stock dividends recorded during each period. 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. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Amounts attributable to Paramount: Net earnings (loss) from continuing operations $ 247 $ 153 $ (1,288) $ 902 Preferred stock dividends (14) (14) (43) (43) Net earnings (loss) from continuing operations for basic and diluted EPS calculation $ 233 $ 139 $ (1,331) $ 859 Amounts attributable to Paramount: Net earnings (loss) $ 295 $ 231 $ (1,122) $ 1,083 Preferred stock dividends (14) (14) (43) (43) Net earnings (loss) for basic and diluted EPS calculation $ 281 $ 217 $ (1,165) $ 1,040 |
Dispositions
Dispositions | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | 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 will recognize a gain in the fourth quarter of 2023, which we estimate will be approximately $700 million. The following table sets forth details of net earnings from discontinued operations for the three and nine months ended September 30, 2023 and 2022, which primarily reflects the results of Simon & Schuster. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Revenues $ 307 $ 353 $ 857 $ 863 Costs and expenses: Operating 195 198 501 483 Selling, general and administrative 49 45 138 130 Restructuring charges — 2 — 2 Total costs and expenses (a) 244 245 639 615 Operating income 63 108 218 248 Other items, net (4) (3) (11) (9) Earnings from discontinued operations 59 105 207 239 Provision for income taxes (b) (11) (27) (41) (58) Net earnings from discontinued operations, net of tax $ 48 $ 78 $ 166 $ 181 (a) Included in total costs and expenses are amounts associated with the release of indemnification obligations for leases relating to a previously disposed business of $3 million and $9 million for the three and nine months ended September 30, 2023, respectively, and $15 million and $25 million for the three and nine months ended September 30, 2022, respectively. (b) The tax provision includes amounts relating to previously disposed businesses of $1 million and $2 million for the three and nine months ended September 30, 2023, respectively, and $4 million and $6 million for the three and nine months ended September 30, 2022, respectively. The following table presents the major classes of assets and liabilities of our discontinued operations. At At September 30, 2023 December 31, 2022 Receivables, net $ 465 $ 558 Other current assets 213 229 Goodwill 435 434 Property and equipment, net 56 53 Operating lease assets 220 204 Other assets 93 111 Total Assets $ 1,482 $ 1,589 Royalties payable $ 146 $ 161 Other current liabilities 325 388 Operating lease liabilities 187 182 Other liabilities 17 18 Total Liabilities $ 675 $ 749 Other In September 2022, in connection with our funding commitments under our streaming joint venture with Comcast Corporation, 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. This gain is included in “Gain on dispositions” on the Consolidated Statements of Operations for the three and nine months ended September 30, 2022. Gain on dispositions for the nine months ended September 30, 2022 also includes gains on sales 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. |
Programming and Other Inventory
Programming and Other Inventory | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Programming and Other Inventory | PROGRAMMING AND OTHER INVENTORY The following table presents our programming and other inventory at September 30, 2023 and December 31, 2022, grouped by type and predominant monetization strategy. At At September 30, 2023 December 31, 2022 Film Group Monetization: Acquired program rights, including prepaid sports rights $ 3,438 $ 3,238 Internally-produced television and film programming: Released 6,591 7,154 In process and other 2,178 3,299 Individual Monetization: Acquired libraries 361 394 Film inventory: Released 686 694 Completed, not yet released 146 129 In process and other 1,198 1,317 Internally-produced television programming: Released 506 624 In process and other 459 726 Home entertainment 35 45 Total programming and other inventory 15,598 17,620 Less current portion 1,754 1,342 Total noncurrent programming and other inventory $ 13,844 $ 16,278 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. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Programming costs, acquired programming $ 1,113 $ 987 $ 3,761 $ 3,632 Production costs, internally-produced television and film Individual monetization $ 530 $ 392 $ 1,660 $ 1,554 Film group monetization $ 1,104 $ 1,202 $ 3,830 $ 3,646 Programming Charges During the first half of 2023, in connection with the integration of Showtime into Paramount+ across both streaming and linear platforms, we performed a comprehensive strategic review of the combined content portfolio of Showtime and Paramount+. Additionally, during the first quarter of 2023, we commenced a review of our international content portfolio in connection with initiatives to rationalize and right-size our international operations to align with our streaming strategy, and close or globalize certain of our international channels. As a result, we changed the strategy for certain content, which led to content being removed from our platforms or abandoned, the write-off of development costs, distribution changes, and termination of programming agreements. Accordingly, during the first half of 2023 we recorded programming charges on the Consolidated Statement of Operations relating to these actions. These charges, which totaled $2.37 billion, were comprised of $1.97 billion for the impairment of content to its estimated fair value, as well as $402 million for development cost write-offs and contract termination costs. For content that was removed from our platforms or abandoned, the estimated fair value was determined using assumptions for secondary market licensing revenues, if any. |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | RELATED PARTIES National Amusements, Inc. National Amusements, Inc. (“NAI”) is the controlling stockholder of the Company. At September 30, 2023, NAI directly or indirectly owned approximately 77.4% of our voting Class A Common Stock and approximately 9.8% 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 and acts by majority vote of seven voting trustees (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 voting trustees for the General Trust and is one of two voting trustees who are beneficiaries of the General Trust. No member of our management or other member of our Board of Directors is a trustee of the General Trust. 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. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Revenues $ 66 $ 83 $ 261 $ 211 Operating expenses $ 5 $ 11 $ 18 $ 17 At At September 30, 2023 (a) December 31, 2022 Receivables, net $ 232 $ 180 Other assets (Receivables, noncurrent) $ 89 $ 18 (a) The increase in receivables relates to our SkyShowtime joint venture. 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. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | REVENUES The table below presents our revenues disaggregated into categories based on the nature of such revenues. See Note 12 for revenues by segment disaggregated into these categories. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Revenues by Type: Advertising $ 2,133 $ 2,337 $ 7,179 $ 7,746 Affiliate and subscription 3,262 2,863 9,676 8,591 Theatrical 377 231 735 1,126 Licensing and other 1,361 1,485 4,424 4,560 Total Revenues $ 7,133 $ 6,916 $ 22,014 $ 22,023 Receivables Reserves for accounts receivable reflect our expected credit losses based on historical experience as well as current and expected economic conditions. At September 30, 2023 and December 31, 2022, our allowance for credit losses was $99 million and $111 million, respectively. Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.42 billion and $1.61 billion at September 30, 2023 and December 31, 2022, 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. Contract Liabilities Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets and were $0.9 billion and $1.06 billion at September 30, 2023 and December 31, 2022, respectively. We recognized revenues of $0.8 billion for each of the nine months ended September 30, 2023 and 2022 that were included in the opening balance of deferred revenues for the respective year. Unrecognized Revenues Under Contract At September 30, 2023, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were approximately $8 billion, of which $1 billion is expected to be recognized during the remainder of 2023, $3 billion in 2024, $2 billion in 2025, and $2 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. Under certain licensing 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. For the three months ended September 30, 2023 and 2022, we recognized revenues of $0.1 billion and $0.3 billion, respectively, and for each of the nine months ended |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Our debt consists of the following: At At September 30, 2023 December 31, 2022 7.875% Debentures due 2023 $ — $ 139 7.125% Senior Notes due 2023 35 35 4.75% Senior Notes due 2025 553 552 4.0% Senior Notes due 2026 796 795 3.45% Senior Notes due 2026 124 124 2.90% Senior Notes due 2027 695 694 3.375% Senior Notes due 2028 497 496 3.70% Senior Notes due 2028 495 494 4.20% Senior Notes due 2029 496 495 7.875% Senior Debentures due 2030 830 830 4.95% Senior Notes due 2031 1,228 1,226 4.20% Senior Notes due 2032 977 975 5.50% Senior Debentures due 2033 427 427 4.85% Senior Debentures due 2034 87 87 6.875% Senior Debentures due 2036 1,071 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 489 488 4.375% Senior Debentures due 2043 1,136 1,130 4.875% Senior Debentures due 2043 18 18 5.85% Senior Debentures due 2043 1,234 1,233 5.25% Senior Debentures due 2044 345 345 4.90% Senior Notes due 2044 541 541 4.60% Senior Notes due 2045 590 590 4.95% Senior Notes due 2050 947 946 6.25% Junior Subordinated Debentures due 2057 643 643 6.375% Junior Subordinated Debentures due 2062 989 989 Other bank borrowings — 55 Obligations under finance leases 3 10 Total debt (a) 15,665 15,846 Less current portion 38 239 Total long-term debt, net of current portion $ 15,627 $ 15,607 (a) At September 30, 2023 and December 31, 2022, the senior and junior subordinated debt balances included (i) a net unamortized discount of $427 million and $442 million, respectively, and (ii) unamortized deferred financing costs of $84 million and $89 million, respectively. The face value of our total debt was $16.18 billion and $16.38 billion at September 30, 2023 and December 31, 2022, respectively. In September 2023, we repaid our $139 million of 7.875% debentures upon maturity. In addition, on November 1, 2023, we repaid our $35 million of 7.125% senior notes upon maturity. On November 2, 2023, we announced the commencement of cash tender offers for up to $1.0 billion combined aggregate purchase price of certain of our outstanding senior notes due between 2025 and 2028. During the nine months ended September 30, 2022, we redeemed $2.39 billion of senior notes, prior to maturity, for an aggregate redemption price of $2.49 billion. Also in 2022, we redeemed $520 million of 5.875% junior subordinated debentures due February 2057 at par. These redemptions resulted in a total pre-tax loss on extinguishment of debt of $120 million for the nine months ended September 30, 2022. During the nine months ended September 30, 2022, we also issued $1.00 billion of 6.375% junior subordinated debentures due 2062. Commercial Paper At both September 30, 2023 and December 31, 2022, we had no outstanding commercial paper borrowings. Credit Facility During the first quarter of 2023, we amended and extended our $3.50 billion revolving credit facility (the “Credit Facility”), which now matures in January 2027 (the “2023 Amendment”). 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. Under the 2023 Amendment, we replaced LIBOR as the benchmark rate for loans denominated in U.S. dollars with Term SOFR. The benchmark rate for loans denominated in euros, sterling and yen is based on EURIBOR, SONIA and TIBOR, respectively. The Credit Facility was also amended to include a provision that the occurrence of a Change of Control (as defined in the amended credit agreement) of Paramount will be an event of default that would give the lenders the right to accelerate any outstanding loans and terminate their commitments. At September 30, 2023, 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, which prior to the 2023 Amendment was 4.5x. Under the 2023 Amendment, the maximum Leverage Ratio was increased to 5.75x for each quarter through and including the quarter ending September 30, 2024, and will then decrease to 5.5x for the quarters ending December 31, 2024 and March 31, 2025, with decreases of 0.25x for each subsequent quarter until it reaches 4.5x for the quarter ending March 31, 2026. 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 amended credit agreement) for the trailing twelve-month period. Under the 2023 Amendment, the definition of the Leverage Ratio was also modified to set the maximum amount of unrestricted cash and cash equivalents that can be netted against Consolidated Indebtedness to $1.50 billion for quarters ending on or after September 30, 2024. In addition, under the 2023 Amendment, Simon & Schuster was treated as a continuing operation for the purposes of calculating Consolidated EBITDA until its disposition in October 2023. We met the covenant as of September 30, 2023. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS The carrying value of our financial instruments approximates fair value, except for notes and debentures. At September 30, 2023 and December 31, 2022, the carrying value of our outstanding notes and debentures was $15.66 billion and $15.78 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy) was $13.0 billion and $13.9 billion, respectively. Investments In April 2023, our ownership of Viacom18 was diluted from 49% to 13% following investment by other parties. Accordingly, we no longer account for it under the equity method. 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 during the second quarter of 2023. In September 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 consisted 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 Statements of Operations. The carrying value of our investments without a readily determinable fair value for which we have no significant influence, including Viacom18 subsequent to the dilution of our investment, was $592 million and $70 million at September 30, 2023 and December 31, 2022, respectively. These investments are included in “Other assets” on the Consolidated Balance Sheets. Foreign Exchange Contracts We use derivative financial instruments primarily to manage our exposure to market risks from fluctuations in foreign currency exchange rates. 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 exchange forward contracts have principally been used to hedge projected cash flows, in currencies such as the British pound, the euro, the Canadian dollar and the Australian dollar, generally for periods up to 24 months. We designate foreign exchange forward contracts used to hedge committed and forecasted foreign currency transactions as cash flow hedges. Additionally, we enter into non-designated forward contracts to hedge non-U.S. dollar denominated cash flows. At September 30, 2023 and December 31, 2022, the notional amount of all foreign exchange contracts was $2.62 billion and $3.06 billion, respectively. At September 30, 2023, $2.14 billion related to future production costs and $477 million related to our foreign currency balances and other expected foreign currency cash flows. At December 31, 2022, $2.40 billion related to future production costs and $655 million related to our foreign currency balances and other expected foreign currency cash flows. Gains recognized on derivative financial instruments were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Financial Statement Account Non-designated foreign exchange contracts $ 9 $ 35 $ 3 $ 75 Other items, net Fair Value Measurements The table below presents our assets and liabilities measured at fair value on a recurring basis at September 30, 2023 and December 31, 2022. These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the Financial Accounting Standards Board (“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 At September 30, 2023 December 31, 2022 Assets: Foreign currency hedges $ 27 $ 39 Total Assets $ 27 $ 39 Liabilities: Deferred compensation $ 330 $ 336 Foreign currency hedges 39 83 Total Liabilities $ 369 $ 419 |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2023 | |
Variable Interest Entity Disclosure [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIESIn 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 variable interest entity (“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 At September 30, 2023 December 31, 2022 Total assets $ 1,904 $ 1,961 Total liabilities $ 220 $ 328 Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Revenues $ 144 $ 98 $ 490 $ 287 Operating loss $ (13) $ (35) $ (45) $ (90) |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Dividends The following table presents dividends declared per share and total dividends for our Class A and B Common Stock and our Mandatory Convertible Preferred Stock for the three and nine months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Class A and Class B Common Stock Dividends declared per common share $ .05 $ .24 $ .34 $ .72 Total common stock dividends $ 34 $ 159 $ 228 $ 477 Mandatory Convertible Preferred Stock Dividends declared per preferred share $ 1.4375 $ 1.4375 $ 4.3125 $ 4.3125 Total preferred stock dividends $ 14 $ 14 $ 43 $ 43 Accumulated Other Comprehensive Income (Loss) The following tables summarize the changes in the components of accumulated other comprehensive loss. Continuing Operations Discontinued Operations Cumulative Net Actuarial Other Comprehensive Income (Loss) (a) Accumulated At December 31, 2022 $ (680) $ (1,097) $ (30) $ (1,807) Other comprehensive income (loss) 10 — (1) 9 Reclassifications to net loss 44 (b) 36 (c) — 80 Other comprehensive income (loss) 54 36 (1) 89 At September 30, 2023 $ (626) $ (1,061) $ (31) $ (1,718) Continuing Operations Discontinued Operations Cumulative Net Actuarial Other Comprehensive Income (Loss) (a) Accumulated At December 31, 2021 $ (445) $ (1,434) $ (23) $ (1,902) Other comprehensive loss before (452) — (14) (466) Reclassifications to net earnings — 49 (c) — 49 Other comprehensive income (loss) (452) 49 (14) (417) At September 30, 2022 $ (897) $ (1,385) $ (37) $ (2,319) (a) Reflects cumulative translation adjustments. (b) 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 7). (c) Reflects amortization of net actuarial losses (see Note 11). 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 of $12 million and $16 million for the nine months ended September 30, 2023 and 2022, respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The provision for/benefit from income taxes represents federal, state and local, and foreign taxes on earnings (loss) from continuing operations before income taxes and equity in loss of investee companies. For the three months ended September 30, 2023, we recorded a provision for income taxes of $40 million, and for the nine months ended September 30, 2023, we recorded a benefit from income taxes of $436 million, reflecting effective income tax rates of 10.6% and 30.4%, respectively. Included in the third quarter of 2023 is a net discrete tax benefit of $33 million, primarily reflecting the benefit from guidance issued during the quarter by the Internal Revenue Service (“IRS”) that resulted in additional foreign taxes from 2022 being eligible for a foreign tax credit, and amounts realized in connection with the filing of our tax returns in certain international jurisdictions. These items, together with a tax provision of $3 million on other corporate matters, decreased our effective income tax rate by 8.5 percentage points. The tax benefit for the nine months ended September 30, 2023 was primarily the result of a tax benefit of $582 million on programming charges of $2.37 billion. This item, together with a net discrete tax benefit of $67 million, which principally includes the $33 million discrete tax benefit for the quarter discussed above and the resolution of an income tax matter in a foreign jurisdiction, as well as a net tax provision of $49 million on other items identified as affecting the comparability of our results during the period (which include a gain from an investment and restructuring charges and other corporate matters), increased our effective income tax rate by 10.2 percentage points. For the three and nine months ended September 30, 2022, we recorded a provision for income taxes of $101 million and $264 million, reflecting effective income tax rates of 31.3% and 20.1%, respectively. Included in the provision for income taxes for the third quarter of 2022 is a net discrete tax provision of $9 million, which primarily reflects discrete tax provisions realized in connection with the filing of our tax returns in certain international jurisdictions and from the transfer of subsidiaries in connection with a reorganization of our international operations. These items, together with a net tax benefit of $29 million on other items identified as affecting the comparability of our results during the period (which include charges for restructuring and other corporate matters, and a gain on a disposition) increased our effective income tax rate by 5.0 percentage points. The tax provision for the nine months ended September 30, 2022 included a net discrete tax benefit of $72 million primarily resulting from the transfer of intangible assets between our subsidiaries in connection with a reorganization of our international operations. This item, together with a net tax benefit of $77 million on other items identified as affecting the comparability of our results during the nine-month period (which include charges for restructuring and other corporate matters, a loss on extinguishment of debt, and gains on dispositions) decreased our effective income tax rate by 4.8 percentage points. The Company and its subsidiaries file income tax returns with the IRS and various state and local and foreign jurisdictions. For periods prior to the merger of Viacom Inc. (“Viacom”) with and into CBS Corporation (“CBS”) (the “Merger”), Viacom and CBS filed separate tax returns. For CBS, we are currently under examination by the IRS for the 2017 and 2018 tax years. 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. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS The following table presents the components of net periodic cost for our pension and postretirement benefit plans. The service cost component of net periodic cost is presented on the Consolidated Statements of Operations within operating income and all other components of net periodic cost are included within “Other items, net”. Pension Benefits Postretirement Benefits Three Months Ended September 30, 2023 2022 2023 2022 Components of net periodic cost (a) : Service cost $ — $ — $ 1 $ 1 Interest cost 52 38 3 2 Expected return on plan assets (32) (43) — — Amortization of actuarial loss (gain) (b) 20 24 (5) (4) Net periodic cost $ 40 $ 19 $ (1) $ (1) Pension Benefits Postretirement Benefits Nine Months Ended September 30, 2023 2022 2023 2022 Components of net periodic cost (a) : Service cost $ — $ — $ 1 $ 1 Interest cost 155 113 9 6 Expected return on plan assets (96) (129) — — Amortization of actuarial loss (gain) (b) 62 73 (14) (11) Net periodic cost $ 121 $ 57 $ (4) $ (4) (a) Amounts reflect our domestic plans only. (b) Reflects amounts reclassified from accumulated other comprehensive loss to net earnings (loss). |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION 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. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Revenues: Advertising $ 1,703 $ 1,973 $ 5,905 $ 6,668 Affiliate and subscription 2,004 2,000 6,082 6,156 Licensing and other 860 975 2,930 3,025 TV Media 4,567 4,948 14,917 15,849 Advertising 430 363 1,269 1,073 Subscription 1,258 863 3,594 2,435 Licensing 4 — 4 — Direct-to-Consumer 1,692 1,226 4,867 3,508 Advertising 5 3 21 17 Theatrical 377 231 735 1,126 Licensing and other 509 549 1,554 1,627 Filmed Entertainment 891 783 2,310 2,770 Eliminations (17) (41) (80) (104) Total Revenues $ 7,133 $ 6,916 $ 22,014 $ 22,023 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. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Intercompany Revenues: TV Media $ 7 $ 9 $ 28 $ 33 Filmed Entertainment 10 32 52 71 Total Intercompany Revenues $ 17 $ 41 $ 80 $ 104 We present operating income excluding depreciation and amortization, stock-based compensation, restructuring charges and other corporate matters, programming charges and gain 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 since it is the primary method used by our management. 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. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Adjusted OIBDA: TV Media $ 1,149 $ 1,231 $ 3,649 $ 4,155 Direct-to-Consumer (238) (343) (1,173) (1,244) Filmed Entertainment (49) 41 (143) 185 Corporate/Eliminations (103) (104) (336) (320) Stock-based compensation (a) (43) (39) (127) (114) Depreciation and amortization (105) (92) (310) (282) Programming charges — — (2,371) — Restructuring and other corporate matters 10 (169) (44) (276) Gain on dispositions — 41 — 56 Operating income (loss) 621 566 (855) 2,160 Interest expense (232) (231) (698) (701) Interest income 29 33 97 73 Gain (loss) from investments — (9) 168 (9) Loss on extinguishment of debt — — — (120) Other items, net (42) (36) (148) (91) Earnings (loss) from continuing operations before 376 323 (1,436) 1,312 (Provision for) benefit from income taxes (40) (101) 436 (264) Equity in loss of investee companies, net of tax (75) (58) (259) (124) Net earnings (loss) from continuing operations 261 164 (1,259) 924 Net earnings from discontinued operations, net of tax 48 78 166 181 Net earnings (loss) (Paramount and noncontrolling interests) 309 242 (1,093) 1,105 Net earnings attributable to noncontrolling interests (14) (11) (29) (22) Net earnings (loss) attributable to Paramount $ 295 $ 231 $ (1,122) $ 1,083 (a) Stock-based compensation expense of $4 million for the nine months ended September 30, 2023, and $11 million and $13 million for the three and nine months ended September 30, 2022, respectively, is included in “Restructuring and other corporate matters”. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Guarantees Letters of Credit and Surety Bonds At September 30, 2023, we had outstanding letters of credit and surety bonds of $174 million that were not recorded on the Consolidated Balance Sheet, as well as a $1.9 billion standby letter of credit facility, under which no letters of credit were issued. 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 the same principal financial covenant as the Credit Facility (see Note 6). CBS Television City In connection with the sale of the CBS Television City property and sound stage operation (“CBS Television City”) in 2019, we guaranteed a specified level of cash flows to be generated by the business during the first five years following the completion of the sale. Included in “Other current liabilities” on the Consolidated Balance Sheet at September 30, 2023 is a liability totaling $26 million, reflecting the present value of the remaining estimated amount payable under the guarantee obligation. Lease Guarantees We have certain indemnification obligations with respect to leases primarily associated with the previously discontinued operations of Famous Players Inc. These lease commitments totaled $11 million at September 30, 2023, and are 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. Stockholder Matters Litigation Relating to the Merger Beginning in February 2020, three purported CBS stockholders filed separate derivative and/or putative class action lawsuits in the Court of Chancery of the State of Delaware (the “Delaware Chancery Court”). In March 2020, the Delaware Chancery Court consolidated the three lawsuits and appointed Bucks County Employees Retirement Fund and International Union of Operating Engineers of Eastern Pennsylvania and Delaware as co-lead plaintiffs for the consolidated action captioned In re CBS Corporation Stockholder Class Action and Derivative Litigation (the “CBS Litigation”). In April 2020, the lead plaintiffs filed a Verified Consolidated Class Action and Derivative Complaint (as used in this paragraph, the “Complaint”) against Shari E. Redstone, National Amusements, Inc., Sumner M. Redstone National Amusements Trust, additional members of the CBS Board of Directors (including Candace K. Beinecke, Barbara M. Byrne, Gary L. Countryman, Linda M. Griego, Robert N. Klieger, Martha L. Minow, Susan Schuman, Frederick O. Terrell and Strauss Zelnick), former CBS President and Acting Chief Executive Officer Joseph Ianniello and the Company as nominal defendant. The Complaint alleged breaches of fiduciary duties in connection with the negotiation and approval of an Agreement and Plan of Merger, dated as of August 13, 2019, between CBS and Viacom (as amended, the “Merger Agreement”). The Complaint also alleged waste and unjust enrichment in connection with certain aspects of Mr. Ianniello’s compensation awards. The Complaint sought unspecified damages, costs and expenses, as well as other relief. In December 2022, the Delaware Chancery Court dismissed the fiduciary duty claim against Mr. Klieger. In May 2023, the parties to the CBS Litigation entered into a settlement agreement that provided for, among other things, the final dismissal of the CBS Litigation in exchange for a settlement payment to the Company in the amount of $167.5 million, less administrative costs and plaintiffs’ counsels’ fees and expenses. In September 2023, the Delaware Chancery Court approved the settlement and dismissed the CBS Litigation with prejudice. In October 2023, the Company received the settlement payment in the amount of $120 million, which reflects the settlement of $167.5 million after a deduction was made for administrative costs and plaintiffs’ counsels’ fees and expenses, and accordingly, we will recognize a gain of $120 million during the fourth quarter of 2023. Beginning in November 2019, four purported Viacom stockholders filed separate putative class action lawsuits in the Delaware Chancery Court. In January 2020, the Delaware Chancery Court consolidated the four lawsuits. In February 2020, the Delaware Chancery Court appointed California Public Employees’ Retirement System (“CalPERS”) as lead plaintiff for the consolidated action. Subsequently, in February 2020, CalPERS, together with Park Employees’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago and Louis M. Wilen, filed a First Amended Verified Class Action Complaint (as used in this paragraph, the “Complaint”) against NAI, NAI Entertainment Holdings LLC, Shari E. Redstone, the members of the special transaction committee of the Viacom Board of Directors (comprised of Thomas J. May, Judith A. McHale, Ronald L. Nelson and Nicole Seligman) and our President and Chief Executive Officer and director, Robert M. Bakish (as used in this paragraph, the “Viacom Litigation”). The Complaint alleged breaches of fiduciary duties to Viacom stockholders in connection with the negotiation and approval of the Merger Agreement. The Complaint sought unspecified damages, costs and expenses, as well as other relief. In December 2020, the Delaware Chancery Court dismissed the claims against Mr. Bakish, while allowing the claims against the remaining defendants to proceed. In March 2023, the parties to the Viacom Litigation entered into a settlement agreement that provided for, among other things, the final dismissal of the Viacom Litigation in exchange for a settlement payment in the amount of $122.5 million, which has been fully paid. In July 2023, the Delaware Chancery Court granted approval of the settlement and dismissed the Viacom Litigation with prejudice. Litigation Related to Stock Offerings In August 2021, Camelot Event Driven Fund filed a putative securities class action lawsuit in New York Supreme Court, County of New York, and in November 2021, an amended complaint was filed that, among other changes, added an additional named plaintiff (as used in this paragraph, the “Complaint”). The Complaint is purportedly on behalf of investors who purchased shares of the Company’s Class B Common Stock and 5.75% Series A Mandatory Convertible Preferred Stock pursuant to public securities offerings completed in March 2021, and was filed against the Company, certain senior executives, members of our Board of Directors, and the underwriters involved in the offerings. The Complaint asserts violations of federal securities law and alleges that the offering documents contained material misstatements and omissions, including through an alleged failure to adequately disclose certain total return swap transactions involving Archegos Capital Management referenced to our securities and related alleged risks to the Company’s stock price. In December 2021, the plaintiffs filed a stipulation seeking the voluntary dismissal without prejudice of the outside director defendants from the lawsuit, which the Court subsequently ordered. On the same date, the defendants filed motions to dismiss the lawsuit, which were heard in January 2023. In February 2023, the Court dismissed all claims against the Company while allowing the claims against the underwriters to proceed. The plaintiffs and underwriter defendants have appealed the ruling. Litigation Related to Television Station Owners In September 2019, the Company was added as a defendant in a multi-district putative class action lawsuit filed in the United States District Court for the Northern District of Illinois. The lawsuit was filed by parties that claim to have purchased broadcast television spot advertising beginning about January 2014 on television stations owned by one or more of the defendant television station owners and alleges the sharing of allegedly competitively sensitive information among such television stations in alleged violation of the Sherman Antitrust Act. The action, which names the Company among fourteen total defendants, seeks monetary damages, attorneys’ fees, costs and interest as well as injunctions against the allegedly unlawful conduct. We reached an agreement with the plaintiffs to settle the lawsuit. The settlement, which includes no admission of liability or wrongdoing by the Company, is subject to Court approval. In August 2023, the Court granted preliminary approval of the settlement. 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 September 30, 2023, we had pending approximately 20,670 asbestos claims, as compared with approximately 21,580 as of December 31, 2022. During the third quarter of 2023, we received approximately 690 new claims and closed or moved to an inactive docket approximately 770 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 2022 and 2021 for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $57 million and $63 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. The predominant number of pending claims against us are non-cancer claims. It is difficult to predict future asbestos liabilities, as events and circumstances may impact the estimate of our asbestos liabilities, including, among others, the number and types of claims and average cost to resolve such claims. 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. Our liability estimate 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, as well as consultation with a third party firm on trends that may impact our future asbestos liability. While we believe that our accrual for matters related to our predecessor operations, including environmental and asbestos, 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. 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. |
Supplemental Financial Informat
Supplemental Financial Information | 9 Months Ended |
Sep. 30, 2023 | |
Additional Financial Information Disclosure [Abstract] | |
Supplemental Financial Information | SUPPLEMENTAL FINANCIAL INFORMATION Supplemental Cash Flow Information Nine Months Ended September 30, 2023 2022 Cash paid for interest $ 696 $ 755 Cash paid (received) for income taxes: Continuing operations $ (17) $ 31 Discontinued operations $ 19 $ 11 Noncash additions to operating lease assets $ 100 $ 127 Lease Income We enter into operating leases for the use 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. We recorded total lease income, including both fixed and variable amounts, of $5 million and $27 million for the three and nine months ended September 30, 2023, respectively, and $16 million and $50 million for the three and nine months ended September 30, 2022, respectively. Restructuring and Other Corporate Matters During the three and nine months ended September 30, 2023 and 2022, we recorded the following restructuring charges and other corporate matters. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 TV Media $ — $ 77 $ 32 $ 86 Direct-to-Consumer — — 3 1 Filmed Entertainment — — 5 18 Corporate — — 14 — Severance (a) — 77 54 105 Exit costs — 8 — 8 Restructuring charges — 85 54 113 Other corporate matters (10) 84 (10) 163 Restructuring and other corporate matters $ (10) $ 169 $ 44 $ 276 (a) Severance costs include the accelerated vesting of stock-based compensation. Following our 2022 operating segment realignment and as we integrated Showtime into Paramount+, we implemented further initiatives to streamline and transform our operations, and as a result recorded restructuring charges of $54 million for associated severance costs during the second quarter of 2023. During the three and nine months ended September 30, 2022, we recorded restructuring charges of $85 million and $113 million, respectively, which were comprised of severance costs and the impairment of lease assets in each period. The severance costs were primarily associated with management changes following the operating segment realignment noted above. The lease impairments related to lease assets that we ceased use of with the intent to sublease in connection with initiatives to reduce our real estate footprint in New York City. At September 30, 2023 and December 31, 2022, our restructuring liability was $214 million and $302 million, respectively, and was recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. During the nine months ended September 30, 2023, we made payments for restructuring of $118 million. The restructuring liability at September 30, 2023, which principally relates to severance payments, is expected to be substantially paid by the end of 2024. In addition, during the three months ended September 30, 2023, we recorded a benefit of $10 million in other corporate matters for an insurance recovery related to litigation described under Legal Matters — Stockholder Matters in Note 13. During the three and nine months ended September 30, 2022, we recorded charges for other corporate matters of $84 million and $163 million, respectively, of which $77 million and $117 million, respectively, were associated with litigation described under Legal Matters — Stockholder Matters |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation— The accompanying unaudited consolidated financial statements have been prepared on a basis consistent with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules of the Securities and Exchange Commission (SEC). These financial statements should be read in conjunction with the more detailed financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022. |
Use of Estimates | Use of Estimates— The preparation of our consolidated financial statements in conformity with 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 |
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 a reduction for dividends recorded during the applicable period on our 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”). |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reconciliation from Basic to Diluted Shares | The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS. Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2023 2022 2023 2022 Weighted average shares for basic EPS 652 649 651 649 Dilutive effect of shares issuable under stock-based compensation plans — 1 — 1 Weighted average shares for diluted EPS 652 650 651 650 |
Schedule of Earnings Per Share, Basic and Diluted | 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. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Amounts attributable to Paramount: Net earnings (loss) from continuing operations $ 247 $ 153 $ (1,288) $ 902 Preferred stock dividends (14) (14) (43) (43) Net earnings (loss) from continuing operations for basic and diluted EPS calculation $ 233 $ 139 $ (1,331) $ 859 Amounts attributable to Paramount: Net earnings (loss) $ 295 $ 231 $ (1,122) $ 1,083 Preferred stock dividends (14) (14) (43) (43) Net earnings (loss) for basic and diluted EPS calculation $ 281 $ 217 $ (1,165) $ 1,040 |
Dispositions (Tables)
Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The following table sets forth details of net earnings from discontinued operations for the three and nine months ended September 30, 2023 and 2022, which primarily reflects the results of Simon & Schuster. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Revenues $ 307 $ 353 $ 857 $ 863 Costs and expenses: Operating 195 198 501 483 Selling, general and administrative 49 45 138 130 Restructuring charges — 2 — 2 Total costs and expenses (a) 244 245 639 615 Operating income 63 108 218 248 Other items, net (4) (3) (11) (9) Earnings from discontinued operations 59 105 207 239 Provision for income taxes (b) (11) (27) (41) (58) Net earnings from discontinued operations, net of tax $ 48 $ 78 $ 166 $ 181 (a) Included in total costs and expenses are amounts associated with the release of indemnification obligations for leases relating to a previously disposed business of $3 million and $9 million for the three and nine months ended September 30, 2023, respectively, and $15 million and $25 million for the three and nine months ended September 30, 2022, respectively. (b) The tax provision includes amounts relating to previously disposed businesses of $1 million and $2 million for the three and nine months ended September 30, 2023, respectively, and $4 million and $6 million for the three and nine months ended September 30, 2022, respectively. The following table presents the major classes of assets and liabilities of our discontinued operations. At At September 30, 2023 December 31, 2022 Receivables, net $ 465 $ 558 Other current assets 213 229 Goodwill 435 434 Property and equipment, net 56 53 Operating lease assets 220 204 Other assets 93 111 Total Assets $ 1,482 $ 1,589 Royalties payable $ 146 $ 161 Other current liabilities 325 388 Operating lease liabilities 187 182 Other liabilities 17 18 Total Liabilities $ 675 $ 749 |
Programming and Other Invento_2
Programming and Other Inventory (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Current Programming and Other Inventory | The following table presents our programming and other inventory at September 30, 2023 and December 31, 2022, grouped by type and predominant monetization strategy. At At September 30, 2023 December 31, 2022 Film Group Monetization: Acquired program rights, including prepaid sports rights $ 3,438 $ 3,238 Internally-produced television and film programming: Released 6,591 7,154 In process and other 2,178 3,299 Individual Monetization: Acquired libraries 361 394 Film inventory: Released 686 694 Completed, not yet released 146 129 In process and other 1,198 1,317 Internally-produced television programming: Released 506 624 In process and other 459 726 Home entertainment 35 45 Total programming and other inventory 15,598 17,620 Less current portion 1,754 1,342 Total noncurrent programming and other inventory $ 13,844 $ 16,278 |
Noncurrent Programming and Other Inventory | The following table presents our programming and other inventory at September 30, 2023 and December 31, 2022, grouped by type and predominant monetization strategy. At At September 30, 2023 December 31, 2022 Film Group Monetization: Acquired program rights, including prepaid sports rights $ 3,438 $ 3,238 Internally-produced television and film programming: Released 6,591 7,154 In process and other 2,178 3,299 Individual Monetization: Acquired libraries 361 394 Film inventory: Released 686 694 Completed, not yet released 146 129 In process and other 1,198 1,317 Internally-produced television programming: Released 506 624 In process and other 459 726 Home entertainment 35 45 Total programming and other inventory 15,598 17,620 Less current portion 1,754 1,342 Total noncurrent programming and other inventory $ 13,844 $ 16,278 |
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. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Programming costs, acquired programming $ 1,113 $ 987 $ 3,761 $ 3,632 Production costs, internally-produced television and film Individual monetization $ 530 $ 392 $ 1,660 $ 1,554 Film group monetization $ 1,104 $ 1,202 $ 3,830 $ 3,646 |
Related Parties (Tables)
Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following tables present the amounts recorded in our consolidated financial statements related to these transactions. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Revenues $ 66 $ 83 $ 261 $ 211 Operating expenses $ 5 $ 11 $ 18 $ 17 At At September 30, 2023 (a) December 31, 2022 Receivables, net $ 232 $ 180 Other assets (Receivables, noncurrent) $ 89 $ 18 |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The table below presents our revenues disaggregated into categories based on the nature of such revenues. See Note 12 for revenues by segment disaggregated into these categories. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Revenues by Type: Advertising $ 2,133 $ 2,337 $ 7,179 $ 7,746 Affiliate and subscription 3,262 2,863 9,676 8,591 Theatrical 377 231 735 1,126 Licensing and other 1,361 1,485 4,424 4,560 Total Revenues $ 7,133 $ 6,916 $ 22,014 $ 22,023 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Our debt consists of the following: At At September 30, 2023 December 31, 2022 7.875% Debentures due 2023 $ — $ 139 7.125% Senior Notes due 2023 35 35 4.75% Senior Notes due 2025 553 552 4.0% Senior Notes due 2026 796 795 3.45% Senior Notes due 2026 124 124 2.90% Senior Notes due 2027 695 694 3.375% Senior Notes due 2028 497 496 3.70% Senior Notes due 2028 495 494 4.20% Senior Notes due 2029 496 495 7.875% Senior Debentures due 2030 830 830 4.95% Senior Notes due 2031 1,228 1,226 4.20% Senior Notes due 2032 977 975 5.50% Senior Debentures due 2033 427 427 4.85% Senior Debentures due 2034 87 87 6.875% Senior Debentures due 2036 1,071 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 489 488 4.375% Senior Debentures due 2043 1,136 1,130 4.875% Senior Debentures due 2043 18 18 5.85% Senior Debentures due 2043 1,234 1,233 5.25% Senior Debentures due 2044 345 345 4.90% Senior Notes due 2044 541 541 4.60% Senior Notes due 2045 590 590 4.95% Senior Notes due 2050 947 946 6.25% Junior Subordinated Debentures due 2057 643 643 6.375% Junior Subordinated Debentures due 2062 989 989 Other bank borrowings — 55 Obligations under finance leases 3 10 Total debt (a) 15,665 15,846 Less current portion 38 239 Total long-term debt, net of current portion $ 15,627 $ 15,607 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Gains (Losses) on Derivative Financial Instruments | Gains recognized on derivative financial instruments were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Financial Statement Account Non-designated foreign exchange contracts $ 9 $ 35 $ 3 $ 75 Other items, net |
Fair Value Measurements | The table below presents our assets and liabilities measured at fair value on a recurring basis at September 30, 2023 and December 31, 2022. These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the Financial Accounting Standards Board (“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 At September 30, 2023 December 31, 2022 Assets: Foreign currency hedges $ 27 $ 39 Total Assets $ 27 $ 39 Liabilities: Deferred compensation $ 330 $ 336 Foreign currency hedges 39 83 Total Liabilities $ 369 $ 419 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Variable Interest Entity Disclosure [Abstract] | |
Schedule of Variable Interest Entities | The following tables present the amounts recorded in our consolidated financial statements related to our consolidated VIEs. At At September 30, 2023 December 31, 2022 Total assets $ 1,904 $ 1,961 Total liabilities $ 220 $ 328 Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Revenues $ 144 $ 98 $ 490 $ 287 Operating loss $ (13) $ (35) $ (45) $ (90) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Summary of Common Stock Dividends | The following table presents dividends declared per share and total dividends for our Class A and B Common Stock and our Mandatory Convertible Preferred Stock for the three and nine months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Class A and Class B Common Stock Dividends declared per common share $ .05 $ .24 $ .34 $ .72 Total common stock dividends $ 34 $ 159 $ 228 $ 477 Mandatory Convertible Preferred Stock Dividends declared per preferred share $ 1.4375 $ 1.4375 $ 4.3125 $ 4.3125 Total preferred stock dividends $ 14 $ 14 $ 43 $ 43 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables summarize the changes in the components of accumulated other comprehensive loss. Continuing Operations Discontinued Operations Cumulative Net Actuarial Other Comprehensive Income (Loss) (a) Accumulated At December 31, 2022 $ (680) $ (1,097) $ (30) $ (1,807) Other comprehensive income (loss) 10 — (1) 9 Reclassifications to net loss 44 (b) 36 (c) — 80 Other comprehensive income (loss) 54 36 (1) 89 At September 30, 2023 $ (626) $ (1,061) $ (31) $ (1,718) Continuing Operations Discontinued Operations Cumulative Net Actuarial Other Comprehensive Income (Loss) (a) Accumulated At December 31, 2021 $ (445) $ (1,434) $ (23) $ (1,902) Other comprehensive loss before (452) — (14) (466) Reclassifications to net earnings — 49 (c) — 49 Other comprehensive income (loss) (452) 49 (14) (417) At September 30, 2022 $ (897) $ (1,385) $ (37) $ (2,319) (a) Reflects cumulative translation adjustments. (b) 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 7). (c) Reflects amortization of net actuarial losses (see Note 11). |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Cost | The following table presents the components of net periodic cost for our pension and postretirement benefit plans. The service cost component of net periodic cost is presented on the Consolidated Statements of Operations within operating income and all other components of net periodic cost are included within “Other items, net”. Pension Benefits Postretirement Benefits Three Months Ended September 30, 2023 2022 2023 2022 Components of net periodic cost (a) : Service cost $ — $ — $ 1 $ 1 Interest cost 52 38 3 2 Expected return on plan assets (32) (43) — — Amortization of actuarial loss (gain) (b) 20 24 (5) (4) Net periodic cost $ 40 $ 19 $ (1) $ (1) Pension Benefits Postretirement Benefits Nine Months Ended September 30, 2023 2022 2023 2022 Components of net periodic cost (a) : Service cost $ — $ — $ 1 $ 1 Interest cost 155 113 9 6 Expected return on plan assets (96) (129) — — Amortization of actuarial loss (gain) (b) 62 73 (14) (11) Net periodic cost $ 121 $ 57 $ (4) $ (4) (a) Amounts reflect our domestic plans only. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Revenues By Segment | 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. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Revenues: Advertising $ 1,703 $ 1,973 $ 5,905 $ 6,668 Affiliate and subscription 2,004 2,000 6,082 6,156 Licensing and other 860 975 2,930 3,025 TV Media 4,567 4,948 14,917 15,849 Advertising 430 363 1,269 1,073 Subscription 1,258 863 3,594 2,435 Licensing 4 — 4 — Direct-to-Consumer 1,692 1,226 4,867 3,508 Advertising 5 3 21 17 Theatrical 377 231 735 1,126 Licensing and other 509 549 1,554 1,627 Filmed Entertainment 891 783 2,310 2,770 Eliminations (17) (41) (80) (104) Total Revenues $ 7,133 $ 6,916 $ 22,014 $ 22,023 |
Intercompany Revenues by Segment | Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Intercompany Revenues: TV Media $ 7 $ 9 $ 28 $ 33 Filmed Entertainment 10 32 52 71 Total Intercompany Revenues $ 17 $ 41 $ 80 $ 104 |
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) | Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Adjusted OIBDA: TV Media $ 1,149 $ 1,231 $ 3,649 $ 4,155 Direct-to-Consumer (238) (343) (1,173) (1,244) Filmed Entertainment (49) 41 (143) 185 Corporate/Eliminations (103) (104) (336) (320) Stock-based compensation (a) (43) (39) (127) (114) Depreciation and amortization (105) (92) (310) (282) Programming charges — — (2,371) — Restructuring and other corporate matters 10 (169) (44) (276) Gain on dispositions — 41 — 56 Operating income (loss) 621 566 (855) 2,160 Interest expense (232) (231) (698) (701) Interest income 29 33 97 73 Gain (loss) from investments — (9) 168 (9) Loss on extinguishment of debt — — — (120) Other items, net (42) (36) (148) (91) Earnings (loss) from continuing operations before 376 323 (1,436) 1,312 (Provision for) benefit from income taxes (40) (101) 436 (264) Equity in loss of investee companies, net of tax (75) (58) (259) (124) Net earnings (loss) from continuing operations 261 164 (1,259) 924 Net earnings from discontinued operations, net of tax 48 78 166 181 Net earnings (loss) (Paramount and noncontrolling interests) 309 242 (1,093) 1,105 Net earnings attributable to noncontrolling interests (14) (11) (29) (22) Net earnings (loss) attributable to Paramount $ 295 $ 231 $ (1,122) $ 1,083 (a) Stock-based compensation expense of $4 million for the nine months ended September 30, 2023, and $11 million and $13 million for the three and nine months ended September 30, 2022, respectively, is included in “Restructuring and other corporate matters”. |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Additional Financial Information Disclosure [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Nine Months Ended September 30, 2023 2022 Cash paid for interest $ 696 $ 755 Cash paid (received) for income taxes: Continuing operations $ (17) $ 31 Discontinued operations $ 19 $ 11 Noncash additions to operating lease assets $ 100 $ 127 |
Restructuring and Other Corporate Matters | During the three and nine months ended September 30, 2023 and 2022, we recorded the following restructuring charges and other corporate matters. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 TV Media $ — $ 77 $ 32 $ 86 Direct-to-Consumer — — 3 1 Filmed Entertainment — — 5 18 Corporate — — 14 — Severance (a) — 77 54 105 Exit costs — 8 — 8 Restructuring charges — 85 54 113 Other corporate matters (10) 84 (10) 163 Restructuring and other corporate matters $ (10) $ 169 $ 44 $ 276 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Stock Options and RSUs | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 18 | 14 | 19 | 10 | |
Mandatory Convertible Preferred Stock | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 10 | 10 | 10 | 10 | |
Mandatory Convertible Preferred Stock | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Preferred stock, percentage | 5.75% | 5.75% |
Basis of Presentation - Reconci
Basis of Presentation - Reconciliation from Basic to Diluted Shares (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Weighted average shares for basic EPS (in shares) | 652 | 649 | 651 | 649 |
Dilutive effect of shares issuable under stock-based compensation plans (in shares) | 0 | 1 | 0 | 1 |
Weighted average shares for diluted EPS (in shares) | 652 | 650 | 651 | 650 |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Net earnings (loss) from continuing operations | $ 247 | $ 153 | $ (1,288) | $ 902 |
Preferred stock dividends | (14) | (14) | (43) | (43) |
Net earnings (loss) from continuing operations for basic EPS calculation | 233 | 139 | (1,331) | 859 |
Net earnings (loss) from continuing operations for diluted EPS calculation | 233 | 139 | (1,331) | 859 |
Net earnings (loss) | 295 | 231 | (1,122) | 1,083 |
Preferred stock dividends | (14) | (14) | (43) | (43) |
Net earnings (loss) for basic EPS calculation | 281 | 217 | (1,165) | 1,040 |
Net earnings (loss) for diluted EPS calculation | $ 281 | $ 217 | $ (1,165) | $ 1,040 |
Dispositions - Narrative (Detai
Dispositions - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Dec. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Oct. 30, 2023 | |
Discontinued Operations [Line Items] | |||||||
Gain on dispositions | $ 0 | $ 41 | $ 0 | $ 56 | |||
Discontinued Operations, Disposed of by Sale | Simon & Schuster | Forecast | |||||||
Discontinued Operations [Line Items] | |||||||
Gain on sale of business | $ 700 | ||||||
Discontinued Operations, Disposed of by Sale | Simon & Schuster | Subsequent Event | |||||||
Discontinued Operations [Line Items] | |||||||
Sale of business, consideration | $ 1,620 | ||||||
Not Discontinued Operations, Disposed of by Sale | Nordics | |||||||
Discontinued Operations [Line Items] | |||||||
Gain on dispositions | $ 41 | ||||||
Not Discontinued Operations, Disposed of by Sale | Other Dispositions | |||||||
Discontinued Operations [Line Items] | |||||||
Gain on dispositions | $ 15 |
Dispositions - Schedule of Disc
Dispositions - Schedule of Discontinued Operations, Net Earnings (Details) - Discontinued operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Discontinued Operations [Line Items] | ||||
Revenues | $ 307 | $ 353 | $ 857 | $ 863 |
Costs and expenses: | ||||
Operating | 195 | 198 | 501 | 483 |
Selling, general and administrative | 49 | 45 | 138 | 130 |
Restructuring charges | 0 | 2 | 0 | 2 |
Total costs and expenses | 244 | 245 | 639 | 615 |
Operating income | 63 | 108 | 218 | 248 |
Other items, net | (4) | (3) | (11) | (9) |
Earnings from discontinued operations | 59 | 105 | 207 | 239 |
Provision for income taxes | (11) | (27) | (41) | (58) |
Net earnings from discontinued operations, net of tax | 48 | 78 | 166 | 181 |
Previous disposals, cost and expenses | 3 | 15 | 9 | 25 |
Previous disposals, income tax provision | $ 1 | $ 4 | $ 2 | $ 6 |
Dispositions - Schedule of Di_2
Dispositions - Schedule of Discontinued Operations, Assets and Liabilities (Details) - Discontinued operations - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Receivables, net | $ 465 | $ 558 |
Other current assets | 213 | 229 |
Goodwill | 435 | 434 |
Property and equipment, net | 56 | 53 |
Operating lease assets | 220 | 204 |
Other assets | 93 | 111 |
Total Assets | 1,482 | 1,589 |
Liabilities | ||
Royalties payable | 146 | 161 |
Other current liabilities | 325 | 388 |
Operating lease liabilities | 187 | 182 |
Other liabilities | 17 | 18 |
Total Liabilities | $ 675 | $ 749 |
Programming and Other Invento_3
Programming and Other Inventory - Programming and Other Inventory (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory [Line Items] | ||
Acquired program rights, including prepaid sports rights, film group monetization | $ 3,438 | $ 3,238 |
Acquired libraries, individual monetization | 361 | 394 |
Home entertainment | 35 | 45 |
Total programming and other inventory | 15,598 | 17,620 |
Less current portion | 1,754 | 1,342 |
Total noncurrent programming and other inventory | 13,844 | 16,278 |
Internally Produced Television and Film Programming | ||
Inventory [Line Items] | ||
Released, film group monetization | 6,591 | 7,154 |
In process and other, film group monetization | 2,178 | 3,299 |
Film Inventory | ||
Inventory [Line Items] | ||
Released, individual monetization | 686 | 694 |
Completed, not yet released, individual monetization | 146 | 129 |
In process and other, individual monetization | 1,198 | 1,317 |
Internally Produced Television Programming | ||
Inventory [Line Items] | ||
Released, individual monetization | 506 | 624 |
In process and other, individual monetization | $ 459 | $ 726 |
Programming and Other Invento_4
Programming and Other Inventory - Programming and Production Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | ||||
Programming costs, acquired programming | $ 1,113 | $ 987 | $ 3,761 | $ 3,632 |
Production costs, internally-produced television and film programming: | ||||
Individual monetization | 530 | 392 | 1,660 | 1,554 |
Film group monetization | $ 1,104 | $ 1,202 | $ 3,830 | $ 3,646 |
Programming and Other Invento_5
Programming and Other Inventory - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |||||
Programming charges | $ 0 | $ 0 | $ 2,370 | $ 2,371 | $ 0 |
Impairment charges | 1,970 | ||||
Development cost write offs and contract termination costs | $ 402 |
Related Parties - Narrative (De
Related Parties - Narrative (Details) | Sep. 30, 2023 trustee |
Related Party Transaction [Line Items] | |
SMR Trust ownership in NAI | 80% |
NAI | |
Related Party Transaction [Line Items] | |
NAI ownership of common stock, Class A common stock (percentage) | 77.40% |
NAI ownership of Class A and Class B common stock on a combined basis (percentage) | 9.80% |
Number of trustees | 7 |
Number of beneficiary trustees | 2 |
Related Parties - Schedule of R
Related Parties - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Revenues | $ 7,133 | $ 6,916 | $ 22,014 | $ 22,023 | |
Operating expenses | 4,681 | 4,460 | 14,872 | 14,362 | |
Receivables, net | 6,939 | 6,939 | $ 7,412 | ||
Other assets (Receivables, noncurrent) | 3,913 | 3,913 | 3,991 | ||
Related Party | |||||
Related Party Transaction [Line Items] | |||||
Revenues | 66 | 83 | 261 | 211 | |
Operating expenses | 5 | $ 11 | 18 | $ 17 | |
Receivables, net | 232 | 232 | 180 | ||
Other assets (Receivables, noncurrent) | $ 89 | $ 89 | $ 18 |
Revenues - Schedule of Disaggre
Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 7,133 | $ 6,916 | $ 22,014 | $ 22,023 |
Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 2,133 | 2,337 | 7,179 | 7,746 |
Affiliate and subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 3,262 | 2,863 | 9,676 | 8,591 |
Theatrical | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 377 | 231 | 735 | 1,126 |
Licensing and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 1,361 | $ 1,485 | $ 4,424 | $ 4,560 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |||||
Allowance for credit losses | $ 99 | $ 99 | $ 111 | ||
Contract liabilities | 900 | 900 | 1,060 | ||
Revenue recognized | 800 | $ 800 | |||
Unrecognized revenues | 8,000 | 8,000 | |||
Revenue recognized for satisfaction of performance obligations | 100 | $ 300 | 300 | $ 300 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |||||
Disaggregation of Revenue [Line Items] | |||||
Unrecognized revenues | $ 1,000 | $ 1,000 | |||
Remaining performance obligation period | 3 months | 3 months | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |||||
Disaggregation of Revenue [Line Items] | |||||
Unrecognized revenues | $ 3,000 | $ 3,000 | |||
Remaining performance obligation period | 1 year | 1 year | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |||||
Disaggregation of Revenue [Line Items] | |||||
Unrecognized revenues | $ 2,000 | $ 2,000 | |||
Remaining performance obligation period | 1 year | 1 year | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |||||
Disaggregation of Revenue [Line Items] | |||||
Unrecognized revenues | $ 2,000 | $ 2,000 | |||
Remaining performance obligation period | |||||
Other Assets | |||||
Disaggregation of Revenue [Line Items] | |||||
Noncurrent receivables | $ 1,420 | $ 1,420 | $ 1,610 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Debt Instrument [Line Items] | |||
Other bank borrowings | $ 0 | $ 55 | |
Obligations under finance leases | 3 | 10 | |
Total debt | 15,665 | 15,846 | |
Less current portion | 38 | 239 | |
Total long-term debt, net of current portion | 15,627 | 15,607 | |
Net unamortized discount on senior debt | 427 | 442 | |
Unamortized deferred financing costs | 84 | 89 | |
Face value of debt | $ 16,180 | 16,380 | |
7.875% Debentures due 2023 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.875% | ||
Carrying value of senior debt | $ 0 | 139 | |
7.125% Senior Notes due 2023 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.125% | ||
Carrying value of senior debt | $ 35 | 35 | |
4.75% Senior Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.75% | ||
Carrying value of senior debt | $ 553 | 552 | |
4.0% Senior Notes due 2026 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4% | ||
Carrying value of senior debt | $ 796 | 795 | |
3.45% Senior Notes due 2026 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.45% | ||
Carrying value of senior debt | $ 124 | 124 | |
2.90% Senior Notes due 2027 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 2.90% | ||
Carrying value of senior debt | $ 695 | 694 | |
3.375% Senior Notes due 2028 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.375% | ||
Carrying value of senior debt | $ 497 | 496 | |
3.70% Senior Notes due 2028 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.70% | ||
Carrying value of senior debt | $ 495 | 494 | |
4.20% Senior Notes due 2029 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.20% | ||
Carrying value of senior debt | $ 496 | 495 | |
7.875% Senior Debentures due 2030 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.875% | ||
Carrying value of senior debt | $ 830 | 830 | |
4.95% Senior Notes due 2031 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.95% | ||
Carrying value of senior debt | $ 1,228 | 1,226 | |
4.20% Senior Notes due 2032 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.20% | ||
Carrying value of senior debt | $ 977 | 975 | |
5.50% Senior Debentures due 2033 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.50% | ||
Carrying value of senior debt | $ 427 | 427 | |
4.85% Senior Debentures due 2034 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.85% | ||
Carrying value of senior debt | $ 87 | 87 | |
6.875% Senior Debentures due 2036 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.875% | ||
Carrying value of senior debt | $ 1,071 | 1,071 | |
6.75% Senior Debentures due 2037 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.75% | ||
Carrying value of senior debt | $ 76 | 75 | |
5.90% Senior Notes due 2040 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.90% | ||
Carrying value of senior debt | $ 298 | 298 | |
4.50% Senior Debentures due 2042 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.50% | ||
Carrying value of senior debt | $ 45 | 45 | |
4.85% Senior Notes due 2042 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.85% | ||
Carrying value of senior debt | $ 489 | 488 | |
4.375% Senior Debentures due 2043 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.375% | ||
Carrying value of senior debt | $ 1,136 | 1,130 | |
4.875% Senior Debentures due 2043 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.875% | ||
Carrying value of senior debt | $ 18 | 18 | |
5.85% Senior Debentures due 2043 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.85% | ||
Carrying value of senior debt | $ 1,234 | 1,233 | |
5.25% Senior Debentures due 2044 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.25% | ||
Carrying value of senior debt | $ 345 | 345 | |
4.90% Senior Notes due 2044 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.90% | ||
Carrying value of senior debt | $ 541 | 541 | |
4.60% Senior Notes due 2045 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.60% | ||
Carrying value of senior debt | $ 590 | 590 | |
4.95% Senior Notes due 2050 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.95% | ||
Carrying value of senior debt | $ 947 | 946 | |
6.25% Junior Subordinated Debentures due 2057 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.25% | ||
Junior subordinated notes | $ 643 | 643 | |
6.375% Junior Subordinated Debentures due 2062 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.375% | 6.375% | |
Junior subordinated notes | $ 989 | $ 989 | |
Face value of debt | $ 1,000 |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Nov. 01, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Mar. 31, 2026 | Mar. 31, 2025 | Sep. 30, 2024 USD ($) | Nov. 02, 2023 USD ($) | Apr. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Line of Credit Facility [Line Items] | |||||||||||||
Loss on extinguishment of debt | $ 0 | $ 0 | $ 0 | $ 120 | |||||||||
Debt issued | $ 16,180 | 16,180 | 16,180 | $ 16,380 | |||||||||
Other bank borrowings | 0 | $ 0 | $ 0 | $ 55 | |||||||||
7.875% Debentures due 2023 | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Debt repaid | $ 139 | ||||||||||||
Stated interest rate | 7.875% | 7.875% | 7.875% | ||||||||||
7.125% Senior Notes due 2023 | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Stated interest rate | 7.125% | 7.125% | 7.125% | ||||||||||
7.125% Senior Notes due 2023 | Subsequent Event | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Debt repaid | $ 35 | ||||||||||||
Stated interest rate | 7.125% | ||||||||||||
5.875% Junior Subordinated Debentures due 2057, 5-Year Hybrid | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Stated interest rate | 5.875% | 5.875% | |||||||||||
Debt redeemed | $ 520 | ||||||||||||
6.375% Junior Subordinated Debentures due 2062 | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Stated interest rate | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% | ||||||||
Debt issued | $ 1,000 | $ 1,000 | |||||||||||
Credit Facility | Revolving Credit Facility | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Maximum borrowing capacity under credit facility | $ 3,500 | ||||||||||||
Amount borrowed under credit facility | $ 0 | $ 0 | $ 0 | ||||||||||
Availability under credit facility | 3,500 | 3,500 | 3,500 | ||||||||||
Maximum consolidated leverage ratio | 4.5 | ||||||||||||
Credit Facility | Revolving Credit Facility | Forecast | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Maximum consolidated leverage ratio | 4.5 | 5.5 | 5.75 | ||||||||||
Decrease in maximum consolidated leverage ratio | 0.25 | ||||||||||||
Maximum amount of unrestricted cash and cash equivalents netted against Consolidated Indebtedness | $ 1,500 | ||||||||||||
Miramax Credit Facility, Matures November 2023 | Revolving Credit Facility | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Commercial paper | 0 | 0 | 0 | $ 0 | |||||||||
Maximum borrowing capacity under credit facility | 50 | 50 | 50 | ||||||||||
Other bank borrowings | $ 0 | $ 0 | $ 0 | ||||||||||
Miramax Credit Facility, Matures April 2023 | Revolving Credit Facility | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Maximum borrowing capacity under credit facility | $ 300 | ||||||||||||
Other bank borrowings | $ 55 | ||||||||||||
Senior Notes | Subsequent Event | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Cash tender offer, aggregate purchase price (up to) | $ 1,000 | ||||||||||||
Senior Notes | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Debt repaid | 2,490 | ||||||||||||
Debt redeemed | $ 2,390 | ||||||||||||
Other Bank Borrowings | Miramax Credit Facility, Matures April 2023 | Revolving Credit Facility | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Weighted average interest rate | 7.09% |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Apr. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | |||||||||
Carrying value of notes and debentures | $ 15,660 | $ 15,660 | $ 15,780 | ||||||
Fair value of debt | 13,000 | 13,000 | 13,900 | ||||||
Gain (loss) from investments | 0 | $ (9) | 168 | $ (9) | |||||
Investment impairment | $ 5 | ||||||||
Investments without readily determinable fair value | 592 | $ 592 | 70 | ||||||
Cash Flow Hedging | Foreign exchange contract | |||||||||
Derivative [Line Items] | |||||||||
Maximum derivative contract term | 24 months | ||||||||
Notional amount of derivative | 2,620 | $ 2,620 | 3,060 | ||||||
Cash Flow Hedging | Foreign exchange contract | Production | |||||||||
Derivative [Line Items] | |||||||||
Notional amount of derivative | 2,140 | 2,140 | 2,400 | ||||||
Cash Flow Hedging | Foreign exchange contract | Other | |||||||||
Derivative [Line Items] | |||||||||
Notional amount of derivative | $ 477 | $ 477 | $ 655 | ||||||
Viacom18 | |||||||||
Derivative [Line Items] | |||||||||
Ownership percentage before dilution | 49% | ||||||||
Ownership percentage after dilution | 13% | ||||||||
Gain (loss) from investments | $ 168 | ||||||||
The CW | |||||||||
Derivative [Line Items] | |||||||||
Gain (loss) from investments | (4) | ||||||||
Decrease in ownership interest (percent) | 37.50% | 37.50% | |||||||
Noncash distribution received | $ 139 | ||||||||
Ownership interest (percent) | 12.50% | 12.50% |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Gains (Losses) on Derivative Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Foreign exchange contract | ||||
Derivatives [Line Items] | ||||
Gains on non-designated foreign exchange contracts | $ 9 | $ 35 | $ 3 | $ 75 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Fair Value Measurements (Details) - Level 2 - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Foreign currency hedges | $ 27 | $ 39 |
Total Assets | 27 | 39 |
Liabilities: | ||
Deferred compensation | 330 | 336 |
Foreign currency hedges | 39 | 83 |
Total Liabilities | $ 369 | $ 419 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Variable Interest Entity [Line Items] | |||||
Total assets | $ 54,640 | $ 54,640 | $ 58,393 | ||
Revenues | 7,133 | $ 6,916 | 22,014 | $ 22,023 | |
Operating loss | 621 | 566 | (855) | 2,160 | |
Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 1,904 | 1,904 | 1,961 | ||
Total liabilities | 220 | 220 | $ 328 | ||
Revenues | 144 | 98 | 490 | 287 | |
Operating loss | $ (13) | $ (35) | $ (45) | $ (90) |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Common Stock Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Class of Stock [Line Items] | ||||
Total common stock dividends | $ 34 | $ 159 | $ 228 | $ 477 |
Total preferred stock dividends | $ 14 | $ 14 | $ 43 | $ 43 |
Class A and Class B Common Stock | ||||
Class of Stock [Line Items] | ||||
Dividends declared per common share (in dollars per share) | $ 0.05 | $ 0.24 | $ 0.34 | $ 0.72 |
Total common stock dividends | $ 34 | $ 159 | $ 228 | $ 477 |
Mandatory Convertible Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Dividends declared per preferred share (in dollars per share) | $ 1.4375 | $ 1.4375 | $ 4.3125 | $ 4.3125 |
Total preferred stock dividends | $ 14 | $ 14 | $ 43 | $ 43 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance | $ 23,036 | |
Ending balance | 21,864 | |
Cumulative Translation Adjustments | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance | (680) | $ (445) |
Other comprehensive income (loss) before reclassifications | 10 | (452) |
Reclassification to net earnings (loss) | 44 | 0 |
Other comprehensive income (loss) | 54 | (452) |
Ending balance | (626) | (897) |
Net Actuarial Loss and Prior Service Cost | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance | (1,097) | (1,434) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Reclassification to net earnings (loss) | 36 | 49 |
Other comprehensive income (loss) | 36 | 49 |
Ending balance | (1,061) | (1,385) |
Other Comprehensive Income (Loss) | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance | (30) | (23) |
Other comprehensive income (loss) before reclassifications | (1) | (14) |
Reclassification to net earnings (loss) | 0 | 0 |
Other comprehensive income (loss) | (1) | (14) |
Ending balance | (31) | (37) |
Accumulated Other Comprehensive Loss | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance | (1,807) | (1,902) |
Other comprehensive income (loss) before reclassifications | 9 | (466) |
Reclassification to net earnings (loss) | 80 | 49 |
Other comprehensive income (loss) | 89 | (417) |
Ending balance | $ (1,718) | $ (2,319) |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Equity [Abstract] | ||
Tax provision on net actuarial loss and prior service cost related to pension and other postretirement benefit plans | $ 12 | $ 16 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |||||
Provision for (benefit from) income taxes | $ 40 | $ 101 | $ (436) | $ 264 | |
Effective income tax rate | 10.60% | 31.30% | 30.40% | 20.10% | |
Net discrete tax provision (benefit) | $ (33) | $ 9 | $ (67) | $ (72) | |
Provision (benefit) from other items identified as affecting comparability | 3 | (29) | 49 | (77) | |
Benefit on programming charges | 582 | ||||
Programming charges | $ 0 | $ 0 | $ 2,370 | $ 2,371 | $ 0 |
Percentage point increase (decrease) in effective tax rate | (8.50%) | 5% | 10.20% | (4.80%) |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Components of Net Periodic Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 52 | 38 | 155 | 113 |
Expected return on plan assets | (32) | (43) | (96) | (129) |
Amortization of actuarial loss (gain) | 20 | 24 | 62 | 73 |
Net periodic cost | 40 | 19 | 121 | 57 |
Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 1 | 1 | 1 |
Interest cost | 3 | 2 | 9 | 6 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of actuarial loss (gain) | (5) | (4) | (14) | (11) |
Net periodic cost | $ (1) | $ (1) | $ (4) | $ (4) |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - Narrative (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2023 USD ($) | |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Qualified pension plan contributions | $ 24 |
Segment Information - Revenues
Segment Information - Revenues By Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 7,133 | $ 6,916 | $ 22,014 | $ 22,023 |
Operating Segments | TV Media | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 4,567 | 4,948 | 14,917 | 15,849 |
Operating Segments | Direct-to-Consumer | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 1,692 | 1,226 | 4,867 | 3,508 |
Operating Segments | Filmed Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 891 | 783 | 2,310 | 2,770 |
Eliminations | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (17) | (41) | (80) | (104) |
Eliminations | TV Media | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (7) | (9) | (28) | (33) |
Eliminations | Filmed Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | (10) | (32) | (52) | (71) |
Advertising | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 2,133 | 2,337 | 7,179 | 7,746 |
Advertising | Operating Segments | TV Media | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 1,703 | 1,973 | 5,905 | 6,668 |
Advertising | Operating Segments | Direct-to-Consumer | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 430 | 363 | 1,269 | 1,073 |
Advertising | Operating Segments | Filmed Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 5 | 3 | 21 | 17 |
Affiliate and subscription | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 3,262 | 2,863 | 9,676 | 8,591 |
Affiliate and subscription | Operating Segments | TV Media | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 2,004 | 2,000 | 6,082 | 6,156 |
Affiliate and subscription | Operating Segments | Direct-to-Consumer | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 1,258 | 863 | 3,594 | 2,435 |
Licensing and other | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 1,361 | 1,485 | 4,424 | 4,560 |
Licensing and other | Operating Segments | TV Media | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 860 | 975 | 2,930 | 3,025 |
Licensing and other | Operating Segments | Direct-to-Consumer | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 4 | 0 | 4 | 0 |
Licensing and other | Operating Segments | Filmed Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 509 | 549 | 1,554 | 1,627 |
Theatrical | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 377 | 231 | 735 | 1,126 |
Theatrical | Operating Segments | Filmed Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 377 | $ 231 | $ 735 | $ 1,126 |
Segment Information - Intercomp
Segment Information - Intercompany Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Intercompany Revenues | $ (7,133) | $ (6,916) | $ (22,014) | $ (22,023) |
Eliminations | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Intercompany Revenues | 17 | 41 | 80 | 104 |
Eliminations | TV Media | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Intercompany Revenues | 7 | 9 | 28 | 33 |
Eliminations | Filmed Entertainment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Intercompany Revenues | $ 10 | $ 32 | $ 52 | $ 71 |
Segment Information - Adjusted
Segment Information - Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | |||||
Stock-based compensation | $ (131) | $ (127) | |||
Depreciation and amortization | $ (105) | $ (92) | (310) | (282) | |
Programming charges | 0 | 0 | $ (2,370) | (2,371) | 0 |
Restructuring and other corporate matters | 10 | (169) | (44) | (276) | |
Gain on dispositions | 0 | 41 | 0 | 56 | |
Operating income (loss) | 621 | 566 | (855) | 2,160 | |
Interest expense | (232) | (231) | (698) | (701) | |
Interest income | 29 | 33 | 97 | 73 | |
Gain (loss) from investments | 0 | (9) | 168 | (9) | |
Loss on extinguishment of debt | 0 | 0 | 0 | (120) | |
Other items, net | (42) | (36) | (148) | (91) | |
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies | 376 | 323 | (1,436) | 1,312 | |
(Provision for) benefit from income taxes | (40) | (101) | 436 | (264) | |
Equity in loss of investee companies, net of tax | (75) | (58) | (259) | (124) | |
Net earnings (loss) from continuing operations | 261 | 164 | (1,259) | 924 | |
Net earnings from discontinued operations, net of tax | 48 | 78 | 166 | 181 | |
Net earnings (loss) (Paramount and noncontrolling interests) | 309 | 242 | (1,093) | 1,105 | |
Net earnings attributable to noncontrolling interests | (14) | (11) | (29) | (22) | |
Net earnings (loss) attributable to Paramount | 295 | 231 | (1,122) | 1,083 | |
Operating Segments | TV Media | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted OIBDA | 1,149 | 1,231 | 3,649 | 4,155 | |
Operating Segments | Direct-to-Consumer | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted OIBDA | (238) | (343) | (1,173) | (1,244) | |
Operating Segments | Filmed Entertainment | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted OIBDA | (49) | 41 | (143) | 185 | |
Corporate/Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted OIBDA | (103) | (104) | (336) | (320) | |
Segment Reconciling Items | |||||
Segment Reporting Information [Line Items] | |||||
Stock-based compensation | (43) | (39) | (127) | (114) | |
Depreciation and amortization | (105) | (92) | (310) | (282) | |
Programming charges | 0 | 0 | (2,371) | 0 | |
Restructuring and other corporate matters | 10 | (169) | (44) | (276) | |
Gain on dispositions | $ 0 | 41 | 0 | 56 | |
Segment Reconciling Items | Restructuring and Other Corporate Matters | |||||
Segment Reporting Information [Line Items] | |||||
Stock-based compensation | $ (11) | $ (4) | $ (13) |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 09, 2019 defendant | Oct. 31, 2023 USD ($) | May 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) claim | Sep. 30, 2023 USD ($) claim | Dec. 31, 2022 USD ($) claim | Dec. 31, 2021 USD ($) | Dec. 31, 2019 | Mar. 31, 2020 lawsuit | Feb. 29, 2020 lawsuit | Jan. 23, 2020 lawsuit | Nov. 30, 2019 claim | |
Loss Contingencies [Line Items] | ||||||||||||||
Outstanding letters of credit and surety bonds | $ 174 | $ 174 | ||||||||||||
Number of consolidated lawsuits | lawsuit | 3 | 3 | ||||||||||||
Number of consolidated class action lawsuits | 4 | 4 | ||||||||||||
Number of defendants | defendant | 14 | |||||||||||||
Costs for settlement and defense of asbestos claims, net of insurance recoveries and taxes | $ 57 | $ 63 | ||||||||||||
Mandatory Convertible Preferred Stock | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Preferred stock, percentage | 5.75% | 5.75% | ||||||||||||
CBS Litigation | Settled Litigation Pending Final Approval | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Litigation settlement, amount awarded from other party | $ 167.5 | |||||||||||||
CBS Litigation | Settled Litigation | Forecast | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Gain on settlement payment received | $ 120 | |||||||||||||
CBS Litigation | Settled Litigation | Subsequent Event | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Litigation settlement, amount awarded from other party | $ 120 | |||||||||||||
Viacom Litigation | Settled Litigation | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Litigation settlement, amount awarded to other party | $ 122.5 | |||||||||||||
Asbestos Claims | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of pending asbestos claims | claim | 20,670 | 20,670 | 21,580 | |||||||||||
Number of new asbestos claims | claim | 690 | |||||||||||||
Number of asbestos claims closed or moved to inactive docket | claim | 770 | |||||||||||||
CBS Television City | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Guaranteed cash flow period | 5 years | |||||||||||||
Estimated liability | $ 26 | $ 26 | ||||||||||||
Famous Players | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Estimated liability | 11 | 11 | ||||||||||||
Standby Letter of Credit Facility | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Maximum borrowing capacity under credit facility | $ 1,900 | $ 1,900 |
Supplemental Financial Inform_3
Supplemental Financial Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash and Cash Equivalents [Line Items] | ||
Cash paid for interest | $ 696 | $ 755 |
Noncash additions to operating lease assets | 100 | 127 |
Continuing operations | ||
Cash and Cash Equivalents [Line Items] | ||
Cash paid (received) for income taxes: | (17) | 31 |
Discontinued operations | ||
Cash and Cash Equivalents [Line Items] | ||
Cash paid (received) for income taxes: | $ 19 | $ 11 |
Supplemental Financial Inform_4
Supplemental Financial Information - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Additional Financial Information Disclosure [Abstract] | ||||||
Lease income | $ 5 | $ 16 | $ 27 | $ 50 | ||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance | 0 | $ 54 | 77 | 54 | 105 | |
Restructuring charges | 0 | 85 | 54 | 113 | ||
Restructuring liability | 214 | 214 | $ 302 | |||
Payments for restructuring | 118 | |||||
Other corporate matters | (10) | 84 | $ (10) | 163 | ||
Russia, Belarus and Ukraine Counterparties | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Other corporate matters | 7 | 46 | ||||
Legal Matters, Stockholder Matters Litigation | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Other corporate matters | $ (10) | $ 77 | $ 117 |
Supplemental Financial Inform_5
Supplemental Financial Information - Restructuring and Other Corporate Matters (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | |||||
Severance | $ 0 | $ 54 | $ 77 | $ 54 | $ 105 |
Exit costs | 0 | 8 | 0 | 8 | |
Restructuring charges | 0 | 85 | 54 | 113 | |
Other corporate matters | (10) | 84 | (10) | 163 | |
Restructuring and other corporate matters | (10) | 169 | 44 | 276 | |
Operating Segments | TV Media | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance | 0 | 77 | 32 | 86 | |
Operating Segments | Direct-to-Consumer | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance | 0 | 0 | 3 | 1 | |
Operating Segments | Filmed Entertainment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance | 0 | 0 | 5 | 18 | |
Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance | $ 0 | $ 0 | $ 14 | $ 0 |