Paramount Global (PARA) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	6 Months Ended
	Jun. 30, 2022	Aug. 01, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
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
Shares of common stock outstanding		40,705,472
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
Shares of common stock outstanding		608,421,429
Series A 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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenues	$ 7,779	$ 6,564	$ 15,107	$ 13,976
Costs and expenses:
Operating	5,106	3,865	9,902	8,228
Selling, general and administrative	1,710	1,459	3,329	2,881
Depreciation and amortization	94	95	190	194
Restructuring and other corporate matters	50	35	107	35
Total costs and expenses	6,960	5,454	13,528	11,338
Net gain on sales	0	116	15	116
Operating income	819	1,226	1,594	2,754
Interest expense	(230)	(243)	(470)	(502)
Interest income	19	13	40	26
Net gains from investments	0	32	0	52
Loss on extinguishment of debt	(47)	0	(120)	(128)
Other items, net	(42)	(10)	(55)	(29)
Earnings from continuing operations before income taxes and equity in loss of investee companies	519	1,018	989	2,173
(Provision) benefit for income taxes	(129)	34	(163)	(192)
Equity in loss of investee companies, net of tax	(29)	(44)	(66)	(62)
Net earnings from continuing operations	361	1,008	760	1,919
Net earnings from discontinued operations, net of tax	61	41	103	53
Net earnings (Paramount and noncontrolling interests)	422	1,049	863	1,972
Net earnings attributable to noncontrolling interests	(3)	(13)	(11)	(25)
Net earnings attributable to Paramount	419	1,036	852	1,947
Amounts attributable to Paramount:
Net earnings from continuing operations	358	995	749	1,894
Net earnings from discontinued operations, net of tax	61	41	103	53
Net earnings attributable to Paramount	$ 419	$ 1,036	$ 852	$ 1,947
Basic net earnings per common share attributable to Paramount:
Net earnings from continuing operations (in dollars per share)	$ 0.53	$ 1.52	$ 1.11	$ 2.96
Net earnings from discontinued operations (in dollars per share)	0.09	0.06	0.16	0.08
Net earnings (in dollars per share)	0.62	1.58	1.27	3.05
Diluted net earnings per common share attributable to Paramount:
Net earnings from continuing operations (in dollars per share)	0.53	1.50	1.11	2.93
Net earnings from discontinued operations (in dollars per share)	0.09	0.06	0.16	0.08
Net earnings (in dollars per share)	$ 0.62	$ 1.56	$ 1.27	$ 3.01
Weighted average number of common shares outstanding:
Basic (in shares)	649	646	649	634
Diluted (in shares)	650	662	650	647

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net earnings (Paramount and noncontrolling interests)	$ 422	$ 1,049	$ 863	$ 1,972
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	(169)	11	(209)	(55)
Recognition of net actuarial loss and prior service costs	17	16	33	29
Other comprehensive income (loss) from continuing operations, net of tax (Paramount and noncontrolling interests)	(152)	27	(176)	(26)
Other comprehensive income (loss) from discontinued operations	(8)	3	(6)	5
Comprehensive income	262	1,079	681	1,951
Less: Comprehensive income (loss) attributable to noncontrolling interests	(1)	14	7	25
Comprehensive income attributable to Paramount	$ 263	$ 1,065	$ 674	$ 1,926

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 4,037	$ 6,267
Receivables, net	6,959	6,984
Programming and other inventory	1,347	1,504
Prepaid expenses and other current assets	1,223	1,176
Current assets of discontinued operations	616	745
Total current assets	14,182	16,676
Property and equipment, net	1,705	1,736
Programming and other inventory	14,308	13,358
Goodwill	16,498	16,584
Intangible assets, net	2,739	2,772
Operating lease assets	1,544	1,630
Deferred income tax assets, net	1,258	1,206
Other assets	3,906	3,824
Assets held for sale	0	19
Assets of discontinued operations	821	815
Total Assets	56,961	58,620
Current Liabilities:
Accounts payable	853	800
Accrued expenses	2,108	2,323
Participants’ share and royalties payable	2,466	2,159
Accrued programming and production costs	1,607	1,342
Deferred revenues	885	1,091
Debt	37	11
Other current liabilities	1,231	1,182
Current liabilities of discontinued operations	449	571
Total current liabilities	9,636	9,479
Long-term debt	15,773	17,698
Participants’ share and royalties payable	1,413	1,244
Pension and postretirement benefit obligations	1,879	1,946
Deferred income tax liabilities, net	1,040	1,063
Operating lease liabilities	1,514	1,598
Program rights obligations	430	404
Other liabilities	1,683	1,898
Liabilities of discontinued operations	205	213
Redeemable noncontrolling interest	108	107
Commitments and contingencies (Note 14)
Paramount stockholders’ equity:
5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share; 25 shares authorized and 10 shares issued (2022 and 2021)	0	0
Additional paid-in capital	32,984	32,918
Treasury stock, at cost; 503 (2022 and 2021) Class B shares	(22,958)	(22,958)
Retained earnings	14,829	14,343
Accumulated other comprehensive loss	(2,080)	(1,902)
Total Paramount stockholders’ equity	22,776	22,402
Noncontrolling interests	504	568
Total Equity	23,280	22,970
Total Liabilities and Equity	56,961	58,620
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	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Series A 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)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	10,000,000	10,000,000
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)	55,000,000	55,000,000
Common stock, shares issued (in shares)	41,000,000	41,000,000
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)	5,000,000,000	5,000,000,000
Common stock, shares issued (in shares)	1,111,000,000	1,110,000,000
Treasury stock, at cost (in shares)	503,000,000	503,000,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Activities:
Net earnings (Paramount and noncontrolling interests)	$ 422	$ 1,049	$ 863	$ 1,972
Less: Net earnings from discontinued operations, net of tax	61	41	103	53
Net earnings from continuing operations	361	1,008	760	1,919
Adjustments to reconcile net earnings from continuing operations to net cash flow provided by operating activities from continuing operations:
Depreciation and amortization	94	95	190	194
Deferred tax benefit			(56)	(110)
Stock-based compensation			77	101
Net gain on sales	0	(116)	(15)	(116)
Gains from investments	0	(32)	0	(52)
Loss on extinguishment of debt	47	0	120	128
Equity in loss of investee companies, net of tax	29	44	66	62
Change in assets and liabilities			(667)	(424)
Net cash flow provided by operating activities from continuing operations			475	1,702
Net cash flow provided by operating activities from discontinued operations			116	89
Net cash flow provided by operating activities			591	1,791
Investing Activities:
Investments			(141)	(114)
Capital expenditures			(151)	(138)
Proceeds from dispositions			36	408
Other investing activities			(1)	(25)
Net cash flow (used for) provided by investing activities from continuing operations			(257)	131
Net cash flow used for investing activities from discontinued operations			(1)	(2)
Net cash flow (used for) provided by investing activities			(258)	129
Financing Activities:
Proceeds from issuance of debt			1,078	38
Repayment of debt			(3,108)	(2,200)
Dividends paid on preferred stock			(29)	0
Dividends paid on common stock			(315)	(302)
Proceeds from issuance of preferred stock			0	983
Proceeds from issuance of common stock			0	1,672
Payment of payroll taxes in lieu of issuing shares for stock-based compensation			(13)	(49)
Proceeds from exercise of stock options			0	408
Payments to noncontrolling interests			(77)	(157)
Other financing activities			(34)	(42)
Net cash flow (used for) provided by financing activities			(2,498)	351
Effect of exchange rate changes on cash and cash equivalents			(65)	(8)
Net (decrease) increase in cash, cash equivalents and restricted cash			(2,230)	2,263
Cash, cash equivalents and restricted cash at beginning of year (includes $135 (2021) of restricted cash)			6,267	3,119
Cash, cash equivalents and restricted cash at end of period (includes $7 (2021) of restricted cash)	$ 4,037	$ 5,382	$ 4,037	$ 5,382

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement of Cash Flows [Abstract]
Restricted cash and cash equivalents	$ 7	$ 135

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, 2020			0
Common stock, beginning balance (in shares) at Dec. 31, 2020				617
Balance, beginning of period at Dec. 31, 2020	$ 16,056	$ 15,371	$ 0	$ 1	$ 29,785	$ (22,958)	$ 10,375	$ (1,832)	$ 685
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (shares)				9
Stock-based compensation activity	461	461			461
Stock issuances (in shares)			10	20
Stock issuances	2,655	2,655			2,655
Preferred stock dividends	(15)	(15)					(15)
Common stock dividends	(310)	(310)					(310)
Noncontrolling interests	(142)	10					10		(152)
Net earnings	1,972	1,947					1,947		25
Other comprehensive income (loss)	(21)	(21)						(21)
Preferred stock, ending balance (in shares) at Jun. 30, 2021			10
Common stock, ending balance (in shares) at Jun. 30, 2021				646
Balance, end of period at Jun. 30, 2021	20,656	20,098	$ 0	$ 1	32,901	(22,958)	12,007	(1,853)	558
Preferred stock, beginning balance (in shares) at Mar. 31, 2021			10
Common stock, beginning balance (in shares) at Mar. 31, 2021				646
Balance, beginning of period at Mar. 31, 2021	19,843	19,171	$ 0	$ 1	32,866	(22,958)	11,144	(1,882)	672
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity	35	35			35
Preferred stock dividends	(14)	(14)					(14)
Common stock dividends	(158)	(158)					(158)
Noncontrolling interests	(129)	(1)					(1)		(128)
Net earnings	1,049	1,036					1,036		13
Other comprehensive income (loss)	30	29						29	1
Preferred stock, ending balance (in shares) at Jun. 30, 2021			10
Common stock, ending balance (in shares) at Jun. 30, 2021				646
Balance, end of period at Jun. 30, 2021	20,656	20,098	$ 0	$ 1	32,901	(22,958)	12,007	(1,853)	558
Preferred stock, beginning balance (in shares) at Dec. 31, 2021			10
Common stock, beginning balance (in shares) at Dec. 31, 2021				648
Balance, beginning of period at Dec. 31, 2021	22,970	22,402	$ 0	$ 1	32,918	(22,958)	14,343	(1,902)	568
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (shares)				1
Stock-based compensation activity	66	66			66
Preferred stock dividends	(29)	(29)					(29)
Common stock dividends	(318)	(318)					(318)
Noncontrolling interests	(90)	(19)					(19)		(71)
Net earnings	863	852					852		11
Other comprehensive income (loss)	(182)	(178)						(178)	(4)
Preferred stock, ending balance (in shares) at Jun. 30, 2022			10
Common stock, ending balance (in shares) at Jun. 30, 2022				649
Balance, end of period at Jun. 30, 2022	23,280	22,776	$ 0	$ 1	32,984	(22,958)	14,829	(2,080)	504
Preferred stock, beginning balance (in shares) at Mar. 31, 2022			10
Common stock, beginning balance (in shares) at Mar. 31, 2022				649
Balance, beginning of period at Mar. 31, 2022	23,157	22,664	$ 0	$ 1	32,946	(22,958)	14,599	(1,924)	493
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity	38	38			38
Preferred stock dividends	(14)	(14)					(14)
Common stock dividends	(160)	(160)					(160)
Noncontrolling interests	(3)	(15)					(15)		12
Net earnings	422	419					419		3
Other comprehensive income (loss)	(160)	(156)						(156)	(4)
Preferred stock, ending balance (in shares) at Jun. 30, 2022			10
Common stock, ending balance (in shares) at Jun. 30, 2022				649
Balance, end of period at Jun. 30, 2022	$ 23,280	$ 22,776	$ 0	$ 1	$ 32,984	$ (22,958)	$ 14,829	$ (2,080)	$ 504

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION Description of Business— Effective February 16, 2022, we changed our name from ViacomCBS Inc. to Paramount Global, and effective at the open of market trading on February 17, 2022, our Class A Common Stock, Class B Common Stock and 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”) ceased trading under the ticker symbols “VIACA,” “VIAC” and “VIACP” and began trading under the ticker symbols “PARAA,” “PARA” and “PARAP,” respectively, on The Nasdaq Stock Market LLC. References to “Paramount,” the “Company,” “we,” “us” and “our” refer to Paramount Global and its consolidated subsidiaries, unless the context otherwise requires. Beginning in 2022, primarily as a result of our increased strategic focus on our direct-to-consumer businesses, we made certain changes to how we manage our businesses and allocate resources that resulted in a change to our operating segments. Our management structure has been reorganized to focus on managing our business as the combination of three parts: a traditional media business, a portfolio of global direct-to-consumer streaming services, and a film studio. Accordingly, beginning in the first quarter of 2022 and for all periods presented we are reporting results based on the following segments: • TV Media— Our TV Media segment consists of our domestic and international broadcast networks, including the CBS Television Network, Network 10, Channel 5, Telefe, and Chilevisión; our premium and basic cable networks, including Showtime, BET, Nickelodeon, MTV, Comedy Central, Paramount Network, Smithsonian Channel, international extensions of these brands, and CBS Sports Network; our television production operations, including CBS Studios, Paramount Television Studios and CBS Media Ventures, which primarily produces or distributes first-run syndicated programming; and our owned broadcast television stations, CBS Stations . • Direct-to-Consumer — Our Direct-to-Consumer segment consists of our portfolio of pay, free and premium global direct-to-consumer streaming services (“DTC services”), including Paramount+, Pluto TV, Showtime Networks’ premium subscription streaming service (Showtime OTT), BET+ and Noggin. • Filmed Entertainment — Our Filmed Entertainment segment consists of Paramount Pictures, Paramount Players, Paramount Animation, Nickelodeon Studio, and Miramax . 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, 2021. 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— On November 25, 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, which was previously reported as the Publishing segment, to Penguin Random House LLC (“Penguin Random House”), a wholly owned subsidiary of Bertelsmann SE & Co. KGaA, for $2.175 billion in cash. As a result, Simon & Schuster has been 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 per Common Share— Basic net earnings per share (“EPS”) is based upon net earnings available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings available to common stockholders is calculated as net earnings from continuing operations or net earnings, as applicable, adjusted to include dividends on our Mandatory Convertible Preferred Stock. Weighted average shares for diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) or performance stock 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 available to common stockholders. Excluded from the calculation of diluted EPS, because their inclusion would have been antidilutive, were stock options and RSUs of 11 million and 9 million for the three and six months ended June 30, 2022, respectively, and stock options and RSUs of 7 million and 5 million for the three and six months ended June 30, 2021, respectively. Also excluded from the calculation of diluted EPS for the three and six months ended June 30, 2022 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 Six Months Ended June 30, June 30, (in millions) 2022 2021 2022 2021 Weighted average shares for basic EPS 649 646 649 634 Dilutive effect of shares issuable under stock-based compensation plans 1 4 1 7 Assumed conversion of Mandatory Convertible — 12 — 6 Weighted average shares for diluted EPS 650 662 650 647 Additionally, because the impact of the assumed conversion of the Mandatory Convertible Preferred Stock would have been antidilutive, net earnings from continuing operations and net earnings used in our calculation of diluted EPS for the three and six months ended June 30, 2022 were adjusted to include the preferred stock dividends recorded during the period. The table below presents a reconciliation of net earnings from continuing operations and net earnings to the amounts used in the calculations of basic and diluted EPS. Three Months Ended Six Months Ended June 30, 2022 June 30, 2022 Amounts attributable to Paramount: Net earnings from continuing operations $ 358 $ 749 Preferred stock dividends (14) (29) Net earnings from continuing operations for basic and diluted $ 344 $ 720 Amounts attributable to Paramount: Net earnings $ 419 $ 852 Preferred stock dividends (14) (29) Net earnings for basic and diluted EPS calculation $ 405 $ 823 Recently Adopted Accounting Pronouncements Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

Dispositions

Dispositions	6 Months Ended
	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	DISPOSITIONS During the first quarter of 2022, we recorded 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. During the second quarter of 2021, we recognized a net gain on sales of $116 million, principally relating to the sale of a noncore trademark licensing operation. During the fourth quarter of 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, to Penguin Random House for $2.175 billion in cash. Simon & Schuster is presented as a discontinued operation in our consolidated financial statements for all periods presented. On November 2, 2021, the U.S. Department of Justice filed suit to block the sale. The purchase agreement contains commitments on the part of the purchaser to take all necessary steps to obtain any required regulatory approvals and to defend any litigation that would delay or prevent consummation, and also provides for a $200 million termination fee payable to us in certain circumstances in the event the transaction does not close for regulatory reasons. The trial commenced on August 1, 2022 and is expected to conclude on or about August 18, 2022 (see Note 14). The following table sets forth details of net earnings from discontinued operations for the three and six months ended June 30, 2022 and 2021, which primarily reflects the results of Simon & Schuster. Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Revenues $ 293 $ 219 $ 510 $ 404 Costs and expenses: Operating 161 127 285 247 Selling, general and administrative 47 38 85 76 Total costs and expenses (a) 208 165 370 323 Operating income 85 54 140 81 Other items, net (5) — (6) (2) Earnings from discontinued operations 80 54 134 79 Income tax provision (b) (19) (13) (31) (26) Net earnings from discontinued operations, net of tax $ 61 $ 41 $ 103 $ 53 (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 $5 million and $10 million for the three and six months ended June 30, 2022, respectively, and $2 million for each of the three and six months ended June 30, 2021. (b) The tax provision includes amounts relating to previously disposed businesses of $1 million and $2 million for the three and six months ended June 30, 2022, respectively, and $7 million for the six months ended June 30, 2021. The following table presents the major classes of assets and liabilities of our discontinued operations. At At June 30, 2022 December 31, 2021 Receivables, net $ 365 $ 536 Other current assets 251 209 Goodwill 435 435 Property and equipment, net 47 46 Operating lease assets 202 203 Other assets 137 131 Total Assets $ 1,437 $ 1,560 Royalties payable $ 153 $ 155 Other current liabilities 296 416 Operating lease liabilities 188 194 Other liabilities 17 19 Total Liabilities $ 654 $ 784

Programming and Other Inventory

Programming and Other Inventory	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Programming and Other Inventory	PROGRAMMING AND OTHER INVENTORY The following table presents our programming and other inventory at June 30, 2022 and December 31, 2021, grouped by type and predominant monetization strategy. During the first quarter of 2022, in connection with our increased strategic focus on our direct-to-consumer businesses, we reassessed our predominant monetization strategy for certain of our internally-produced content, and determined that it had shifted from individual to film group as a result of expected increased monetization of the content on our DTC services. At At June 30, 2022 December 31, 2021 Film Group Monetization: Acquired program rights, including prepaid sports rights $ 3,251 $ 3,432 Internally-produced television and film programming: Released 5,813 3,808 In process and other 2,800 2,609 Individual Monetization: Acquired libraries 418 441 Film inventory: Released 699 606 Completed, not yet released 103 253 In process and other 1,231 1,303 Internally-produced television programming: Released 672 1,604 In process and other 629 769 Home entertainment 39 37 Total programming and other inventory 15,655 14,862 Less current portion 1,347 1,504 Total noncurrent programming and other inventory $ 14,308 $ 13,358 The following table presents amortization of television and film programming and production costs, which is included within “Operating expenses” on the Consolidated Statements of Operations. Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Programming costs, acquired programming $ 1,149 $ 1,098 $ 2,645 $ 2,600 Production costs, internally-produced television and film programming: Individual monetization $ 671 $ 750 $ 1,162 $ 1,510 Film group monetization $ 1,297 $ 651 $ 2,444 $ 1,301

Related Parties

Related Parties	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Parties	RELATED PARTIES National Amusements, Inc. National Amusements, Inc. (“NAI”) is the controlling stockholder of the Company. At June 30, 2022, 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 Six Months Ended June 30, June 30, 2022 2021 2022 2021 Revenues $ 74 $ 73 $ 128 $ 138 Operating expenses $ 1 $ 4 $ 6 $ 8 At At June 30, 2022 December 31, 2021 Accounts receivable $ 49 $ 50 Through the normal course of business, we are involved in transactions with other related parties that have not been material in any of the periods presented.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2022
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 13 for revenues by segment disaggregated into these categories. Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Revenues by Type: Advertising $ 2,545 $ 2,599 $ 5,409 $ 5,708 Affiliate and subscription 2,888 2,588 5,728 5,051 Theatrical 764 134 895 135 Licensing and other 1,582 1,243 3,075 3,082 Total Revenues $ 7,779 $ 6,564 $ 15,107 $ 13,976 Receivables Reserves for accounts receivable reflect our expected credit losses based on historical experience as well as current and expected economic conditions. During the first quarter of 2022, following Russia’s invasion of Ukraine, we recorded a charge of $39 million, principally to reserve against amounts due from counterparties in Russia, Belarus and Ukraine. The charge was recorded within “Restructuring and other corporate matters” on the Consolidated Statement of Operations. At June 30, 2022 and December 31, 2021, our allowance for credit losses was $113 million and $80 million, respectively. Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.61 billion and $1.84 billion at June 30, 2022 and December 31, 2021, 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 totaled $969 million and $1.20 billion at June 30, 2022 and December 31, 2021, respectively. For the six months ended June 30, 2022, we recognized revenues of $662 million that were included in deferred revenues at December 31, 2021. For the six months ended June 30, 2021, we recognized revenues of $627 million that were included in deferred revenues at December 31, 2020. Unrecognized Revenues Under Contract At June 30, 2022, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were $6.8 billion, of which $2.0 billion is expected to be recognized for the remainder of 2022, $2.4 billion in 2023, $1.2 billion in 2024, and $1.2 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. 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. Performance Obligations Satisfied in Previous Periods

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	DEBT Our debt consists of the following: At At June 30, 2022 December 31, 2021 7.875% Debentures due 2023 $ 139 $ 139 7.125% Senior Notes due 2023 35 35 3.875% Senior Notes due 2024 — 490 3.70% Senior Notes due 2024 — 599 3.50% Senior Notes due 2025 — 597 4.75% Senior Notes due 2025 552 1,242 4.0% Senior Notes due 2026 794 793 3.45% Senior Notes due 2026 124 123 2.90% Senior Notes due 2027 693 692 3.375% Senior Notes due 2028 496 496 3.70% Senior Notes due 2028 493 493 4.20% Senior Notes due 2029 495 494 7.875% Senior Debentures due 2030 830 830 4.95% Senior Notes due 2031 1,224 1,223 4.20% Senior Notes due 2032 973 972 5.50% Senior Debentures due 2033 427 427 4.85% Senior Debentures due 2034 87 87 6.875% Senior Debentures due 2036 1,070 1,070 6.75% Senior Debentures due 2037 75 75 5.90% Senior Notes due 2040 298 298 4.50% Senior Debentures due 2042 45 45 4.85% Senior Notes due 2042 488 488 4.375% Senior Debentures due 2043 1,126 1,123 4.875% Senior Debentures due 2043 18 18 5.85% Senior Debentures due 2043 1,233 1,233 5.25% Senior Debentures due 2044 345 345 4.90% Senior Notes due 2044 541 540 4.60% Senior Notes due 2045 590 590 4.95% Senior Notes due 2050 945 944 5.875% Junior Subordinated Debentures due 2057 — 514 6.25% Junior Subordinated Debentures due 2057 643 643 6.375% Junior Subordinated Debentures due 2062 989 — Other bank borrowings 25 35 Obligations under finance leases 17 16 Total debt (a) 15,810 17,709 Less current portion 37 11 Total long-term debt, net of current portion $ 15,773 $ 17,698 (a) At June 30, 2022 and December 31, 2021, the senior and junior subordinated debt balances included (i) a net unamortized discount of $451 million and $466 million, respectively, and (ii) unamortized deferred financing costs of $92 million and $95 million, respectively. The face value of our total debt was $16.35 billion and $18.27 billion at June 30, 2022 and December 31, 2021, respectively. During the six months ended June 30, 2022, we redeemed senior notes totaling $2.39 billion, prior to maturity, for an aggregate redemption price of $2.49 billion which included second quarter redemptions of $970 million for a redemption price of $1.01 billion. Additionally, in February 2022, we redeemed our $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 $47 million and $120 million for the three and six months ended June 30, 2022, respectively. During the six months ended June 30, 2022, we issued $1.00 billion of 6.375% junior subordinated debentures due 2062. The interest rate on these debentures will reset on March 30, 2027, and every five years thereafter to a fixed rate equal to the 5-year Treasury Rate (as defined pursuant to the terms of the debentures) plus a spread of 3.999% from March 30, 2027, 4.249% from March 30, 2032 and 4.999% from March 30, 2047. These debentures can be called by us at par plus a make whole premium any time before March 30, 2027, or at par on March 30, 2027, or at any interest payment date thereafter. During the six months ended June 30, 2021, we redeemed senior notes totaling $1.99 billion, prior to maturity, for an aggregate redemption price of $2.11 billion resulting in a pre-tax loss on extinguishment of debt of $128 million. Our 6.25% junior subordinated debentures due February 2057 accrue interest at the stated fixed rates until February 28, 2027, on which date the rate will switch to a floating rate. Under the terms of the debentures the floating rate is based on three-month LIBOR plus 3.899%, reset quarterly. These debentures can be called by us at par at any time after the expiration of the fixed-rate period. Commercial Paper At both June 30, 2022 and December 31, 2021, we had no outstanding commercial paper borrowings. Credit Facility At June 30, 2022, we had a $3.50 billion revolving credit facility with a maturity in January 2025 (the “Credit Facility”). 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. The benchmark rate for loans denominated in euros, sterling and yen is based on EURIBOR, SONIA and TIBOR rates, respectively. The Credit Facility has one principal financial covenant that requires our Consolidated Total Leverage Ratio to be less than 4.5x (which we may elect to increase to 5.0x for up to four consecutive quarters following a qualified acquisition) at the end of each quarter. The Consolidated Total Leverage Ratio reflects the ratio of our Consolidated Indebtedness at the end of a quarter, to our Consolidated EBITDA (each as defined in the amended credit agreement) for the trailing twelve-month period. On February 14, 2022, we amended our Credit Facility to modify the definition of the Consolidated Total Leverage Ratio in the amended credit agreement to allow unrestricted cash and cash equivalents to be netted against Consolidated Indebtedness through June 2024 . We met the covenant as of June 30, 2022. At June 30, 2022, we had no borrowings outstanding under the Credit Facility and the remaining availability under the Credit Facility, net of outstanding letters of credit, was $3.50 billion. Other Bank Borrowings At June 30, 2022 and December 31, 2021, we had bank borrowings under Miramax’s $300 million credit facility, which matures in April 2023, of $25 million and $35 million, respectively, with weighted average interest rates of 4.36% and 3.50%, respectively.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021, the carrying value of our notes and debentures was $15.77 billion and $17.66 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy) was $15.0 billion and $21.5 billion, respectively. The carrying value of our investments without a readily determinable fair value for which we have no significant influence was $67 million and $59 million at June 30, 2022 and December 31, 2021, respectively. These investments are included in “Other assets” on the Consolidated Balance Sheets. During the three and six months ended June 30, 2021, we recorded an unrealized loss of $5 million and an unrealized gain of $15 million, respectively, resulting from changes in the fair value of a marketable security. In addition, during the second quarter of 2021 we recognized a gain of $37 million from the sale of an investment without a readily determinable fair value. Foreign Exchange Contracts We use derivative financial instruments primarily to modify 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 June 30, 2022 and December 31, 2021, the notional amount of all foreign exchange contracts was $2.41 billion and $1.94 billion, respectively. At June 30, 2022, $1.69 billion related to future production costs and $716 million related to our foreign currency balances and other expected foreign currency cash flows. At December 31, 2021, $1.38 billion related to future production costs and $564 million related to our foreign currency balances and other expected foreign currency cash flows. Gains (losses) recognized on derivative financial instruments were as follows: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Financial Statement Account Non-designated foreign exchange contracts $ 38 $ (2) $ 40 $ (1) Other items, net The fair value of our derivative instruments was not material to the Consolidated Balance Sheets for any of the periods presented. Fair Value Measurements Certain of our assets and liabilities are measured at fair value on a recurring basis. The table below presents our assets and liabilities measured at fair value on a recurring basis at June 30, 2022 and December 31, 2021. These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the 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 June 30, 2022 December 31, 2021 Assets: Foreign currency hedges $ 38 $ 23 Total Assets $ 38 $ 23 Liabilities: Deferred compensation $ 328 $ 435 Foreign currency hedges 65 29 Total Liabilities $ 393 $ 464

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2022
Variable Interest Entity Disclosure [Abstract]
Variable Interest Entities	VARIABLE INTEREST ENTITIES In 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 June 30, 2022 December 31, 2021 Total assets $ 1,651 $ 1,578 Total liabilities $ 256 $ 184 Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Revenues $ 86 $ 92 $ 189 $ 163 Operating income (loss) $ (27) $ 3 $ (55) $ 8

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY Stock Offerings On March 26, 2021, we completed offerings of 20 million shares of our Class B Common Stock at a price to the public of $85 per share and 10 million shares of 5.75% Series A Mandatory Convertible Preferred Stock at a price to the public and liquidation preference of $100 per share. The net proceeds from the Class B Common Stock offering and the Mandatory Convertible Preferred Stock offering were approximately $1.67 billion and $983 million, respectively, in each case after deducting underwriting discounts, commissions and estimated offering expenses. Mandatory Convertible Preferred Stock Unless earlier converted, each share of Mandatory Convertible Preferred Stock will automatically and mandatorily convert on the mandatory conversion date, expected to be April 1, 2024, into between 1.0013 and 1.1765 shares of our Class B Common Stock, subject to customary antidilution adjustments. The number of shares of Class B Common Stock issuable upon conversion will be determined based on the average of the volume-weighted average price per share of our Class B Common Stock over the 20 consecutive trading day period commencing on, and including, the 21st scheduled trading day immediately preceding April 1, 2024. Holders of the Mandatory Convertible Preferred Stock (“Holders”) have the right to convert all or any portion of their shares of Mandatory Convertible Preferred Stock at any time prior to April 1, 2024 at the minimum conversion rate of 1.0013 shares of our Class B Common Stock. In addition, the conversion rate applicable to such an early conversion may, in certain circumstances, be increased to compensate Holders for certain unpaid accumulated dividends. However, if a fundamental change (as defined in the Certificate of Designations governing the Mandatory Convertible Preferred Stock) occurs on or prior to April 1, 2024, then Holders will, in certain circumstances, be entitled to convert all or a portion of their shares of Mandatory Convertible Preferred Stock at an increased conversion rate for a specified period of time and receive an amount to compensate them for unpaid accumulated dividends and any remaining future scheduled dividend payments. The Mandatory Convertible Preferred Stock is not redeemable. However, at our option, we may purchase or otherwise acquire (including in an exchange transaction) the Mandatory Convertible Preferred Stock from time to time in the open market, by tender or exchange offer or otherwise, without the consent of, or notice to, Holders. Holders have no voting rights, with certain exceptions. If declared, dividends on the Mandatory Convertible Preferred Stock are payable quarterly through April 1, 2024. Dividends on the Mandatory Convertible Preferred Stock accumulate from the most recent dividend payment date, and will be payable on a cumulative basis when, as and if declared by our Board of Directors, or an authorized committee thereof, at an annual rate of 5.75% of the liquidation preference of $100 per share, payable in cash or, subject to certain limitations, by delivery of shares of Class B Common Stock or through any combination of cash and shares of Class B Common Stock, at our election. If we have not declared any portion of the accumulated and unpaid dividends by April 1, 2024, the conversion rate will be adjusted so that Holders receive an additional number of shares of our Class B Common Stock, with certain limitations. Dividends We declared cash dividends of $.24 per share on our Class A and Class B Common Stock during each of the three months ended June 30, 2022 and 2021, resulting in total dividends of $160 million and $158 million, respectively. We declared cash dividends of $.48 per share on our Class A and Class B Common Stock during each of the six months ended June 30, 2022 and 2021, resulting in total dividends of $318 million and $310 million, respectively. During each of the first and second quarters of 2022, we declared a quarterly cash dividend of $1.4375 per share on our Mandatory Convertible Preferred Stock, resulting in total dividends of $14.4 million for the three months ended June 30, 2022, and $28.8 million for the six months ended June 30, 2022. During the second quarter of 2021, we declared a cash dividend of $1.5493 per share on our Mandatory Convertible Preferred Stock, representing a dividend period from March 26, 2021 through July 1, 2021. Accordingly, we recorded dividends on the Mandatory Convertible Preferred Stock of $14.4 million and $15.4 million during the three and six months ended June 30, 2021, respectively. 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, 2021 $ (445) $ (1,434) $ (23) $ (1,902) Other comprehensive loss before (205) — (6) (211) Reclassifications to net earnings — 33 (b) — 33 Other comprehensive income (loss) (205) 33 (6) (178) At June 30, 2022 $ (650) $ (1,401) $ (29) $ (2,080) Continuing Operations Discontinued Operations Cumulative Net Actuarial Other Comprehensive Income (Loss) (a) Accumulated At December 31, 2020 $ (303) $ (1,509) $ (20) $ (1,832) Other comprehensive income (loss) (55) — 5 (50) Reclassifications to net earnings — 29 (b) — 29 Other comprehensive income (loss) (55) 29 5 (21) At June 30, 2021 $ (358) $ (1,480) $ (15) $ (1,853) (a) Reflects cumulative translation adjustments. (b) Reflects amortization of net actuarial losses (see Note 11).

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The provision/benefit for income taxes represents federal, state and local, and foreign taxes on earnings from continuing operations before income taxes and equity in loss of investee companies. For the three and six months ended June 30, 2022, we recorded a provision for income taxes of $129 million and $163 million, reflecting effective income tax rates of 24.9% and 16.5%, respectively. Included in the provision for income taxes for the second quarter of 2022 is a net discrete tax benefit of $3 million, which together with a net tax benefit of $23 million on other items identified as affecting the comparability of our results during the period, which include a loss on extinguishment of debt and charges for restructuring and other corporate matters, decreased our effective income tax rate by 0.3 percentage points. The tax provision for the six months ended June 30, 2022 included a net discrete tax benefit of $81 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 $48 million on other items identified as affecting the comparability of our results during the six-month period, which include a loss on extinguishment of debt, charges for restructuring and other corporate matters, and gains on sales, decreased our effective income tax rate by 7.8 percentage points. For the three months ended June 30, 2021, we recorded a benefit for income taxes of $34 million, reflecting a negative effective income tax rate of 3.3%, and for the six months ended June 30, 2021, we recorded a provision for income taxes of $192 million, reflecting an effective income tax rate of 8.8%. Included in income taxes for the three and six months ended June 30, 2021 are discrete tax benefits of $268 million and $289 million, respectively, primarily consisting of a benefit of $260 million to remeasure our UK net deferred income tax asset as a result of the enactment during the second quarter of 2021 of an increase in the UK corporate income tax rate from 19% to 25% beginning April 1, 2023, as well as a net tax benefit in connection with the settlement of income tax audits. For the three and six months ended June 30, 2021, the discrete tax benefit in each period, together with a net tax provision of $26 million and $1 million, respectively, on other items identified as affecting the comparability of our results during the period, which include net gains from sales and investments, and restructuring charges in each period, and a loss on extinguishment of debt in the six-month period, reduced our effective income tax rate by 26.3 percentage points and 13.3 percentage points, respectively. The Company and its subsidiaries file income tax returns with the Internal Revenue Service (“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. 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	6 Months Ended
	Jun. 30, 2022
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, which are included within “Other items, net” on the Consolidated Statements of Operations. Pension Benefits Postretirement Benefits Three Months Ended June 30, 2022 2021 2022 2021 Components of net periodic cost (a) : Interest cost $ 37 $ 36 $ 2 $ 2 Expected return on plan assets (43) (47) — — Amortization of actuarial loss (gain) (b) 25 23 (4) (4) Net periodic cost $ 19 $ 12 $ (2) $ (2) Pension Benefits Postretirement Benefits Six Months Ended June 30, 2022 2021 2022 2021 Components of net periodic cost (a) : Interest cost $ 75 $ 72 $ 4 $ 4 Expected return on plan assets (86) (94) — — Amortization of actuarial loss (gain) (b) 49 47 (7) (7) Net periodic cost $ 38 $ 25 $ (3) $ (3) (a) Amounts reflect our domestic plans only.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	6 Months Ended
	Jun. 30, 2022
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests	REDEEMABLE NONCONTROLLING INTERESTS We are subject to a redeemable put option, payable in a foreign currency, with respect to an international subsidiary. The put option expires in December 2022 and is classified as “Redeemable noncontrolling interest” on the Consolidated Balance Sheets. The activity reflected within redeemable noncontrolling interest for the six months ended June 30, 2022 and 2021 is presented below. Six Months Ended June 30, 2022 2021 Beginning balance $ 107 $ 197 Net earnings 1 4 Distributions (4) (2) Translation adjustment (15) 1 Redemption value adjustment 19 (10) Ending balance $ 108 $ 190

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2022
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. Beginning in 2022, primarily as a result of our increased strategic focus on our direct-to-consumer businesses, we made certain changes to how we manage our businesses and allocate resources that resulted in the changes described below. Prior period results have been recast to conform to these presentation changes. Management Structure Change Our management structure has been reorganized to focus on managing our business as the combination of three parts: a traditional media business, a portfolio of global DTC services, and a film studio. As a result, we realigned our operating segments and accordingly, beginning in the first quarter of 2022, and for all periods presented we are reporting results based on the segments in the tables below (see Note 1 for a description of each operating segment). In connection with the management structure change, we also reassessed our reporting units and reallocated goodwill from the reporting units that existed prior to the change, to the new reporting units, using a relative fair value approach. We performed goodwill impairment tests as of January 1, 2022 on both the reporting units in place prior to the change and the new reporting units and concluded that the estimated fair values of each of the reporting units exceeded their respective carrying values and therefore no impairment charge was necessary. Intercompany License Fees Concurrent with the change to our operating segments, we changed the way we record intersegment content licensing. Under our previous segment structure, management evaluated the results of our segments including intersegment content licensing at market value as if the sales were to third parties. Therefore, the licensor segment recorded intercompany license fee revenues and profits and the licensee segment recorded production costs in the amount of the license fee charged by the licensor, which generally reflected the cost to the Company plus a margin. The intercompany revenues and the margin embedded in the cost to the licensee were eliminated in consolidation. Under our new segment structure, management evaluates the results of the segments using an allocation of the total cost of content from the licensor segment to each licensee segment utilizing the content. As a result, content costs are allocated across segments based on the relative value of the distribution windows within each segment. The allocation is recorded by the licensor segment as a reduction of content cost and no intersegment licensing revenues or profits are recorded. Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Revenues: Advertising $ 2,174 $ 2,303 $ 4,695 $ 5,191 Affiliate and subscription 2,058 2,112 4,156 4,195 Licensing and other 1,024 804 2,050 1,826 TV Media 5,256 5,219 10,901 11,212 Advertising 363 291 710 509 Subscription 830 476 1,572 856 Direct-to-Consumer 1,193 767 2,282 1,365 Advertising 12 6 14 12 Theatrical 764 134 895 135 Licensing and other 587 463 1,078 1,316 Filmed Entertainment 1,363 603 1,987 1,463 Eliminations (33) (25) (63) (64) Total Revenues $ 7,779 $ 6,564 $ 15,107 $ 13,976 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. Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Intercompany Revenues: TV Media $ 13 $ 5 $ 24 $ 19 Direct-to-Consumer — 1 — 1 Filmed Entertainment 20 19 39 44 Total Intercompany Revenues $ 33 $ 25 $ 63 $ 64 We present operating income excluding depreciation and amortization, stock-based compensation, costs for restructuring and other corporate matters and net gain on sales, 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 Six Months Ended June 30, June 30, 2022 2021 2022 2021 Adjusted OIBDA: TV Media $ 1,380 $ 1,504 $ 2,924 $ 3,269 Direct-to-Consumer (445) (143) (901) (292) Filmed Entertainment 181 52 144 231 Corporate/Eliminations (112) (124) (216) (240) Stock-based compensation (a) (41) (49) (75) (101) Depreciation and amortization (94) (95) (190) (194) Restructuring and other corporate matters (50) (35) (107) (35) Net gain on sales — 116 15 116 Operating income 819 1,226 1,594 2,754 Interest expense (230) (243) (470) (502) Interest income 19 13 40 26 Net gains from investments — 32 — 52 Loss on extinguishment of debt (47) — (120) (128) Other items, net (42) (10) (55) (29) Earnings from continuing operations before income taxes and 519 1,018 989 2,173 (Provision) benefit for income taxes (129) 34 (163) (192) Equity in loss of investee companies, net of tax (29) (44) (66) (62) Net earnings from continuing operations 361 1,008 760 1,919 Net earnings from discontinued operations, net of tax 61 41 103 53 Net earnings (Paramount and noncontrolling interests) 422 1,049 863 1,972 Net earnings attributable to noncontrolling interests (3) (13) (11) (25) Net earnings attributable to Paramount $ 419 $ 1,036 $ 852 $ 1,947 (a) For the six months ended June 30, 2022, $2 million of stock-based compensation expense is included in restructuring and other corporate matters. At At June 30, 2022 December 31, 2021 Assets: TV Media $ 38,019 $ 38,491 Direct-to-Consumer 6,334 5,545 Filmed Entertainment 7,939 7,472 Corporate/Eliminations 3,232 5,552 Discontinued Operations 1,437 1,560 Total Assets $ 56,961 $ 58,620

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Guarantees Letters of Credit and Surety Bonds We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. At June 30, 2022, the outstanding letters of credit and surety bonds approximated $173 million and were not recorded on the Consolidated Balance Sheet. 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” and “Other liabilities” on the Consolidated Balance Sheet at June 30, 2022 is a liability totaling $51 million, reflecting the present value of the estimated amount remaining 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 $41 million at June 30, 2022 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 on February 20, 2020, three purported CBS stockholders filed separate derivative and/or putative class action lawsuits in the Court of Chancery of the State of Delaware. On March 31, 2020, the 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. On April 14, 2020, the lead plaintiffs filed a Verified Consolidated Class Action and Derivative Complaint (as used in this paragraph, the “Complaint”) against Shari E. Redstone, NAI, Sumner M. Redstone National Amusements Trust, members of the CBS Board of Directors (comprised of Candace K. Beinecke, Barbara M. Byrne, Gary L. Countryman, Brian Goldner, 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 alleges breaches of fiduciary duties to CBS stockholders in connection with the negotiation and approval of the Agreement and Plan of Merger dated as of August 13, 2019, as amended on October 16, 2019 (the “Merger Agreement”). The Complaint also alleges waste and unjust enrichment in connection with Mr. Ianniello’s compensation. The Complaint seeks unspecified damages, costs and expenses, as well as other relief. On June 5, 2020, the defendants filed motions to dismiss. On January 27, 2021, the Court dismissed one disclosure claim, while allowing all other claims against the defendants to proceed. Discovery on the surviving claims is proceeding. We believe that the remaining claims are without merit and we intend to defend against them vigorously. Beginning on November 25, 2019, four purported Viacom stockholders filed separate putative class action lawsuits in the Court of Chancery of the State of Delaware. On January 23, 2020, the Court consolidated the four lawsuits. On February 6, 2020, the Court appointed California Public Employees’ Retirement System (“CalPERS”) as lead plaintiff for the consolidated action. On February 28, 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. The Complaint alleges breaches of fiduciary duties to Viacom stockholders in connection with the negotiation and approval of the Merger Agreement. The Complaint seeks unspecified damages, costs and expenses, as well as other relief. On May 22, 2020, the defendants filed motions to dismiss. On December 29, 2020, the Court dismissed the claims against Mr. Bakish, while allowing the claims against the remaining defendants to proceed. Discovery on the surviving claims is proceeding. We believe that the remaining claims are without merit and we intend to defend against them vigorously. Investigation-Related Matters As announced on August 1, 2018, the CBS Board of Directors retained two law firms to conduct a full investigation of the allegations in press reports about CBS’ former Chairman of the Board, President and Chief Executive Officer, Leslie Moonves, CBS News and cultural issues at CBS. On December 17, 2018, the CBS Board of Directors announced the completion of its investigation, certain findings of the investigation and the CBS Board of Directors’ determination, with respect to the termination of Mr. Moonves’ employment. We have received subpoenas or requests for information from the New York County District Attorney’s Office, the New York City Commission on Human Rights, the New York State Attorney General’s Office and the United States Securities and Exchange Commission regarding the subject matter of this investigation and related matters, including with respect to CBS’ related public disclosures. We may continue to receive additional related regulatory and investigative inquiries from these and other entities in the future. We are cooperating with these inquiries. On August 27, 2018 and on October 1, 2018, Gene Samit and John Lantz, respectively, filed putative class action lawsuits in the United States District Court for the Southern District of New York, individually and on behalf of others similarly situated, for claims that are similar to those alleged in the amended complaint described below. On November 6, 2018, the Court entered an order consolidating the two actions. On November 30, 2018, the Court appointed Construction Laborers Pension Trust for Southern California as the lead plaintiff of the consolidated action. On February 11, 2019, the lead plaintiff filed a consolidated amended putative class action complaint against CBS, certain current and former senior executives and members of the CBS Board of Directors. The consolidated action is stated to be on behalf of purchasers of CBS Class A Common Stock and Class B Common Stock between September 26, 2016 and December 4, 2018. This action seeks to recover damages arising during this time period allegedly caused by the defendants’ purported violations of the federal securities laws, including by allegedly making materially false and misleading statements or failing to disclose material information, and seeks costs and expenses as well as remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On April 12, 2019, the defendants filed motions to dismiss this action, which the Court granted in part and denied in part on January 15, 2020. With the exception of one statement made by Mr. Moonves at an industry event in November 2017, in which he allegedly was acting as the agent of CBS, all claims as to all other allegedly false and misleading statements were dismissed. We reached an agreement with the plaintiffs to settle the lawsuit. The settlement, which includes no admission of liability or wrongdoing by the Company, was granted preliminary approval by the Court on May 13, 2022. All amounts payable by the Company under the settlement will be paid by the Company’s insurers. Litigation Related to Stock Offerings On August 13, 2021, Camelot Event Driven Fund filed a putative securities class action lawsuit in New York Supreme Court, County of New York, and on November 5, 2021, an amended complaint was filed that, among other changes, added an additional named plaintiff (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. On December 22, 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 are pending. The complaint seeks unspecified compensatory damages, as well as other relief. We believe that the claims are without merit and intend to defend against them vigorously. Litigation Related to Television Station Owners On September 9, 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 on or about January 1, 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. On October 8, 2019, the Company and other defendants filed a motion to dismiss the matter, which was denied by the Court on November 6, 2020. We have reached an agreement in principle with the plaintiffs to settle the lawsuit. The settlement, which will include no admission of liability or wrongdoing by the Company, will be subject to Court approval. Litigation Related to the Proposed Sale of Simon & Schuster On November 2, 2021, the U.S. Department of Justice (the “DOJ”) filed suit in the United States District Court for the District of Columbia to block our sale of the Simon & Schuster business to Penguin Random House (the “Transaction”) pursuant to a Share Purchase Agreement (“Purchase Agreement”), dated November 24, 2020, between the Company, certain of its subsidiaries, Penguin Random House and Bertelsmann SE & Co. KGaA. The DOJ asserts that the sale of Simon & Schuster would reduce competition for the acquisition of titles. The Purchase Agreement contains customary representations and warranties and covenants, including commitments on the part of Penguin Random House to take all necessary steps to obtain any required regulatory approvals and to defend any litigation that would delay or prevent consummation, and also provides for a $200 million termination fee payable to the Company in certain circumstances in the event the Transaction does not close for regulatory reasons. The trial commenced on August 1, 2022 and is expected to conclude on or about August 18, 2022. We and the other defendants believe the DOJ’s claims are without merit, and we intend to defend against them vigorously. 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 June 30, 2022, we had pending approximately 26,790 asbestos claims, as compared with approximately 27,770 as of December 31, 2021. During the second quarter of 2022, we received approximately 670 new claims and closed or moved to an inactive docket approximately 640 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 2021 and 2020 for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $63 million and $35 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. We believe that our accrual and insurance are sufficient to cover our asbestos liabilities. 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. 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	6 Months Ended
	Jun. 30, 2022
Additional Financial Information Disclosure [Abstract]
Supplemental Financial Information	SUPPLEMENTAL FINANCIAL INFORMATION Supplemental Cash Flow Information Six Months Ended June 30, 2022 2021 Cash paid for interest $ 474 $ 506 Cash paid for income taxes: Continuing operations $ 79 $ 144 Discontinued operations $ 10 $ 38 Noncash additions to operating lease assets $ 96 $ 28 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 $19 million and $34 million for the three and six months ended June 30, 2022, respectively, and $35 million and $71 million for the three and six months ended June 30, 2021, respectively. The lower lease income for the three and six months ended June 30, 2022 compared with the same periods in 2021 is the result of the sales of a production facility and an office building during the fourth quarter of 2021. Restructuring and Other Corporate Matters During the three and six months ended June 30, 2022 and 2021, we recorded the following costs associated with restructuring and other corporate matters. Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Severance $ 10 $ — $ 28 $ — Exit costs — 35 — 35 Restructuring charges 10 35 28 35 Other corporate matters 40 — 79 — Restructuring and other corporate matters $ 50 $ 35 $ 107 $ 35 During the three and six months ended June 30, 2022, we recorded restructuring charges of $10 million and $28 million, respectively, consisting of severance costs primarily associated with changes in management related to the realignment of our operating segments. The restructuring charges for the six-month period were comprised of $18 million recorded within the Filmed Entertainment segment, $9 million recorded within the TV Media segment, and $1 million recorded within the Direct-to-Consumer segment. During the second quarter of 2021, we recorded charges of $35 million within the TV Media segment for the impairment of lease assets that we determined we would not use and began actively marketing for sublease. This determination was made in connection with cost-transformation initiatives related to the Merger. The impairment was the result of a decline in market conditions since inception of these leases and reflects the difference between the estimated fair values, which were determined based on the expected discounted future cash flows of the lease assets, and the carrying values. At June 30, 2022 and December 31, 2021, our restructuring liability was $139 million and $190 million, respectively, and was recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. During the six months ended June 30, 2022, we made payments for restructuring of $67 million. The liability at June 30, 2022, which principally relates to severance payments, is expected to be substantially paid by the end of 2023. In addition, for the six months ended June 30, 2022, we recorded charges for other corporate matters of $79 million, consisting of $39 million recorded during the first quarter, following Russia’s invasion of Ukraine, principally to reserve against amounts due from counterparties in Russia, Belarus and Ukraine, and $40 million recorded during the second quarter associated with litigation described under Legal Matters — Stockholder Matters in Note 14.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 apparent from other sources. Actual results may vary from these estimates under different assumptions or conditions.
Net Earnings per Common Share	Net Earnings per Common Share— Basic net earnings per share (“EPS”) is based upon net earnings available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings available to common stockholders is calculated as net earnings from continuing operations or net earnings, as applicable, adjusted to include dividends on our Mandatory Convertible Preferred Stock.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

Basis of Presentation (Tables)

Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2022
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 Six Months Ended June 30, June 30, (in millions) 2022 2021 2022 2021 Weighted average shares for basic EPS 649 646 649 634 Dilutive effect of shares issuable under stock-based compensation plans 1 4 1 7 Assumed conversion of Mandatory Convertible — 12 — 6 Weighted average shares for diluted EPS 650 662 650 647
Schedule of Earnings Per Share, Basic and Diluted	The table below presents a reconciliation of net earnings from continuing operations and net earnings to the amounts used in the calculations of basic and diluted EPS. Three Months Ended Six Months Ended June 30, 2022 June 30, 2022 Amounts attributable to Paramount: Net earnings from continuing operations $ 358 $ 749 Preferred stock dividends (14) (29) Net earnings from continuing operations for basic and diluted $ 344 $ 720 Amounts attributable to Paramount: Net earnings $ 419 $ 852 Preferred stock dividends (14) (29) Net earnings for basic and diluted EPS calculation $ 405 $ 823

Dispositions (Tables)

Dispositions (Tables)	6 Months Ended
	Jun. 30, 2022
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 six months ended June 30, 2022 and 2021, which primarily reflects the results of Simon & Schuster. Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Revenues $ 293 $ 219 $ 510 $ 404 Costs and expenses: Operating 161 127 285 247 Selling, general and administrative 47 38 85 76 Total costs and expenses (a) 208 165 370 323 Operating income 85 54 140 81 Other items, net (5) — (6) (2) Earnings from discontinued operations 80 54 134 79 Income tax provision (b) (19) (13) (31) (26) Net earnings from discontinued operations, net of tax $ 61 $ 41 $ 103 $ 53 (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 $5 million and $10 million for the three and six months ended June 30, 2022, respectively, and $2 million for each of the three and six months ended June 30, 2021. (b) The tax provision includes amounts relating to previously disposed businesses of $1 million and $2 million for the three and six months ended June 30, 2022, respectively, and $7 million for the six months ended June 30, 2021. The following table presents the major classes of assets and liabilities of our discontinued operations. At At June 30, 2022 December 31, 2021 Receivables, net $ 365 $ 536 Other current assets 251 209 Goodwill 435 435 Property and equipment, net 47 46 Operating lease assets 202 203 Other assets 137 131 Total Assets $ 1,437 $ 1,560 Royalties payable $ 153 $ 155 Other current liabilities 296 416 Operating lease liabilities 188 194 Other liabilities 17 19 Total Liabilities $ 654 $ 784

Programming and Other Invento_2

Programming and Other Inventory (Tables)	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Current Programming and Other Inventory	The following table presents our programming and other inventory at June 30, 2022 and December 31, 2021, grouped by type and predominant monetization strategy. During the first quarter of 2022, in connection with our increased strategic focus on our direct-to-consumer businesses, we reassessed our predominant monetization strategy for certain of our internally-produced content, and determined that it had shifted from individual to film group as a result of expected increased monetization of the content on our DTC services. At At June 30, 2022 December 31, 2021 Film Group Monetization: Acquired program rights, including prepaid sports rights $ 3,251 $ 3,432 Internally-produced television and film programming: Released 5,813 3,808 In process and other 2,800 2,609 Individual Monetization: Acquired libraries 418 441 Film inventory: Released 699 606 Completed, not yet released 103 253 In process and other 1,231 1,303 Internally-produced television programming: Released 672 1,604 In process and other 629 769 Home entertainment 39 37 Total programming and other inventory 15,655 14,862 Less current portion 1,347 1,504 Total noncurrent programming and other inventory $ 14,308 $ 13,358
Noncurrent Programming and Other Inventory	The following table presents our programming and other inventory at June 30, 2022 and December 31, 2021, grouped by type and predominant monetization strategy. During the first quarter of 2022, in connection with our increased strategic focus on our direct-to-consumer businesses, we reassessed our predominant monetization strategy for certain of our internally-produced content, and determined that it had shifted from individual to film group as a result of expected increased monetization of the content on our DTC services. At At June 30, 2022 December 31, 2021 Film Group Monetization: Acquired program rights, including prepaid sports rights $ 3,251 $ 3,432 Internally-produced television and film programming: Released 5,813 3,808 In process and other 2,800 2,609 Individual Monetization: Acquired libraries 418 441 Film inventory: Released 699 606 Completed, not yet released 103 253 In process and other 1,231 1,303 Internally-produced television programming: Released 672 1,604 In process and other 629 769 Home entertainment 39 37 Total programming and other inventory 15,655 14,862 Less current portion 1,347 1,504 Total noncurrent programming and other inventory $ 14,308 $ 13,358
Programming and Production Costs	The following table presents amortization of television and film programming and production costs, which is included within “Operating expenses” on the Consolidated Statements of Operations. Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Programming costs, acquired programming $ 1,149 $ 1,098 $ 2,645 $ 2,600 Production costs, internally-produced television and film programming: Individual monetization $ 671 $ 750 $ 1,162 $ 1,510 Film group monetization $ 1,297 $ 651 $ 2,444 $ 1,301

Related Parties (Tables)

Related Parties (Tables)	6 Months Ended
	Jun. 30, 2022
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 Six Months Ended June 30, June 30, 2022 2021 2022 2021 Revenues $ 74 $ 73 $ 128 $ 138 Operating expenses $ 1 $ 4 $ 6 $ 8 At At June 30, 2022 December 31, 2021 Accounts receivable $ 49 $ 50

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2022
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 13 for revenues by segment disaggregated into these categories. Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Revenues by Type: Advertising $ 2,545 $ 2,599 $ 5,409 $ 5,708 Affiliate and subscription 2,888 2,588 5,728 5,051 Theatrical 764 134 895 135 Licensing and other 1,582 1,243 3,075 3,082 Total Revenues $ 7,779 $ 6,564 $ 15,107 $ 13,976

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	Our debt consists of the following: At At June 30, 2022 December 31, 2021 7.875% Debentures due 2023 $ 139 $ 139 7.125% Senior Notes due 2023 35 35 3.875% Senior Notes due 2024 — 490 3.70% Senior Notes due 2024 — 599 3.50% Senior Notes due 2025 — 597 4.75% Senior Notes due 2025 552 1,242 4.0% Senior Notes due 2026 794 793 3.45% Senior Notes due 2026 124 123 2.90% Senior Notes due 2027 693 692 3.375% Senior Notes due 2028 496 496 3.70% Senior Notes due 2028 493 493 4.20% Senior Notes due 2029 495 494 7.875% Senior Debentures due 2030 830 830 4.95% Senior Notes due 2031 1,224 1,223 4.20% Senior Notes due 2032 973 972 5.50% Senior Debentures due 2033 427 427 4.85% Senior Debentures due 2034 87 87 6.875% Senior Debentures due 2036 1,070 1,070 6.75% Senior Debentures due 2037 75 75 5.90% Senior Notes due 2040 298 298 4.50% Senior Debentures due 2042 45 45 4.85% Senior Notes due 2042 488 488 4.375% Senior Debentures due 2043 1,126 1,123 4.875% Senior Debentures due 2043 18 18 5.85% Senior Debentures due 2043 1,233 1,233 5.25% Senior Debentures due 2044 345 345 4.90% Senior Notes due 2044 541 540 4.60% Senior Notes due 2045 590 590 4.95% Senior Notes due 2050 945 944 5.875% Junior Subordinated Debentures due 2057 — 514 6.25% Junior Subordinated Debentures due 2057 643 643 6.375% Junior Subordinated Debentures due 2062 989 — Other bank borrowings 25 35 Obligations under finance leases 17 16 Total debt (a) 15,810 17,709 Less current portion 37 11 Total long-term debt, net of current portion $ 15,773 $ 17,698

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Financial Instruments	Gains (losses) recognized on derivative financial instruments were as follows: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Financial Statement Account Non-designated foreign exchange contracts $ 38 $ (2) $ 40 $ (1) Other items, net
Fair Value Measurements	The table below presents our assets and liabilities measured at fair value on a recurring basis at June 30, 2022 and December 31, 2021. These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the 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 June 30, 2022 December 31, 2021 Assets: Foreign currency hedges $ 38 $ 23 Total Assets $ 38 $ 23 Liabilities: Deferred compensation $ 328 $ 435 Foreign currency hedges 65 29 Total Liabilities $ 393 $ 464

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 December 31, 2021 Total assets $ 1,651 $ 1,578 Total liabilities $ 256 $ 184 Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Revenues $ 86 $ 92 $ 189 $ 163 Operating income (loss) $ (27) $ 3 $ (55) $ 8

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Changes in Components 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, 2021 $ (445) $ (1,434) $ (23) $ (1,902) Other comprehensive loss before (205) — (6) (211) Reclassifications to net earnings — 33 (b) — 33 Other comprehensive income (loss) (205) 33 (6) (178) At June 30, 2022 $ (650) $ (1,401) $ (29) $ (2,080) Continuing Operations Discontinued Operations Cumulative Net Actuarial Other Comprehensive Income (Loss) (a) Accumulated At December 31, 2020 $ (303) $ (1,509) $ (20) $ (1,832) Other comprehensive income (loss) (55) — 5 (50) Reclassifications to net earnings — 29 (b) — 29 Other comprehensive income (loss) (55) 29 5 (21) At June 30, 2021 $ (358) $ (1,480) $ (15) $ (1,853) (a) Reflects cumulative translation adjustments. (b) Reflects amortization of net actuarial losses (see Note 11).

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	The following table presents the components of net periodic cost for our pension and postretirement benefit plans, which are included within “Other items, net” on the Consolidated Statements of Operations. Pension Benefits Postretirement Benefits Three Months Ended June 30, 2022 2021 2022 2021 Components of net periodic cost (a) : Interest cost $ 37 $ 36 $ 2 $ 2 Expected return on plan assets (43) (47) — — Amortization of actuarial loss (gain) (b) 25 23 (4) (4) Net periodic cost $ 19 $ 12 $ (2) $ (2) Pension Benefits Postretirement Benefits Six Months Ended June 30, 2022 2021 2022 2021 Components of net periodic cost (a) : Interest cost $ 75 $ 72 $ 4 $ 4 Expected return on plan assets (86) (94) — — Amortization of actuarial loss (gain) (b) 49 47 (7) (7) Net periodic cost $ 38 $ 25 $ (3) $ (3) (a) Amounts reflect our domestic plans only.

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interest (Tables)	6 Months Ended
	Jun. 30, 2022
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests	The activity reflected within redeemable noncontrolling interest for the six months ended June 30, 2022 and 2021 is presented below. Six Months Ended June 30, 2022 2021 Beginning balance $ 107 $ 197 Net earnings 1 4 Distributions (4) (2) Translation adjustment (15) 1 Redemption value adjustment 19 (10) Ending balance $ 108 $ 190

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Revenues by Segment	Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Revenues: Advertising $ 2,174 $ 2,303 $ 4,695 $ 5,191 Affiliate and subscription 2,058 2,112 4,156 4,195 Licensing and other 1,024 804 2,050 1,826 TV Media 5,256 5,219 10,901 11,212 Advertising 363 291 710 509 Subscription 830 476 1,572 856 Direct-to-Consumer 1,193 767 2,282 1,365 Advertising 12 6 14 12 Theatrical 764 134 895 135 Licensing and other 587 463 1,078 1,316 Filmed Entertainment 1,363 603 1,987 1,463 Eliminations (33) (25) (63) (64) Total Revenues $ 7,779 $ 6,564 $ 15,107 $ 13,976
Intercompany Revenues by Segment	Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Intercompany Revenues: TV Media $ 13 $ 5 $ 24 $ 19 Direct-to-Consumer — 1 — 1 Filmed Entertainment 20 19 39 44 Total Intercompany Revenues $ 33 $ 25 $ 63 $ 64
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)	Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Adjusted OIBDA: TV Media $ 1,380 $ 1,504 $ 2,924 $ 3,269 Direct-to-Consumer (445) (143) (901) (292) Filmed Entertainment 181 52 144 231 Corporate/Eliminations (112) (124) (216) (240) Stock-based compensation (a) (41) (49) (75) (101) Depreciation and amortization (94) (95) (190) (194) Restructuring and other corporate matters (50) (35) (107) (35) Net gain on sales — 116 15 116 Operating income 819 1,226 1,594 2,754 Interest expense (230) (243) (470) (502) Interest income 19 13 40 26 Net gains from investments — 32 — 52 Loss on extinguishment of debt (47) — (120) (128) Other items, net (42) (10) (55) (29) Earnings from continuing operations before income taxes and 519 1,018 989 2,173 (Provision) benefit for income taxes (129) 34 (163) (192) Equity in loss of investee companies, net of tax (29) (44) (66) (62) Net earnings from continuing operations 361 1,008 760 1,919 Net earnings from discontinued operations, net of tax 61 41 103 53 Net earnings (Paramount and noncontrolling interests) 422 1,049 863 1,972 Net earnings attributable to noncontrolling interests (3) (13) (11) (25) Net earnings attributable to Paramount $ 419 $ 1,036 $ 852 $ 1,947 (a) For the six months ended June 30, 2022, $2 million of stock-based compensation expense is included in restructuring and other corporate matters.
Assets by Segment	At At June 30, 2022 December 31, 2021 Assets: TV Media $ 38,019 $ 38,491 Direct-to-Consumer 6,334 5,545 Filmed Entertainment 7,939 7,472 Corporate/Eliminations 3,232 5,552 Discontinued Operations 1,437 1,560 Total Assets $ 56,961 $ 58,620

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	6 Months Ended
	Jun. 30, 2022
Additional Financial Information Disclosure [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Six Months Ended June 30, 2022 2021 Cash paid for interest $ 474 $ 506 Cash paid for income taxes: Continuing operations $ 79 $ 144 Discontinued operations $ 10 $ 38 Noncash additions to operating lease assets $ 96 $ 28
Restructuring Charges by Type	During the three and six months ended June 30, 2022 and 2021, we recorded the following costs associated with restructuring and other corporate matters. Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Severance $ 10 $ — $ 28 $ — Exit costs — 35 — 35 Restructuring charges 10 35 28 35 Other corporate matters 40 — 79 — Restructuring and other corporate matters $ 50 $ 35 $ 107 $ 35

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 26, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Nov. 25, 2020
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)		11	7	9	5
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
Simon And Schuster | Discontinued Operations, Disposed of by Sale
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Sale of business, consideration							$ 2,175
Mandatory Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, percentage	5.75%			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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Weighted average shares for basic EPS (in shares)	649	646	649	634
Dilutive effect of shares issuable under stock-based compensation plans (in shares)	1	4	1	7
Assumed Conversion of Mandatory Convertible Preferred Stock (in shares)	0	12	0	6
Weighted average shares for diluted EPS (in shares)	650	662	650	647

Basis of Presentation - Schedul

Basis of Presentation - Schedule of earnings per share, basic and diluted (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net earnings from continuing operations	$ 358	$ 995	$ 749	$ 1,894
Preferred stock dividends	(14)	(14)	(29)	(15)
Net earnings from continuing operations for basic EPS calculation	344		720
Net earnings from continuing operations for diluted EPS calculation	344		720
Net earnings	419	1,036	852	1,947
Preferred stock dividends	(14)	$ (14)	(29)	$ (15)
Net earnings for basic EPS calculation	405		823
Net earnings for diluted EPS calculation	$ 405		$ 823

Dispositions - Narrative (Detai

Dispositions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Jun. 30, 2021	Nov. 25, 2020
Discontinued Operations [Line Items]
Gain (loss) on sale of business		$ 116
Simon And Schuster
Discontinued Operations [Line Items]
Contingent termination fee payable			$ 200
Not Discontinued Operations, Disposed of by Sale | CBS Studio Center
Discontinued Operations [Line Items]
Net gain on sales	$ 15
Discontinued Operations, Disposed of by Sale | Simon And Schuster
Discontinued Operations [Line Items]
Sale of business, consideration			$ 2,175

Dispositions - Schedule of Disc

Dispositions - Schedule of Discontinued Operations, Net Earnings (Details) - Discontinued operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Discontinued Operations [Line Items]
Revenues	$ 293	$ 219	$ 510	$ 404
Costs and expenses:
Operating	161	127	285	247
Selling, general and administrative	47	38	85	76
Total costs and expenses	208	165	370	323
Operating income	85	54	140	81
Other items, net	(5)	0	(6)	(2)
Earnings from discontinued operations	80	54	134	79
Income tax provision	(19)	(13)	(31)	(26)
Net earnings from discontinued operations, net of tax	61	41	103	53
Previous disposals, cost and expenses	5	$ 2	10	2
Previous disposals, income tax prevision	$ 1		$ 2	$ 7

Dispositions - Schedule of Di_2

Dispositions - Schedule of Discontinued Operations, Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Total Assets	$ 1,437	$ 1,560
Discontinued operations
Assets
Receivables, net	365	536
Other current assets	251	209
Goodwill	435	435
Property and equipment, net	47	46
Operating lease assets	202	203
Other assets	137	131
Total Assets	1,437	1,560
Liabilities
Royalties payable	153	155
Other current liabilities	296	416
Operating lease liabilities	188	194
Other liabilities	17	19
Total Liabilities	$ 654	$ 784

Programming and Other Invento_3

Programming and Other Inventory - Programming Inventory (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventory [Line Items]
Acquired program rights, including prepaid sports rights, film group monetization	$ 3,251	$ 3,432
Acquired libraries, individual monetization	418	441
Home entertainment	39	37
Total programming and other inventory	15,655	14,862
Less current portion	1,347	1,504
Total noncurrent programming and other inventory	14,308	13,358
Internally Produced Television Programming
Inventory [Line Items]
Released, film group monetization	5,813	3,808
In process and other, film group monetization	2,800	2,609
Released, individual monetization	672	1,604
In process and other, individual monetization	629	769
Film Inventory
Inventory [Line Items]
Released, individual monetization	699	606
Completed, not yet released, individual monetization	103	253
In process and other, individual monetization	$ 1,231	$ 1,303

Programming and Other Invento_4

Programming and Other Inventory - Programming and Production Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Inventory Disclosure [Abstract]
Programming costs, acquired programming	$ 1,149	$ 1,098	$ 2,645	$ 2,600
Production costs, internally-produced television and film programming:
Individual monetization	671	750	1,162	1,510
Film group monetization	$ 1,297	$ 651	$ 2,444	$ 1,301

Related Parties - Narrative (De

Related Parties - Narrative (Details)	Jun. 30, 2022 trustee
Related Party Transaction [Line Items]
SMR Trust ownership in NAI	80%
National Amusements, Inc.
Related Party Transaction [Line Items]
NAI ownership of Paramount common stock Class A common stock (percentage)	77.40%
NAI ownership of Paramount 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) - Other Related Parties - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Revenues	$ 74	$ 73	$ 128	$ 138
Operating expenses	1	$ 4	6	$ 8
Accounts receivable	$ 49		$ 49		$ 50

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total Revenues	$ 7,779	$ 6,564	$ 15,107	$ 13,976
Advertising
Disaggregation of Revenue [Line Items]
Total Revenues	2,545	2,599	5,409	5,708
Affiliate and subscription
Disaggregation of Revenue [Line Items]
Total Revenues	2,888	2,588	5,728	5,051
Theatrical
Disaggregation of Revenue [Line Items]
Total Revenues	764	134	895	135
Licensing and other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 1,582	$ 1,243	$ 3,075	$ 3,082

Revenues - Receivables (Details

Revenues - Receivables (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Other corporate matters	$ 40		$ 0	$ 79	$ 0
Allowance for credit loss	113			113		$ 80
Other Assets
Disaggregation of Revenue [Line Items]
Noncurrent receivables	$ 1,610			$ 1,610		$ 1,840
Russia, Belarus and Ukraine Counterparties
Disaggregation of Revenue [Line Items]
Other corporate matters		$ 39

Revenues - Contract Liabilities

Revenues - Contract Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 969		$ 1,200
Revenue recognized	$ 662	$ 627

Revenues - Unrecognized Revenue

Revenues - Unrecognized Revenues Under Contract (Details) $ in Billions	Jun. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenue	$ 6.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenue	$ 2
Expected timing of satisfaction period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenue	$ 2.4
Expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenue	$ 1.2
Expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unrecognized revenue	$ 1.2
Expected timing of satisfaction period

Revenues - Performance Obligati

Revenues - Performance Obligations Satisfied in Previous Periods (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Performance obligation satisfied	$ 181	$ 104	$ 260	$ 240

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Other bank borrowings	$ 25	$ 35
Obligations under finance leases	17	16
Total debt	15,810	17,709
Less current portion	37	11
Total long-term debt, net of current portion	15,773	17,698
Net unamortized discount on senior debt	451	466
Unamortized deferred financing costs	92	95
Face value of debt	$ 16,350	18,270
7.875% Debentures due 2023
Debt Instrument [Line Items]
Stated interest rate	7.875%
Carrying value of senior debt	$ 139	139
7.125% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate	7.125%
Carrying value of senior debt	$ 35	35
3.875% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate	3.875%
Carrying value of senior debt	$ 0	490
3.70% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate	3.70%
Carrying value of senior debt	$ 0	599
3.50% Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate	3.50%
Carrying value of senior debt	$ 0	597
4.75% Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate	4.75%
Carrying value of senior debt	$ 552	1,242
4.0% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	4%
Carrying value of senior debt	$ 794	793
3.45% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	3.45%
Carrying value of senior debt	$ 124	123
2.90% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate	2.90%
Carrying value of senior debt	$ 693	692
3.375% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate	3.375%
Carrying value of senior debt	$ 496	496
3.70% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate	3.70%
Carrying value of senior debt	$ 493	493
4.20% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate	4.20%
Carrying value of senior debt	$ 495	494
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	$ 1,224	1,223
4.20% Senior Notes due 2032
Debt Instrument [Line Items]
Stated interest rate	4.20%
Carrying value of senior debt	$ 973	972
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	$ 1,070	1,070
6.75% Senior Debentures due 2037
Debt Instrument [Line Items]
Stated interest rate	6.75%
Carrying value of senior debt	$ 75	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	$ 488	488
4.375% Senior Debentures due 2043
Debt Instrument [Line Items]
Stated interest rate	4.375%
Carrying value of senior debt	$ 1,126	1,123
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	$ 1,233	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	540
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	$ 945	944
5.875% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Stated interest rate	5.875%
Junior subordinated notes	$ 0	514
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%
Junior subordinated notes	$ 989	$ 0
Face value of debt	$ 1,000

Debt - Debt Redemption and Issu

Debt - Debt Redemption and Issuance Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Line of Credit Facility [Line Items]
Redemption price				$ 3,108	$ 2,200
Loss on extinguishment of debt		$ (47)	$ 0	(120)	(128)
Debt issued		16,350		16,350		$ 18,270
Senior Notes
Line of Credit Facility [Line Items]
Debt redeemed		970		2,390	1,990
Redemption price		$ 1,010		$ 2,490	$ 2,110
5.875% Junior Subordinated Debentures due 2057
Line of Credit Facility [Line Items]
Redemption price	$ 520
Stated interest rate		5.875%		5.875%
6.375% Junior Subordinated Debentures due 2062
Line of Credit Facility [Line Items]
Stated interest rate		6.375%		6.375%
Debt issued		$ 1,000		$ 1,000
Interest rate, reset period				5 years
6.375% Junior Subordinated Debentures due 2062 | US Treasury Rate | From March 30, 2027
Line of Credit Facility [Line Items]
Basis spread on variable rate				3.999%
6.375% Junior Subordinated Debentures due 2062 | US Treasury Rate | From March 30, 2032
Line of Credit Facility [Line Items]
Basis spread on variable rate				4.249%
6.375% Junior Subordinated Debentures due 2062 | US Treasury Rate | From March 30, 2047
Line of Credit Facility [Line Items]
Basis spread on variable rate				4.999%
6.25% Junior Subordinated Debentures due 2057
Line of Credit Facility [Line Items]
Stated interest rate		6.25%		6.25%
6.25% Junior Subordinated Debentures due 2057 | London Interbank Offered Rate (LIBOR) | From March 1, 2027
Line of Credit Facility [Line Items]
Basis spread on variable rate				3.899%

Debt - Commercial Paper Narrati

Debt - Commercial Paper Narrative (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Commercial paper	$ 0	$ 0

Debt - Credit Facility Narrativ

Debt - Credit Facility Narrative (Details) - Revolving Credit Facility	6 Months Ended
	Jun. 30, 2022 USD ($)
Line of Credit Facility [Line Items]
Period for consolidated EBITDA	12 months
Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under credit facility	$ 3,500,000,000
Maximum consolidated leverage ratio	4.5
Maximum consolidated leverage ratio, potential increase	5
Amount borrowed under credit facility	$ 0
Availability under credit facility	$ 3,500,000,000

Debt - Other Bank Borrowings Na

Debt - Other Bank Borrowings Narrative (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Other bank borrowings	$ 25,000,000	$ 35,000,000
Credit Facility | Miramax
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	$ 300,000,000	$ 300,000,000
Other Bank Borrowings
Debt Instrument [Line Items]
Weighted average interest rate	4.36%	3.50%

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Derivative [Line Items]
Carrying value of notes and debentures		$ 15,770		$ 17,660
Fair value of debt		15,000		21,500
Investments without readily determinable fair value		$ 67		59
Unrealized (gain) loss on marketable securities	$ (5)		$ 15
Gain on sale of investments	$ 37
Cash Flow Hedging | Foreign exchange contract
Derivative [Line Items]
Maximum derivative contract term		24 months
Notional amount of derivative		$ 2,410		1,940
Cash Flow Hedging | Foreign exchange contract | Production
Derivative [Line Items]
Notional amount of derivative		1,690		1,380
Cash Flow Hedging | Foreign exchange contract | Other
Derivative [Line Items]
Notional amount of derivative		$ 716		$ 564

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Foreign exchange contract
Derivatives [Line Items]
Gain (loss) on non-designated foreign exchange contracts	$ 38	$ (2)	$ 40	$ (1)

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Fair Value Measurements (Details) - Level 2 - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets:
Foreign currency hedges	$ 38	$ 23
Total Assets	38	23
Liabilities:
Deferred compensation	328	435
Foreign currency hedges	65	29
Total Liabilities	$ 393	$ 464

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Variable Interest Entity [Line Items]
Total Assets	$ 56,961		$ 56,961		$ 58,620
Revenues	7,779	$ 6,564	15,107	$ 13,976
Operating income (loss)	819	1,226	1,594	2,754
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets	1,651		1,651		1,578
Total liabilities	256		256		$ 184
Revenues	86	92	189	163
Operating income (loss)	$ (27)	$ 3	$ (55)	$ 8

Stockholders' Equity - Stock Of

Stockholders' Equity - Stock Offerings (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		6 Months Ended		12 Months Ended
	Mar. 26, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Proceeds from issuance of common stock	$ 1,670	$ 0	$ 1,672
Proceeds from issuance of preferred stock	$ 983	$ 0	$ 983
Common Class B
Class of Stock [Line Items]
Stock issuances (in shares)	20
Shares issued (in dollars per share)	$ 85
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Stock issuances (in shares)	10
Preferred stock, percentage	5.75%	5.75%		5.75%
Liquidation preference (in dollars per share)	$ 100

Stockholders' Equity - Mandator

Stockholders' Equity - Mandatory Convertible Preferred Stock (Details) - Series A Convertible Preferred Stock			6 Months Ended	12 Months Ended
	Apr. 01, 2024	Mar. 26, 2021 $ / shares	Jun. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock, percentage		5.75%	5.75%	5.75%
Liquidation preference (in dollars per share)		$ 100
Forecast
Class of Stock [Line Items]
Consecutive trading days	20 days
Trading days	21 days
Forecast | Minimum
Class of Stock [Line Items]
Convertible rate	1.0013
Forecast | Maximum
Class of Stock [Line Items]
Convertible rate	1.1765

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Class of Stock [Line Items]
Dividends per common share (in dollars per share)	$ 0.24		$ 0.24	$ 0.48	$ 0.48
Dividends recorded on common stock	$ 160		$ 158	$ 318	$ 310
Dividends recorded on preferred stock	$ 14		$ 14	29	15
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Dividends per preferred share (in dollars per share)	$ 1.4375	$ 1.4375	$ 1.5493
Dividends recorded on preferred stock	$ 14.4		$ 14.4	$ 28.8	$ 15.4

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
AOCI Attributable to Parent, Net of Tax
Accumulated other comprehensive income (loss) beginning balance	$ (1,902)	$ (1,832)
Other comprehensive income (loss) before reclassifications	(211)	(50)
Reclassifications to net earnings	33	29
Other comprehensive income (loss)	(178)	(21)
Accumulated other comprehensive income (loss) ending balance	(2,080)	(1,853)
Tax provision on net actuarial gain (loss) and prior service costs related to pension and other postretirement benefit plans	10	10
Cumulative Translation Adjustments
AOCI Attributable to Parent, Net of Tax
Accumulated other comprehensive income (loss) beginning balance	(445)	(303)
Other comprehensive income (loss) before reclassifications	(205)	(55)
Reclassifications to net earnings	0	0
Other comprehensive income (loss)	(205)	(55)
Accumulated other comprehensive income (loss) ending balance	(650)	(358)
Net Actuarial Loss and Prior Service Cost
AOCI Attributable to Parent, Net of Tax
Accumulated other comprehensive income (loss) beginning balance	(1,434)	(1,509)
Other comprehensive income (loss) before reclassifications	0	0
Reclassifications to net earnings	33	29
Other comprehensive income (loss)	33	29
Accumulated other comprehensive income (loss) ending balance	(1,401)	(1,480)
Other Comprehensive Income (Loss), Discontinued Operations
AOCI Attributable to Parent, Net of Tax
Accumulated other comprehensive income (loss) beginning balance	(23)	(20)
Other comprehensive income (loss) before reclassifications	(6)	5
Reclassifications to net earnings	0	0
Other comprehensive income (loss)	(6)	5
Accumulated other comprehensive income (loss) ending balance	$ (29)	$ (15)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
(Provision) benefit for income taxes	$ (129)	$ 34	$ (163)	$ (192)
Effective income tax rate	24.90%	(3.30%)	16.50%	8.80%
Discrete tax benefit	$ 3	$ 268	$ 81	$ 289
(Provision) benefit from other items identified as affecting comparability	$ 23	$ 26	$ 48	$ 1
Percentage point decrease in effective tax rate	0.30%	26.30%	7.80%	13.30%
Income tax benefit, adjustments of deferred tax asset		$ 260		$ 260

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 37	$ 36	$ 75	$ 72
Expected return on plan assets	(43)	(47)	(86)	(94)
Amortization of actuarial loss (gain)	25	23	49	47
Net periodic cost	19	12	38	25
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	2	2	4	4
Expected return on plan assets	0	0	0	0
Amortization of actuarial loss (gain)	(4)	(4)	(7)	(7)
Net periodic cost	$ (2)	$ (2)	$ (3)	$ (3)

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Redeemable Noncontrolling Interest
Beginning balance	$ 107	$ 197
Net earnings	1	4
Distributions	(4)	(2)
Translation adjustment	(15)	1
Redemption value adjustment	19	(10)
Ending balance	$ 108	$ 190

Segment Information - Revenues

Segment Information - Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 7,779	$ 6,564	$ 15,107	$ 13,976
Operating Segments | TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	5,256	5,219	10,901	11,212
Operating Segments | Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,193	767	2,282	1,365
Operating Segments | Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,363	603	1,987	1,463
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(33)	(25)	(63)	(64)
Eliminations | TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(13)	(5)	(24)	(19)
Eliminations | Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0	(1)	0	(1)
Eliminations | Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(20)	(19)	(39)	(44)
Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,545	2,599	5,409	5,708
Advertising | Operating Segments | TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,174	2,303	4,695	5,191
Advertising | Operating Segments | Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	363	291	710	509
Advertising | Operating Segments | Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	12	6	14	12
Affiliate and subscription
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,888	2,588	5,728	5,051
Affiliate and subscription | Operating Segments | TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,058	2,112	4,156	4,195
Affiliate and subscription | Operating Segments | Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	830	476	1,572	856
Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,582	1,243	3,075	3,082
Licensing and other | Operating Segments | TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,024	804	2,050	1,826
Licensing and other | Operating Segments | Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	587	463	1,078	1,316
Theatrical
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	764	134	895	135
Theatrical | Operating Segments | Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 764	$ 134	$ 895	$ 135

Segment Information - Operating

Segment Information - Operating Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Stock-based compensation			$ (77)	$ (101)
Depreciation and amortization	$ (94)	$ (95)	(190)	(194)
Restructuring and other corporate matters	(50)	(35)	(107)	(35)
Net gain on sales	0	116	15	116
Operating income	819	1,226	1,594	2,754
Interest expense	(230)	(243)	(470)	(502)
Interest income	19	13	40	26
Net gains from investments	0	32	0	52
Loss on extinguishment of debt	(47)	0	(120)	(128)
Other items, net	(42)	(10)	(55)	(29)
Earnings from continuing operations before income taxes and equity in loss of investee companies	519	1,018	989	2,173
(Provision) benefit for income taxes	(129)	34	(163)	(192)
Equity in loss of investee companies, net of tax	(29)	(44)	(66)	(62)
Net earnings from continuing operations	361	1,008	760	1,919
Net earnings from discontinued operations, net of tax	61	41	103	53
Net earnings (Paramount and noncontrolling interests)	422	1,049	863	1,972
Net earnings attributable to noncontrolling interests	(3)	(13)	(11)	(25)
Net earnings attributable to Paramount	419	1,036	852	1,947
Operating Segments | TV Media
Segment Reporting Information [Line Items]
Adjusted OIBDA	1,380	1,504	2,924	3,269
Operating Segments | Direct-to-Consumer
Segment Reporting Information [Line Items]
Adjusted OIBDA	(445)	(143)	(901)	(292)
Operating Segments | Filmed Entertainment
Segment Reporting Information [Line Items]
Adjusted OIBDA	181	52	144	231
Corporate/Eliminations
Segment Reporting Information [Line Items]
Adjusted OIBDA	(112)	(124)	(216)	(240)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Stock-based compensation	(41)	(49)	(75)	(101)
Depreciation and amortization	(94)	(95)	(190)	(194)
Restructuring and other corporate matters	(50)	(35)	(107)	(35)
Net gain on sales	$ 0	$ 116	15	$ 116
Segment Reconciling Items | Restructuring and Other Corporate Matters
Segment Reporting Information [Line Items]
Stock-based compensation			$ (2)

Segment Information - Assets (D

Segment Information - Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total Assets	$ 56,961	$ 58,620
Discontinued Operations	1,437	1,560
Operating Segments | TV Media
Segment Reporting Information [Line Items]
Total Assets	38,019	38,491
Operating Segments | Direct-to-Consumer
Segment Reporting Information [Line Items]
Total Assets	6,334	5,545
Operating Segments | Filmed Entertainment
Segment Reporting Information [Line Items]
Total Assets	7,939	7,472
Corporate/Eliminations
Segment Reporting Information [Line Items]
Total Assets	$ 3,232	$ 5,552

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 26, 2021

Jan. 27, 2021 claim

Sep. 09, 2019 defendant

Jun. 30, 2022 USD ($) claim

Jun. 30, 2022 USD ($) claim

Dec. 31, 2021 USD ($) claim

Dec. 31, 2020 USD ($)

Dec. 31, 2019

Nov. 25, 2020 USD ($)

Mar. 31, 2020 lawsuit

Jan. 23, 2020 lawsuit

Aug. 01, 2018 lawFirm

Loss Contingencies [Line Items]

Outstanding letters of credit and surety bonds

$ 173

$ 173

Lawsuits consolidated | lawsuit

3

Number of claims dismissed | claim

1

Number of consolidated class action lawsuits | lawsuit

4

Number of law firms retained | lawFirm

2

Number of defendants | defendant

14

Costs for settlement and defense of asbestos claims, net of insurance recoveries and taxes

$ 63

$ 35

Simon And Schuster

Loss Contingencies [Line Items]

Contingent termination fee payable

$ 200

Asbestos Claims

Loss Contingencies [Line Items]

Number of pending asbestos claims | claim

26,790

26,790

27,770

Number of new asbestos claims | claim

670

Number of asbestos claims closed or moved to inactive docket | claim

640

Series A Convertible Preferred Stock

Loss Contingencies [Line Items]

Preferred stock, percentage

5.75%

5.75%

5.75%

CBS Television City

Loss Contingencies [Line Items]

Guaranteed cash flow period

5 years

Estimated liability

$ 51

$ 51

Famous Players

Loss Contingencies [Line Items]

Estimated liability

$ 41

$ 41

Supplemental Financial Inform_3

Supplemental Financial Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash and Cash Equivalents [Line Items]
Cash paid for interest	$ 474	$ 506
Noncash additions to operating lease assets	96	28
Continuing operations
Cash and Cash Equivalents [Line Items]
Cash paid for income taxes	79	144
Discontinued operations
Cash and Cash Equivalents [Line Items]
Cash paid for income taxes	$ 10	$ 38

Supplemental Financial Inform_4

Supplemental Financial Information - Lease Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Additional Financial Information Disclosure [Abstract]
Lease income	$ 19	$ 35	$ 34	$ 71

Supplemental Financial Inform_5

Supplemental Financial Information - Restructuring and Other Corporate Matters (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 10		$ 35	$ 28	$ 35
Other corporate matters	40		0	79	0
Restructuring and other corporate matters	50		35	107	35
Restructuring reserve	139			139		$ 190
Payments for restructuring				67
Russia, Belarus and Ukraine Counterparties
Restructuring Cost and Reserve [Line Items]
Other corporate matters		$ 39
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	10		0	28	0
Severance | Filmed Entertainment
Restructuring Cost and Reserve [Line Items]
Restructuring charges				18
Severance | Direct-to-Consumer
Restructuring Cost and Reserve [Line Items]
Restructuring charges				1
Severance | TV Media
Restructuring Cost and Reserve [Line Items]
Restructuring charges				9
Exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0		35	$ 0	$ 35
Exit costs | TV Media
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 35