Paramount Global (PARA) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

COVER

COVER - shares	9 Months Ended
	Sep. 30, 2024	Nov. 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-09553
Entity Registrant Name	Paramount Global
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2949533
Entity Address, Address Line One	1515 Broadway
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	258-6000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000813828
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.001 par value
Trading Symbol	PARAA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		40,702,683
Class B Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class B Common Stock, $0.001 par value
Trading Symbol	PARA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		626,272,493

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 6,731	$ 7,133	$ 21,229	$ 22,014
Costs and expenses:
Operating	4,342	4,681	13,745	14,872
Programming charges	0	0	1,118	2,371
Selling, general and administrative	1,531	1,736	4,772	5,272
Depreciation and amortization	96	105	297	310
Impairment charges	104	0	6,100	0
Restructuring and transaction-related costs	321	(10)	595	44
Total costs and expenses	6,394	6,512	26,627	22,869
Operating income (loss)	337	621	(5,398)	(855)
Interest expense	(209)	(232)	(645)	(698)
Interest income	31	29	111	97
Gain (loss) from investments	0	0	(4)	168
Other items, net	(39)	(42)	(126)	(148)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	120	376	(6,062)	(1,436)
(Provision for) benefit from income taxes	(45)	(40)	342	436
Equity in loss of investee companies, net of tax	(59)	(75)	(221)	(259)
Net earnings (loss) from continuing operations	16	261	(5,941)	(1,259)
Net earnings from discontinued operations, net of tax	5	48	14	166
Net earnings (loss) (Paramount and noncontrolling interests)	21	309	(5,927)	(1,093)
Net earnings attributable to noncontrolling interests	(20)	(14)	(39)	(29)
Net earnings (loss) attributable to Paramount	1	295	(5,966)	(1,122)
Amounts attributable to Paramount:
Net earnings (loss) from continuing operations	(4)	247	(5,980)	(1,288)
Net earnings from discontinued operations, net of tax	5	48	14	166
Net earnings (loss) attributable to Paramount	$ 1	$ 295	$ (5,966)	$ (1,122)
Basic net earnings (loss) per common share attributable to Paramount:
Net earnings (loss) from continuing operations (in dollars per share)	$ (0.01)	$ 0.36	$ (9.04)	$ (2.04)
Net earnings from discontinued operations (in dollars per share)	0.01	0.07	0.02	0.25
Net earnings (loss) (in dollars per share)	0	0.43	(9.02)	(1.79)
Diluted net earnings (loss) per common share attributable to Paramount:
Net earnings (loss) from continuing operations (in dollars per share)	(0.01)	0.36	(9.04)	(2.04)
Net earnings from discontinued operations (in dollars per share)	0.01	0.07	0.02	0.25
Net earnings (loss) (in dollars per share)	$ 0	$ 0.43	$ (9.02)	$ (1.79)
Weighted average number of common shares outstanding:
Basic (in shares)	667	652	663	651
Diluted (in shares)	670	652	663	651

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings (loss) (Paramount and noncontrolling interests)	$ 21	$ 309	$ (5,927)	$ (1,093)
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	88	(87)	(2)	56
Decrease to net actuarial loss and prior service costs	13	13	33	36
Other comprehensive income (loss) from continuing operations, net of tax (Paramount and noncontrolling interests)	101	(74)	31	92
Other comprehensive loss from discontinued operations	0	(5)	0	(1)
Comprehensive income (loss)	122	230	(5,896)	(1,002)
Less: Comprehensive income attributable to noncontrolling interests	21	14	38	31
Comprehensive income (loss) attributable to Paramount	$ 101	$ 216	$ (5,934)	$ (1,033)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 2,443	$ 2,460
Receivables, net	6,327	7,115
Programming and other inventory	1,664	1,414
Prepaid expenses and other current assets	1,484	1,677
Current assets of discontinued operations	7	37
Total current assets	11,925	12,703
Property and equipment, net	1,545	1,666
Programming and other inventory	13,948	13,851
Goodwill	10,508	16,516
Intangible assets, net	2,450	2,589
Operating lease assets	1,029	1,183
Deferred income tax assets, net	1,387	1,242
Other assets	3,458	3,793
Total Assets	46,250	53,543
Current Liabilities:
Accounts payable	826	1,100
Accrued expenses	1,954	2,104
Participants’ share and royalties payable	2,485	2,702
Accrued programming and production costs	1,697	1,842
Deferred revenues	824	746
Debt	125	1
Other current liabilities	1,443	1,161
Total current liabilities	9,354	9,656
Long-term debt	14,495	14,601
Participants’ share and royalties payable	1,254	1,394
Pension and postretirement benefit obligations	1,322	1,337
Deferred income tax liabilities, net	35	503
Operating lease liabilities	1,076	1,256
Program rights obligations	208	204
Other liabilities	1,431	1,542
Commitments and contingencies (Note 14)
Paramount stockholders’ equity:
Additional paid-in capital	33,364	33,210
Treasury stock, at cost; 503 (2024 and 2023) shares of Class B Common Stock	(22,958)	(22,958)
Retained earnings	7,745	13,829
Accumulated other comprehensive loss	(1,524)	(1,556)
Total Paramount stockholders’ equity	16,628	22,526
Noncontrolling interests	447	524
Total Equity	17,075	23,050
Total Liabilities and Equity	46,250	53,543
Mandatory Convertible Preferred Stock
Paramount stockholders’ equity:
5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share; 25 shares authorized; 10 (2023) shares issued	0	0
Class A Common Stock
Paramount stockholders’ equity:
Common stock	0	0
Class B Common Stock
Paramount stockholders’ equity:
Common stock	$ 1	$ 1
Treasury stock, at cost (in shares)	503	503

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Mandatory Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, percentage	5.75%	5.75%
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	25	25
Preferred stock, shares issued (in shares)		10
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	55	55
Common stock, shares issued (in shares)	41	41
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	5,000	5,000
Common stock, shares issued (in shares)	1,129	1,115
Treasury stock, at cost (in shares)	503	503

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities:
Net earnings (loss) (Paramount and noncontrolling interests)	$ (5,927)	$ (1,093)
Less: Net earnings from discontinued operations, net of tax	14	166
Net loss from continuing operations	(5,941)	(1,259)
Adjustments to reconcile net loss from continuing operations to net cash flow provided by (used for) operating activities from continuing operations:
Programming charges	1,118	2,371
Depreciation and amortization	297	310
Impairment charges	6,100	0
Deferred tax benefit	(622)	(592)
Stock-based compensation	175	131
(Gain) loss from investments	4	(168)
Equity in loss of investee companies, net of tax and distributions	228	259
Change in assets and liabilities	(775)	(1,226)
Net cash flow provided by (used for) operating activities from continuing operations	584	(174)
Net cash flow provided by operating activities from discontinued operations	0	205
Net cash flow provided by operating activities	584	31
Investing Activities:
Investments	(248)	(184)
Capital expenditures	(151)	(213)
Other investing activities	34	56
Net cash flow used for investing activities from continuing operations	(365)	(341)
Net cash flow provided by (used for) investing activities from discontinued operations	48	(3)
Net cash flow used for investing activities	(317)	(344)
Financing Activities:
Proceeds from issuance of debt	0	45
Repayment of debt	0	(239)
Dividends paid on preferred stock	(29)	(43)
Dividends paid on common stock	(102)	(351)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(21)	(21)
Payments to noncontrolling interests	(120)	(97)
Other financing activities	(26)	(38)
Net cash flow used for financing activities	(298)	(744)
Effect of exchange rate changes on cash and cash equivalents	14	(24)
Net decrease in cash and cash equivalents	(17)	(1,081)
Cash and cash equivalents at beginning of year	2,460	2,885
Cash and cash equivalents at end of period	$ 2,443	$ 1,804

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Total Paramount Stockholders’ Equity	Preferred Stock Outstanding	Class A and B Common Stock Outstanding	Additional Paid-In Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Preferred stock outstanding, beginning balance (in shares) at Dec. 31, 2022			10,000,000
Beginning balance at Dec. 31, 2022	$ 23,606	$ 23,036	$ 0	$ 1	$ 33,063	$ (22,958)	$ 14,737	$ (1,807)	$ 570
Common stock outstanding, beginning balance (in shares) at Dec. 31, 2022				650,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (in shares)				2,000,000
Stock-based compensation activity and other	132	132			113		19
Preferred stock dividends	(43)	(43)					(43)
Common stock dividends	(228)	(228)					(228)
Noncontrolling interests	(87)								(87)
Net earnings (loss)	(1,093)	(1,122)					(1,122)		29
Other comprehensive income (loss)	91	89						89	2
Preferred stock outstanding, ending balance (in shares) at Sep. 30, 2023			10,000,000
Ending balance at Sep. 30, 2023	22,378	21,864	$ 0	$ 1	33,176	(22,958)	13,363	(1,718)	514
Common stock outstanding, ending balance (in shares) at Sep. 30, 2023				652,000,000
Preferred stock outstanding, beginning balance (in shares) at Jun. 30, 2023			10,000,000
Beginning balance at Jun. 30, 2023	22,157	21,655	$ 0	$ 1	33,135	(22,958)	13,116	(1,639)	502
Common stock outstanding, beginning balance (in shares) at Jun. 30, 2023				651,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (in shares)				1,000,000
Stock-based compensation activity	41	41			41
Preferred stock dividends	(14)	(14)					(14)
Common stock dividends	(34)	(34)					(34)
Noncontrolling interests	(2)								(2)
Net earnings (loss)	309	295					295		14
Other comprehensive income (loss)	(79)	(79)						(79)	0
Preferred stock outstanding, ending balance (in shares) at Sep. 30, 2023			10,000,000
Ending balance at Sep. 30, 2023	22,378	21,864	$ 0	$ 1	33,176	(22,958)	13,363	(1,718)	514
Common stock outstanding, ending balance (in shares) at Sep. 30, 2023				652,000,000
Preferred stock outstanding, beginning balance (in shares) at Dec. 31, 2023			10,000,000
Beginning balance at Dec. 31, 2023	23,050	22,526	$ 0	$ 1	33,210	(22,958)	13,829	(1,556)	524
Common stock outstanding, beginning balance (in shares) at Dec. 31, 2023				653,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (in shares)				2,000,000
Stock-based compensation activity	154	154			154
Stock conversion (in shares)			10,000,000	12,000,000
Preferred stock dividends	(14)	(14)					(14)
Common stock dividends	(104)	(104)					(104)
Noncontrolling interests	(115)								(115)
Net earnings (loss)	(5,927)	(5,966)					(5,966)		39
Other comprehensive income (loss)	31	32						32	(1)
Preferred stock outstanding, ending balance (in shares) at Sep. 30, 2024			0
Ending balance at Sep. 30, 2024	17,075	16,628	$ 0	$ 1	33,364	(22,958)	7,745	(1,524)	447
Common stock outstanding, ending balance (in shares) at Sep. 30, 2024				667,000,000
Beginning balance at Jun. 30, 2024	16,946	16,497		$ 1	33,299	(22,958)	7,779	(1,624)	449
Common stock outstanding, beginning balance (in shares) at Jun. 30, 2024				667,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity	65	65			65
Common stock dividends	(35)	(35)					(35)
Noncontrolling interests	(23)								(23)
Net earnings (loss)	21	1					1		20
Other comprehensive income (loss)	101	100						100	1
Preferred stock outstanding, ending balance (in shares) at Sep. 30, 2024			0
Ending balance at Sep. 30, 2024	$ 17,075	$ 16,628	$ 0	$ 1	$ 33,364	$ (22,958)	$ 7,745	$ (1,524)	$ 447
Common stock outstanding, ending balance (in shares) at Sep. 30, 2024				667,000,000

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Description of Business— Paramount Global, a global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide, is comprised of the following segments: • TV Media— Our TV Media segment consists of our (1) broadcast operations — the CBS Television Network, our domestic broadcast television network; CBS Stations, our owned television stations; and our international free-to-air networks, Network 10, Channel 5, Telefe, and Chilevisión; (2) domestic premium and basic cable networks, including Paramount+ with Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, CBS Sports Network, and international extensions of certain of these brands; and (3) domestic and international television studio operations, including CBS Studios and Showtime/MTV Entertainment Studios, as well as CBS Media Ventures, which produces and distributes first-run syndicated programming. TV Media also includes a number of digital properties such as CBS News Streaming and CBS Sports HQ. • Direct-to-Consumer— Our Direct-to-Consumer segment includes our portfolio of domestic and international pay and free streaming services, including Paramount+, Pluto TV, and BET+. Effective April 30, 2024, Showtime Networks’ domestic premium subscription streaming service was no longer available. • Filmed Entertainment — Our Filmed Entertainment segment consists of Paramount Pictures, Paramount Players, Paramount Animation, Nickelodeon Studio, Awesomeness, and Miramax . References to “Paramount,” the “Company,” “we,” “us” and “our” refer to Paramount Global and its consolidated subsidiaries, unless the context otherwise requires. On July 7, 2024, Paramount entered into a transaction agreement (the “Transaction Agreement”) with Skydance Media, LLC (“Skydance”) and other parties pursuant to which Paramount and Skydance will become subsidiaries of a new holding company, currently referred to as New Paramount (the “Transactions”). Concurrent with the execution of the Transaction Agreement, certain affiliates of existing investors of Skydance (the “NAI Equity Investors”), including entities controlled by members of the Ellison family and affiliates of RedBird Capital Partners, entered into an agreement with National Amusements, Inc. (“NAI”), the controlling stockholder of the Company, to purchase all of the outstanding equity interests of NAI (the “NAI Transaction”). In addition, the NAI Equity Investors and certain other affiliates of investors of Skydance will make an investment of up to $6.0 billion into New Paramount in exchange for up to 400 million newly issued shares of Class B common stock of New Paramount (“New Paramount Class B Common Stock”), subject to ratable reduction, for a purchase price of $15.00 per share, and the NAI Equity Investors will also receive warrants to purchase 200 million shares of New Paramount Class B Common Stock at an initial exercise price of $30.50 per share (subject to customary anti-dilution adjustments), which expire five years after issuance. Up to $4.5 billion of the proceeds will be used to fund the cash-stock election discussed below and a minimum of $1.5 billion of cash (less a subscription discount of 1.875%) will remain at New Paramount. If the cash-stock elections are undersubscribed, up to an additional $1.5 billion (less a subscription discount of 1.875%) of the unused portion of the $4.5 billion will also remain at New Paramount. The Transactions will also include: (i) a transaction pursuant to which existing Skydance investors will receive 317 million shares of New Paramount Class B Common Stock, and (ii) a cash-stock election pursuant to which shares of Paramount Class A Common Stock held by stockholders other than NAI will be converted, at the stockholders’ election, into the right to receive either $23.00 in cash or 1.5333 shares of New Paramount Class B Common Stock, and shares of Paramount Class B Common Stock held by stockholders other than NAI, the NAI Equity Investors and certain other affiliates of investors of Skydance will be converted, at the stockholders’ election, into the right to receive either $15.00 in cash (subject to proration) or one share of New Paramount Class B Common Stock. The shares that are settled in cash will cease to exist after the completion of the Transactions. The Transactions are subject to customary closing conditions, including regulatory approvals, and are expected to close in the first half of 2025. Consummation of the foregoing transactions is also subject to the contemporaneous consummation of each other transaction described above. In the event of a termination of the Transaction Agreement under certain specified circumstances, the Company will be required to pay Skydance a termination fee in the amount of $400 million. At the closing of the Transactions, our voting Class A Common Stock and non-voting Class B Common Stock (currently listed and traded on The Nasdaq Stock Market LLC under the symbols “PARAA” and “PARA,” respectively) will cease to be listed, and only the shares of New Paramount Class B Common Stock will be listed on The Nasdaq Stock Market LLC. On April 29, 2024, the Board of Directors of the Company established an Office of the Chief Executive Officer, consisting of the following three senior company executives who were appointed as co-CEOs: George Cheeks, President and Chief Executive Officer of CBS; Chris McCarthy, President and Chief Executive Officer, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, President and Chief Executive Officer of Paramount Pictures and Nickelodeon. On April 30, 2024, Robert M. Bakish stepped down as the Company’s President and Chief Executive Officer and resigned from the Board of Directors. Mr. Bakish agreed to remain employed with the Company as a Senior Advisor until October 31, 2024 to help ensure a seamless transition of his duties. 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 (“U.S. GAAP” or “GAAP”) for interim financial information and pursuant to the rules of the Securities and Exchange Commission (the “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, 2023. 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 October 30, 2023, we completed the sale of Simon & Schuster, which has been presented as a discontinued operation in our consolidated financial statements (see Note 13). Use of Estimates— The preparation of our consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may vary from these estimates under different assumptions or conditions. Net Earnings (Loss) per Common Share— Basic net earnings (loss) per share (“EPS”) is based upon net earnings (loss) available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings (loss) available to common stockholders is calculated as net earnings (loss) from continuing operations or net earnings (loss), as applicable, adjusted to include a reduction for dividends recorded during the applicable period on our 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”). On April 1, 2024, all outstanding shares of our Mandatory Convertible Preferred Stock were automatically and mandatorily converted into shares of our Class B Common Stock. The final dividend on the Mandatory Convertible Preferred Stock was declared during the first quarter of 2024 and paid on April 1, 2024 (see Note 9). Weighted average shares for diluted EPS reflect the effect of the assumed exercise of stock options and vesting of restricted share units (“RSUs”) or performance share units (“PSUs”) only in the periods in which such effect would have been dilutive. In periods prior to the conversion of our preferred stock, diluted EPS also reflects the effect of the assumed conversion of preferred stock, if dilutive, which includes the issuance of common shares in the weighted average number of shares and excludes the above-mentioned preferred stock dividend adjustment to net earnings (loss) available to common stockholders. All of our stock options and RSUs, which totaled 30 million and 19 million for the nine months ended September 30, 2024 and 2023, respectively, were excluded from the calculations of diluted EPS because their inclusion would have been antidilutive since we reported a net loss. Stock options and RSUs totaling 10 million and 18 million for the three months ended September 30, 2024 and 2023, respectively, were excluded from the calculations of diluted EPS because their inclusion would have been antidilutive. Also excluded from the calculation of diluted EPS for the nine months ended September 30, 2024 prior to the preferred stock conversion discussed above, and for the three and nine months ended September 30, 2023, was the effect of the assumed conversion of 10 million shares of Mandatory Convertible Preferred Stock into shares of common stock because the impact would have been antidilutive. The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS. Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2024 2023 2024 2023 Weighted average shares for basic EPS 667 652 663 651 Dilutive effect of shares issuable under stock-based compensation plans 3 — — — Weighted average shares for diluted EPS 670 652 663 651 Because the impact of the assumed conversion of the Mandatory Convertible Preferred Stock would have been antidilutive, net loss from continuing operations and net loss used in our calculations of diluted EPS for the nine months ended September 30, 2024 and the three and nine months ended September 30, 2023 include a reduction for the preferred stock dividends recorded during each period prior to the April 2024 conversion. The table below presents a reconciliation of net earnings (loss) from continuing operations and net earnings (loss) to the amounts used in the calculations of basic and diluted EPS. Three Months Nine Months Ended Ended September 30, September 30, 2023 2024 2023 Amounts attributable to Paramount: Net earnings (loss) from continuing operations $ 247 $ (5,980) $ (1,288) Preferred stock dividends (14) (14) (43) Net earnings (loss) from continuing operations for basic and diluted EPS calculation $ 233 $ (5,994) $ (1,331) Amounts attributable to Paramount: Net earnings (loss) $ 295 $ (5,966) $ (1,122) Preferred stock dividends (14) (14) (43) Net earnings (loss) for basic and diluted EPS calculation $ 281 $ (5,980) $ (1,165) Accounting Pronouncements Not Yet Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued updated guidance for segment reporting, which requires the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the reported measure of segment profit or loss (“segment measure”), as well as the disclosure of the other segment items comprising the difference between segment revenues less these significant segment expenses and the segment measure. The update also requires an entity to disclose the title and position of the CODM and to describe how the CODM utilizes the segment measure to assess segment performance and allocate resources. In addition, the update aligns the interim disclosure requirements for segment profit or loss and assets with the annual requirements. The update is effective for us for our annual report for the year ended December 31, 2024, and for interim periods thereafter and is required to be applied retrospectively. Income Taxes In December 2023, the FASB issued guidance enhancing annual income tax disclosures. Under this guidance, certain enhancements to the effective tax rate reconciliation disclosure are required, including the disclosure of both percentages and amounts, specific categories, and additional information for reconciling items meeting a quantitative threshold defined by the guidance. Additionally, disclosures of income taxes paid and income tax expense must be disaggregated by federal, state and foreign taxes, with income taxes paid further disaggregated for individual jurisdictions that represent 5 percent or more of total income taxes paid. The guidance is effective for us for the year ended December 31, 2025, and should be applied prospectively, with retrospective application permitted. Disaggregation of Income Statement Expenses

PROGRAMMING AND OTHER INVENTORY

PROGRAMMING AND OTHER INVENTORY	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
PROGRAMMING AND OTHER INVENTORY	PROGRAMMING AND OTHER INVENTORY The following table presents our programming and other inventory at September 30, 2024 and December 31, 2023, grouped by type and predominant monetization strategy. At At September 30, 2024 December 31, 2023 Film Group Monetization: Acquired program rights, including prepaid sports rights $ 3,311 $ 3,318 Internally-produced television and film programming: Released 6,183 6,666 In process and other 2,757 2,028 Individual Monetization: Acquired libraries 319 348 Films: Released 742 624 Completed, not yet released 76 179 In process and other 1,282 1,211 Internally-produced television programming: Released 441 496 In process and other 475 361 Home entertainment 26 34 Total programming and other inventory 15,612 15,265 Less current portion 1,664 1,414 Total noncurrent programming and other inventory $ 13,948 $ 13,851 The following table presents amortization of our television and film programming and production costs, which is included within “ Operating expenses Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Acquired program rights $ 1,068 $ 1,113 $ 3,916 $ 3,761 Internally-produced television and film programming, Individual monetization $ 405 $ 530 $ 1,073 $ 1,660 Film group monetization $ 1,158 $ 1,104 $ 3,498 $ 3,830 Programming Charges During the first quarter of 2024, in connection with our continued review of our content strategy, we made a strategic decision to focus on content with mass global appeal. As part of this, we decided to rationalize original content on our streaming services, especially internationally, and improve the efficiency of our linear network programming. As a result, we reviewed our expansive global content portfolio and removed select content from our platforms. In addition, we decided not to move forward with certain titles and therefore have abandoned some development projects and terminated certain programming agreements. Accordingly, we recorded programming charges on the Consolidated Statement of Operations during the first quarter of 2024 relating to these actions. These charges, which totaled $1.12 billion, were comprised of $909 million for the impairment of content to its estimated fair value, as well as $209 million for development cost write-offs and contract termination costs. During the first half of 2023, in connection with the integration of Showtime into Paramount+ across both streaming and linear platforms, we performed a comprehensive strategic review of the combined content portfolio of Showtime and Paramount+. Additionally, we commenced a review of our international content portfolio in connection with initiatives to rationalize and right-size our international operations to align with our streaming strategy, and close or globalize certain of our international channels. As a result, we changed the strategy for certain content, which led to content being removed from our platforms or abandoned, the write-off of development costs, distribution changes, and termination of programming agreements. Accordingly, we recorded programming charges on the Consolidated Statement of Operations relating to these actions in the first half of 2023. These charges, which totaled $2.37 billion, were comprised of $1.97 billion for the impairment of content to its estimated fair value and, $402 million for development cost write-offs and contract termination costs. For content that was removed from our platforms or abandoned in each period, the estimated fair value was determined using assumptions for secondary market licensing revenues, if any.

IMPAIRMENT, RESTRUCTURING AND T

IMPAIRMENT, RESTRUCTURING AND TRANSACTION-RELATED COSTS	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
IMPAIRMENT, RESTRUCTURING AND TRANSACTION-RELATED COSTS	IMPAIRMENT, RESTRUCTURING AND TRANSACTION-RELATED COSTS Interim Impairment Testing We perform fair value-based impairment tests of goodwill and intangible assets with indefinite lives, comprised primarily of television FCC licenses, annually during the fourth quarter and also between annual tests if an event occurs or if circumstances change that would more likely than not reduce the fair value of a reporting unit or an indefinite-lived intangible asset below its carrying value. Goodwill Goodwill is tested for impairment at the reporting unit level, which is an operating segment, or one level below. For the second quarter of 2024, we assessed the relevant factors that could impact the fair value of our reporting units, including indicators in the linear affiliate marketplace and the estimated total company market value indicated by the Transactions and the NAI Transaction announced on July 7, 2024. Based on this assessment, we determined that an interim goodwill impairment test was necessary for each of our five reporting units. The impairment test for our Cable Networks reporting unit indicated that a goodwill impairment charge of $5.98 billion was required, which represented the goodwill balance of the reporting unit prior to the impairment test. The impairment charge, which was recorded within the TV Media segment during the second quarter of 2024, resulted from a downward adjustment to the reporting unit’s expected cash flows, primarily because of the linear affiliate market indicators noted above, and the estimated total company market value indicated by the Transactions and the NAI Transaction. The estimated fair value of our Cable Networks reporting unit was based on the discounted cash flow method. The discounted cash flow method, which estimates fair value based on the present value of future cash flows, requires us to make various assumptions regarding the timing and amount of these cash flows, including growth rates, operating margins and capital expenditures for a projection period, plus the terminal value of the business at the end of the projection period. The assumptions about future cash flows are based on our internal forecasts of the applicable reporting unit, which incorporates our long-term business plans and historical trends. The terminal value is estimated using a long-term growth rate, which is based on expected trends and projections for the relevant industry. A discount rate is determined for the reporting unit based on the risks of achieving the future cash flows, including risks applicable to the industry and market as a whole, as well as the capital structure of comparable entities. For the impairment test of our Cable Networks reporting unit, we utilized a discount rate of 11% and a terminal value that was based on a long-term growth rate of (3)%. The fair values of the remaining reporting units exceeded their respective carrying values and therefore no impairment charge was required. Three reporting units had fair values that exceeded their respective carrying values by less than 10% and the remaining reporting unit had a fair value that exceeded its carrying value by a significant amount. FCC Licenses FCC licenses are tested for impairment at the geographic market level. We consider each geographic market, which is comprised of all of our television stations within that geographic market, to be a single unit of accounting because the FCC licenses at this level represent their highest and best use. Our FCC licenses impairment tests are performed using the Greenfield Discounted Cash Flow Method, which estimates the fair values of FCC licenses by valuing a hypothetical start-up station in the relevant market by adding discounted cash flows over a five-year build-up period to a residual value. The assumptions for the build-up period include industry projections of overall market revenues; the start-up station’s operating costs and capital expenditures, which are based on both industry and internal data; and average market share. The discount rate is determined based on the industry and market-based risk of achieving the projected cash flows, and the residual value is calculated using a long-term growth rate, which is based on projected long-range inflation and industry projections. For the second quarter of 2024, we assessed the relevant factors that could impact the fair value of our FCC licenses, including projections by geographic market, and determined that interim impairment tests were necessary for eight markets in which we hold FCC licenses. These tests, for which we used a discount rate of 8% and a long-term growth rate of 0%, indicated that the estimated fair values of FCC licenses in two of the eight markets tested were below their respective carrying values. Accordingly, we recorded an impairment charge of $15 million during the three months ended June 30, 2024 to write down the carrying values of these FCC licenses to their aggregate estimated fair value. The impairment charge, which was recorded within the TV Media segment, was primarily the result of recent declines in industry projections. For the third quarter of 2024, as a result of a further decline in industry-projected long-term growth rates, we determined that an interim impairment test was necessary for each of our 14 markets with FCC license book values, which totaled $2.29 billion prior to the impairment tests. The tests indicated that the estimated fair values of FCC licenses in five of the 14 markets were below their respective carrying values. Accordingly, we recorded an impairment charge of $104 million during the three months ended September 30, 2024, to write down the carrying values of FCC licenses in these five markets to their aggregate estimated fair value of $1.03 billion. The impairment charge, which was recorded within the TV Media segment, was primarily the result of a reduction in the long-term growth rate utilized in the impairment tests to (2)%. The estimated fair values of FCC licenses in the remaining nine markets exceeded their carrying values by more than 10%. Restructuring Charges and Transaction-Related Costs During the three and nine months ended September 30, 2024 and 2023, we recorded the following restructuring and transaction-related costs. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Severance (a) $ 288 $ — $ 513 $ 54 Exit costs — — 31 — Restructuring charges 288 — 544 54 Transaction-related costs 33 (10) 51 (10) Restructuring and transaction-related costs $ 321 $ (10) $ 595 $ 44 (a) Severance costs include the accelerated vesting of stock-based compensation. We recorded severance charges of $513 million for the nine months ended September 30, 2024, of which $288 million was recorded during the third quarter. These charges were associated with strategic changes in our global workforce in order to streamline our organization and the exit of our former CEO. Additionally, during the first quarter of 2024, we recorded charges of $31 million for the impairment of lease assets that we ceased use of in connection with initiatives to reduce our real estate footprint and create cost synergies. The impairments were primarily the result of a decline in market conditions since the inception of these leases and reflect the difference between the estimated fair values, which were determined based on the expected future cash flows of the lease assets, and the carrying values. The restructuring charges of $54 million for the nine months ended September 30, 2023 were comprised of severance costs associated with initiatives to streamline and transform our operations following our 2022 operating segment realignment and as we integrated Showtime into Paramount+. The following is a rollforward of our restructuring liability, which is recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. The restructuring liability at September 30, 2024, which principally relates to severance payments, is expected to be substantially paid in the next 12 months. Balance at 2024 Activity Balance at December 31, 2023 Charges (a) Payments September 30, 2024 TV Media $ 162 $ 181 $ (136) $ 207 Direct-to-Consumer 6 66 (16) 56 Filmed Entertainment 14 70 (22) 62 Corporate 10 162 (34) 138 Total $ 192 $ 479 $ (208) $ 463 (a) For the nine months ended September 30, 2024, excludes stock-based compensation expense of $34 million and lease impairments of $31 million. In addition, during the three and nine months ended September 30, 2024, we recorded transaction-related costs of $33 million and

RELATED PARTIES

RELATED PARTIES	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTIES	RELATED PARTIES National Amusements, Inc. National Amusements, Inc. is the controlling stockholder of the Company. At September 30, 2024, NAI directly or indirectly owned approximately 77.4% of our voting Class A Common Stock, and approximately 9.5% 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. NA Administration, LLC is the corporate trustee of the General Trust and is governed by a seven-member board of directors, which acts by majority vote (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 directors of NA Administration, LLC and one of two directors who are beneficiaries of the General Trust. No member of our management or other member of our Board of Directors is a director of NA Administration, LLC. On July 7, 2024, following their receipt of the final form of the Transaction Agreement and approval of the Transactions by our Board of Directors, but prior to the execution of the Transaction Agreement, NAI and its wholly owned subsidiaries, NAI Entertainment Holdings LLC and SPV-NAIEH LLC (the “NAI Company Stockholders”), representing approximately 77.4% of the voting power of the Company, executed and delivered a written consent (the “Written Consent”) approving and adopting the Transaction Agreement, which Written Consent became effective immediately following the execution of the Transaction Agreement by all of the parties thereto. Since the Written Consent represents approval by the holders of at least a majority of the outstanding shares of the Company with the right to vote on the adoption and approval of the Transaction Agreement, no additional approval is required from the Company’s stockholders for the Transactions. Concurrent with the execution of the Transaction Agreement, the NAI Company Stockholders also entered into a voting and support agreement with the Company and Skydance (the “Voting Agreement”), pursuant to which the NAI Company Stockholders agreed to vote (or cause to be voted) their shares in the Company in favor of certain matters set forth therein relating to the Transactions. Other Related Parties In the ordinary course of business, we are involved in transactions with our equity method investees, primarily for the licensing of television and film programming. The following tables present the amounts recorded in our consolidated financial statements related to these transactions. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenues $ 40 $ 66 $ 177 $ 261 Operating costs (a) $ 37 $ 5 $ 74 $ 18 (a) Includes costs expensed as operating expenses in each year. The three and nine months ended September 30, 2024 also include costs capitalized in programming assets during the period. At At September 30, 2024 December 31, 2023 Receivables, net $ 199 $ 193 Other assets (Receivables, noncurrent) $ 65 $ 101 Through the normal course of business, we are involved in other transactions with related parties that have not been material in any of the periods presented.

REVENUES

REVENUES	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES The table below presents our revenues disaggregated into categories based on the nature of such revenues. See Note 12 for revenues by segment disaggregated into these categories. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenues by Type: Advertising $ 2,174 $ 2,133 $ 7,521 $ 7,179 Affiliate and subscription 3,215 3,262 9,847 9,676 Theatrical 108 377 399 735 Licensing and other 1,234 1,361 3,462 4,424 Total Revenues $ 6,731 $ 7,133 $ 21,229 $ 22,014 Receivables Reserves for accounts receivable reflect our expected credit losses based on historical experience as well as current and expected economic conditions and industry trends. At September 30, 2024 and December 31, 2023, our allowance for credit losses was $131 million and $120 million, respectively. Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.03 billion and $1.39 billion at September 30, 2024 and December 31, 2023, respectively. Noncurrent receivables primarily relate to revenues recognized under long-term content licensing arrangements. Revenues from the licensing of content are recognized at the beginning of the license period in which programs are made available to the licensee for exhibition, while the related cash is generally collected over the term of the license period. Contract Liabilities Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets and were $0.9 billion and $0.8 billion at September 30, 2024 and December 31, 2023, respectively. We recognized revenues of $0.6 billion and $0.8 billion for the nine months ended September 30, 2024 and 2023, respectively, that were included in the opening balance of deferred revenues for the respective year. Unrecognized Revenues Under Contract At September 30, 2024, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were approximately $7 billion, of which $1 billion is expected to be recognized during the remainder of 2024, $3 billion in 2025, $1 billion in 2026, and $2 billion thereafter. These amounts only include contracts subject to a guaranteed fixed amount or the guaranteed minimum under variable contracts, primarily consisting of television and film licensing contracts and affiliate agreements that are subject to a fixed or guaranteed minimum fee. Such amounts change on a regular basis as we renew existing agreements or enter into new agreements. In addition, the timing of satisfying certain of the performance obligations under these long-term contracts is uncertain and, therefore, is also subject to change. Unrecognized revenues under contracts disclosed above do not include (i) contracts with an original expected term of one year or less, mainly consisting of advertising contracts, (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage, mainly consisting of affiliate agreements and (iii) long-term licensing agreements for multiple programs for which variable consideration is determined based on the value of the programs delivered to the customer and our right to invoice corresponds with the value delivered. Performance Obligations Satisfied in Previous Periods Under certain revenue arrangements, the amount and timing of our revenue recognition is determined based on our licensees’ subsequent sale to its end customers. As a result, under such arrangements we often satisfy our performance obligation of delivery of our content in advance of revenue recognition. We recognized revenues for which our performance obligation was satisfied in a prior period of $0.2 billion and $0.1 billion for the three months ended September 30, 2024 and 2023, respectively, and $0.4 billion and $0.3 billion for the nine months ended September 30, 2024 and 2023, respectively. Included in each period were revenues from arrangements for the licensing of our content, including from distributors of transactional video-on-demand and electronic sell-through services and other licensing arrangements, as well as from the theatrical distribution of our films. In addition, the three and nine months ended September 30, 2024 include advertising revenue for amounts recognized during 2024 for the underreporting of revenue by an international sales partner in prior periods.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Our debt consists of the following: At At September 30, 2024 December 31, 2023 4.75% Senior Notes due 2025 $ 125 $ 125 4.0% Senior Notes due 2026 346 345 3.45% Senior Notes due 2026 86 86 2.90% Senior Notes due 2027 581 581 3.375% Senior Notes due 2028 498 497 3.70% Senior Notes due 2028 496 495 4.20% Senior Notes due 2029 496 496 7.875% Senior Debentures due 2030 829 830 4.95% Senior Notes due 2031 1,231 1,229 4.20% Senior Notes due 2032 979 977 5.50% Senior Debentures due 2033 428 428 4.85% Senior Debentures due 2034 87 87 6.875% Senior Debentures due 2036 1,072 1,071 6.75% Senior Debentures due 2037 76 75 5.90% Senior Notes due 2040 298 298 4.50% Senior Debentures due 2042 46 45 4.85% Senior Notes due 2042 489 489 4.375% Senior Debentures due 2043 1,144 1,138 4.875% Senior Debentures due 2043 18 18 5.85% Senior Debentures due 2043 1,235 1,234 5.25% Senior Debentures due 2044 345 345 4.90% Senior Notes due 2044 542 541 4.60% Senior Notes due 2045 591 591 4.95% Senior Notes due 2050 949 948 6.25% Junior Subordinated Debentures due 2057 644 643 6.375% Junior Subordinated Debentures due 2062 989 989 Obligations under finance leases — 1 Total debt (a) 14,620 14,602 Less current portion 125 1 Total long-term debt, net of current portion $ 14,495 $ 14,601 (a) At September 30, 2024 and December 31, 2023, the senior and junior subordinated debt balances included (i) a net unamortized discount of $405 million and $419 million, respectively, and (ii) unamortized deferred financing costs of $76 million and $81 million, respectively. The face value of our total debt was $15.10 billion at both September 30, 2024 and December 31, 2023. In September 2023, we repaid our $139 million of 7.875% debentures upon maturity. Commercial Paper At both September 30, 2024 and December 31, 2023, we had no outstanding commercial paper borrowings. Credit Facility At September 30, 2024, we had a $3.50 billion revolving credit facility that matures in January 2027 (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 into. The benchmark rate for loans denominated in U.S. dollars is Term SOFR, and for loans denominated in euros, sterling and yen is based on EURIBOR, SONIA and TIBOR, respectively. At September 30, 2024, we had no borrowings outstanding under the Credit Facility and the availability under the Credit Facility was $3.50 billion. The Credit Facility has one principal financial covenant which sets a maximum Consolidated Total Leverage Ratio (“Leverage Ratio”) at the end of each quarter. The maximum Leverage Ratio was 5.75x for the quarter ended September 30, 2024 and will decrease to 5.5x for the quarters ending December 31, 2024 and March 31, 2025, with further decreases of 0.25x for each subsequent quarter until the quarter ending March 31, 2026 when it will be 4.5x, and will remain at this level until maturity. The Leverage Ratio reflects the ratio of our Consolidated Indebtedness, net of unrestricted cash and cash equivalents at the end of a quarter, to our Consolidated EBITDA (each as defined in the credit agreement) for the trailing twelve-month period. For quarters ending on or after September 30, 2024, the maximum amount of unrestricted cash and cash equivalents that can be netted against Consolidated Indebtedness in the calculation of the Leverage Ratio is $1.50 billion. We met the covenant as of September 30, 2024. The Credit Facility also includes a provision that the occurrence of a change of control of Paramount will be an event of default that would give the lenders the right to accelerate any outstanding loans and terminate their commitments. On August 1, 2024, we entered into amendments to the Credit Facility and our $1.9 billion standby letter of credit facility (see Note 14), which, among other things, revise the change of control provision and related definitions to reflect the ownership structure of Paramount after giving effect to the Transactions and the NAI Transaction. In addition, the amendments increase the amount of unrestricted cash and cash equivalents that can be netted against Consolidated Indebtedness in the calculation of the Leverage Ratio to $3.0 billion. These amendments will only become operative upon closing of the Transactions (see Note 1). Other Bank Borrowings At both September 30, 2024 and December 31, 2023, we had no outstanding bank borrowings under Miramax’s $50 million credit facility that matures in November 2025.

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS The carrying value of our financial instruments approximates fair value, except for notes and debentures. At September 30, 2024 and December 31, 2023, the carrying value of our outstanding notes and debentures was $14.62 billion and $14.60 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy), was $13.4 billion and $13.6 billion, respectively. Investments Our investments without a readily determinable fair value for which we have no significant influence, principally comprised of our investment in Viacom18, had a carrying value of $612 million at both September 30, 2024 and December 31, 2023. These investments are included in “Other assets” on the Consolidated Balance Sheets. In April 2023, our ownership of Viacom18 was diluted from 49% to 13% following investment by other parties. The difference between the carrying value of our 49% interest and the fair value of our 13% interest, as indicated by the additional investments, resulted in a noncash gain of $168 million during the second quarter of 2023. In March 2024, we entered into an agreement to sell our 13% interest in Viacom18 to Reliance Industries Limited (“Reliance”), the majority interest holder, for an aggregate purchase price of 42.86 billion Indian rupees. The closing of this transaction is subject to the satisfaction of certain customary conditions, including receipt of applicable regulatory approvals and the completion of a separate transaction between Viacom 18, Reliance and a third party. Foreign Exchange Contracts We use derivative financial instruments primarily to manage our exposure to market risks from fluctuations in foreign currency exchange rates. We do not use derivative instruments unless there is an underlying exposure and, therefore, we do not hold or enter into derivative financial instruments for speculative trading purposes. Foreign exchange forward contracts have principally been used to hedge projected cash flows in currencies such as the British pound, the euro, the Canadian dollar and the Australian dollar, generally for periods up to 24 months. We designate foreign exchange forward contracts used to hedge committed and forecasted foreign currency transactions as cash flow hedges. Additionally, we enter into non-designated forward contracts to hedge non-U.S. dollar denominated cash flows. In August 2024, in connection with the proposed sale of our interest in Viacom18, we entered into a foreign currency option contract to mitigate the exchange rate risk of the Indian rupee-denominated purchase price. The option contract has a notional amount of 42.86 billion Indian rupees and settlement is contingent upon closing of the transaction. This option is a non-designated hedge, and therefore, changes in the fair value of the hedge are recognized in “Other items, net” on the Consolidated Statements of Operations. At September 30, 2024 and December 31, 2023, the notional amount of all foreign exchange contracts was $3.43 billion and $2.72 billion, respectively. At September 30, 2024, $2.55 billion related to future production costs and $878 million related to our foreign currency balances and other expected foreign currency cash flows, including from the sale of our interest in Viacom18 discussed above. At December 31, 2023, $2.20 billion related to future production costs and $523 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Financial Statement Account Non-designated foreign exchange contracts $ (17) $ 9 $ (7) $ 3 Other items, net Fair Value Measurements The table below presents assets and liabilities measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023. 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 in the table below are measured at fair value on a recurring basis use Level 2 inputs. The fair value of foreign currency hedges is determined based on the present value of future cash flows using observable inputs including foreign currency exchange rates. The fair value of deferred compensation liabilities is determined based on the fair value of the investments elected by employees. At At September 30, 2024 December 31, 2023 Assets: Foreign currency hedges $ 43 $ 40 Total Assets $ 43 $ 40 Liabilities: Deferred compensation $ 380 $ 366 Foreign currency hedges 35 30 Total Liabilities $ 415 $ 396 In addition, our foreign currency option for the sale of our interest in Viacom18 is measured at fair value on a recurring basis using Level 3 inputs based on an option pricing model and the probability of completion of the transaction. At September 30, 2024, the fair value of the option was a liability of $4 million.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 December 31, 2023 Total assets $ 1,871 $ 1,886 Total liabilities $ 193 $ 232 Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenues $ 131 $ 144 $ 398 $ 490 Operating loss $ (11) $ (13) $ (75) $ (45)

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Mandatory Convertible Preferred Stock On April 1, 2024, each of the 9.7 million outstanding shares of our Mandatory Convertible Preferred Stock automatically and mandatorily converted into 1.1765 shares of our Class B Common Stock, resulting in the issuance of 11.5 million shares of Class B Common Stock. Prior to the mandatory conversion, 0.3 million shares of Mandatory Convertible Preferred Stock were voluntarily converted into Class B Common Stock during the first quarter of 2024. The final dividend on the Mandatory Convertible Preferred Stock was declared during the first quarter of 2024 and paid on April 1, 2024. Dividends The following table presents dividends declared per share and total dividends for our Class A and Class B Common Stock and our Mandatory Convertible Preferred Stock for the three and nine months ended September 30, 2024 and 2023. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Class A and Class B Common Stock Dividends declared per common share $ .05 $ .05 $ .15 $ .34 Total common stock dividends $ 35 $ 34 $ 104 $ 228 Mandatory Convertible Preferred Stock Dividends declared per preferred share $ — $ 1.4375 $ 1.4375 $ 4.3125 Total preferred stock dividends $ — $ 14 $ 14 $ 43 Accumulated Other Comprehensive Income (Loss) The following tables summarize the changes in the components of accumulated other comprehensive loss. Cumulative Net Actuarial Accumulated At December 31, 2023 $ (504) $ (1,052) $ (1,556) Other comprehensive loss before (1) — (1) Reclassifications to net loss — 33 (a) 33 Other comprehensive income (loss) (1) 33 32 At September 30, 2024 $ (505) $ (1,019) $ (1,524) Continuing Operations Discontinued Operations Cumulative Net Actuarial Other Comprehensive Income (Loss) (b) Accumulated At December 31, 2022 $ (680) $ (1,097) $ (30) $ (1,807) Other comprehensive income (loss) 10 — (1) 9 Reclassifications to net loss 44 (c) 36 (a) — 80 Other comprehensive income (loss) 54 36 (1) 89 At September 30, 2023 $ (626) $ (1,061) $ (31) $ (1,718) ( a) Reflects amortization of net actuarial losses (see Note 11). (b) Reflects cumulative translation adjustments. (c) Reflects amounts realized within “Gain (loss) from investments” on the Consolidated Statement of Operations in connection with the dilution of our interest in Viacom18 (see Note 7). The net actuarial loss and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income (loss) is net of a tax benefit of $11 million and $12 million for the nine months ended September 30, 2024 and 2023, respectively.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The provision for/benefit from income taxes represents federal, state and local, and foreign taxes on earnings (loss) from continuing operations before income taxes and equity in loss of investee companies. For the three months ended September 30, 2024, we recorded a provision for income taxes of $45 million and for the nine months ended September 30, 2024, we recorded a benefit from income taxes of $342 million, reflecting an effective income tax rate of 37.5% and 5.6%, respectively. Included in the provision for/benefit from income taxes are the following items identified as affecting the comparability of our results, which in aggregate resulted in an increase in our effective income tax rate of 12.0 percentage points for the three-month period and a decrease of 16.2 percentage points for the nine-month period. Impact from Items Affecting Comparability Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Earnings (Loss) Before Income Taxes Benefit from (Provision for) Income Taxes Earnings (Loss) Before Income Taxes Benefit from (Provision for) Income Taxes Programming charges (Note 2) $ — $ — $ (1,118) $ 275 Impairment charges (Note 3) $ (104) $ 26 $ (6,100) $ 375 Restructuring and transaction- related costs (Note 3) $ (321) $ 66 $ (595) $ 121 Loss from investment $ — $ — $ (4) $ 1 Net discrete tax benefit (provision) (a) n/a $ 2 n/a $ (47) n/a - not applicable (a) The net discrete tax provision for the nine months ended September 30, 2024 is primarily attributable to the establishment of a valuation allowance on a deferred tax asset that is not expected to be realized because of a reduction in our deferred tax liabilities caused by the second quarter goodwill impairment charge. This impact was partially offset by amounts realized in connection with the filing of our tax returns in certain international jurisdictions. For the three months ended September 30, 2023, we recorded a provision for income taxes of $40 million and for the nine months ended September 30, 2023, we recorded a benefit from income taxes of $436 million, reflecting an effective income tax rate of 10.6% and 30.4%, respectively. Included in the provision for/benefit from income taxes are the following items identified as affecting the comparability of our results, which in aggregate resulted in a decrease in our effective income tax rate of 8.5 percentage points for the three-month period and an increase of 10.2 percentage points for the nine-month period. Impact from Items Affecting Comparability Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Earnings (Loss) Before Income Taxes Benefit from (Provision for) Income Taxes Earnings (Loss) Before Income Taxes Benefit from (Provision for) Income Taxes Programming charges (Note 2) $ — $ — $ (2,371) $ 582 Restructuring and transaction-related costs (Note 3 ) $ 10 $ (3) $ (44) $ 11 Gain from investment (Note 7) $ — $ — $ 168 $ (60) Net discrete tax benefit (a) n/a $ 33 n/a $ 67 n/a - not applicable (a) Principally reflects guidance issued in the third quarter of 2023 by the IRS that resulted in additional foreign taxes from 2022 being eligible for a foreign tax credit, amounts realized in connection with the filing of our tax returns in certain international jurisdictions and for the nine-month period, a tax benefit from the resolution of an income tax matter in a foreign jurisdiction. 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 2019 merger of Viacom and CBS, Viacom and CBS filed separate tax returns. For CBS, during the fourth quarter of 2023, the Company and the IRS settled the income tax audit for the 2017 and 2018 tax years with the exception of one item. This item is currently being resolved through the Mutual Agreement Procedure process. For Viacom, we are currently under examination by the IRS for the 2016 through 2019 tax years. For tax returns filed as a merged company, we are currently under examination by the IRS for the 2019 tax year. Various tax years are also currently under examination by state and local and foreign tax authorities. With respect to open tax years in all jurisdictions, we currently do not believe that it is reasonably possible that the reserve for uncertain tax positions will significantly change within the next 12 months; however, it is difficult to predict the final outcome or timing of resolution of any particular tax matter and events could cause our current expectation to change in the future.

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFITS	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
PENSION AND OTHER POSTRETIREMENT BENEFITS	PENSION AND OTHER POSTRETIREMENT BENEFITS The following table presents the components of net periodic cost for our pension and postretirement benefit plans. The service cost component of net periodic cost is presented on the Consolidated Statements of Operations within operating income and all other components of net periodic cost are included within “Other items, net”. Pension Benefits Postretirement Benefits Three Months Ended September 30, 2024 2023 2024 2023 Components of net periodic cost (a) : Service cost $ — $ — $ — $ 1 Interest cost 50 52 3 3 Expected return on plan assets (34) (32) — — Amortization of actuarial loss (gain) (b) 20 20 (4) (5) Net periodic cost $ 36 $ 40 $ (1) $ (1) Pension Benefits Postretirement Benefits Nine Months Ended September 30, 2024 2023 2024 2023 Components of net periodic cost (a) : Service cost $ — $ — $ — $ 1 Interest cost 149 155 8 9 Expected return on plan assets (102) (96) — — Amortization of actuarial loss (gain) (b) 60 62 (13) (14) Net periodic cost $ 107 $ 121 $ (5) $ (4) (a) Amounts reflect our domestic plans only.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The tables below set forth our financial information by reportable segment. Our operating segments, which are the same as our reportable segments, have been determined in accordance with our internal management structure, which is organized based upon products and services. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenues: Advertising $ 1,666 $ 1,703 $ 5,981 $ 5,905 Affiliate and subscription 1,872 2,004 5,778 6,082 Licensing and other 760 860 2,041 2,930 TV Media 4,298 4,567 13,800 14,917 Advertising 507 430 1,540 1,269 Subscription 1,343 1,258 4,069 3,594 Licensing 10 4 10 4 Direct-to-Consumer 1,860 1,692 5,619 4,867 Advertising 2 5 10 21 Theatrical 108 377 399 735 Licensing and other 480 509 1,465 1,554 Filmed Entertainment 590 891 1,874 2,310 Eliminations (17) (17) (64) (80) Total Revenues $ 6,731 $ 7,133 $ 21,229 $ 22,014 Revenues generated between segments are principally from intersegment arrangements for the distribution of content, rental of studio space, and advertising, as well as licensing revenues earned from third parties who license our content to our internal platforms either through a sub-license or co-production arrangement. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation. For content that is licensed between segments, content costs are allocated across segments based on the relative value of the distribution windows within each segment. Accordingly, no intersegment licensing revenues or profits are recorded by the licensor segment. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Intercompany Revenues: TV Media $ 5 $ 7 $ 22 $ 28 Filmed Entertainment 12 10 42 52 Total Intercompany Revenues $ 17 $ 17 $ 64 $ 80 We present operating income excluding depreciation and amortization, stock-based compensation, restructuring charges, transaction-related costs, programming charges, and impairment charges, each where applicable (“Adjusted OIBDA”), as the measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting since it is the measure used by our management. Stock-based compensation is excluded from our segment measure of profit and loss because it is set and approved by our Board of Directors in consultation with corporate executive management. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Adjusted OIBDA: TV Media $ 936 $ 1,149 $ 3,399 $ 3,649 Direct-to-Consumer 49 (238) (211) (1,173) Filmed Entertainment 3 (49) (54) (143) Corporate/Eliminations (84) (103) (281) (336) Stock-based compensation (a) (46) (43) (141) (127) Depreciation and amortization (96) (105) (297) (310) Programming charges — — (1,118) (2,371) Impairment charges (104) — (6,100) — Restructuring and transaction-related costs (321) 10 (595) (44) Operating income (loss) 337 621 (5,398) (855) Interest expense (209) (232) (645) (698) Interest income 31 29 111 97 Gain (loss) from investments — — (4) 168 Other items, net (39) (42) (126) (148) Earnings (loss) from continuing operations before income taxes 120 376 (6,062) (1,436) (Provision for) benefit from income taxes (45) (40) 342 436 Equity in loss of investee companies, net of tax (59) (75) (221) (259) Net earnings (loss) from continuing operations 16 261 (5,941) (1,259) Net earnings from discontinued operations, net of tax 5 48 14 166 Net earnings (loss) (Paramount and noncontrolling interests) 21 309 (5,927) (1,093) Net earnings attributable to noncontrolling interests (20) (14) (39) (29) Net earnings (loss) attributable to Paramount $ 1 $ 295 $ (5,966) $ (1,122) (a) Stock-based compensation expense of $20 million and $34 million for the three and nine months ended September 30, 2024, respectively, and $4 million for the nine months ended September 30, 2023 is included in “Restructuring and transaction-related costs.”

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS The following table sets forth details of net earnings from discontinued operations for the three and nine months ended September 30, 2023, which primarily reflects the results of Simon & Schuster. On October 30, 2023, we completed the sale of Simon & Schuster to affiliates of Kohlberg Kravis Roberts & Co. During the nine months ended September 30, 2024, as a result of working capital adjustments we recorded additional pretax gains on the sale totaling $19 million, of which $7 million was recorded during the third quarter. Three Months Ended Nine Months Ended September 30, 2023 September 30, 2023 Revenues $ 307 $ 857 Costs and expenses: Operating 195 501 Selling, general and administrative 49 138 Total costs and expenses (a) 244 639 Operating income 63 218 Other items, net (4) (11) Earnings from discontinued operations 59 207 Provision for income taxes (b) (11) (41) Net earnings from discontinued operations, net of tax $ 48 $ 166 (a) Included in total costs and expenses are amounts associated with the release of indemnification obligations for leases relating to a previously disposed business of $3 million and $9 million for the three and nine months ended September 30, 2023, respectively. (b) The tax provision includes amounts relating to previously disposed businesses of $1 million and $2 million for the three and nine months ended September 30, 2023, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Guarantees Letters of Credit and Surety Bonds At September 30, 2024, we had outstanding letters of credit and surety bonds of $675 million that were not recorded on the Consolidated Balance Sheet, including $464 million that was issued under a $1.9 billion standby letter of credit facility in accordance with the contractual requirements of one of our commitments. The amount outstanding under the letter of credit facility decreases throughout 2024 as we make payments under the related contractual commitment. Letters of credit and surety bonds are primarily used as security against non-performance in the normal course of business under contractual requirements of certain of our commitments. The standby letter of credit facility, which matures in May 2026, is subject to provisions similar to the Credit Facility, including the same principal financial covenant (see Note 6). Lease Guarantees We have certain indemnification obligations with respect to leases primarily associated with the previously discontinued operations of Famous Players Inc. Our guarantee liability relating to these lease commitments totaled $8 million at September 30, 2024, and is presented within “Other liabilities” on the Consolidated Balance Sheet. The amount of these 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. Litigation Related to the Transactions On July 24, 2024, Scott Baker (the “Plaintiff”), a purported holder of Paramount Class B Common Stock, filed a putative class action lawsuit (the “Baker Action”) in the Court of Chancery of the State of Delaware against NAI, Shari E. Redstone, Barbara M. Byrne, Linda M. Griego, Judith A. McHale, Charles E. Phillips, Jr., Susan Schuman, Skydance and David Ellison (the “Complaint”). The Complaint alleges breaches of fiduciary duties to Paramount’s Class B stockholders in connection with the negotiation and approval of the Transaction Agreement, among other claims. The Complaint seeks unspecified damages, costs and expenses, as well as other relief. On November 4, 2024, the Court granted a stipulation filed by the parties in the Baker Action agreeing to (i) postpone briefing on motions to dismiss until the filing or designation of an operative complaint following the resolution of Plaintiff’s motion to appoint him and the Baerlocher Family Trust, a purported holder of Paramount Class B Common Stock, as co-lead plaintiffs and Berger Montague PC as interim class counsel (the “Leadership Motion”) and (ii) stay discovery until the resolution of any motions to dismiss any operative complaint following resolution of the Leadership Motion. Further, on April 30, 2024, a purported holder of Paramount Class B Common Stock filed a verified complaint for the inspection of books and records under Section 220 of the General Corporation Law of the State of Delaware in the Court of Chancery of the State of Delaware against Paramount, seeking the inspection of books and records of Paramount in order to investigate whether our Board of Directors, NAI, Shari E. Redstone and/or Paramount’s executive officers may have breached their fiduciary duties to Paramount’s stockholders for alleged diversion of corporate opportunities (the “220 Action”). The Court held a trial on July 24, 2024 relating to the 220 Action and denied the request for the inspection of books and records. The plaintiff in the 220 Action has since noticed an exception to the Court, and the matter is on appeal. Certain other purported holders of Paramount Class B Common Stock and Paramount Class A Common Stock have delivered demand letters to investigate similar alleged breaches of fiduciary duties in connection with the Transactions and are requesting the inspection of books and records. Litigation Related to Stock Offerings In August 2021, Camelot Event Driven Fund filed a putative securities class action lawsuit in New York Supreme Court, County of New York, and in November 2021, an amended complaint was filed that, among other changes, added an additional named plaintiff (as used in this paragraph, the “Complaint”). The Complaint is on behalf of investors who purchased shares of the Company’s Class B Common Stock and 5.75% Series A Mandatory Convertible Preferred Stock pursuant to public securities offerings completed in March 2021, and was filed against the Company, certain senior executives, members of our Board of Directors, and the underwriters involved in the offerings. The Complaint asserts violations of federal securities law and alleges that the offering documents contained material misstatements and omissions, including through an alleged failure to adequately disclose certain total return swap transactions involving Archegos Capital Management referenced to our securities and related alleged risks to the Company’s stock price. In December 2021, the plaintiffs filed a stipulation seeking the voluntary dismissal without prejudice of the outside director defendants from the lawsuit, which the Court subsequently ordered. On the same date, the defendants filed motions to dismiss the lawsuit, which were heard in January 2023. In February 2023, the Court dismissed all claims against the Company while allowing the claims against the underwriters to proceed. The plaintiffs and underwriter defendants appealed the ruling , and in April 2024, the New York Supreme Court, Appellate Division, First Department, ruled in our favor and upheld the decision of the trial court dismissing the case against the Company and its officers. The plaintiffs sought leave to reargue, or alternatively, appeal the ruling to the New York Court of Appeals, and in July 2024, the New York Supreme Court, Appellate Division, First Department, denied the plaintiffs’ request. Claims Related to Former Businesses Asbestos We are a defendant in lawsuits claiming various personal injuries related to asbestos and other materials, which allegedly occurred as a result of exposure caused by various products manufactured by Westinghouse, a predecessor, generally prior to the early 1970s. Westinghouse was neither a producer nor a manufacturer of asbestos. We are typically named as one of a large number of defendants in both state and federal cases. In the majority of asbestos lawsuits, the plaintiffs have not identified which of our products is the basis of a claim. Claims against us in which a product has been identified most commonly relate to allegations of exposure to asbestos-containing insulating material used in conjunction with turbines and electrical equipment. Claims are frequently filed and/or settled in groups, which may make the amount and timing of settlements, and the number of pending claims, subject to significant fluctuation from period to period. We do not report as pending those claims on inactive, stayed, deferred or similar dockets that some jurisdictions have established for claimants who allege minimal or no impairment. As of September 30, 2024, we had pending approximately 19,360 asbestos claims, as compared with approximately 19,970 as of December 31, 2023. During the third quarter of 2024, we received approximately 750 new claims and closed or moved to an inactive docket approximately 490 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 2023 and 2022 for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $54 million and $57 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. A significant number of pending claims against us are non-cancer claims. It is difficult to predict long-term future asbestos liabilities, as events and circumstances may impact the estimate. 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. The reasonably estimable period for our long-term asbestos liability is 10 years, which we determined in consultation with a third-party firm with expertise in estimating asbestos liability and is due to the inherent uncertainties in the tort litigation system. Our estimated asbestos liability 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, and is assessed in consultation with the third-party firm. Changes in circumstances in future periods could cause our actual liabilities to be higher or lower than our current accrual. We will continue to evaluate our estimates and update our accrual as needed. Other

SUPPLEMENTAL FINANCIAL INFORMAT

SUPPLEMENTAL FINANCIAL INFORMATION	9 Months Ended
	Sep. 30, 2024
Additional Financial Information Disclosure [Abstract]
SUPPLEMENTAL FINANCIAL INFORMATION	SUPPLEMENTAL FINANCIAL INFORMATION Supplemental Cash Flow Information Nine Months Ended September 30, 2024 2023 Cash paid for interest $ 676 $ 696 Cash paid (received) for income taxes: Continuing operations $ 68 $ (17) Discontinued operations $ — $ 19 Noncash additions to operating lease assets $ 76 $ 100 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 $10 million and $25 million for the three and nine months ended September 30, 2024, respectively, and $5 million and $27 million for the three and nine months ended September 30, 2023, respectively.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation— The accompanying unaudited consolidated financial statements have been prepared on a basis consistent with accounting principles generally accepted in the United States (“U.S. GAAP” or “GAAP”) for interim financial information and pursuant to the rules of the Securities and Exchange Commission (the “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, 2023.
Use of Estimates	Use of Estimates—
Net Earnings (Loss) per Common Share	Net Earnings (Loss) per Common Share— Basic net earnings (loss) per share (“EPS”) is based upon net earnings (loss) available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings (loss) available to common stockholders is calculated as net earnings (loss) from continuing operations or net earnings (loss), as applicable, adjusted to include a reduction for dividends recorded during the applicable period on our 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”). On April 1, 2024, all outstanding shares of our Mandatory Convertible Preferred Stock were automatically and mandatorily converted into shares of our Class B Common Stock. The final dividend on the Mandatory Convertible Preferred Stock was declared during the first quarter of 2024 and paid on April 1, 2024 (see Note 9).
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued updated guidance for segment reporting, which requires the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the reported measure of segment profit or loss (“segment measure”), as well as the disclosure of the other segment items comprising the difference between segment revenues less these significant segment expenses and the segment measure. The update also requires an entity to disclose the title and position of the CODM and to describe how the CODM utilizes the segment measure to assess segment performance and allocate resources. In addition, the update aligns the interim disclosure requirements for segment profit or loss and assets with the annual requirements. The update is effective for us for our annual report for the year ended December 31, 2024, and for interim periods thereafter and is required to be applied retrospectively. Income Taxes In December 2023, the FASB issued guidance enhancing annual income tax disclosures. Under this guidance, certain enhancements to the effective tax rate reconciliation disclosure are required, including the disclosure of both percentages and amounts, specific categories, and additional information for reconciling items meeting a quantitative threshold defined by the guidance. Additionally, disclosures of income taxes paid and income tax expense must be disaggregated by federal, state and foreign taxes, with income taxes paid further disaggregated for individual jurisdictions that represent 5 percent or more of total income taxes paid. The guidance is effective for us for the year ended December 31, 2025, and should be applied prospectively, with retrospective application permitted. Disaggregation of Income Statement Expenses

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Calculation of Basic and Diluted EPS	The table below presents a reconciliation of net earnings (loss) from continuing operations and net earnings (loss) to the amounts used in the calculations of basic and diluted EPS. Three Months Nine Months Ended Ended September 30, September 30, 2023 2024 2023 Amounts attributable to Paramount: Net earnings (loss) from continuing operations $ 247 $ (5,980) $ (1,288) Preferred stock dividends (14) (14) (43) Net earnings (loss) from continuing operations for basic and diluted EPS calculation $ 233 $ (5,994) $ (1,331) Amounts attributable to Paramount: Net earnings (loss) $ 295 $ (5,966) $ (1,122) Preferred stock dividends (14) (14) (43) Net earnings (loss) for basic and diluted EPS calculation $ 281 $ (5,980) $ (1,165)
Schedule of Weighted Average Number of Shares	The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS. Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2024 2023 2024 2023 Weighted average shares for basic EPS 667 652 663 651 Dilutive effect of shares issuable under stock-based compensation plans 3 — — — Weighted average shares for diluted EPS 670 652 663 651

PROGRAMMING AND OTHER INVENTO_2

PROGRAMMING AND OTHER INVENTORY (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Programming and Other Inventory, Current	The following table presents our programming and other inventory at September 30, 2024 and December 31, 2023, grouped by type and predominant monetization strategy. At At September 30, 2024 December 31, 2023 Film Group Monetization: Acquired program rights, including prepaid sports rights $ 3,311 $ 3,318 Internally-produced television and film programming: Released 6,183 6,666 In process and other 2,757 2,028 Individual Monetization: Acquired libraries 319 348 Films: Released 742 624 Completed, not yet released 76 179 In process and other 1,282 1,211 Internally-produced television programming: Released 441 496 In process and other 475 361 Home entertainment 26 34 Total programming and other inventory 15,612 15,265 Less current portion 1,664 1,414 Total noncurrent programming and other inventory $ 13,948 $ 13,851
Schedule of Programming and Other Inventory, Noncurrent	The following table presents our programming and other inventory at September 30, 2024 and December 31, 2023, grouped by type and predominant monetization strategy. At At September 30, 2024 December 31, 2023 Film Group Monetization: Acquired program rights, including prepaid sports rights $ 3,311 $ 3,318 Internally-produced television and film programming: Released 6,183 6,666 In process and other 2,757 2,028 Individual Monetization: Acquired libraries 319 348 Films: Released 742 624 Completed, not yet released 76 179 In process and other 1,282 1,211 Internally-produced television programming: Released 441 496 In process and other 475 361 Home entertainment 26 34 Total programming and other inventory 15,612 15,265 Less current portion 1,664 1,414 Total noncurrent programming and other inventory $ 13,948 $ 13,851
Schedule of Amortization of Television and Film Programming and Production Costs	The following table presents amortization of our television and film programming and production costs, which is included within “ Operating expenses Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Acquired program rights $ 1,068 $ 1,113 $ 3,916 $ 3,761 Internally-produced television and film programming, Individual monetization $ 405 $ 530 $ 1,073 $ 1,660 Film group monetization $ 1,158 $ 1,104 $ 3,498 $ 3,830

IMPAIRMENT, RESTRUCTURING AND_2

IMPAIRMENT, RESTRUCTURING AND TRANSACTION-RELATED COSTS (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges and Transaction-Related Costs	During the three and nine months ended September 30, 2024 and 2023, we recorded the following restructuring and transaction-related costs. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Severance (a) $ 288 $ — $ 513 $ 54 Exit costs — — 31 — Restructuring charges 288 — 544 54 Transaction-related costs 33 (10) 51 (10) Restructuring and transaction-related costs $ 321 $ (10) $ 595 $ 44
Schedule of Rollforward of Restructuring Liability	The following is a rollforward of our restructuring liability, which is recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. The restructuring liability at September 30, 2024, which principally relates to severance payments, is expected to be substantially paid in the next 12 months. Balance at 2024 Activity Balance at December 31, 2023 Charges (a) Payments September 30, 2024 TV Media $ 162 $ 181 $ (136) $ 207 Direct-to-Consumer 6 66 (16) 56 Filmed Entertainment 14 70 (22) 62 Corporate 10 162 (34) 138 Total $ 192 $ 479 $ (208) $ 463

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following tables present the amounts recorded in our consolidated financial statements related to these transactions. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenues $ 40 $ 66 $ 177 $ 261 Operating costs (a) $ 37 $ 5 $ 74 $ 18 (a) Includes costs expensed as operating expenses in each year. The three and nine months ended September 30, 2024 also include costs capitalized in programming assets during the period. At At September 30, 2024 December 31, 2023 Receivables, net $ 199 $ 193 Other assets (Receivables, noncurrent) $ 65 $ 101

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The table below presents our revenues disaggregated into categories based on the nature of such revenues. See Note 12 for revenues by segment disaggregated into these categories. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenues by Type: Advertising $ 2,174 $ 2,133 $ 7,521 $ 7,179 Affiliate and subscription 3,215 3,262 9,847 9,676 Theatrical 108 377 399 735 Licensing and other 1,234 1,361 3,462 4,424 Total Revenues $ 6,731 $ 7,133 $ 21,229 $ 22,014

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Our debt consists of the following: At At September 30, 2024 December 31, 2023 4.75% Senior Notes due 2025 $ 125 $ 125 4.0% Senior Notes due 2026 346 345 3.45% Senior Notes due 2026 86 86 2.90% Senior Notes due 2027 581 581 3.375% Senior Notes due 2028 498 497 3.70% Senior Notes due 2028 496 495 4.20% Senior Notes due 2029 496 496 7.875% Senior Debentures due 2030 829 830 4.95% Senior Notes due 2031 1,231 1,229 4.20% Senior Notes due 2032 979 977 5.50% Senior Debentures due 2033 428 428 4.85% Senior Debentures due 2034 87 87 6.875% Senior Debentures due 2036 1,072 1,071 6.75% Senior Debentures due 2037 76 75 5.90% Senior Notes due 2040 298 298 4.50% Senior Debentures due 2042 46 45 4.85% Senior Notes due 2042 489 489 4.375% Senior Debentures due 2043 1,144 1,138 4.875% Senior Debentures due 2043 18 18 5.85% Senior Debentures due 2043 1,235 1,234 5.25% Senior Debentures due 2044 345 345 4.90% Senior Notes due 2044 542 541 4.60% Senior Notes due 2045 591 591 4.95% Senior Notes due 2050 949 948 6.25% Junior Subordinated Debentures due 2057 644 643 6.375% Junior Subordinated Debentures due 2062 989 989 Obligations under finance leases — 1 Total debt (a) 14,620 14,602 Less current portion 125 1 Total long-term debt, net of current portion $ 14,495 $ 14,601

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Gains (Losses) Recognized on Derivative Financial Instruments	Gains (losses) recognized on derivative financial instruments were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Financial Statement Account Non-designated foreign exchange contracts $ (17) $ 9 $ (7) $ 3 Other items, net
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The table below presents assets and liabilities measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023. 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 in the table below are measured at fair value on a recurring basis use Level 2 inputs. The fair value of foreign currency hedges is determined based on the present value of future cash flows using observable inputs including foreign currency exchange rates. The fair value of deferred compensation liabilities is determined based on the fair value of the investments elected by employees. At At September 30, 2024 December 31, 2023 Assets: Foreign currency hedges $ 43 $ 40 Total Assets $ 43 $ 40 Liabilities: Deferred compensation $ 380 $ 366 Foreign currency hedges 35 30 Total Liabilities $ 415 $ 396

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2024
Variable Interest Entity Disclosure [Abstract]
Schedule of Variable Interest Entities	The following tables present the amounts recorded in our consolidated financial statements related to our consolidated VIEs. At At September 30, 2024 December 31, 2023 Total assets $ 1,871 $ 1,886 Total liabilities $ 193 $ 232 Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenues $ 131 $ 144 $ 398 $ 490 Operating loss $ (11) $ (13) $ (75) $ (45)

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Dividends Declared Per Share and Total Dividends	The following table presents dividends declared per share and total dividends for our Class A and Class B Common Stock and our Mandatory Convertible Preferred Stock for the three and nine months ended September 30, 2024 and 2023. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Class A and Class B Common Stock Dividends declared per common share $ .05 $ .05 $ .15 $ .34 Total common stock dividends $ 35 $ 34 $ 104 $ 228 Mandatory Convertible Preferred Stock Dividends declared per preferred share $ — $ 1.4375 $ 1.4375 $ 4.3125 Total preferred stock dividends $ — $ 14 $ 14 $ 43
Schedule of Changes in Components of Accumulated Other Comprehensive Loss	The following tables summarize the changes in the components of accumulated other comprehensive loss. Cumulative Net Actuarial Accumulated At December 31, 2023 $ (504) $ (1,052) $ (1,556) Other comprehensive loss before (1) — (1) Reclassifications to net loss — 33 (a) 33 Other comprehensive income (loss) (1) 33 32 At September 30, 2024 $ (505) $ (1,019) $ (1,524) Continuing Operations Discontinued Operations Cumulative Net Actuarial Other Comprehensive Income (Loss) (b) Accumulated At December 31, 2022 $ (680) $ (1,097) $ (30) $ (1,807) Other comprehensive income (loss) 10 — (1) 9 Reclassifications to net loss 44 (c) 36 (a) — 80 Other comprehensive income (loss) 54 36 (1) 89 At September 30, 2023 $ (626) $ (1,061) $ (31) $ (1,718) ( a) Reflects amortization of net actuarial losses (see Note 11). (b) Reflects cumulative translation adjustments. (c) Reflects amounts realized within “Gain (loss) from investments” on the Consolidated Statement of Operations in connection with the dilution of our interest in Viacom18 (see Note 7).

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Benefit/Provision for Income Taxes	Included in the provision for/benefit from income taxes are the following items identified as affecting the comparability of our results, which in aggregate resulted in an increase in our effective income tax rate of 12.0 percentage points for the three-month period and a decrease of 16.2 percentage points for the nine-month period. Impact from Items Affecting Comparability Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Earnings (Loss) Before Income Taxes Benefit from (Provision for) Income Taxes Earnings (Loss) Before Income Taxes Benefit from (Provision for) Income Taxes Programming charges (Note 2) $ — $ — $ (1,118) $ 275 Impairment charges (Note 3) $ (104) $ 26 $ (6,100) $ 375 Restructuring and transaction- related costs (Note 3) $ (321) $ 66 $ (595) $ 121 Loss from investment $ — $ — $ (4) $ 1 Net discrete tax benefit (provision) (a) n/a $ 2 n/a $ (47) n/a - not applicable (a) The net discrete tax provision for the nine months ended September 30, 2024 is primarily attributable to the establishment of a valuation allowance on a deferred tax asset that is not expected to be realized because of a reduction in our deferred tax liabilities caused by the second quarter goodwill impairment charge. This impact was partially offset by amounts realized in connection with the filing of our tax returns in certain international jurisdictions. Impact from Items Affecting Comparability Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Earnings (Loss) Before Income Taxes Benefit from (Provision for) Income Taxes Earnings (Loss) Before Income Taxes Benefit from (Provision for) Income Taxes Programming charges (Note 2) $ — $ — $ (2,371) $ 582 Restructuring and transaction-related costs (Note 3 ) $ 10 $ (3) $ (44) $ 11 Gain from investment (Note 7) $ — $ — $ 168 $ (60) Net discrete tax benefit (a) n/a $ 33 n/a $ 67 n/a - not applicable (a) Principally reflects guidance issued in the third quarter of 2023 by the IRS that resulted in additional foreign taxes from 2022 being eligible for a foreign tax credit, amounts realized in connection with the filing of our tax returns in certain international jurisdictions and for the nine-month period, a tax benefit from the resolution of an income tax matter in a foreign jurisdiction.

PENSION AND OTHER POSTRETIREM_2

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Cost for Pension and Postretirement Benefit Plans	The following table presents the components of net periodic cost for our pension and postretirement benefit plans. The service cost component of net periodic cost is presented on the Consolidated Statements of Operations within operating income and all other components of net periodic cost are included within “Other items, net”. Pension Benefits Postretirement Benefits Three Months Ended September 30, 2024 2023 2024 2023 Components of net periodic cost (a) : Service cost $ — $ — $ — $ 1 Interest cost 50 52 3 3 Expected return on plan assets (34) (32) — — Amortization of actuarial loss (gain) (b) 20 20 (4) (5) Net periodic cost $ 36 $ 40 $ (1) $ (1) Pension Benefits Postretirement Benefits Nine Months Ended September 30, 2024 2023 2024 2023 Components of net periodic cost (a) : Service cost $ — $ — $ — $ 1 Interest cost 149 155 8 9 Expected return on plan assets (102) (96) — — Amortization of actuarial loss (gain) (b) 60 62 (13) (14) Net periodic cost $ 107 $ 121 $ (5) $ (4) (a) Amounts reflect our domestic plans only.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Financial Information by Reportable Segment	The tables below set forth our financial information by reportable segment. Our operating segments, which are the same as our reportable segments, have been determined in accordance with our internal management structure, which is organized based upon products and services. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenues: Advertising $ 1,666 $ 1,703 $ 5,981 $ 5,905 Affiliate and subscription 1,872 2,004 5,778 6,082 Licensing and other 760 860 2,041 2,930 TV Media 4,298 4,567 13,800 14,917 Advertising 507 430 1,540 1,269 Subscription 1,343 1,258 4,069 3,594 Licensing 10 4 10 4 Direct-to-Consumer 1,860 1,692 5,619 4,867 Advertising 2 5 10 21 Theatrical 108 377 399 735 Licensing and other 480 509 1,465 1,554 Filmed Entertainment 590 891 1,874 2,310 Eliminations (17) (17) (64) (80) Total Revenues $ 6,731 $ 7,133 $ 21,229 $ 22,014
Schedule of Intercompany Revenues by Segment	Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Intercompany Revenues: TV Media $ 5 $ 7 $ 22 $ 28 Filmed Entertainment 12 10 42 52 Total Intercompany Revenues $ 17 $ 17 $ 64 $ 80
Schedule of Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)	Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Adjusted OIBDA: TV Media $ 936 $ 1,149 $ 3,399 $ 3,649 Direct-to-Consumer 49 (238) (211) (1,173) Filmed Entertainment 3 (49) (54) (143) Corporate/Eliminations (84) (103) (281) (336) Stock-based compensation (a) (46) (43) (141) (127) Depreciation and amortization (96) (105) (297) (310) Programming charges — — (1,118) (2,371) Impairment charges (104) — (6,100) — Restructuring and transaction-related costs (321) 10 (595) (44) Operating income (loss) 337 621 (5,398) (855) Interest expense (209) (232) (645) (698) Interest income 31 29 111 97 Gain (loss) from investments — — (4) 168 Other items, net (39) (42) (126) (148) Earnings (loss) from continuing operations before income taxes 120 376 (6,062) (1,436) (Provision for) benefit from income taxes (45) (40) 342 436 Equity in loss of investee companies, net of tax (59) (75) (221) (259) Net earnings (loss) from continuing operations 16 261 (5,941) (1,259) Net earnings from discontinued operations, net of tax 5 48 14 166 Net earnings (loss) (Paramount and noncontrolling interests) 21 309 (5,927) (1,093) Net earnings attributable to noncontrolling interests (20) (14) (39) (29) Net earnings (loss) attributable to Paramount $ 1 $ 295 $ (5,966) $ (1,122) (a) Stock-based compensation expense of $20 million and $34 million for the three and nine months ended September 30, 2024, respectively, and $4 million for the nine months ended September 30, 2023 is included in “Restructuring and transaction-related costs.”

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Net Earnings from Discontinued Operations	The following table sets forth details of net earnings from discontinued operations for the three and nine months ended September 30, 2023, which primarily reflects the results of Simon & Schuster. On October 30, 2023, we completed the sale of Simon & Schuster to affiliates of Kohlberg Kravis Roberts & Co. During the nine months ended September 30, 2024, as a result of working capital adjustments we recorded additional pretax gains on the sale totaling $19 million, of which $7 million was recorded during the third quarter. Three Months Ended Nine Months Ended September 30, 2023 September 30, 2023 Revenues $ 307 $ 857 Costs and expenses: Operating 195 501 Selling, general and administrative 49 138 Total costs and expenses (a) 244 639 Operating income 63 218 Other items, net (4) (11) Earnings from discontinued operations 59 207 Provision for income taxes (b) (11) (41) Net earnings from discontinued operations, net of tax $ 48 $ 166 (a) Included in total costs and expenses are amounts associated with the release of indemnification obligations for leases relating to a previously disposed business of $3 million and $9 million for the three and nine months ended September 30, 2023, respectively. (b) The tax provision includes amounts relating to previously disposed businesses of $1 million and $2 million for the three and nine months ended September 30, 2023, respectively.

SUPPLEMENTAL FINANCIAL INFORM_2

SUPPLEMENTAL FINANCIAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2024
Additional Financial Information Disclosure [Abstract]
Schedule of Supplemental Cash Flow Information	Supplemental Cash Flow Information Nine Months Ended September 30, 2024 2023 Cash paid for interest $ 676 $ 696 Cash paid (received) for income taxes: Continuing operations $ 68 $ (17) Discontinued operations $ — $ 19 Noncash additions to operating lease assets $ 76 $ 100

BASIS OF PRESENTATION - Narrati

BASIS OF PRESENTATION - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2023 shares	Jun. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2024 shares	Sep. 30, 2023 shares	Dec. 31, 2023	Apr. 29, 2024 executive
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of senior company executives appointed as Co-CEOs | executive							3
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)	10,000,000	18,000,000		30,000,000	19,000,000
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)	10,000,000	10,000,000		10,000,000	10,000,000
Mandatory Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, percentage				5.75%		5.75%
Skydance Investor Group | Forecast
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Investment by certain affiliates of existing investors | $			$ 6,000
Investment by certain affiliates of existing investors, cash-stock election | $			4,500
Investment by certain affiliates of existing investors, cash | $			$ 1,500
Investment by certain affiliates of existing investors, subscription discount (in percent)			1.875%
Skydance Investor Group | Forecast | New Paramount Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock issuance (in shares)			317,000,000
Share price (in dollars per share) | $ / shares			$ 15
Warrant issuance (in shares)			200,000,000
Warrants price (in dollars per share) | $ / shares			$ 30.50
Warrant expiration period			5 years
Skydance Investor Group | Forecast | Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential remaining to be contributed | $			$ 1,500
Skydance Investor Group | Forecast | Maximum | New Paramount Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock issuance (in shares)			400,000,000
Holders Of Paramount Class A Shares Other Than NAI Equity Investors | Forecast | New Paramount Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock conversion ratio (in shares)			1.5333
Holders Of Paramount Class A Shares Other Than NAI Equity Investors | Forecast | Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock conversion price per share (in dollars per share) | $ / shares			$ 23
Holders Of Paramount Class B Shares Other Than NAI Equity Investors | Forecast | New Paramount Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock conversion ratio (in shares)			1
Holders Of Paramount Class B Shares Other Than NAI Equity Investors | Forecast | Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock conversion price per share (in dollars per share) | $ / shares			$ 15
Skydance | Forecast
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Termination fee | $			$ 400

BASIS OF PRESENTATION - Reconci

BASIS OF PRESENTATION - Reconciliation of Weighted Average Shares Used in Calculation of EPS (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Weighted average shares for basic EPS (in shares)	667	652	663	651
Dilutive effect of shares issuable under stock-based compensation plans (in shares)	3	0	0	0
Weighted average shares for diluted EPS (in shares)	670	652	663	651

BASIS OF PRESENTATION - Schedul

BASIS OF PRESENTATION - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Amounts attributable to Paramount:
Net earnings (loss) from continuing operations	$ (4)	$ 247	$ (5,980)	$ (1,288)
Preferred stock dividends		(14)	(14)	(43)
Net earnings (loss) from continuing operations for basic EPS calculation		233	(5,994)	(1,331)
Net earnings (loss) from continuing operations for diluted EPS calculation		233	(5,994)	(1,331)
Amounts attributable to Paramount:
Net earnings (loss)	$ 1	295	(5,966)	(1,122)
Preferred stock dividends		(14)	(14)	(43)
Net earnings (loss) for basic EPS calculation		281	(5,980)	(1,165)
Net earnings (loss) for diluted EPS calculation		$ 281	$ (5,980)	$ (1,165)

PROGRAMMING AND OTHER INVENTO_3

PROGRAMMING AND OTHER INVENTORY - Schedule of Programming and Other Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory [Line Items]
Acquired program rights, including prepaid sports rights, film group monetization	$ 3,311	$ 3,318
Acquired libraries, individual monetization	319	348
Home entertainment	26	34
Total programming and other inventory	15,612	15,265
Less current portion	1,664	1,414
Total noncurrent programming and other inventory	13,948	13,851
Internally Produced Television and Film Programming
Inventory [Line Items]
Released, film group monetization	6,183	6,666
In process and other, film group monetization	2,757	2,028
Released, individual monetization	441	496
In process and other, individual monetization	475	361
Films
Inventory [Line Items]
Released, individual monetization	742	624
Completed, not yet released, individual monetization	76	179
In process and other, individual monetization	$ 1,282	$ 1,211

PROGRAMMING AND OTHER INVENTO_4

PROGRAMMING AND OTHER INVENTORY - Schedule of Amortization of Television and Film Programming and Production Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Inventory Disclosure [Abstract]
Entertainment, License Agreement for Program Material, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating	Operating	Operating	Operating
Film, Monetized in Film Group, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating	Operating	Operating	Operating
Film, Monetized on Its Own, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating	Operating	Operating	Operating
Acquired program rights	$ 1,068	$ 1,113	$ 3,916	$ 3,761
Internally-produced television and film programming, and acquired libraries:
Individual monetization	405	530	1,073	1,660
Film group monetization	$ 1,158	$ 1,104	$ 3,498	$ 3,830

PROGRAMMING AND OTHER INVENTO_5

PROGRAMMING AND OTHER INVENTORY - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Inventory Disclosure [Abstract]
Programming charges	$ 0	$ 1,120	$ 0	$ 2,370	$ 1,118	$ 2,371
Content impairment		909		1,970
Development cost write-offs and contract termination costs		$ 209		$ 402

IMPAIRMENT, RESTRUCTURING AND_3

IMPAIRMENT, RESTRUCTURING AND TRANSACTION-RELATED COSTS - Narrative (Details) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2024 USD ($) market	Jun. 30, 2024 USD ($) reporting_unit market reportingUnit	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) market	Sep. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of reporting units | reportingUnit		5
Impairment charges					$ 6,100	$ 0
Restructuring charges	$ 288			$ 0	544	54
Transaction-related costs	33			(10)	51	(10)
Three Reporting Units
Restructuring Cost and Reserve [Line Items]
Number of reporting units with fair values exceeding carrying values | reporting_unit		3
Legal Matters - Stockholder Matters
Restructuring Cost and Reserve [Line Items]
Other corporate matters benefit				10
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	288			0	513	54
Exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0		$ 31	$ 0	$ 31	$ 0
Maximum | Three Reporting Units
Restructuring Cost and Reserve [Line Items]
Percentage of fair value in excess of carrying amount (up to)		10%
TV Media | Cable Networks
Restructuring Cost and Reserve [Line Items]
Goodwill impairment charge		$ 5,980
Measurement Input, Discount Rate | TV Media | Cable Networks
Restructuring Cost and Reserve [Line Items]
Assumption rates for goodwill impairment testing (in percent)		0.11
Measurement Input, Long-Term Revenue Growth Rate | TV Media | Cable Networks
Restructuring Cost and Reserve [Line Items]
Assumption rates for goodwill impairment testing (in percent)		(0.03)
Operating and Broadcast Rights
Restructuring Cost and Reserve [Line Items]
Number of quantitative assessments performed | market		8
Number of markets where carrying value of intangible asset exceeds fair value | market	14				14
Carrying value of intangible assets	$ 2,290				$ 2,290
Operating and Broadcast Rights | Nine Markets
Restructuring Cost and Reserve [Line Items]
Number of markets with fair values in excess of threshold of carrying values | market	9				9
Fair values in excess of threshold of carrying values (in percent)	10%				10%
Operating and Broadcast Rights | TV Media | Two Markets
Restructuring Cost and Reserve [Line Items]
Number of markets where carrying value of intangible asset exceeds fair value | market		2
Impairment charges		$ 15
Operating and Broadcast Rights | TV Media | Five Markets
Restructuring Cost and Reserve [Line Items]
Number of markets where carrying value of intangible asset exceeds fair value | market	5				5
Impairment charges	$ 104
Carrying value of intangible assets	$ 1,030				$ 1,030
Operating and Broadcast Rights | Measurement Input, Discount Rate
Restructuring Cost and Reserve [Line Items]
Assumption rates for intangible asset impairment testing (in percent)		0.08
Operating and Broadcast Rights | Measurement Input, Long-Term Revenue Growth Rate
Restructuring Cost and Reserve [Line Items]
Assumption rates for intangible asset impairment testing (in percent)		0
Operating and Broadcast Rights | Measurement Input, Long-Term Revenue Growth Rate | TV Media | Five Markets
Restructuring Cost and Reserve [Line Items]
Assumption rates for intangible asset impairment testing (in percent)	(0.02)				(0.02)

IMPAIRMENT, RESTRUCTURING AND_4

IMPAIRMENT, RESTRUCTURING AND TRANSACTION-RELATED COSTS - Schedule of Restructuring Charges, Transaction Costs (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 288		$ 0	$ 544	$ 54
Transaction-related costs	33		(10)	51	(10)
Restructuring and transaction-related costs	321		(10)	595	44
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	288		0	513	54
Exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 31	$ 0	$ 31	$ 0

IMPAIRMENT, RESTRUCTURING AND_5

IMPAIRMENT, RESTRUCTURING AND TRANSACTION-RELATED COSTS - Schedule of Rollforward of Restructuring Liability (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 192
Charges	479
Payments	(208)
Restructuring reserve, ending balance	463
Restructuring And Transaction-Related Costs
Restructuring Reserve [Roll Forward]
Stock-based compensation expense	34
Lease impairments	31
Operating Segments | TV Media
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	162
Charges	181
Payments	(136)
Restructuring reserve, ending balance	207
Operating Segments | Direct-to-Consumer
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	6
Charges	66
Payments	(16)
Restructuring reserve, ending balance	56
Operating Segments | Filmed Entertainment
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	14
Charges	70
Payments	(22)
Restructuring reserve, ending balance	62
Corporate
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	10
Charges	162
Payments	(34)
Restructuring reserve, ending balance	$ 138

RELATED PARTIES - Narrative (De

RELATED PARTIES - Narrative (Details) - trustee	Sep. 30, 2024	Jul. 07, 2024
Related Party Transaction [Line Items]
General Trust ownership in NAI (percentage)	80%
NAI
Related Party Transaction [Line Items]
NAI ownership of common stock, Class A common stock (percentage)	77.40%	77.40%
NAI ownership of Class A and Class B common stock on a combined basis (percentage)	9.50%
Number of trustees	7
Number of beneficiary trustees	2

RELATED PARTIES - Schedule of R

RELATED PARTIES - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Revenues	$ 6,731	$ 7,133	$ 21,229	$ 22,014
Operating costs	4,342	4,681	13,745	14,872
Receivables, net	6,327		6,327		$ 7,115
Other assets (Receivables, noncurrent)	3,458		3,458		3,793
Related Party
Related Party Transaction [Line Items]
Revenues	40	66	177	261
Operating costs	37	$ 5	74	$ 18
Receivables, net	199		199		193
Other assets (Receivables, noncurrent)	$ 65		$ 65		$ 101

REVENUES - Schedule of Disaggre

REVENUES - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 6,731	$ 7,133	$ 21,229	$ 22,014
Advertising
Disaggregation of Revenue [Line Items]
Total Revenues	2,174	2,133	7,521	7,179
Affiliate and subscription
Disaggregation of Revenue [Line Items]
Total Revenues	3,215	3,262	9,847	9,676
Theatrical
Disaggregation of Revenue [Line Items]
Total Revenues	108	377	399	735
Licensing and other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 1,234	$ 1,361	$ 3,462	$ 4,424

REVENUES - Narrative (Details)

REVENUES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Allowance for credit losses	$ 131		$ 131		$ 120
Contract liabilities	900		900		800
Revenue recognized			600	$ 800
Unrecognized revenues	7,000		7,000
Revenue recognized for satisfaction of performance obligations in prior period	200	$ 100	400	$ 300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Disaggregation of Revenue [Line Items]
Unrecognized revenues	$ 1,000		$ 1,000
Remaining performance obligation period	3 months		3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Disaggregation of Revenue [Line Items]
Unrecognized revenues	$ 3,000		$ 3,000
Remaining performance obligation period	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Unrecognized revenues	$ 1,000		$ 1,000
Remaining performance obligation period	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Disaggregation of Revenue [Line Items]
Unrecognized revenues	$ 2,000		$ 2,000
Remaining performance obligation period
Other Noncurrent Assets
Disaggregation of Revenue [Line Items]
Noncurrent receivables	$ 1,030		$ 1,030		$ 1,390

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total long-term debt, net of current portion, Less current portion	Total long-term debt, net of current portion, Less current portion
Obligations under finance leases	$ 0	$ 1
Total debt	14,620	14,602
Less current portion	125	1
Total long-term debt, net of current portion	14,495	14,601
Net unamortized discount on senior and junior subordinated debt	405	419
Unamortized deferred financing costs	76	81
Face value of debt	$ 15,100	15,100
4.75% Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate	4.75%
Carrying value of senior debt	$ 125	125
4.0% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	4%
Carrying value of senior debt	$ 346	345
3.45% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	3.45%
Carrying value of senior debt	$ 86	86
2.90% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate	2.90%
Carrying value of senior debt	$ 581	581
3.375% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate	3.375%
Carrying value of senior debt	$ 498	497
3.70% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate	3.70%
Carrying value of senior debt	$ 496	495
4.20% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate	4.20%
Carrying value of senior debt	$ 496	496
7.875% Senior Debentures due 2030
Debt Instrument [Line Items]
Stated interest rate	7.875%
Carrying value of senior debt	$ 829	830
4.95% Senior Notes due 2031
Debt Instrument [Line Items]
Stated interest rate	4.95%
Carrying value of senior debt	$ 1,231	1,229
4.20% Senior Notes due 2032
Debt Instrument [Line Items]
Stated interest rate	4.20%
Carrying value of senior debt	$ 979	977
5.50% Senior Debentures due 2033
Debt Instrument [Line Items]
Stated interest rate	5.50%
Carrying value of senior debt	$ 428	428
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	$ 1,072	1,071
6.75% Senior Debentures due 2037
Debt Instrument [Line Items]
Stated interest rate	6.75%
Carrying value of senior debt	$ 76	75
5.90% Senior Notes due 2040
Debt Instrument [Line Items]
Stated interest rate	5.90%
Carrying value of senior debt	$ 298	298
4.50% Senior Debentures due 2042
Debt Instrument [Line Items]
Stated interest rate	4.50%
Carrying value of senior debt	$ 46	45
4.85% Senior Notes due 2042
Debt Instrument [Line Items]
Stated interest rate	4.85%
Carrying value of senior debt	$ 489	489
4.375% Senior Debentures due 2043
Debt Instrument [Line Items]
Stated interest rate	4.375%
Carrying value of senior debt	$ 1,144	1,138
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	$ 1,235	1,234
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	$ 542	541
4.60% Senior Notes due 2045
Debt Instrument [Line Items]
Stated interest rate	4.60%
Carrying value of senior debt	$ 591	591
4.95% Senior Notes due 2050
Debt Instrument [Line Items]
Stated interest rate	4.95%
Carrying value of senior debt	$ 949	948
6.25% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Stated interest rate	6.25%
Junior subordinated debentures	$ 644	643
6.375% Junior Subordinated Debentures due 2062
Debt Instrument [Line Items]
Stated interest rate	6.375%
Junior subordinated debentures	$ 989	$ 989

DEBT - Narrative (Details)

DEBT - Narrative (Details)	1 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2026	Jun. 30, 2025 USD ($)	Mar. 31, 2025	Aug. 01, 2024 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Debt repaid		$ 0	$ 239,000,000
Outstanding commercial paper borrowings		0						$ 0
Standby Letter of Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under credit facility		1,900,000,000					$ 1,900,000,000
7.875% Debentures Due 2023
Line of Credit Facility [Line Items]
Debt repaid	$ 139,000,000
Stated interest rate	7.875%		7.875%
Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under credit facility		3,500,000,000
Borrowings outstanding		0
Remaining borrowing capacity under credit facility		$ 3,500,000,000
Maximum consolidated leverage ratio		5.75
Maximum amount of unrestricted cash and cash equivalents netted against consolidated indebtedness		$ 1,500,000,000
Credit Facility | Revolving Credit Facility | Forecast
Line of Credit Facility [Line Items]
Maximum consolidated leverage ratio				4.5		5.5
Quarterly decrease in maximum consolidated leverage ratio				0.25
Credit Facility | Revolving Credit Facility And Standby Letters of Credit | Forecast
Line of Credit Facility [Line Items]
Maximum amount of unrestricted cash and cash equivalents netted against consolidated indebtedness					$ 3,000,000,000
Miramax Credit Facility, Matures November 2025 | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under credit facility		50,000,000						50,000,000
Outstanding bank borrowings		$ 0						$ 0

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details) ₨ in Millions, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Aug. 31, 2024 INR (₨)	Mar. 31, 2024 INR (₨)	Dec. 31, 2023 USD ($)	Apr. 30, 2023	Mar. 31, 2023
Derivative [Line Items]
Carrying value of notes and debentures	$ 14,620			$ 14,620				$ 14,600
Fair value of debt	13,400			13,400				13,600
Investments without readily determinable fair value	612			612				612
Noncash gain from investments	0	$ 0		$ (4)	$ 168
Foreign exchange contract | Cash Flow Hedging
Derivative [Line Items]
Maximum derivative contract term				24 months
Notional amount of derivative	3,430			$ 3,430				2,720
Foreign exchange contract | Cash Flow Hedging | Future Production Costs
Derivative [Line Items]
Notional amount of derivative	2,550			2,550				2,200
Foreign exchange contract | Cash Flow Hedging | Other Foreign Currency
Derivative [Line Items]
Notional amount of derivative	878			878				$ 523
Viacom18
Derivative [Line Items]
Ownership percentage before dilution										49%
Ownership percentage after dilution									13%
Noncash gain from investments			$ 168
Ownership interest to be sold (percent)							13%
Aggregate purchase price | ₨							₨ 42,860
Viacom18 | Foreign Exchange Option
Derivative [Line Items]
Notional amount of derivative | ₨						₨ 42,860
Viacom18 | Foreign Exchange Option | Level 3 [Member]
Derivative [Line Items]
Foreign currency hedges	$ 4			$ 4

FINANCIAL INSTRUMENTS AND FAI_4

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Gains (Losses) Recognized on Derivative Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Non-designated foreign exchange contracts
Derivatives [Line Items]
Gains (losses) on non-designated foreign exchange contracts	$ (17)	$ 9	$ (7)	$ 3

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Level 2 - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets:
Foreign currency hedges	$ 43	$ 40
Total Assets	43	40
Liabilities:
Deferred compensation	380	366
Foreign currency hedges	35	30
Total Liabilities	$ 415	$ 396

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Variable Interest Entity [Line Items]
Total assets	$ 46,250		$ 46,250		$ 53,543
Revenues	6,731	$ 7,133	21,229	$ 22,014
Operating loss	337	621	(5,398)	(855)
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets	1,871		1,871		1,886
Total liabilities	193		193		$ 232
Revenues	131	144	398	490
Operating loss	$ (11)	$ (13)	$ (75)	$ (45)

STOCKHOLDERS_ EQUITY - Narrativ

STOCKHOLDERS’ EQUITY - Narrative (Details) shares in Millions, $ in Millions		3 Months Ended	9 Months Ended
	Apr. 01, 2024 shares	Mar. 31, 2024 shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Class of Stock [Line Items]
Tax benefit | $			$ 11	$ 12
Preferred Stock Outstanding
Class of Stock [Line Items]
Stock converted (in shares)	9.7
Class B Common Stock
Class of Stock [Line Items]
Convertible rate	1.1765
Stock issued (in shares)	11.5	0.3

STOCKHOLDERS_ EQUITY - Schedule

STOCKHOLDERS’ EQUITY - Schedule of Dividends Declared Per Share and Total Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Total common stock dividends	$ 35	$ 34	$ 104	$ 228
Total preferred stock dividends		$ 14	$ 14	$ 43
Class A and Class B Common Stock
Class of Stock [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.05	$ 0.05	$ 0.15	$ 0.34
Total common stock dividends	$ 35	$ 34	$ 104	$ 228
Mandatory Convertible Preferred Stock
Class of Stock [Line Items]
Dividends declared per preferred share (in dollars per share)	$ 0	$ 1.4375	$ 1.4375	$ 4.3125
Total preferred stock dividends	$ 0	$ 14	$ 14	$ 43

STOCKHOLDERS_ EQUITY - Schedu_2

STOCKHOLDERS’ EQUITY - Schedule of Changes in Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 22,526
Ending balance	16,628
Cumulative Translation Adjustments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(504)	$ (680)
Other comprehensive income (loss) before reclassifications	(1)	10
Reclassifications to net loss	0	44
Other comprehensive income (loss)	(1)	54
Ending balance	(505)	(626)
Net Actuarial Loss and Prior Service Cost
AOCI Attributable to Parent, Net of Tax
Beginning balance	(1,052)	(1,097)
Other comprehensive income (loss) before reclassifications	0	0
Reclassifications to net loss	33	36
Other comprehensive income (loss)	33	36
Ending balance	(1,019)	(1,061)
Other Comprehensive Income (Loss), Discontinued Operations
AOCI Attributable to Parent, Net of Tax
Beginning balance		(30)
Other comprehensive income (loss) before reclassifications		(1)
Reclassifications to net loss		0
Other comprehensive income (loss)		(1)
Ending balance		(31)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax
Beginning balance	(1,556)	(1,807)
Other comprehensive income (loss) before reclassifications	(1)	9
Reclassifications to net loss	33	80
Other comprehensive income (loss)	32	89
Ending balance	$ (1,524)	$ (1,718)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision (benefit) from income taxes	$ 45	$ 40	$ (342)	$ (436)
Effective income tax rate	37.50%	10.60%	5.60%	30.40%
Percentage point increase (decrease) in effective tax rate	12%	(8.50%)	(16.20%)	10.20%

INCOME TAXES - Schedule of Bene

INCOME TAXES - Schedule of Benefit from Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings (Loss) Before Income Taxes
Programming charges (Note 2)	$ 0	$ (1,120)	$ 0	$ (2,370)	$ (1,118)	$ (2,371)
Impairment charges (Note 3)	(104)		0		(6,100)	0
Restructuring and transaction- related costs (Note 3)	(321)		10		(595)	(44)
Gain (loss) from investment	0		0		(4)	168
Benefit from (Provision for) Income Taxes
Programming charges (Note 2)	0		0		275	582
Impairment charges (Note 3)	26				375
Restructuring and transaction- related costs (Note 3)	66		(3)		121	11
Gain (loss) from investment	0		0		1	(60)
Net discrete tax benefit (provision)	$ 2		$ 33		$ (47)	$ 67

PENSION AND OTHER POSTRETIREM_3

PENSION AND OTHER POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	50	52	149	155
Expected return on plan assets	(34)	(32)	(102)	(96)
Amortization of actuarial loss (gain)	20	20	60	62
Net periodic cost	36	40	107	121
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	1	0	1
Interest cost	3	3	8	9
Expected return on plan assets	0	0	0	0
Amortization of actuarial loss (gain)	(4)	(5)	(13)	(14)
Net periodic cost	$ (1)	$ (1)	$ (5)	$ (4)

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Financial Information by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 6,731	$ 7,133	$ 21,229	$ 22,014
Operating Segments | TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	4,298	4,567	13,800	14,917
Operating Segments | Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	1,860	1,692	5,619	4,867
Operating Segments | Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	590	891	1,874	2,310
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	(17)	(17)	(64)	(80)
Eliminations | TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	(5)	(7)	(22)	(28)
Eliminations | Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	(12)	(10)	(42)	(52)
Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	2,174	2,133	7,521	7,179
Advertising | Operating Segments | TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	1,666	1,703	5,981	5,905
Advertising | Operating Segments | Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	507	430	1,540	1,269
Advertising | Operating Segments | Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	2	5	10	21
Affiliate and subscription
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	3,215	3,262	9,847	9,676
Affiliate and subscription | Operating Segments | TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	1,872	2,004	5,778	6,082
Affiliate and subscription | Operating Segments | Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	1,343	1,258	4,069	3,594
Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	1,234	1,361	3,462	4,424
Licensing and other | Operating Segments | TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	760	860	2,041	2,930
Licensing and other | Operating Segments | Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	10	4	10	4
Licensing and other | Operating Segments | Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	480	509	1,465	1,554
Theatrical
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	108	377	399	735
Theatrical | Operating Segments | Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 108	$ 377	$ 399	$ 735

SEGMENT INFORMATION - Schedul_2

SEGMENT INFORMATION - Schedule of Intercompany Revenues by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	$ (6,731)	$ (7,133)	$ (21,229)	$ (22,014)
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	17	17	64	80
Eliminations | TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	5	7	22	28
Eliminations | Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	$ 12	$ 10	$ 42	$ 52

SEGMENT INFORMATION - Schedul_3

SEGMENT INFORMATION - Schedule of Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Stock-based compensation					$ (175)	$ (131)
Depreciation and amortization	$ (96)		$ (105)		(297)	(310)
Programming charges	0	$ (1,120)	0	$ (2,370)	(1,118)	(2,371)
Impairment charges	(104)		0		(6,100)	0
Restructuring and transaction-related costs	(321)		10		(595)	(44)
Operating income (loss)	337		621		(5,398)	(855)
Interest expense	(209)		(232)		(645)	(698)
Interest income	31		29		111	97
Gain (loss) from investments	0		0		(4)	168
Other items, net	(39)		(42)		(126)	(148)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	120		376		(6,062)	(1,436)
(Provision for) benefit from income taxes	(45)		(40)		342	436
Equity in loss of investee companies, net of tax	(59)		(75)		(221)	(259)
Net earnings (loss) from continuing operations	16		261		(5,941)	(1,259)
Net earnings from discontinued operations, net of tax	5		48		14	166
Net earnings (loss) (Paramount and noncontrolling interests)	21		309		(5,927)	(1,093)
Net earnings attributable to noncontrolling interests	(20)		(14)		(39)	(29)
Net earnings (loss) attributable to Paramount	1		295		(5,966)	(1,122)
Operating Segments | TV Media
Segment Reporting Information [Line Items]
Adjusted OIBDA	936		1,149		3,399	3,649
Operating Segments | Direct-to-Consumer
Segment Reporting Information [Line Items]
Adjusted OIBDA	49		(238)		(211)	(1,173)
Operating Segments | Filmed Entertainment
Segment Reporting Information [Line Items]
Adjusted OIBDA	3		(49)		(54)	(143)
Corporate/Eliminations
Segment Reporting Information [Line Items]
Adjusted OIBDA	(84)		(103)		(281)	(336)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Stock-based compensation	(46)		(43)		(141)	(127)
Depreciation and amortization	(96)		(105)		(297)	(310)
Programming charges	0		0		(1,118)	(2,371)
Impairment charges	(104)		0		(6,100)	0
Restructuring and transaction-related costs	(321)		$ 10		(595)	(44)
Segment Reconciling Items | Restructuring And Transaction-Related Costs
Segment Reporting Information [Line Items]
Stock-based compensation	$ (20)				$ (34)	$ (4)

DISCONTINUED OPERATIONS - Narra

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Discontinued Operations, Disposed of by Sale | Simon & Schuster
Discontinued Operations [Line Items]
Gain on sale of business	$ 7	$ 19

DISCONTINUED OPERATIONS - Sched

DISCONTINUED OPERATIONS - Schedule of Net Earnings from Discontinued Operations (Details) - Discontinued operations - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Discontinued Operations [Line Items]
Revenues	$ 307	$ 857
Costs and expenses:
Operating	195	501
Selling, general and administrative	49	138
Total costs and expenses	244	639
Operating income	63	218
Other items, net	(4)	(11)
Earnings from discontinued operations	59	207
Provision for income taxes	(11)	(41)
Net earnings from discontinued operations, net of tax	48	166
Previous disposals, cost and expenses	3	9
Previous disposals, income tax provision	$ 1	$ 2

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) claim	Sep. 30, 2024 USD ($) claim	Dec. 31, 2023 USD ($) claim	Dec. 31, 2022 USD ($)	Aug. 01, 2024 USD ($)
Loss Contingencies [Line Items]
Outstanding letters of credit and surety bonds	$ 675	$ 675
Cost for settlement and defense of asbestos claims, net of insurance recoveries and tax benefits			$ 54	$ 57
Reasonably estimable period for long-term asbestos liability		10 years
Asbestos Claims
Loss Contingencies [Line Items]
Number of pending asbestos claims | claim	19,360	19,360	19,970
Number of new asbestos claims | claim	750
Number of asbestos claims closed or moved to inactive docket | claim	490
Mandatory Convertible Preferred Stock
Loss Contingencies [Line Items]
Preferred stock, percentage		5.75%	5.75%
Famous Players
Loss Contingencies [Line Items]
Estimated guarantee liability	$ 8	$ 8
Standby Letter of Credit Facility
Loss Contingencies [Line Items]
Outstanding letters of credit and surety bonds	464	464
Maximum borrowing capacity under credit facility	$ 1,900	$ 1,900			$ 1,900

SUPPLEMENTAL FINANCIAL INFORM_3

SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash and Cash Equivalents [Line Items]
Cash paid for interest	$ 676	$ 696
Noncash additions to operating lease assets	76	100
Continuing operations
Cash and Cash Equivalents [Line Items]
Cash paid (received) for income taxes:	68	(17)
Discontinued operations
Cash and Cash Equivalents [Line Items]
Cash paid (received) for income taxes:	$ 0	$ 19

SUPPLEMENTAL FINANCIAL INFORM_4

SUPPLEMENTAL FINANCIAL INFORMATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Additional Financial Information Disclosure [Abstract]
Lease income	$ 10	$ 5	$ 25	$ 27