v3.25.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The tables below set forth our financial information by reportable segment. We present operating income excluding depreciation and amortization, stock-based compensation, restructuring charges, transaction-related items, programming charges, and gain on dispositions, each where applicable (“Adjusted OIBDA”), as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting. Programming charges consist only of charges related to major strategic changes (see Note 2), and do not include impairment charges that occur as part of our normal operations, which are recorded within content costs in the tables below, where applicable, and are not excluded in Adjusted OIBDA. 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. We do not disclose our assets by segment because they are not regularly provided to the chief operating decision maker (CODM) and are not used to evaluate our operating performance or in determining the allocation of resources.
Three Months Ended
March 31,
20252024
Revenues:
Advertising$2,038 $2,582 
Affiliate and subscription1,826 1,998 
Licensing and other674 651 
TV Media4,538 5,231 
Advertising473 520 
Subscription1,571 1,359 
Direct-to-Consumer2,044 1,879 
Advertising3 1 
Theatrical148 153 
Licensing and other476 451 
Filmed Entertainment627 605 
Eliminations(17)(30)
Total Revenues$7,192 $7,685 
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
March 31,
20252024
Intercompany Revenues:
TV Media$11 $13 
Filmed Entertainment6 17 
Total Intercompany Revenues$17 $30 
Three Months Ended
March 31,
20252024
TV Media
Revenues$4,538 $5,231 
Content costs2,343 2,494 
Advertising and marketing153 169 
Other (a)
1,120 1,123 
Total segment expenses3,616 3,786 
TV Media Adjusted OIBDA922 1,445 
Direct-to-Consumer
Revenues2,044 1,879 
Content costs1,215 1,220 
Advertising and marketing341 347 
Other (b)
597 598 
Total segment expenses2,153 2,165 
Direct-to-Consumer Adjusted OIBDA(109)(286)
Filmed Entertainment
Revenues627 605 
Content costs321 289 
Advertising and marketing116 135 
Other (c)
170 184 
Total segment expenses607 608 
Filmed Entertainment Adjusted OIBDA20 (3)
Corporate/Eliminations(101)(124)
Stock-based compensation (d)
(44)(45)
Depreciation and amortization(88)(100)
Programming charges— (1,118)
Restructuring and transaction-related items (d)
(85)(186)
Gain on dispositions35 — 
Operating income (loss)550 (417)
Interest expense(217)(221)
Interest income38 45 
Loss from investment— (4)
Other items, net(37)(38)
Earnings (loss) from continuing operations before income
    taxes and equity in loss of investee companies		334 (635)
(Provision for) benefit from income taxes(100)172 
Equity in loss of investee companies, net of tax(73)(90)
Net earnings (loss) from continuing operations161 (553)
Net earnings from discontinued operations, net of tax— 9 
Net earnings (loss) (Paramount and noncontrolling interests)161 (544)
Net earnings attributable to noncontrolling interests(9)(10)
Net earnings (loss) attributable to Paramount$152 $(554)
(a) Other segment expenses for our TV Media segment include employee compensation; revenue-sharing costs to television stations affiliated with the CBS Television Network; costs relating
to the distribution of our content; costs for research, occupancy, technology, and professional services; and other costs associated with our operations.
(b) Other segment expenses for our Direct-to-Consumer segment include employee compensation; revenue-sharing costs, including for third-party distribution; costs for occupancy, technology, and professional services; and other costs associated with our operations.
(c) Other segment expenses for our Filmed Entertainment segment include employee compensation; costs relating to the distribution of our content; costs for occupancy, technology, and professional services; and other costs associated with our operations.
(d) For the three months ended March 31, 2024, stock-based compensation expense of $2 million is included in “Restructuring and transaction-related items.”