SEGMENT INFORMATION (Tables)

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,
		2025		2024
Revenues:
Advertising		$	2,038	$	2,582
Affiliate and subscription		1,826		1,998
Licensing and other		674		651
TV Media		4,538		5,231
Advertising		473		520
Subscription		1,571		1,359

Direct-to-Consumer		2,044		1,879
Advertising		3		1
Theatrical		148		153
Licensing and other		476		451
Filmed Entertainment		627		605
Eliminations		(17)		(30)
Total Revenues		$	7,192	$	7,685


	Three Months Ended
	March 31,
		2025		2024
Intercompany Revenues:
TV Media		$	11	$	13

Filmed Entertainment		6		17
Total Intercompany Revenues		$	17	$	30


	Three Months Ended
	March 31,
		2025		2024
TV Media
Revenues		$	4,538	$	5,231

Content costs		2,343		2,494
Advertising and marketing		153		169
Other (a)		1,120		1,123
Total segment expenses		3,616		3,786

TV Media Adjusted OIBDA		922		1,445
Direct-to-Consumer
Revenues		2,044		1,879

Content costs		1,215		1,220
Advertising and marketing		341		347
Other (b)		597		598
Total segment expenses		2,153		2,165

Direct-to-Consumer Adjusted OIBDA		(109)		(286)
Filmed Entertainment
Revenues		627		605

Content costs		321		289
Advertising and marketing		116		135
Other (c)		170		184
Total segment expenses		607		608

Filmed Entertainment Adjusted OIBDA		20		(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 dispositions		35		—
Operating income (loss)		550		(417)
Interest expense		(217)		(221)
Interest income		38		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 operations		161		(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.”