v3.25.2
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Financial Information by Reportable Segment
The tables below set forth our financial information by reportable segment. We present operating income excluding depreciation and amortization, stock-based compensation, impairment charges, 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 EndedSix Months Ended
June 30,June 30,
2025202420252024
Revenues:
Advertising$1,657 $1,733 $3,695 $4,315 
Affiliate and subscription1,780 1,908 3,606 3,906 
Licensing and other574 630 1,248 1,281 
TV Media4,011 4,271 8,549 9,502 
Advertising494 513 967 1,033 
Subscription1,665 1,367 3,236 2,726 
Licensing1 — 1 — 
Direct-to-Consumer2,160 1,880 4,204 3,759 
Advertising2 7 5 8 
Theatrical254 138 402 291 
Licensing and other434 534 910 985 
Filmed Entertainment690 679 1,317 1,284 
Eliminations(12)(17)(29)(47)
Total Revenues$6,849 $6,813 $14,041 $14,498 
Schedule of Intercompany Revenues by Segment
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Intercompany Revenues:
TV Media$6 $4 $17 $17 
Filmed Entertainment6 13 12 30 
Total Intercompany Revenues$12 $17 $29 $47 
Schedule of Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
TV Media
Revenues$4,011 $4,271 $8,549 $9,502 
Content costs1,956 1,968 4,299 4,462 
Advertising and marketing116 111 269 280 
Other (a)
1,076 1,174 2,196 2,297 
Total segment expenses3,148 3,253 6,764 7,039 
TV Media Adjusted OIBDA863 1,018 1,785 2,463 
Direct-to-Consumer
Revenues2,160 1,880 4,204 3,759 
Content costs1,085 995 2,300 2,215 
Advertising and marketing294 265 635 612 
Other (b)
624 594 1,221 1,192 
Total segment expenses2,003 1,854 4,156 4,019 
Direct-to-Consumer Adjusted OIBDA157 26 48 (260)
Filmed Entertainment
Revenues690 679 1,317 1,284 
Content costs394 342 715 631 
Advertising and marketing195 190 311 325 
Other (c)
185 201 355 385 
Total segment expenses774 733 1,381 1,341 
Filmed Entertainment Adjusted OIBDA(84)(54)(64)(57)
Corporate/Eliminations(73)(73)(174)(197)
Stock-based compensation (d)
(39)(50)(83)(95)
Depreciation and amortization(87)(101)(175)(201)
Programming charges— — — (1,118)
Impairment charges(157)(5,996)(157)(5,996)
Restructuring and transaction-related items (d)
(181)(88)(266)(274)
Gain on dispositions— — 35 — 
Operating income (loss)399 (5,318)949 (5,735)
Interest expense(214)(215)(431)(436)
Interest income32 35 70 80 
Loss from investment— — — (4)
Other items, net(39)(49)(76)(87)
Earnings (loss) from continuing operations before
   income taxes and equity in loss of investee
   companies		178 (5,547)512 (6,182)
(Provision for) benefit from income taxes(50)215 (150)387 
Equity in loss of investee companies, net of tax(67)(72)(140)(162)
Net earnings (loss) from continuing operations61 (5,404)222 (5,957)
Net earnings from discontinued operations, net of tax— — — 9 
Net earnings (loss)
(Paramount and noncontrolling interests)		61 (5,404)222 (5,948)
Net earnings attributable to noncontrolling interests(4)(9)(13)(19)
Net earnings (loss) attributable to Paramount$57 $(5,413)$209 $(5,967)
(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) Stock-based compensation expense of $4 million for both the three and six months ended June 30, 2025, and $12 million and $14 million for the three and six months ended June 30, 2024, respectively, is included in “Restructuring and transaction-related items.”