• Paramount+ Increased Revenue 51% Year-Over-Year and Reached More Than 71 Million Global Subscribers
• Direct-To-Consumer Adjusted OIBDA Improved Year-Over-Year for the 4th Consecutive Quarter
• Total Advertising Revenue Rose 17%; Total Company Revenue Increased 6%
• Generated $260 Million of Net Operating Cash Flow and $209 Million of Free Cash Flow in Q1 

Three Months Ended March 31

GAAP		2024		2023	B/(W)%
Revenue	S	7,685	S	7,265	6 %
TV Media		5,231		5,193	1 %
Direct-to-Consumer		1,879		1,510	24 %
Filmed Entertainment		605		588	3 %
Eliminations		(30)		(26)	(15)%
Operating loss	S	(417)	S	(1,226)	66 %
Diluted EPS from continuing operations attributable to Paramount	S	(.88)	S	(1.81)	51 %
Non-GAAP†
Adjusted OIBDA	S	987	S	548	80 %
Adjusted diluted EPS from continuing operations attributable to Paramount	S	.62	S	.09	589 %
† Non-GAAP measures are detailed in the Supplemental Disclosures at the end of this release.
*Simon & Schuster, which was sold in October 2023, has been presented as a discontinued operation in the companyʼs consolidated financial statements. B/(W) – Better/(Worse)

DIRECT-TO-CONSUMER

OVERVIEW

DTC Adjusted OIBDA improved year-over-year driven by a continued focus on engagement, revenue and operating leverage.

Q1 FINANCIALS

• Revenue increased 24% year-over-
  • Subscription revenue grew 22%, driven by subscriber growth and pricing increases for Paramount+.
  • Advertising revenue rose 31%, driven by growth from Pluto TV and Paramount+, including the benefit of Super Bowl LVIII.
  • Paramount+ revenue grew 51%, reflecting subscriber growth and ARPU expansion.
    • Paramount+ subscribers reached more than 71 million, with 7 million net additions in the quarter.
    • Paramount+ global ARPU expanded 26% year-over-
  • Adjusted OIBDA increased 44% year-over-year, led by improvement in Paramount+ domestic profitability.

Three Months Ended March 31

		2024		2023		S B/(W) %
Revenue	S	1,879	S	1,510	S	369	24 %
Advertising		520		398		122	31
Subscription		1,359		1,112		247	22
Expenses		2,165		2,021		(144)	(7)
Adjusted OIBDA	S	(286)	S	(511)	S	225	44 %

TV Media 

TV Media revenue and earnings in the quarter benefited from the most watched Super Bowl of all time. Notably, CBS is poised to claim the #1 spot in broadcast for the 16th straight season and is home to the top three new series on broadcast in Tracker, Elsbeth and NCIS: Sydney.

Q1 FINANCIALS

• Revenue grew 1% to 2 billion.
  • Advertising revenue increased 14%, reflecting a 23-percentage point benefit from CBS’ broadcast of Super Bowl LVIII.
  • Affiliate and subscription revenue decreased 3%, driven by subscriber declines, partially offset by pricing increases.
  • Licensing and other revenue decreased 25%, including the impact from 2023 labor strikes on content available for licensing.
• Adjusted OIBDA was 4 billion — an 11% increase — driven by the benefit from the broadcast of Super Bowl LVIII.                                                                                                                     Three Months Ended March 31

		2024		2023		S B/(W)	%
Revenue	S	5,231	S	5,193	S	38	1 %
Advertising		2,582		2,256		326	14
Affiliate and subscription		1,998		2,067		(69)	(3)
Licensing and other		651		870		(219)	(25)
Expenses		3,786		3,887		101	3
Adjusted OIBDA	S	1,445	S	1,306	S	139	11 %

FILMED ENTERTAINMENT

Filmed Entertainment generated significant revenue in the quarter with Mean Girls and Bob Marley: One Love each debuting #1 at the domestic box office and together generating over S275 million at the global box office to date.

Q1 FINANCIALS

• Revenue increased 3%.
  • Theatrical revenues grew 20%, driven by the strong performances of Mean Girls and Bob Marley: One Love, and Miramax’s release of The Beekeeper.
  • Licensing and other revenue decreased 1%.
• Adjusted OIBDA improved S96 million, reflecting the timing and mix of theatrical releases in each year.                                                                                                            Three Months Ended March 31

		2024		2023		S B/(W) %
Revenue	S	605	S	588	S	17	3 %
Advertising		1		5		(4)	(80)
Theatrical		153		127		26	20
Licensing and other		451		456		(5)	(1)
Expenses		608		687		79	11
Adjusted OIBDA	S	(3)	S	(99)	S	96	97 %