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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number 001-09553
ViacomCBS Inc.
(Exact name of registrant as specified in its charter)
Delaware04-2949533
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
1515 BroadwayNew York,New York10036
(Address of principal executive offices)(Zip Code)
(212) 258-6000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Class A Common Stock, $0.001 par valueVIACAThe Nasdaq Stock Market LLC
Class B Common Stock, $0.001 par valueVIACThe Nasdaq Stock Market LLC
5.75% Series A Mandatory Convertible Preferred Stock, $0.001 par valueVIACPThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer 
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No 
Number of shares of common stock outstanding at August 2, 2021:
Class A Common Stock, par value $.001 per share— 40,707,517
Class B Common Stock, par value $.001 per share— 605,813,492



VIACOMCBS INC.
INDEX TO FORM 10-Q
Page
PART I – FINANCIAL INFORMATION
Item 1.
Item 1A.



PART I – FINANCIAL INFORMATION
Item 1.Financial Statements.
VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
Revenues$6,564 $6,075 $13,976 $12,574 
Costs and expenses:  
Operating3,865 3,361 8,228 7,317 
Selling, general and administrative1,459 1,183 2,881 2,481 
Depreciation and amortization95 122 194 234 
Restructuring and other corporate matters35 158 35 389 
Total costs and expenses5,454 4,824 11,338 10,421 
Net gain on sales116  116  
Operating income1,226 1,251 2,754 2,153 
Interest expense(243)(263)(502)(504)
Interest income13 11 26 25 
Net gains from investments32 32 52 32 
Loss on extinguishment of debt  (103)(128)(103)
Other items, net(10)(26)(29)(54)
Earnings from continuing operations before income taxes and equity
   in loss of investee companies
1,018 902 2,173 1,549 
(Provision) benefit for income taxes34 (192)(192)(326)
Equity in loss of investee companies, net of tax(44)(12)(62)(21)
Net earnings from continuing operations1,008 698 1,919 1,202 
Net earnings from discontinued operations, net of tax41 28 53 43 
Net earnings (ViacomCBS and noncontrolling interests)1,049 726 1,972 1,245 
Net earnings attributable to noncontrolling interests(13)(245)(25)(248)
Net earnings attributable to ViacomCBS$1,036 $481 $1,947 $997 
Amounts attributable to ViacomCBS:
Net earnings from continuing operations$995 $453 $1,894 $954 
Net earnings from discontinued operations, net of tax41 28 53 43 
Net earnings attributable to ViacomCBS$1,036 $481 $1,947 $997 
Basic net earnings per common share attributable to ViacomCBS:  
Net earnings from continuing operations$1.52 $.74 $2.96 $1.55 
Net earnings from discontinued operations$.06 $.05 $.08 $.07 
Net earnings$1.58 $.78 $3.05 $1.62 
Diluted net earnings per common share attributable to ViacomCBS:  
Net earnings from continuing operations$1.50 $.73 $2.93 $1.55 
Net earnings from discontinued operations$.06 $.05 $.08 $.07 
Net earnings$1.56 $.78 $3.01 $1.62 
Weighted average number of common shares outstanding:  
Basic646 615 634 615 
Diluted662 617 647 617 
See notes to consolidated financial statements.
-3-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; in millions)
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
Net earnings (ViacomCBS and noncontrolling interests)$1,049 $726 $1,972 $1,245 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments11 31 (55)(59)
Net actuarial loss and prior service costs16 18 29 35 
Other comprehensive income (loss) from continuing operations,
net of tax (ViacomCBS and noncontrolling interests)
27 49 (26)(24)
Other comprehensive income (loss) from discontinued operations3 6 5 (8)
Comprehensive income1,079 781 1,951 1,213 
Less: Comprehensive income attributable to noncontrolling interests14 245 25 245 
Comprehensive income attributable to ViacomCBS$1,065 $536 $1,926 $968 
See notes to consolidated financial statements.

-4-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except per share amounts)
AtAt
June 30, 2021December 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents$5,375 $2,984 
Receivables, net6,824 7,017 
Programming and other inventory1,419 1,757 
Prepaid expenses and other current assets1,089 1,391 
Current assets of discontinued operations547 630 
Total current assets15,254 13,779 
Property and equipment, net1,979 1,994 
Programming and other inventory11,421 10,363 
Goodwill16,601 16,612 
Intangible assets, net2,805 2,826 
Operating lease assets1,440 1,602 
Deferred income tax assets, net1,235 993 
Other assets3,658 3,657 
Assets held for sale 28 
Assets of discontinued operations811 809 
Total Assets$55,204 $52,663 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable$602 $571 
Accrued expenses1,828 1,714 
Participants’ share and royalties payable2,176 2,005 
Accrued programming and production costs1,168 1,141 
Deferred revenues1,104 978 
Debt17 16 
Other current liabilities1,230 1,391 
Current liabilities of discontinued operations461 480 
Total current liabilities8,586 8,296 
Long-term debt17,703 19,717 
Participants’ share and royalties payable1,326 1,317 
Pension and postretirement benefit obligations2,025 2,098 
Deferred income tax liabilities, net888 778 
Operating lease liabilities 1,472 1,583 
Program rights obligations188 243 
Other liabilities1,960 2,158 
Liabilities of discontinued operations210 220 
Redeemable noncontrolling interest190 197 
Commitments and contingencies (Note 15)
ViacomCBS stockholders’ equity:
5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share;
    25 shares authorized and 10 shares issued (2021)
  
Class A Common Stock, par value $.001 per share; 55 shares authorized;
41 (2021) and 52 (2020) shares issued
  
Class B Common Stock, par value $.001 per share; 5,000 shares authorized;
1,108 (2021) and 1,068 (2020) shares issued
1 1 
Additional paid-in capital32,901 29,785 
Treasury stock, at cost; 503 (2021 and 2020) Class B shares
(22,958)(22,958)
Retained earnings12,007 10,375 
Accumulated other comprehensive loss (1,853)(1,832)
Total ViacomCBS stockholders’ equity20,098 15,371 
Noncontrolling interests558 685 
Total Equity20,656 16,056 
Total Liabilities and Equity$55,204 $52,663 
See notes to consolidated financial statements.
-5-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Six Months Ended
June 30,
20212020
Operating Activities:
Net earnings (ViacomCBS and noncontrolling interests)$1,972 $1,245 
Less: Net earnings from discontinued operations, net of tax53 43 
Net earnings from continuing operations1,919 1,202 
Adjustments to reconcile net earnings from continuing operations to net cash flow provided
     by operating activities:
Depreciation and amortization194 234 
Deferred tax (benefit) provision(110)227 
Stock-based compensation101 143 
Net gain on sales(116) 
Gains from investments(52)(32)
Loss on extinguishment of debt128 103 
Equity in loss of investee companies, net of tax and distributions62 22 
Change in assets and liabilities(424)(741)
Net cash flow provided by operating activities from continuing operations1,702 1,158 
Net cash flow provided by (used for) operating activities from discontinued operations89 (7)
Net cash flow provided by operating activities1,791 1,151 
Investing Activities:
Investments (114)(60)
Capital expenditures(138)(131)
Acquisitions, net of cash acquired (141)
Proceeds from dispositions408 146 
Other investing activities(25) 
Net cash flow provided by (used for) investing activities from continuing operations131 (186)
Net cash flow used for investing activities from discontinued operations(2)(1)
Net cash flow provided by (used for) investing activities129 (187)
Financing Activities:
Repayments of short-term debt borrowings, net (698)
Proceeds from issuance of long-term debt 4,370 
Repayment of long-term debt(2,200)(2,535)
Dividends paid on common stock(302)(301)
Proceeds from issuance of preferred stock983  
Proceeds from issuance of common stock 1,672  
Purchase of Company common stock (58)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation(49)(59)
Proceeds from exercise of stock options408  
Other financing activities(161)(70)
Net cash flow provided by financing activities351 649 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(8)(17)
Net increase in cash, cash equivalents and restricted cash2,263 1,596 
Cash, cash equivalents and restricted cash at beginning of period
(includes $135 (2021) and $202 (2020) of restricted cash)
3,119 834 
Cash, cash equivalents and restricted cash at end of period
(includes $7 (2021) and $142 (2020) of restricted cash)
$5,382 $2,430 
See notes to consolidated financial statements.
-6-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited; in millions)
Three Months Ended June 30, 2021
Preferred StockClass A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal ViacomCBS Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)(Shares)
March 31, 202110  646 $1 $32,866 $(22,958)$11,144 $(1,882)$19,171 $672 $19,843 
Stock-based
compensation
activity
— — — — 35 — — — 35 — 35 
Preferred stock
dividends
— — — — — — (14)— (14)— (14)
Common stock
dividends
— — — — — — (158)— (158)— (158)
Noncontrolling
interests
— — — — — — (1)— (1)(128)(129)
Net earnings— — — — — — 1,036 — 1,036 13 1,049 
Other comprehensive
income
— — — — — — — 29 29 1 30 
June 30, 202110 $ 646 $1 $32,901 $(22,958)$12,007 $(1,853)$20,098 $558 $20,656 
Six Months Ended June 30, 2021
Preferred StockClass A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal ViacomCBS Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)(Shares)
December 31, 2020 $ 617 $1 $29,785 $(22,958)$10,375 $(1,832)$15,371 $685 $16,056 
Stock-based
compensation
activity
— — 9 — 461 — — — 461 — 461 
Stock issuances10 — 20 — 2,655 — — — 2,655 — 2,655 
Preferred stock
dividends
— — — — — — (15)— (15)— (15)
Common stock
dividends
— — — — — — (310)— (310)— (310)
Noncontrolling
interests
— — — — — — 10 — 10 (152)(142)
Net earnings— — — — — — 1,947 — 1,947 25 1,972 
Other comprehensive
loss
— — — — — — — (21)(21)— (21)
June 30, 202110 $ 646 $1 $32,901 $(22,958)$12,007 $(1,853)$20,098 $558 $20,656 
See notes to consolidated financial statements.
-7-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(Unaudited; in millions)
Three Months Ended June 30, 2020
Class A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal ViacomCBS Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)
March 31, 2020615 $1 $29,633 $(22,958)$8,827 $(2,054)$13,449 $72 $13,521 
Stock-based compensation
activity
1 — 47 — — — 47 — 47 
Common stock dividends— — — — (150)— (150)— (150)
Noncontrolling interests— — — — (8)— (8)359 
(a)
351 
Net earnings— — — — 481 — 481 245 726 
Other comprehensive income— — — — — 55 55 — 55 
June 30, 2020616 $1 $29,680 $(22,958)$9,150 $(1,999)$13,874 $676 $14,550 
Six Months Ended June 30, 2020
Class A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal ViacomCBS Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)
December 31, 2019615 $1 $29,590 $(22,908)$8,494 $(1,970)$13,207 $82 $13,289 
Stock-based compensation
activity
2 — 90 — — — 90 — 90 
Class B Common Stock
purchased
(1)— — (50)— — (50)— (50)
Common stock
dividends
— — — — (300)— (300)— (300)
Noncontrolling interests— — — (41)— (41)349 
(a)
308 
Net earnings— — — — 997 — 997 248 1,245 
Other comprehensive
loss
— — — — — (29)(29)(3)(32)
June 30, 2020616 $1 $29,680 $(22,958)$9,150 $(1,999)$13,874 $676 $14,550 
(a) Primarily reflects the acquisition of Miramax.
See notes to consolidated financial statements.

-8-



VIACOMCBS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in millions, except per share amounts)

1) BASIS OF PRESENTATION
Description of Business—ViacomCBS Inc. is comprised of the following segments: TV Entertainment (CBS Television Network; CBS Studios; CBS Media Ventures; streaming services, including Paramount+ and CBSN; CBS Sports Network; and CBS Television Stations), Cable Networks (premium and basic cable networks, including Showtime, BET, Nickelodeon, MTV, Comedy Central, Paramount Network, and Smithsonian channel; streaming services, including Pluto TV and Showtime Networks’ premium subscription streaming service (“Showtime OTT”); and ViacomCBS Networks International, including Channel 5, Telefe and Network 10) and Filmed Entertainment (Paramount Pictures, Paramount Players, Paramount Animation, Paramount Television Studios and Miramax). References to “ViacomCBS,” the “Company,” “we,” “us” and “our” refer to ViacomCBS Inc. and its consolidated subsidiaries, unless the context otherwise requires.

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 (“GAAP”) for interim financial information and pursuant to the rules of the Securities and Exchange Commission (“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, 2020.

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 November 25, 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, which was previously reported as the Publishing segment, to Penguin Random House LLC, a wholly owned subsidiary of Bertelsmann SE & Co. KGaA, for $2.175 billion in cash. As a result, Simon & Schuster has been presented as a discontinued operation in our consolidated financial statements for all periods presented (see Note 2).

Use of Estimates—The preparation of our consolidated financial statements in conformity with 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 at 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 per Common Share—Basic net earnings per share (“EPS”) is based upon net earnings available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings available to common stockholders is calculated as net earnings from continuing operations or net earnings, as applicable, adjusted to include preferred stock dividends accumulated during the period. During the three and six months ended June 30, 2021, we accumulated dividends of $14 million and $15 million, respectively, on the 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”) that was issued during the first quarter of 2021 (see Note 9).

Weighted average shares for diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) or performance stock units (“PSUs”) only in the periods in which such effect would have been dilutive. 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-
-9-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
mentioned accumulated preferred stock dividend adjustment to net earnings available to common stockholders. Excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive, were stock options and RSUs of 7 million and 5 million for the three and six months ended June 30, 2021, respectively, and stock options and RSUs of 25 million and 26 million for the three and six months ended June 30, 2020, respectively.

The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2021202020212020
Weighted average shares for basic EPS646 615 634 615 
Dilutive effect of shares issuable under stock-based
compensation plans
4 2 7 2 
Dilutive effect of Mandatory Convertible Preferred Stock12  6  
Weighted average shares for diluted EPS662 617 647 617 
Recently Adopted Accounting Pronouncements
Simplifying the Accounting for Income Taxes
On January 1, 2021, we adopted Financial Accounting Standards Board (“FASB”) guidance on the accounting for income taxes that, among other provisions, eliminates certain exceptions to existing guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also requires an entity to reflect the effect of an enacted change in tax laws or rates in its effective income tax rate in the interim period that includes the enactment date. The adoption of this guidance did not have a material impact on our consolidated financial statements.

Accounting Pronouncements Not Yet Adopted
Reference Rate Reform
In March 2020, the FASB issued guidance providing optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The guidance is effective immediately upon issuance and an entity may elect to apply it to contract modifications or hedging relationships entered into on or before December 31, 2022, with a few exceptions for certain hedging relationships existing as of December 31, 2022. We intend to apply this guidance when modifications of contracts that include LIBOR occur, which is not expected to have a material impact on our consolidated financial statements.

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
On August 5, 2020, the FASB issued amended guidance to reduce complexity associated with the accounting for convertible instruments with characteristics of liabilities and equity. Under this guidance, embedded conversion features associated with convertible instruments no longer need to be separated from the host contracts unless they are required to be accounted for as derivatives or have been issued at a substantial premium. For contracts in an entity’s own equity, this guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exceptions. This guidance also amends certain EPS guidance for convertible instruments and expands disclosure requirements. This guidance is effective for fiscal years beginning after
-10-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
December 15, 2021, with early adoption permitted, and is not expected to have a material impact on our consolidated financial statements.
2) DISPOSITIONS
During the second quarter of 2021, we recognized a net gain on sales of $116 million, principally relating to the sale of a noncore trademark licensing operation.
During the fourth quarter of 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, for $2.175 billion in cash. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in 2021. Simon & Schuster has been presented as a discontinued operation in our consolidated financial statements for all periods presented.

The following table sets forth details of net earnings from discontinued operations for the three and six months ended June 30, 2021 and 2020, which primarily reflects the results of Simon & Schuster.
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
Revenues$219 $200 $404 $370 
Costs and expenses:
Operating127 120 247 219 
Selling, general and administrative 38 39 76 82 
Depreciation and amortization 2  3 
Restructuring charges   2 
Total costs and expenses (a)
165 161 323 306 
Operating income54 39 81 64 
Other items, net  (2)(5)