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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 September 30, 2022
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
Paramount Global
(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 valuePARAAThe Nasdaq Stock Market LLC
Class B Common Stock, $0.001 par valuePARAThe Nasdaq Stock Market LLC
5.75% Series A Mandatory Convertible Preferred Stock, $0.001 par valuePARAPThe 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 October 28, 2022:
Class A Common Stock, par value $.001 per share— 40,704,664
Class B Common Stock, par value $.001 per share— 608,469,747



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



PART I – FINANCIAL INFORMATION
Item 1.Financial Statements.
PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
Revenues$6,916 $6,610 $22,023 $20,586 
Costs and expenses:  
Operating4,460 4,064 14,362 12,292 
Selling, general and administrative1,670 1,526 4,999 4,407 
Depreciation and amortization92 95 282 289 
Restructuring and other corporate matters169 46 276 81 
Total costs and expenses6,391 5,731 19,919 17,069 
Net gain on dispositions41  56 116 
Operating income566 879 2,160 3,633 
Interest expense(231)(243)(701)(745)
Interest income33 11 73 37 
Net gains (losses) from investments(9)(5)(9)47 
Loss on extinguishment of debt   (120)(128)
Other items, net(36)(26)(91)(55)
Earnings from continuing operations before income taxes and equity in
   loss of investee companies
323 616 1,312 2,789 
Provision for income taxes(101)(120)(264)(312)
Equity in loss of investee companies, net of tax(58)(18)(124)(80)
Net earnings from continuing operations164 478 924 2,397 
Net earnings from discontinued operations, net of tax78 73 181 126 
Net earnings (Paramount and noncontrolling interests)242 551 1,105 2,523 
Net earnings attributable to noncontrolling interests(11)(13)(22)(38)
Net earnings attributable to Paramount$231 $538 $1,083 $2,485 
Amounts attributable to Paramount:
Net earnings from continuing operations$153 $465 $902 $2,359 
Net earnings from discontinued operations, net of tax78 73 181 126 
Net earnings attributable to Paramount$231 $538 $1,083 $2,485 
Basic net earnings per common share attributable to Paramount:  
Net earnings from continuing operations$.21 $.70 $1.32 $3.65 
Net earnings from discontinued operations$.12 $.11 $.28 $.20 
Net earnings$.33 $.81 $1.60 $3.85 
Diluted net earnings per common share attributable to Paramount:  
Net earnings from continuing operations$.21 $.69 $1.32 $3.62 
Net earnings from discontinued operations$.12 $.11 $.28 $.20 
Net earnings$.33 $.80 $1.60 $3.81 
Weighted average number of common shares outstanding:  
Basic649 646 649 638 
Diluted650 651 650 644 
See notes to consolidated financial statements.
-3-


PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; in millions)
Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
Net earnings (Paramount and noncontrolling interests)$242 $551 $1,105 $2,523 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments(248)(59)(457)(114)
Decrease to net actuarial loss and prior service costs16 33 49 62 
Other comprehensive loss from continuing operations,
net of tax (Paramount and noncontrolling interests)
(232)(26)(408)(52)
Other comprehensive loss from discontinued operations(8)(5)(14) 
Comprehensive income2 520 683 2,471 
Less: Comprehensive income attributable to noncontrolling interests10 12 17 37 
Comprehensive income (loss) attributable to Paramount$(8)$508 $666 $2,434 
See notes to consolidated financial statements.

-4-


PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except per share amounts)
AtAt
September 30, 2022December 31, 2021
ASSETS
Current Assets:
Cash and cash equivalents$3,383 $6,267 
Receivables, net6,588 6,984 
Programming and other inventory1,492 1,504 
Prepaid expenses and other current assets1,263 1,176 
Current assets of discontinued operations798 745 
Total current assets13,524 16,676 
Property and equipment, net1,700 1,736 
Programming and other inventory15,449 13,358 
Goodwill16,426 16,584 
Intangible assets, net2,716 2,772 
Operating lease assets1,482 1,630 
Deferred income tax assets, net1,254 1,206 
Other assets3,929 3,824 
Assets held for sale 19 
Assets of discontinued operations807 815 
Total Assets$57,287 $58,620 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable$943 $800 
Accrued expenses2,071 2,323 
Participants’ share and royalties payable2,618 2,159 
Accrued programming and production costs1,837 1,342 
Deferred revenues796 1,091 
Debt196 11 
Other current liabilities1,331 1,182 
Current liabilities of discontinued operations534 571 
Total current liabilities10,326 9,479 
Long-term debt15,638 17,698 
Participants’ share and royalties payable1,436 1,244 
Pension and postretirement benefit obligations1,844 1,946 
Deferred income tax liabilities, net1,037 1,063 
Operating lease liabilities 1,468 1,598 
Program rights obligations375 404 
Other liabilities1,727 1,898 
Liabilities of discontinued operations203 213 
Redeemable noncontrolling interest94 107 
Commitments and contingencies (Note 14)
Paramount stockholders’ equity:
5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share;
    25 shares authorized and 10 shares issued (2022 and 2021)
  
Class A Common Stock, par value $.001 per share; 55 shares authorized;
41 shares issued (2022 and 2021)
  
Class B Common Stock, par value $.001 per share; 5,000 shares authorized;
1,111 (2022) and 1,110 (2021) shares issued
1 1 
Additional paid-in capital33,034 32,918 
Treasury stock, at cost; 503 (2022 and 2021) Class B shares
(22,958)(22,958)
Retained earnings14,889 14,343 
Accumulated other comprehensive loss (2,319)(1,902)
Total Paramount stockholders’ equity22,647 22,402 
Noncontrolling interests492 568 
Total Equity23,139 22,970 
Total Liabilities and Equity$57,287 $58,620 
See notes to consolidated financial statements.
-5-


PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Nine Months Ended
September 30,
20222021
Operating Activities:
Net earnings (Paramount and noncontrolling interests)$1,105 $2,523 
Less: Net earnings from discontinued operations, net of tax181 126 
Net earnings from continuing operations924 2,397 
Adjustments to reconcile net earnings from continuing operations to net cash flow provided
     by operating activities from continuing operations:
Depreciation and amortization282 289 
Deferred tax benefit(42)(21)
Stock-based compensation127 154 
Net gain on dispositions(56)(116)
(Gains) losses from investments9 (47)
Loss on extinguishment of debt120 128 
Equity in loss of investee companies, net of tax124 80 
Change in assets and liabilities(1,269)(1,336)
Net cash flow provided by operating activities from continuing operations219 1,528 
Net cash flow provided by operating activities from discontinued operations107 124 
Net cash flow provided by operating activities326 1,652 
Investing Activities:
Investments (189)(147)
Capital expenditures(228)(231)
Acquisitions, net of cash acquired (27)
Proceeds from dispositions38 418 
Other investing activities(1)(26)
Net cash flow used for investing activities from continuing operations(380)(13)
Net cash flow used for investing activities from discontinued operations(3)(3)
Net cash flow used for investing activities(383)(16)
Financing Activities:
Proceeds from issuance of debt1,114 48 
Repayment of debt(3,123)(2,220)
Dividends paid on preferred stock(43)(15)
Dividends paid on common stock(471)(458)
Proceeds from issuance of preferred stock 983 
Proceeds from issuance of common stock  1,672 
Payment of payroll taxes in lieu of issuing shares for stock-based compensation(14)(55)
Proceeds from exercise of stock options 408 
Payments to noncontrolling interests(106)(215)
Other financing activities(38)(47)
Net cash flow (used for) provided by financing activities(2,681)101 
Effect of exchange rate changes on cash and cash equivalents(146)(30)
Net (decrease) increase in cash, cash equivalents and restricted cash(2,884)1,707 
Cash, cash equivalents and restricted cash at beginning of year
(includes $135 (2021) of restricted cash)
6,267 3,119 
Cash, cash equivalents and restricted cash at end of period
(includes $3 (2021) of restricted cash)
$3,383 $4,826 
See notes to consolidated financial statements.
-6-


PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited; in millions)
Three Months Ended September 30, 2022
Preferred StockClass A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal Paramount Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)(Shares)
June 30, 202210 $ 649 $1 $32,984 $(22,958)$14,829 $(2,080)$22,776 $504 $23,280 
Stock-based
compensation
activity
— — — — 50 — — — 50 — 50 
Preferred stock
dividends
— — — — — — (14)— (14)— (14)
Common stock
dividends
— — — — — — (159)— (159)— (159)
Noncontrolling
interests
— — — — — — 2 — 2 (22)(20)
Net earnings— — — — — — 231 — 231 11 242 
Other comprehensive
loss
— — — — — — — (239)(239)(1)(240)
September 30, 202210 $ 649 $1 $33,034 $(22,958)$14,889 $(2,319)$22,647 $492 $23,139 
Nine Months Ended September 30, 2022
Preferred StockClass A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal Paramount Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)(Shares)
December 31, 202110 $ 648 $1 $32,918 $(22,958)$14,343 $(1,902)$22,402 $568 $22,970 
Stock-based
compensation
activity
— — 1 — 116 — — — 116 — 116 
Preferred stock
dividends
— — — — — — (43)— (43)— (43)
Common stock
dividends
— — — — — — (477)— (477)— (477)
Noncontrolling
interests
— — — — — — (17)— (17)(93)(110)
Net earnings— — — — — — 1,083 — 1,083 22 1,105 
Other comprehensive
loss
— — — — — — — (417)(417)(5)(422)
September 30, 202210 $ 649 $1 $33,034 $(22,958)$14,889 $(2,319)$22,647 $492 $23,139 
See notes to consolidated financial statements.

-7-


PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(Unaudited; in millions)
Three Months Ended September 30, 2021
Preferred StockClass A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal Paramount Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)(Shares)
June 30, 202110 $ 646 $1 $32,901 $(22,958)$12,007 $(1,853)$20,098 $558 $20,656 
Stock-based
compensation
activity
— — — — 42 — — — 42 — 42 
Preferred stock
dividends
— — — — — — (14)— (14)— (14)
Common stock
dividends
— — — — — — (159)— (159)— (159)
Noncontrolling
interests
— — — — — — 84 — 84 (60)24 
Net earnings— — — — — — 538 — 538 13 551 
Other comprehensive
loss
— — — — — — — (30)(30)(1)(31)
September 30, 202110 $ 646 $1 $32,943 $(22,958)$12,456 $(1,883)$20,559 $510 $21,069 
Nine Months Ended September 30, 2021
Preferred StockClass A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal Paramount 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 — 503 — — — 503 — 503 
Stock issuances10 — 20 — 2,655 — — — 2,655 — 2,655 
Preferred stock
dividends
— — — — — — (30)— (30)— (30)
Common stock
dividends
— — — — — — (468)— (468)— (468)
Noncontrolling
interests
— — — — — — 94 — 94 (212)(118)
Net earnings— — — — — — 2,485 — 2,485 38 2,523 
Other comprehensive
loss
— — — — — — — (51)(51)(1)(52)
September 30, 202110 $ 646 $1 $32,943 $(22,958)$12,456 $(1,883)$20,559 $510 $21,069 
See notes to consolidated financial statements.
-8-



PARAMOUNT GLOBAL AND SUBSIDIARIES

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

1) BASIS OF PRESENTATION
Description of Business—Effective February 16, 2022, we changed our name from ViacomCBS Inc. to Paramount Global, and effective at the open of market trading on February 17, 2022, our Class A Common Stock, Class B Common Stock and 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”) ceased trading under the ticker symbols “VIACA,” “VIAC” and “VIACP” and began trading under the ticker symbols “PARAA,” “PARA” and “PARAP,” respectively, on The Nasdaq Stock Market LLC. References to “Paramount,” the “Company,” “we,” “us” and “our” refer to Paramount Global and its consolidated subsidiaries, unless the context otherwise requires.

Beginning in 2022, primarily as a result of our increased strategic focus on our direct-to-consumer businesses, we made certain changes to how we manage our businesses and allocate resources that resulted in a change to our operating segments. Our management structure has been reorganized to focus on managing our business as the combination of three parts: a traditional media business, a portfolio of global direct-to-consumer streaming services, and a film studio. Accordingly, beginning in the first quarter of 2022 and for all periods presented we are reporting results based on the following segments:
TV Media—Our TV Media segment consists of our domestic and international broadcast networks, including the CBS Television Network, Network 10, Channel 5, Telefe, and Chilevisión; our premium and basic cable networks, including Showtime, BET, Nickelodeon, MTV, Comedy Central, Paramount Network, Smithsonian Channel, international extensions of these brands, and CBS Sports Network; our television production operations, including CBS Studios, Paramount Television Studios and CBS Media Ventures, which primarily produces or distributes first-run syndicated programming; and our owned broadcast television stations, CBS Stations.

Direct-to-ConsumerOur Direct-to-Consumer segment consists of our portfolio of pay, free and premium global direct-to-consumer streaming services (“DTC services”), including Paramount+, Pluto TV, Showtime Networks’ premium subscription streaming service (Showtime OTT), BET+ and Noggin.

Filmed EntertainmentOur Filmed Entertainment segment consists of Paramount Pictures, Paramount Players, Paramount Animation, Nickelodeon Studio and Miramax.

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, 2021.

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 (“Penguin Random House”), a wholly-owned subsidiary of Bertelsmann SE & Co. KGaA (“Bertelsmann”), 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).

-9-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
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 as of 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 dividends on our Mandatory Convertible Preferred Stock.

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-mentioned preferred stock dividend adjustment to net earnings available to common stockholders.

Excluded from the calculation of diluted EPS, because their inclusion would have been antidilutive, were stock options and RSUs of 14 million and 10 million for the three and nine months ended September 30, 2022, respectively, and stock options and RSUs of 6 million and 5 million for the three and nine months ended September 30, 2021, respectively. Also excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2022 and 2021 was the effect of the assumed conversion of 10 million shares of Mandatory Convertible Preferred Stock into shares of common stock because the impact would have been antidilutive. The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2022202120222021
Weighted average shares for basic EPS649 646 649 638 
Dilutive effect of shares issuable under stock-based
compensation plans
1 5 1 6 
Weighted average shares for diluted EPS650 651 650 644 
-10-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Additionally, because the impact of the assumed conversion of the Mandatory Convertible Preferred Stock would have been antidilutive, net earnings from continuing operations and net earnings used in our calculation of diluted EPS for the three and nine months ended September 30, 2022 and 2021 were adjusted to include the preferred stock dividends recorded during the period. The table below presents a reconciliation of net earnings from continuing operations and net earnings to the amounts used in the calculations of basic and diluted EPS.