# EDGAR Filing Document

**Accession Number:** 0000813828
**File Stem:** 0001140361-25-021136
**Filing Date:** 2025-6
**Character Count:** 32273
**Document Hash:** ca24f82c3bb88c46e2849495153e1ebc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-021136.hdr.sgml**: 20250602

**ACCESSION NUMBER**: 0001140361-25-021136

**CONFORMED SUBMISSION TYPE**: ARS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250602

**DATE AS OF CHANGE**: 20250602

**EFFECTIVENESS DATE**: 20250602

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Paramount Global
- **CENTRAL INDEX KEY:** 0000813828
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEVISION BROADCASTING STATIONS [4833]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 042949533
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ARS
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09553
- **FILM NUMBER:** 251015638

**BUSINESS ADDRESS:**
- **STREET 1:** 1515 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-258-6000

**MAIL ADDRESS:**
- **STREET 1:** 1515 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ViacomCBS Inc.
- **DATE OF NAME CHANGE:** 20191204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CBS CORP
- **DATE OF NAME CHANGE:** 20060109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VIACOM INC
- **DATE OF NAME CHANGE:** 19920703

### Attached PDF Documents

**Attachment 1:** `ny20047871x2_ars.pdf`

June 2, 2025

To Our Stockholders,

Against the backdrop of a dynamic and complicated time in the macro-economic environment and our industry, we are proud that 2024 proved to be a transformative year for Paramount.

We successfully executed on our strategic priorities with one of the strongest content slates in the industry. This resulted in significant improvement in DTC profitability driven by continued topline growth. Paramount+ revenue grew 33% in the year, 10 million new subscribers came to Paramount+ for a total of 77.5 million, and DTC profitability improved by nearly $1.2 billion. More importantly, more than a quarter of the company's revenue is now generated in our DTC segment, which positions us well for the future. And, with continued focus on strengthening our financial position, we also executed our stated goal of $500 million in annual run-rate cost savings.

Underpinned by our differentiated strategy of fewer, bigger breakthrough series with electrifying movie stars to set us apart in a crowded space, quarter after quarter, our powerful slate of high-performing hit series, blockbuster films and live sports drove outsized results. With hit shows that everyone is talking about, such as Landman, Lioness, Tulsa King, The Agency and the return of Dexter, engagement soared, and Paramount+ reached a new high as the #2 domestic subscription video on demand (SVOD) service for hours watched across all original series in Q4. Pluto TV also had a record year in terms of global watch time as it delivered hundreds of live linear channels and thousands of titles on-demand.

CBS had another record year, finishing the 2023-2024 season as America's #1 broadcast network in primetime for the 16th consecutive season with 8 of the top 10 broadcast series, including Tracker and NCIS. We started the 2024-2025 season strong with our returning shows as well as hit new series, including Matlock, the #1 new series. Coming off a strong Super Bowl LVIII, the NFL on CBS saw another season of massive broadcast audiences with 3 of the top 4 regular season games, averaging over 19 million viewers on broadcast alone. On cable, audiences flocked to our culture-defining shows, such as Yellowstone, the #1 cable entertainment series, The Daily Show, the #1 cable entertainment series in Late Night, and SpongeBob SquarePants, the #1 kids' series among ages 6-11.

Capitalizing on Paramount's rich library and IP, we continued to focus on franchise growth. This strategy paid off at Paramount Pictures with Sonic the Hedgehog 3 - the latest installment and highest grossing film in the franchise - and another #1 domestic debut for the studio, along with Mean Girls, Bob Marley: One Love, IF, and Smile 2.

These impressive results were achieved by focused execution from our talented teams and creative partners, and we are grateful for their many contributions.

As the FCC continues its review of the Skydance transactions, we remain focused on delivering high-performing hits, supporting our creative culture, and driving value for shareholders.

Thank you,
Shari, George, Chris, and Brian

Paramount

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For fiscal year ended December 31, 2024

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)

Delaware
(State or other jurisdiction of incorporation or organization)

04-2949533
(I.R.S. Employer Identification No.)

1515 Broadway
New York, New York 10036

(212) 258-6000
(Address, including zip code, and telephone numbers, including area code, of registrant’s principal executive offices)

Securities Registered Pursuant to Section 12(b) of the Act:

| Title of Each Class | Trading Symbols | Name of Each Exchange on Which Registered |
| --- | --- | --- |
| Class A Common Stock, $0.001 par value | PARAA | The Nasdaq Stock Market LLC |
| Class B Common Stock, $0.001 par value | PARA | The Nasdaq Stock Market LLC |

# Securities Registered Pursuant to Section 12(g) of the Act:

None

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer (as defined in Rule 405 of the Securities Act of 1933). Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☑

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 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 Securities Exchange Act of 1934.

Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller 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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes ☐ No ☑

As of June 28, 2024, which was the last business day of the registrant’s most recently completed second fiscal quarter, the market value of the shares of the registrant’s Class A Common Stock, $0.001 par value (“Class A Common Stock”), held by non-affiliates was approximately $169,145,406 (based upon the closing price of $18.38 per share as reported by The Nasdaq Stock Market LLC on that date) and the market value of the shares of the registrant’s Class B Common Stock, $0.001 par value (“Class B Common Stock”), held by non-affiliates was approximately $6,159,964,382 (based upon the closing price of $10.39 per share as reported by The Nasdaq Stock Market LLC on that date); and the aggregate market value of the shares of both Class A Common Stock and Class B Common Stock held by non-affiliates was $6,329,109,788.

As of February 21, 2025, 40,702,683 shares of Class A Common Stock and 630,007,633 shares of Class B Common Stock were outstanding.

# DOCUMENTS INCORPORATED BY REFERENCE

Portions of Paramount Global’s Notice of 2025 Annual Meeting of Stockholders and Proxy Statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A of the Securities Exchange Act of 1934 (Part III).

# PARAMOUNT GLOBAL

# TABLE OF CONTENTS

|  |  | Page |
| --- | --- | --- |
| PART I |  |  |
| Item 1. | Business. | I-1 |
| Item 1A. | Risk Factors. | I-14 |
| Item 1B. | Unresolved Staff Comments. | I-41 |
| Item 1C. | Cybersecurity. | I-41 |
| Item 2. | Properties. | I-42 |
| Item 3. | Legal Proceedings. | I-43 |
| Item 4. | Mine Safety Disclosures. | I-43 |
| PART II |  |  |
| Item 5. | Market for Paramount Global’s Common Equity, Related Stockholder Matters and Purchases of Equity Securities. | II-1 |
| Item 7. | Management’s Discussion and Analysis of Results of Operations and Financial Condition. | II-3 |
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk. | II-37 |
| Item 8. | Financial Statements and Supplementary Data. | II-38 |
| Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. | II-100 |
| Item 9A. | Controls and Procedures. | II-100 |
| Item 9B. | Other Information. | II-100 |
| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. | II-100 |
| PART III |  |  |
| Item 10. | Directors, Executive Officers and Corporate Governance. | III-1 |
| Item 11. | Executive Compensation. | III-1 |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. | III-1 |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence. | III-1 |
| Item 14. | Principal Accounting Fees and Services. | III-1 |
| PART IV |  |  |
| Item 15. | Exhibits, Financial Statement Schedules. | IV-1 |
| Item 16. | Form 10-K Summary. | IV-1 |
|  | Signatures. |  |

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# CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K contains both historical and forward-looking statements, including statements related to our future results and performance. All statements that are not statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements reflect our current expectations concerning future results and events; generally can be identified by the use of statements that include phrases such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” “likely,” “will,” “may,” “could,” “estimate” or other similar words or phrases; and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause our actual results, performance or achievements to be different from any future results, performance or achievements expressed or implied by these statements. These risks, uncertainties and other factors are discussed in “Item 1A. Risk Factors” below and elsewhere in this Annual Report on Form 10-K. Other risks, uncertainties or other factors, or updates to those discussed herein, may be described in our other filings with the Securities and Exchange Commission (the “SEC”), including our reports on Form 10-Q and Form 8-K, press releases, public conference calls, webcasts, our social media and blog posts and on our website at paramount.com. There may be additional risks, uncertainties and other factors that we do not currently view as material or that are not known. The forward-looking statements included in this Annual Report on Form 10-K are made only as of the date of this document, and we do not undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.

## PART I

### Item 1. Business.

#### Overview

We are a leading global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic consumer brands, our portfolio includes CBS, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, CMT, Paramount+ and Pluto TV. We hold one of the industry’s most extensive libraries of television and film titles. In addition to offering innovative streaming services and digital video products, we also provide powerful capabilities in production, distribution and advertising solutions.

Our strategy is grounded in producing world-class content with global appeal across television, streaming and theatrical that drives a return on investment. As we execute in line with this strategy, we are focused on driving to *Direct-to-Consumer* profitability and maximizing cash flow from our traditional businesses.

#### Skydance Transactions

On July 7, 2024, Paramount entered into a transaction agreement (the “Transaction Agreement”) with Skydance Media, LLC (“Skydance”) and other parties pursuant to which Paramount and Skydance will become subsidiaries of a new holding company, currently referred to as New Paramount (the transactions contemplated by the Transaction Agreement, the “Transactions”). Concurrent with the execution of the Transaction Agreement, certain affiliates of existing investors of Skydance (the “NAI Equity Investors”), including entities controlled by members of the Ellison family and affiliates of RedBird Capital Partners, entered into an agreement with National Amusements, Inc. (“NAI”), the controlling stockholder of the Company, to purchase all of the outstanding equity interests of NAI (the “NAI Transaction”). In addition, the NAI Equity Investors and certain other affiliates of investors of Skydance (collectively, the “PIPE Equity Investors”) will make an investment of up to $6.0 billion into New Paramount in exchange for up to 400 million newly issued shares of Class B Common Stock of New Paramount (the “New Paramount Class B Common Stock”), subject to ratable reduction, for a purchase price of $15.00 per share, and the NAI Equity Investors will also receive warrants to purchase 200 million shares of New Paramount Class B Common Stock at an initial exercise price of $30.50 per share (subject to customary anti-dilution adjustments), which expire five years after issuance (the “PIPE Transaction”). Up to $4.5 billion of the

proceeds will be used to fund the cash-stock election discussed below and a minimum of $1.5 billion of cash (less a subscription discount of 1.875%) will remain at New Paramount. If the cash-stock elections are undersubscribed, up to an additional $1.5 billion (less a subscription discount of 1.875%) of the unused portion of the $4.5 billion will also remain at New Paramount.

The Transactions will also include: (1) a transaction pursuant to which existing Skydance investors will receive 317 million shares of New Paramount Class B Common Stock, and (2) a cash-stock election pursuant to which (a) shares of our Class A Common Stock (the "Class A Common Stock") held by stockholders other than NAI will be converted, at the stockholders' election, into the right to receive either $23.00 in cash (the "Class A Cash Consideration") or 1.5333 shares of New Paramount Class B Common Stock (the "Class A Stock Consideration") and (b) shares of our Class B Common Stock (the "Class B Common Stock") held by stockholders other than NAI, the NAI Equity Investors and certain other affiliates of investors of Skydance referred to above will be converted, at the stockholders' election, into the right to receive either $15.00 in cash (subject to proration) (the "Class B Cash Consideration") or one share of New Paramount Class B Common Stock (the "Class B Stock Consideration"). The shares that are settled in cash will cease to exist after the completion of the Transactions. New Paramount Class B Common Stock will not have any voting rights while shares of New Paramount Class A Common Stock (the "New Paramount Class A Common Stock" together with New Paramount Class B Common Stock, the "New Paramount Common Stock") will be entitled to one vote per share with respect to all matters on which the holders of New Paramount Common Stock are entitled to vote. Following the transaction, NAI and its applicable subsidiaries will hold 100% of the New Paramount Class A Common Stock, which is not expected to be listed for trading on a stock exchange.

The Transactions are subject to customary closing conditions, including regulatory approvals, and are expected to close in the first half of 2025. Consummation of the foregoing transactions is also subject to the contemporaneous consummation of each other transaction described above. In the event of a termination of the Transaction Agreement under certain specified circumstances, we will be required to pay Skydance a termination fee in the amount of $400 million (the "Termination Fee").

## 2024 Performance Highlights

We leveraged our distribution platforms, including Paramount+, our growing subscription streaming service; Pluto TV, a leading free advertising-supported streaming television ("FAST") service; Paramount Pictures, an iconic Hollywood studio; CBS, the leading broadcast network in the United States (the "U.S."); and our portfolio of cable networks that includes Nickelodeon, MTV and BET, to bring content that appeals to a broad base of viewers around the world.

In 2024, we continued to make significant progress in building a scaled streaming business, delivering growth in engagement and revenue, and improving Direct-to-Consumer profitability. On Paramount+, a combination of sports, news and entertainment, including originals like Tulsa King, Lioness and Landman, drove subscriber growth of 15% year-over-year to 77.5 million as of December 31, 2024. Pluto TV continues to be a global leader in FAST and grew 8% in hours watched for the year.

Paramount Pictures debuted five number one films at the domestic box office - Mean Girls, Bob Marley: One Love, IF, Smile 2 and Sonic the Hedgehog 3, the highest-grossing film in the franchise, and expected to be one of the studio's 10 most profitable releases of the last decade. Across its three installments, the Sonic the Hedgehog series has generated $1.2 billion at the global box office. Gladiator II has generated more than $460 million globally and Smile 2 also debuted number one at the global box office. The studio slate also drove viewing on our linear and streaming platforms and contributed to other revenue streams, such as consumer products.

CBS finished the 2023-2024 season as America's number one broadcast network in primetime for the 16th consecutive season, including eight of the top 10 broadcast series and the three most watched new broadcast series with Tracker, Elsbeth and NCIS: Sydney. This season, the fall 2024 primetime slate on CBS featured seven of the top 10 broadcast series, including Tracker, the most watched series, Matlock, the number one new series, and Georgie &amp; Mandy's First Marriage, the number one new comedy. The NFL on CBS delivered three of the top

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four regular season games, averaging over 19 million viewers. CBS News had four programs at number one in their respective categories, including 60 Minutes, CBS News Sunday Morning, Face the Nation and 48 Hours, and for the year, grew total minutes watched on our streaming platforms by nearly 60%.

Our portfolio of cable networks attracted audiences through a broad range of shows in 2024, with four of the top five entertainment series among adults 18 to 34. Yellowstone on Paramount Network once again became the number one entertainment series on cable, premiering with 18 million viewers. Internationally, Yellowstone was number one in starts and engagement on Paramount+. Nickelodeon's tremendous popularity continued with kids and preschoolers, including SpongeBob, the number one series among kids six to 11. The Daily Show on Comedy Central was the number one cable entertainment series in late night and continued to grow across streaming, linear and social platforms, MTV Video Music Awards had its biggest audience in four years, and The Challenge was the number one competition show on cable and delivered the highest season premiere share in franchise history.

## Segment Overview

We operate through the following segments:

- TV Media. Our TV Media segment consists of our (1) domestic and international broadcast networks and owned television stations; (2) domestic cable networks and international extensions of certain of our domestic cable network brands; and (3) domestic and international television studio operations, and production and distribution of first-run syndicated programming. TV Media generated approximately 65% of our consolidated revenues in 2024.
- Direct-to-Consumer. Our Direct-to-Consumer segment includes our portfolio of domestic and international pay and free streaming services. Direct-to-Consumer generated approximately 26% of our consolidated revenues in 2024.
- Filmed Entertainment. Our Filmed Entertainment segment consists of the production and acquisition of films, series and short-form content for release and licensing around the world, including in theaters, on streaming services, on television, and through digital home entertainment and DVDs/Blu-rays. Filmed Entertainment generated approximately 10% of our consolidated revenues in 2024.

## Corporate Information

We were organized as a Delaware corporation in 1986. Our principal offices are located at 1515 Broadway, New York, New York 10036. Our telephone number is (212) 258-6000 and our website is paramount.com. Information included on or accessible through our website is not intended to be incorporated into this Annual Report on Form 10-K.

We have two classes of common stock, Class A Common Stock and Class B Common Stock (together, our "Common Stock"), both of which are listed on The Nasdaq Stock Market LLC, under the ticker symbols "PARAA" and "PARA," respectively. Shares of our Class A Common Stock are entitled to one vote per share. Shares of our Class B Common Stock do not have voting rights. As of December 31, 2024, NAI, a closely held corporation that owns and operates movie screens in the U.S., the United Kingdom (the "U.K.") and South America, directly or indirectly owned approximately 77.4% of our voting Class A Common Stock, and approximately 9.5% of our Common Stock. NAI is not subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

In December 2019, we changed our name from CBS Corporation ("CBS") to ViacomCBS Inc. ("ViacomCBS") in connection with the merger of Viacom Inc. ("Viacom") and CBS. In February 2022, we changed our name to Paramount Global. Unless the context requires otherwise, references in this document to "Paramount," "the Company," "we," "us" and "our" mean Paramount Global and its consolidated subsidiaries, to "CBS" mean CBS and its consolidated subsidiaries prior to the merger and to "Viacom" mean Viacom and its consolidated subsidiaries prior to the merger.

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# Our Segments

# TV Media

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

![img-2.jpeg](img-2.jpeg)

![img-3.jpeg](img-3.jpeg)

![img-4.jpeg](img-4.jpeg)

Our TV Media segment consists of our (1) broadcast operations - the CBS Television Network, our domestic broadcast television network; CBS Stations, our owned television stations; and our international free-to-air networks, Network 10, Channel 5, Telefe and Chilevisión; (2) domestic premium and basic cable networks, including Nickelodeon, MTV, CMT, Comedy Central, BET and Paramount+ with SHOWTIME, and international extensions of certain of these brands; and (3) domestic and international television studio operations, including CBS Studios and SHOWTIME/MTV Entertainment Studios, as well as CBS Media Ventures, which produces and distributes first-run syndicated programming. TV Media also includes a number of digital properties such as CBS News Streaming for 24-hour news and CBS Sports HQ for sports news and analysis.

TV Media's revenues are generated primarily from (1) advertising; (2) affiliate and subscription revenues principally comprised of (i) fees received from distributors for carriage of our cable networks (known as cable affiliate fees) and our owned television stations (known as retransmission fees) and (ii) fees received from television stations owned by third parties for their affiliation with the CBS Television Network (known as reverse compensation); and (3) the licensing and distribution of our content and other rights. In 2024, advertising, affiliate and subscription, and licensing and other generated approximately  $43\%$ ,  $41\%$  and  $16\%$ , respectively, of the segment's total revenues.

TV Media generated approximately  $65\%$ ,  $68\%$  and  $72\%$  of our consolidated revenues in 2024, 2023 and 2022, respectively.

# Broadcast

CBS Television Network. The CBS Television Network (the "CBS Network"), through CBS Entertainment, CBS News and CBS Sports, distributes entertainment, news and public affairs, and sports programming to both owned and affiliated broadcast television stations. CBS Network content is also available on (1) the internet, including through CBS.com, CBSNews.com, CBSSports.com and related apps; (2) our streaming services, such as Paramount+ with SHOWTIME and Pluto TV; and (3) multichannel video programming distributors ("MVPDs") and video streaming services. CBS Entertainment acquires or develops and schedules entertainment programming on the CBS Network, which includes primetime comedies and dramas, reality, specials, kids' programs, daytime dramas, game shows and late night. CBS News operates a worldwide news organization providing the CBS Network, CBS News Radio and digital platforms with regularly scheduled news and public affairs programs. CBS Sports broadcasts include certain regular-season and playoff NFL games, including wild card playoff games and American Football Conference divisional playoff and championship games and, on a rotating basis with other networks, the Super Bowl; certain regular-season and tournament college basketball games, including the National Collegiate Athletic Association's (the "NCAA") Division I Men's Basketball Tournament; regular-season college football games, including the Big Ten Conference and the Army-Navy Game; the PGA Tour, the PGA Championship and the Masters; and certain UEFA Champions League games.

CBS Stations. CBS Stations consists of our 29 owned broadcast television stations, all of which operate under licenses granted by the Federal Communications Commission (the "FCC") pursuant to the Communications Act of 1934, as amended (the "Communications Act"). Our stations are located in the five largest, and 15 of the top 20, television markets in the U.S. We own multiple stations within the same local market area in 10 major

markets, including New York, Los Angeles and Philadelphia. The stations broadcast news, public affairs, sports and other programming to serve their local markets. Local versions of CBS News Streaming offer local news from certain of our owned stations.

## International Free-to-Air Networks

We operate a number of free-to-air networks around the world: Network 10 in Australia, whose brands include 10, 10 Bold Drama, 10 Peach Comedy and 10 Play; Channel 5, a public service broadcaster in the U.K. whose brands include 5, 5 Action, 5 Select, 5Star, 5USA, Milkshake and My5; Telefe in Argentina, whose brands include Telefe Noticias, Mi Telefe, Telefe Internacional, tlfesports, Mitelefe and Telefe Channels on Pluto TV; and Chilevisión in Chile, whose brands include Chilevisión Noticias, CHV and Chilevisión Channels on Pluto TV.

## Cable

## Paramount Media Networks

Paramount Media Networks connects with global audiences through its iconic brands - CMT, a country music and lifestyle channel; Comedy Central, a comedy brand with a focus on adult animation and late-night programming; Logo, a network dedicated to lifestyle and entertainment programming for LGBTQ+ audiences; MTV, a storied youth entertainment brand home to notable franchises and live events such as the MTV Video Music Awards; Nickelodeon, an entertainment brand for kids and families; Paramount Network, a premier entertainment destination and home to Yellowstone; Paramount+ with SHOWTIME, our premium channel, offering original scripted and unscripted series, movies, documentaries and docuseries and comedy; Pop TV, a pop culture-focused channel; The Smithsonian Channel, home of popular genres such as air and space, travel, history, science, nature and culture; and TV Land, a destination for viewers in their 30s and 40s.

## BET Media Group

BET Media Group provides premium entertainment, music, news, digital and public affairs content for Black audiences. BET Media Group serves as a destination for Black expression as well as a gathering place for Black creators, talent and communities. BET Media Group’s multiplatform extensions include BET Studios, a studio venture that offers equity ownership to Black content creators, and BET’s events and experience business, which includes the BET Awards, and VH1, a multicultural pop culture destination.

## CBS Sports Network

The CBS Sports Network is CBS Sports’ 24-hour cable channel that provides a diverse slate of sports and related content. The network televises live professional, amateur and college events, including Division I college football, basketball, hockey and lacrosse, and certain domestic and international soccer games. The network also showcases a variety of additional programming, including studio shows, features and documentaries. CBS Sports Network also provides ancillary coverage for CBS Sports relating to major events, such as the NCAA Division I Men’s Basketball Tournament, the Masters and the PGA Championship.

## Studios

Our studios produce content across broadcast, cable and streaming in the U.S. and internationally. Our studios include CBS Studios, which produces series and maintains an extensive library of intellectual property, including global franchises such as NCIS and Star Trek, as well as late night and daytime programming; and SHOWTIME/MTV Entertainment Studios, which produces television series and films and includes MTV Documentary Films.

CBS Media Ventures (“CMV”) produces and distributes original series programming across various dayparts and genres, including talk shows, court shows, game shows and newsmagazines, which are licensed on a market-by-market basis to television stations for local broadcast television and streaming. CMV engages in national advertising and integrated marketing sales for the programming it distributes, as well as serving as the national advertising sales agent for other major syndicators.

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