Core Viewpoint - Nickelodeon is launching a new animated preschool series, "Tim Rex in Space," in collaboration with Channel 5's Milkshake!, marking its first global co-production [1][4]. Group 1: Series Overview - "Tim Rex in Space" follows a T-Rex named Tim and his family as they embark on adventures in a unique world made up of asteroids [2]. - The series will premiere on August 4, 2025, airing for three consecutive weeks on Nickelodeon and Nick Jr. channels [1]. Group 2: Production Details - The series is created and produced by Mint Copenhagen, with animation by Jam Media, and features a team of experienced directors and writers [4]. - Key production personnel include Josephine Jerris Margolis, Louise Barkholt, Sam Dransfield, and Andy Potter [4]. Group 3: Voice Cast - The voice cast includes Cassian Swan-Mckee as Tim, Ace Gill as Tommy, Hope Delaney as Tia, and Jamie Smart as Kai, among others [3]. Group 4: Channel 5's Milkshake! - Channel 5's Milkshake! is a leading children's programming block in the UK, catering to preschoolers with a variety of engaging content [5]. - The channel features popular shows like "Peppa Pig," "PAW Patrol," and "Thomas & Friends," and is known for its strong character-led animation [5]. Group 5: Nickelodeon's Position - Nickelodeon, now in its 46th year, is recognized as the number-one entertainment brand for kids, with a diverse global business model [5]. - The brand encompasses television programming, consumer products, digital experiences, and feature films [5].

Group 1 - BET Media Group and SpringHill announced a new weekly series titled "106 & Sports," hosted by Cam Newton and Ashley Nicole Moss, focusing on the intersection of sports, culture, and fashion [1][2] - The show will feature a countdown of the week's Top 10 sports moments, including athlete interviews and unfiltered commentary, appealing to both hardcore fans and casual viewers [2][4] - Scott Mills, President and CEO of BET Media Group, emphasized the show's role in evolving BET into a multiplatform cultural powerhouse and celebrating Black culture [3] Group 2 - "106 & Sports" will be filmed in Atlanta and will include segments like celebrity interviews, fashion deep-dives, and audience-voted debates, culminating in a highlight of the week's top story [4] - The show is produced by SpringHill, with executive producers including LeBron James and Maverick Carter, showcasing a strong partnership between BET and Fulwell Entertainment [5] - BET Media Group is a leading media company dedicated to empowering the Black community through various interconnected platforms, including BET, BET+, and VH1 [6]

Core Viewpoint - Nickelodeon has acquired the animated kids' series "Mr. Crocodile," based on the popular French children's book "Monsieur Crocodile a Beaucoup Faim" by Joann Sfar, aiming to introduce the character to a new generation of viewers [1][3]. Group 1: Company Overview - Nickelodeon is recognized as the number-one entertainment brand for kids, with a diverse global business that includes television programming, consumer products, and digital experiences [7]. - Mediawan Kids & Family is a leading European independent studio focused on producing and distributing children's and family content, including animation and live-action shows [8][10]. - Joann Sfar's Magical Society is a film and television studio co-founded by Joann Sfar and Aton Soumache, known for its innovative projects and adaptations of Sfar's works [11][12]. Group 2: Series Details - "Mr. Crocodile" follows the adventures of a friendly crocodile and his best friend Daisy as they navigate life in a mobile home community, turning everyday activities into fun adventures [2]. - The series is produced by Joann Sfar's Magical Society and distributed by Mediawan Kids & Family, with contributions from Nickelodeon and France Télévisions [1][4]. - The show aims to maintain the whimsical and mischievous spirit of Sfar's original book while introducing stunning 3D designs [4]. Group 3: Creative Team - The series was developed by Simon Nicholson and Joann Sfar, directed by Fabien Brandily, with Rachel Lipman serving as Executive Producer [6]. - The production team includes notable figures such as Aton Soumache and Cédric Pilot, ensuring a high-quality adaptation of the beloved characters [6]. Group 4: Author Background - Joann Sfar is a bestselling author known for creating fantastical worlds and characters, with a career spanning over 30 years in comics, novels, and films [5]. - His works, including "Little Vampire" and "The Little Prince," have reached a global audience, showcasing his ability to engage children and parents alike [5].

Group 1 - CBS, a subsidiary of Paramount Global, and Gray Media have renewed 52 of Gray's existing 53 CBS network affiliations, ensuring continued local availability on Paramount+ and across traditional and virtual MVPD platforms [1] - Effective August 16, 2025, Gray's Atlanta station WANF will cease its CBS affiliation and operate as an independent television station focused on the Atlanta market [1] Group 2 - Gray Media is the largest owner of top-rated local television stations in the U.S., serving 113 television markets and reaching approximately 37% of U.S. television households [4] - Gray's portfolio includes 78 markets with the top-rated television station and 99 markets with the first or second highest-rated television station in 2024 [4] - Paramount Global is a leading media and entertainment company with a diverse portfolio that includes CBS, Paramount Pictures, Nickelodeon, and streaming services like Paramount+ and Pluto TV [5][6]

Group 1 - Paramount Global proposes to settle the lawsuit regarding CBS for $15 million [1] - There remains a significant disagreement between the company and President Trump's team [1] - Trump's team demands over $25 million from Paramount Global [1]

Core Insights - Disney's film "Lilo & Stitch: The Ultimate Mission" and Paramount's "Mission: Impossible - Dead Reckoning" achieved a combined box office of $325.5 million during their North American opening weekend [1] - This performance marks the best-ever Memorial Day weekend in history, including the holiday Monday [1]

Core Viewpoint - Paramount Global reported better-than-expected revenue and adjusted OIBDA, driven by strong performance across various segments, despite some challenges in DTC advertising and revenue [1][2][4]. Financial Performance - Revenue reached $7.19 billion, surpassing both analyst estimates of $7.04 billion and $7.1 billion [1]. - Adjusted OIBDA was $688 million, exceeding the estimates of $652 million and $666 million, indicating broad-based strength across DTC, TV Media, and Film segments [1]. - Free cash flow was reported at $123 million, significantly above the analyst's estimate of $69 million and prior year’s $13 million [3]. Segment Analysis - DTC revenue was $2.04 billion, falling short of consensus estimates of $2.1 billion and $2.09 billion, while OIBDA was $(109) million, better than estimates of $(128) million and $(153) million [4]. - TV Media revenue was $4.54 billion, beating estimates of $4.39 billion and $4.43 billion, with OIBDA of $922 million, which was above the analyst's estimate of $904 million but below consensus of $951 million [5]. - Filmed Entertainment revenue was $627 million, exceeding estimates of $575 million and $610 million, with OIBDA of $20 million, surpassing estimates of $13 million and $17 million [5]. Future Guidance - Paramount expects a decline in Paramount+ subscribers due to content seasonality and the termination of an international bundle, but anticipates ARPU growth to accelerate in the first quarter of 2025 [6]. - The company reiterated its 2025 guidance, projecting modest OIBDA decline and increased free cash flow, alongside domestic profitability for Paramount+ [7]. - Fiscal 2025 revenue is projected at $28.7 billion with adjusted EPS of $0.81 [7].

Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the quarterly period ended March 31, 2025 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) (State or other jurisdiction of inc ...

Revenue Performance - Total company revenue decreased by 6% to $7.192 billion, with an 8 percentage point impact from the prior year's Super Bowl broadcast[2] - TV Media revenue decreased by 13% to $4.538 billion, impacted by the Super Bowl comparison, while advertising revenue decreased by 21%[15] - Filmed Entertainment revenue increased by 4% to $627 million, driven by the success of Sonic the Hedgehog 3 and Gladiator II[20] - Revenues for the three months ended March 31, 2025, were $7,192 million, a decrease of 6.4% compared to $7,685 million in the same period of 2024[26] Direct-to-Consumer (DTC) Performance - Direct-to-Consumer (DTC) revenue increased by 9% year-over-year, with subscription revenue growing by 16% to $1.571 billion[10] - Paramount+ reached 79 million global subscribers, up 11% year-over-year, including 1.5 million net additions in the quarter[4] - DTC adjusted OIBDA improved by $177 million year-over-year, reflecting strong revenue growth and improved profitability[10] - Direct-to-Consumer segment showed an improvement with Adjusted OIBDA loss of $(109) million in Q1 2025, compared to $(286) million in Q1 2024, a reduction of 61.8%[37] Financial Performance - Operating income for Q1 2025 was $550 million, compared to a loss of $417 million in Q1 2024, indicating a significant turnaround[26] - Net earnings attributable to Paramount for Q1 2025 were $152 million, compared to a loss of $554 million in Q1 2024, reflecting improved financial performance[26] - Basic net earnings per share from continuing operations for Q1 2025 was $0.23, compared to a loss of $0.88 in Q1 2024[26] - Reported net earnings from continuing operations for Q1 2025 were $334 million, with a diluted EPS of $0.52, while Q1 2024 reported a loss of $(635) million with a diluted EPS of $(0.88)[39] Cash Flow and Assets - The company generated $180 million of net operating cash flow and $123 million of free cash flow in the quarter[4] - Net cash flow provided by operating activities for Q1 2025 was $180 million, down from $260 million in Q1 2024[30] - Free cash flow for Q1 2025 was $123 million, compared to $209 million in Q1 2024, reflecting a decline of 41.1%[51] - Total current assets decreased to $11,973 million as of March 31, 2025, from $12,542 million at the end of 2024[28] - Total assets decreased to $45,396 million as of March 31, 2025, from $46,172 million at the end of 2024[28] - Total liabilities decreased to $28,468 million as of March 31, 2025, from $29,390 million at the end of 2024[28] Adjusted OIBDA - Adjusted OIBDA for Q1 2025 was $1,155 million, compared to $987 million in Q1 2024, indicating improved operational efficiency[35] - Total Adjusted OIBDA for Q1 2025 was $155 million, compared to $987 million in Q1 2024, reflecting a significant decline[37] - TV Media segment reported Adjusted OIBDA of $922 million in Q1 2025, down from $1,445 million in Q1 2024, indicating a decrease of approximately 36.3%[37] - Adjusted (Non-GAAP) earnings for Q1 2025 were $384 million, compared to $673 million in Q1 2024, indicating a decrease of approximately 43%[39] Other Notable Information - Paramount+ global watch time per user increased by 17% year-over-year, and churn improved by 130 basis points[4] - Skydance transactions are expected to close in the first half of 2025, pending regulatory approvals[21] - CBS is poised to be the most-watched network in primetime for the 17th consecutive season, with significant viewership for key programs[11] - The effective income tax rate for Q1 2025 was 29.9%, while the adjusted effective income tax rate was 27.9%[41] - Programming charges in Q1 2024 amounted to $1,118 million, significantly impacting the earnings, while restructuring charges were $186 million[43] - The company recognized a gain on dispositions of $35 million in Q1 2025, contributing positively to the operating income[37]

Direct-to-Consumer Performance - Paramount's Direct-to-Consumer segment generated approximately 26% of consolidated revenues in 2024[27] - Paramount+ achieved a 15% year-over-year subscriber growth, reaching 77.5 million subscribers as of December 31, 2024[20] - Direct-to-Consumer segment generated approximately 26% of consolidated revenues in 2024, up from 22% in 2023 and 16% in 2022[41] - In 2024, Direct-to-Consumer revenues were comprised of approximately 72% from subscriptions and 28% from advertising[40] - Paramount's subscriber growth on Paramount+ reached 77.5 million, a 15% increase year-over-year as of December 31, 2024[20] Streaming Services Growth - Pluto TV grew 8% in hours watched for the year, solidifying its position as a leader in the FAST streaming service market[20] - Pluto TV experienced an 8% growth in hours watched during 2024, solidifying its position as a leading free advertising-supported streaming service[20] - Pluto TV offers a broad range of curated live linear channels and on-demand content across various genres[43] Film and Entertainment Success - Paramount Pictures released five number one films at the domestic box office, with the Sonic the Hedgehog series generating $1.2 billion globally[21] - Filmed Entertainment generated approximately 10% of consolidated revenues in 2024, consistent with 2023, but down from 13% in 2022[45] - Theatrical, licensing, and other revenues accounted for approximately 27%, 72%, and 1% of Filmed Entertainment's total revenues in 2024, respectively[45] Television Network Performance - CBS maintained its position as America's number one broadcast network in primetime for the 16th consecutive season, featuring eight of the top 10 broadcast series[22] - CBS News saw a nearly 60% increase in total minutes watched on streaming platforms for the year[23] - CBS operates 29 owned broadcast television stations in the five largest U.S. television markets, serving local news and programming[32] - CBS Sports Network broadcasts a variety of live professional, amateur, and college events, including NCAA Division I tournaments and the Masters[37] - CBS Media Ventures produces and distributes original series programming across various genres, licensed to television stations for local broadcast[39] Regulatory Compliance and Challenges - The company is subject to FCC regulations, which can impose substantial fines and affect broadcast licenses[66] - Television broadcast licenses in the U.S. are typically granted for eight-year terms, requiring timely renewals to continue operations[68] - The FCC's local television ownership rule generally prohibits common ownership of two full-power stations in a market unless specific conditions are met[70] - Under the national television ownership rule, one party may not own stations that reach more than 39% of U.S. television households[72] - The Communications Act restricts foreign ownership to a maximum of 25% voting power or equity without FCC approval[73] - The company has elected to negotiate retransmission consent agreements with MVPDs for the right to carry its broadcast television stations[74] - The FCC mandates that broadcasters comply with content regulations, including restrictions on obscene and indecent material[75] - The company is required to air three hours per week of educational programming for children aged 16 and younger[76] Strategic Transactions - The company entered into a transaction agreement with Skydance Media, involving an investment of up to $6.0 billion into a new holding company, New Paramount[15] - The transaction includes a cash-stock election allowing stockholders to convert shares into cash or New Paramount Class B Common Stock[17] - The expected closing of the Skydance transaction is in the first half of 2025, subject to regulatory approvals[18] Future Initiatives - The company plans to maximize cash flow from traditional businesses while focusing on Direct-to-Consumer profitability[14] - The company is participating in ATSC 3.0 partnerships to enhance broadcast quality and may enter additional partnerships in the future[77] - The company is subject to various data protection and privacy laws that impact how it collects and processes personal data[78] - The company is committed to protecting its intellectual property rights, which are crucial for revenue generation[79]