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]

Exhibit 99 PARAMOUNT REPORTS Q4 AND FULL YEAR 2024 EARNINGS RESULTS Strong Content Slate Drove Solid Top Line Results · Total Company Revenue Grew 5% for Q4 Continued Momentum in Streaming Strengthened Balance Sheet in 2024 In addition, Skydance transactions are expected to close in the first half of 2025 STATEMENT FROM GEORGE CHEEKS, CHRIS MCCARTHY & BRIAN ROBBINS, CO-CEOS We are proud of the transformative year we delivered since becoming Co-CEOs, which marks a significant turning point for Paramount as w ...