CBS CORP

CIK:0000813828|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Statement [Abstract]
Revenues	$ 6,849	$ 6,813	$ 14,041	$ 14,498
Costs and expenses:
Operating	4,624	4,367	9,585	9,403
Programming charges	0	0	0	1,118
Selling, general and administrative	1,401	1,579	2,944	3,241
Depreciation and amortization	87	101	175	201
Impairment charges	157	5,996	157	5,996
Restructuring and transaction-related items	181	88	266	274
Total costs and expenses	6,450	12,131	13,127	20,233
Gain on dispositions	0	0	35	0
Operating income (loss)	399	(5,318)	949	(5,735)
Interest expense	(214)	(215)	(431)	(436)
Interest income	32	35	70	80
Loss from investment	0	0	0	(4)
Other items, net	(39)	(49)	(76)	(87)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	178	(5,547)	512	(6,182)
(Provision for) benefit from income taxes	(50)	215	(150)	387
Equity in loss of investee companies, net of tax	(67)	(72)	(140)	(162)
Net earnings (loss) from continuing operations	61	(5,404)	222	(5,957)
Net earnings from discontinued operations, net of tax	0	0	0	9
Net earnings (loss) (Paramount and noncontrolling interests)	61	(5,404)	222	(5,948)
Net earnings attributable to noncontrolling interests	(4)	(9)	(13)	(19)
Net earnings (loss) attributable to Paramount	57	(5,413)	209	(5,967)
Amounts attributable to Paramount:
Net earnings (loss) from continuing operations	57	(5,413)	209	(5,976)
Net earnings from discontinued operations, net of tax	0	0	0	9
Net earnings (loss) attributable to Paramount	$ 57	$ (5,413)	$ 209	$ (5,967)
Basic net earnings (loss) per common share attributable to Paramount:
Net earnings (loss) from continuing operations (in dollars per share)	$ 0.08	$ (8.12)	$ 0.31	$ (9.08)
Net earnings from discontinued operations (in dollars per share)	0	0	0	0.01
Net earnings (loss) (in dollars per share)	0.08	(8.12)	0.31	(9.06)
Diluted net earnings (loss) per common share attributable to Paramount:
Net earnings (loss) from continuing operations (in dollars per share)	0.08	(8.12)	0.31	(9.08)
Net earnings from discontinued operations (in dollars per share)	0	0	0	0.01
Net earnings (loss) (in dollars per share)	$ 0.08	$ (8.12)	$ 0.31	$ (9.06)
Weighted average number of common shares outstanding:
Basic (in shares)	675	667	673	660
Diluted (in shares)	680	667	679	660

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Operating Activities:
Net earnings (loss) (Paramount and noncontrolling interests)	$ 61	$ (5,404)	$ 222	$ (5,948)
Less: Net earnings from discontinued operations, net of tax	0	0	0	9
Net earnings (loss) from continuing operations	61	(5,404)	222	(5,957)
Adjustments to reconcile net earnings (loss) from continuing operations to net cash flow provided by operating activities:
Programming charges	0	0	0	1,118
Depreciation and amortization	87	101	175	201
Impairment charges	157	5,996	157	5,996
Deferred tax provision (benefit)			21	(593)
Stock-based compensation			87	109
Gain on dispositions	0	0	(35)	0
Loss from investment	0	0	0	4
Equity in loss of investee companies, net of tax and distributions			141	168
Change in assets and liabilities			(429)	(727)
Net cash flow provided by operating activities			339	319
Investing Activities:
Investments			(148)	(166)
Capital expenditures			(102)	(100)
Proceeds from dispositions			66	21
Net cash flow used for investing activities from continuing operations			(184)	(245)
Net cash flow provided by investing activities from discontinued operations			0	48
Net cash flow used for investing activities			(184)	(197)
Financing Activities:
Dividends paid on preferred stock			0	(29)
Dividends paid on common stock			(70)	(68)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation			(26)	(18)
Payments to noncontrolling interests			(65)	(97)
Other financing activities			0	(25)
Net cash flow used for financing activities			(161)	(237)
Effect of exchange rate changes on cash and cash equivalents			84	(30)
Net increase (decrease) in cash and cash equivalents			78	(145)
Cash and cash equivalents at beginning of year			2,661	2,460
Cash and cash equivalents at end of period	$ 2,739	$ 2,315	$ 2,739	$ 2,315

CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents	$ 2,739	$ 2,661
Receivables, net	6,291	6,920
Programming and other inventory	1,519	1,429
Prepaid expenses and other current assets	1,568	1,532
Total current assets	12,117	12,542
Property and equipment, net	1,494	1,566
Programming and other inventory	13,812	13,924
Goodwill	10,488	10,508
Intangible assets, net	2,249	2,406
Operating lease assets	922	1,012
Deferred income tax assets, net	1,354	1,386
Other assets	2,490	2,828
Total Assets	44,926	46,172
Current Liabilities:
Accounts payable	822	953
Accrued expenses	1,727	2,199
Participants’ share and royalties payable	2,642	2,574
Accrued programming and production costs	1,381	1,720
Deferred revenues	753	825
Debt	346	0
Other current liabilities	1,059	1,360
Total current liabilities	8,730	9,631
Long-term debt	14,168	14,501
Participants’ share and royalties payable	1,247	1,310
Pension and postretirement benefit obligations	1,097	1,226
Deferred income tax liabilities, net	34	34
Operating lease liabilities	993	1,048
Program rights obligations	183	260
Other liabilities	1,363	1,380
Commitments and contingencies (Note 13)
Paramount stockholders’ equity:
Additional paid-in capital	33,455	33,394
Treasury stock, at cost; 503 (2025 and 2024) shares of Class B Common Stock	(22,958)	(22,958)
Retained earnings	7,626	7,487
Accumulated other comprehensive loss	(1,419)	(1,604)
Total Paramount stockholders’ equity	16,705	16,320
Noncontrolling interests	406	462
Total Equity	17,111	16,782
Total Liabilities and Equity	44,926	46,172
Mandatory Convertible Preferred Stock
Paramount stockholders’ equity:
5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share; 25 shares authorized; 0 (2025 and 2024) shares issued	0	0
Class A Common Stock
Paramount stockholders’ equity:
Common stock	0	0
Class B Common Stock
Paramount stockholders’ equity:
Common stock	$ 1	$ 1
Treasury stock, at cost (in shares)	503	503