Paramount Global — Feb 28, 2024 release

DIRECT-TO-CONSUMER OVERVIEW Paramount continued to make progress on the path to streaming profitability in 2023 with strong growth in engagement and revenue, and improved operational efficiency. DTC remains on track to significantly improve earnings in 2024, driven by greater engagement and increased monetization. Q4 FINANCIALS • Revenue increased 34% year-over-year. – Subscription revenue grew 43%, driven by subscriber growth and pricing increases for Paramount+. – Advertising revenue rose 14%, reflecting growth from Paramount+ and Pluto TV. – Global viewing hours across Paramount+ and Pluto TV grew 27%. – Paramount+ revenue grew 69%, driven by subscriber growth and ARPU expansion. – Paramount+ subscribers reached 67.5 million, with 4.1 million net additions in the quarter. – Paramount+ global ARPU expanded 31% year-over-year. • Adjusted OIBDA improved $85 million year-over-year as higher revenue more than offset increased costs to support the growth of Paramount+. $ IN MILLIONS Three Months Ended December 31 2023 2022 $ B/(W) % Revenue $ 1,869 $ 1,396 $ 473 34 % – Advertising 526 460 66 14 – Subscription 1,339 936 403 43 – Licensing 4 — 4 n/m Expenses 2,359 1,971 (388) (20) Adjusted OIBDA $ (490) $ (575) $ 85 15 % Twelve Months Ended December 31 2023 2022 $ B/(W) % Revenue $ 6,736 $ 4,904 $ 1,832 37 % – Advertising 1,795 1,533 262 17 – Subscription 4,933 3,371 1,562 46 – Licensing 8 — 8 n/m Expenses 8,399 6,723 (1,676) (25)