On this page of StockholderLetter.com we present the latest annual shareholder letter from Paramount Global — ticker symbol PARA. Reading current and past PARA letters to shareholders can bring important insights into the investment thesis.
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 highperforming 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
 • shareholder letter icon 6/2/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/17/2023 PARA Stockholder Letter
 • stockholder letter icon 4/22/2024 PARA Stockholder Letter
 • stockholder letter icon More "Television & Radio" Category Stockholder Letters


PARA Shareholder/Stockholder Letter Transcript:

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 highperforming 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



shareholder letter icon 6/2/2025 Letter Continued (Full PDF)
 

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