Paramount+ subscribers grew 21% year-over-year to 67.5 million, and was the number one premium streaming service in domestic sign-ups and gross paid subscriber additions since its launch in March 2021 through the end of 2023.

The integration of Paramount+ and SHOWTIME has driven increases in subscriber acquisition, engagement and operational efficiency.

The sale of Simon & Schuster for $1.6 billion was completed, and the majority of the net proceeds were used to pay down debt, which improved leverage.

Programming charges were recorded in connection with the integration of Showtime into Paramount+ and initiatives to rationalize and right-size international operations.

In connection with the continued review of the international content strategy, the company expects to recognize additional programming charges in the first quarter of 2024.

The company hosted its sixth annual Global Inclusion Week and released its fourth ESG Report, demonstrating a commitment to diversity, equity, and inclusion.

Streaming is intensely competitive and cash intensive, and there can be no assurance the streaming business will be profitable or otherwise successful.

Advertising revenues have been and may continue to be adversely impacted by advertising market conditions, changes in consumer behavior and deficiencies in audience measurement.

The company faces substantial and increasing competition to attract creative talent, to produce and acquire the rights to high-quality content, to acquire and retain users and to distribute content and services on a variety of third-party platforms.

The company competes with a variety of media, technology, and entertainment companies with substantial resources to produce, acquire, and distribute content around the world.

The company relies on third-party platforms to make content available to users, and if these third parties are unwilling to continue to distribute content or distribute it on terms that are favorable, the business could be adversely affected.

The company's success depends on its ability to anticipate and adapt to shifting content consumption patterns, evolving technologies, and distribution models.

Since the Merger, the company implemented a series of initiatives designed to integrate and transform operations, including changes in management structure.

In the years following the Merger, the company also consolidated its real estate portfolio to reduce its real estate footprint and create cost synergies.

Labor strikes resulted in temporary shutdowns of production on certain of television and film programming, which resulted in less new content available for licensing and for networks and streaming services.

The company is investing in future-state technology, including the unification and evolution of systems and platforms, and migration to the cloud.

The company's Systems have experienced, and are expected to continue to experience, cybersecurity attacks intended to disrupt services and operations, exfiltrate, corrupt or prevent access and/or use of data, proprietary information or intellectual property.

The company operates an information security program to identify and mitigate cybersecurity risk, designed in alignment with the NIST Cybersecurity Framework.

The majority of the Simon & Schuster sale net proceeds were used to pay down debt, which improved leverage.

At December 31, 2023, the remaining authorization on the share repurchase program was $2.36 billion, but no shares were repurchased during the fourth quarter of 2023.

The company currently expects to continue to pay regular cash dividends to common stockholders.

The company released its fourth Environmental, Social and Governance (“ESG”) Report, and made progress on its ESG strategy and goals across three focus areas.

The company's ESG strategy is centered on understanding and responding to its biggest risks and opportunities in three focus areas: (1) On-Screen Content & Social Impact, (2) Workforce & Culture and (3) Sustainable Production & Operations.

The company's ESG team oversees the day-to-day strategy and implementation of its ESG efforts under the leadership of a steering committee, comprised of senior management.

Economic and political conditions in the U.S. and around the world could have an adverse effect on the business, financial condition or results of operations.

Failures to comply with or changes in U.S. or foreign laws or regulations could have an adverse effect on the business, financial condition or results of operations.

The company is subject to complex, often inconsistent and potentially costly laws, regulations, industry standards and contractual obligations relating to privacy and personal data protection.