Sector: Communication Services|Industry: Entertainment|Market Cap: $7.29B|Employees: 22K
Paramount Global operates as a media, streaming, and entertainment company worldwide. It operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. The TV Media segment operates CBS Television Network, a domestic broadcast television network; CBS Stations, a television station; and international free-to-air networks comprising Network 10, Channel 5, Telefe, and Chilevisión; domestic premium and basic cable networks, such as Paramount+ with Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, and CBS Sports Network; and international extensions of these brands. This segment also offers domestic and international television studio operations, including CBS Studios, Paramount Television Studios, and Showtime/MTV Entertainment Studios; CBS Media Ventures, which produces and distributes first-run syndicated programming; and digital properties consisting of CBS News Streaming and CBS Sports HQ. The Direct-to-Consumer segment provides a portfolio of domestic and international pay and free streaming services, including Paramount+, Pluto TV, BET+, and Noggin. The Filmed Entertainment segment produces and acquires films, series, and short-form content for release and licensing around the world, including in theaters, on streaming services, on television, through digital home entertainment, and DVDs/Blu-rays; and operates a portfolio consisting of Paramount Pictures, Paramount Players, Paramount Animation, Nickelodeon Studio, Awesomeness, and Miramax. It also offers production, distribution, and advertising solutions. The company was formerly known as ViacomCBS Inc. and changed its name to Paramount Global in February 2022. The company was founded in 1914 and is headquartered in New York, New York. Paramount Global is a subsidiary of National Amusements, Inc.
The Board established the Office of the CEO, comprised of Messrs. McCarthy, Cheeks and Robbins, effective May 1, 2024, with Mr. McCarthy designated as interim principal executive officer. This structure was implemented to ensure consistent leadership during a period of pending transactions.
To ensure consistent leadership, each Co-CEO received a special LTIP grant of TRSUs having a grant date value of $3 million. These TRSUs were generally scheduled to vest in equal annual installments on the first three anniversaries of the date of grant.
The Committee considered actions to mitigate or eliminate the 280G Impact on our 2024 FYE NEOs and the Company and approved several measures. These included immediate vesting and settlement of TRSUs and PSUs for Co-CEOs, and immediate vesting and settlement of TRSUs for other FYE NEOs.