Q2 2025 Paramount Global Earnings Call
Jaime Morris: Good afternoon. My name is Victoria, and I'll be the conference operator today. At this time, I would like to welcome everyone to Paramount Global's second quarter 2025 earnings conference call. All lines have been muted to prevent any background noise. At this time, I would now like to turn the call over to Jaime Morris, Paramount Global's EVP Industrial Relations. You may now begin your conference call. Good afternoon, everyone, and thank you for joining our Q2 2025 earnings call. Before we begin, I would like to remind everyone that in addition to our earnings release, we have trending schedules containing supplemental information available on our website. In addition, certain statements made on this call are forward-looking statements that involve risks and uncertainties. These risks and uncertainties are discussed in more detail in our filings with the SEC. Some of today's financial remarks will focus on adjusted results.
Good afternoon. My name is Victoria, and I'll be the conference operator. Today, at this time, I would like to welcome everyone to Paramount Global's second quarter 2025 earnings conference call. All lines have been muted to prevent any background noise at this time. I would now like to turn the call over to Jaime Morris, Paramount Global's EVP, Investor Relations. You may now begin your conference call. Good afternoon, everyone, and thank you for joining our Q2 2025 earnings call.
Before we begin, I would like to remind everyone. That in addition to our earnings release, we have trending schedules, containing supplemental information available on our website.
In addition, certain statements made on this call are forward-looking statements that involve risks and uncertainties.
These resonance certainties are discussed in more detail in our filings with the SEC.
Jaime Morris: Reconciliations of these non-GAAP financial measures can be found in our earnings release or in our trending schedules, which contain supplemental information and in each case can be found in the investor relations section of our website. As we detailed in the 8K file last week, we expect the Paramount Skydance transaction to close on August 7th, 2025. As a result, this will be our last earnings call with the company in its current configuration. Today, we will share highlights of the quarter, but we will not be taking questions. On this call, we have Shari Redstone, non-executive chair of our board of directors, Chris McCarthy, our co-CEO, on behalf of his fellow co-CEOs, and Andy Warren, our interim CFO. Now, let me turn the call over to Shari.
Some of today's Financial remarks will focus on adjusted results.
Reconciliations of these non-gaap Financial measures can be found in our earnings release or in our trending schedules, which contains supplemental information. And in each case can be found in the investor relations section of our website.
As we detailed in the 8K file, last week, we expect the Paramount sky. Dance transaction to close on, August 7th 2025.
As a result, this will be our last earnings call with the company in its current configuration.
Today, we will share highlights of the quarter, but we will not be taking questions.
Shari Redstone: Thank you, Jaime. Given this is the final earnings call under our current corporate structure, I wanted to take the opportunity to express my thanks to our shareholders for their investment in our business and to the others across the investment community who have followed us for many years. I believe I can take it on faith that many on this call understand the enormous importance of this business to my family and to me. Beginning nearly 40 years ago, my father, Sumner Redstone, built Viacom and CBS by bringing together a group of the best assets in media, news, and entertainment. While people often debated whether content or distribution ruled the day, my father's steadfast belief was that content was king. Even against a backdrop of enormous change, that core business philosophy remains the reality for our business and industry. That is a reality that Skydance surely understands.
On this call, we have Shari Redstone non-executive. Chair of our board of directors, Chris McCarthy, our co-ceo on his fellow co-ceo and Andy Warren our interim CFO. Now, let me turn the call over to Sheri.
Thank you, Jamie.
Given this is the final earnings call under our current corporate structure. I wanted to take the opportunity to express, my thanks to our shareholders, for their investment in our business.
And to the others across the investment Community, who have followed us for many years.
I believe, I can take it on faith that many on this call understand the enormous importance of this business, to my family into me.
Beginning nearly 40 years ago, my father, some new Redstone build via common CBS, brought together a group of the best assets in media, news, and entertainment.
while people often debated, whether the content or distribution ruled, the day, my father's steadfast belief, was that content was King,
Even against the backdrop of enormous change that Core Business philosophy Remains the reality for our business and industry.
Shari Redstone: I am confident that with their vision for the business and the technology and resources they can bring to bear, they can build on Paramount's legacy and position it for long-term success and value creation. I am proud that when the transaction closes, we will be turning over a healthy business with a strong foundation for success. One year ago, that was not a foregone thought. Against the backdrop of tough industry conditions in the linear business, in a pending transaction, the progress we have made is a testament to the talent, focus, and dedication of the people of Paramount under the leadership of George Cheeks, Chris McCarthy, and Brian Robbins. George, Chris, and Brian took on a very challenging job.
that is a, that is a reality that Sky dims surely understands
I am confident that with their vision for the business in the technology and resources they can bring to bear, they can build on Paramount's Legacy in position it for long-term success and value creation.
I am proud that when the transaction closes we will be turning over our healthy business, with a strong foundation for success.
1 year ago, that was not a foregone.
Against the backdrop of tough industry conditions in the linear business in a pending transaction. The progress we have made is a testament to the talent, focus and dedication of the people of Paramount. Under the leadership of George cheeks. Chris McCarthy, and Ryan Robbins.
Shari Redstone: While continuing to lead in their core areas of responsibility, they worked together to develop new content and strategic plans for the company, while also making difficult decisions to streamline the company's cost structure and secure the stability and growth potential of the business. I will forever be grateful for their hard work, dedication, and friendship. While Chris will go into more detail about the company's financial results on this call, I would be remiss not to mention a few of the co-CEOs' accomplishments and those of the wonderful teams across our business. I will start with streaming because it makes me so proud that while we only launched Paramount+ four years ago, we are already a top four global SVOD service, and we will be profitable in the US faster than many of our peers. What has driven this performance?
George, Chris, and Brian took on a very challenging job.
While continuing to lead in their core areas of responsibility, they work together to develop new content and strategic plans for the company, while also making difficult decisions to streamline the company's cost structure in order to secure the stability and growth potential of the business.
I will forever be grateful for their hard work, dedication and friendship.
Missed not to mention a few of the co-CEOs' accomplishments in those of the wonderful teams across our business.
I will start with streaming because it makes me so proud that while we only launched Paramount+ four years ago, we are already a top 4 global FOD service.
And we will be profitable in the US faster than many of our peers.
Shari Redstone: Others might have more content, but Paramount+ has distinguished itself for delivering big, bold, breakthrough original scripted hits that consistently rank in the SVOD top 10, plus incredible sports, kids, and unscripted content from across the company. And as I am particularly proud, programming that informs and educates audiences about the issues we face as a society and around the world. This is also the reason CBS has been the number one broadcast network for 17 years in a row, due also to its range of entertainment, sports, and news programming. And in cable, the company has delivered the number one scripted series, number one reality series, number one late night show, and number one kids' show. As for Paramount Pictures, it has continued to expand its hit franchises: Sonic the Hedgehog, Mission Impossible, A Quiet Place, SpongeBob, Teenage Mutant Ninja Turtles, and more.
What is driven this performance?
Others might have more content by Paramount plus has distinguished itself for delivering big. Bold breakthrough, original scripted hits that consistently ranked in the sbar, top 10, plus incredible sports kids in unscripted content from across the company.
And as I am, particularly proud programming that informs and educates audiences about the issues. We face
As a society and around the world.
This is also, the reason CBS has been the number 1 broadcast network for 17 years in a row do also to its range of Entertainment Sports in news programming.
And in cable, the company, has delivered the number 1 script series. Number 1 reality series number 1, late night show and number 1 kids show.
Shari Redstone: Taken together, this has driven improved bottom-line performance and seen strengthened free cash flow. In closing, it has truly been a privilege to work with George, Chris, and Brian over the past year to achieve the goals that have positioned this company so well for the future. And while it is never easy to step away, please know that it has been an honor for my family and for me to serve as stewards of these assets over the past several decades. We will always be cheering on Paramount and the talented people who have made it what it is today. Thank you.
It's a pound on pictures. It has continued to expand its hit franchises, Sonic the Hedgehog Mission Impossible, a quiet place, SpongeBob Teenage Mutant Ninja Turtles and more.
Taken together, this has driven improved bottom line performance in City strength and free cash flow.
In closing, it is truly been a privilege to work with George Chris and Brian over the past year to achieve the goals that have positioned this company. So well for the future,
And while it is never easy to step away, please know that it has been an honor for my family and me to serve as stewards of these assets over the past several decades.
We will always be cheering on Paramount in the town of people who have made it. What it is today.
Chris Mccarthy: Thank you, Shari, and good afternoon, everyone. When George, Brian, and I became co-CEOs, our goal was to transform Paramount into a streaming-first company. And today, we are substantially better positioned to thrive in the streaming future. You only have to look to this quarter to see the shift, where D2C revenue growth outpaced linear declines. This was powered by an exceptional performance at Paramount+. We delivered industry-leading TV hits across both streaming and linear, while at the same time, this quarter breaking a record with the Mission Impossible franchise. At Paramount+, we made a content strategy choice to go against conventional wisdom of more originals is better. Our strategy isn't about the volume of originals; rather, it's about the volume of original hits. We closed 2024, our first year as co-CEOs, and it was a transformative year.
Thank you.
Thank you, Sherry, and good afternoon, everyone.
When George Bryan and I became co-ceo our goal was to transform Paramount into a streaming first company.
And today, we are substantially better positioned to thrive in the streaming future.
You only have to look to this quarter to see the shift where DC Revenue growth outpaced linear declines.
this was powered by an exceptional performance at Paramount, Plus,
We delivered industry-leading TV hits across both streaming and linear, while at the same time breaking a record this quarter with the mission and possible franchise.
At Paramount. Plus we made a Content strategy choice to go against conventional wisdom of more originals with better.
Our strategy isn't about the volume of Originals rather it's about the volume of original hits.
Chris Mccarthy: Oi Beta grew 30% to $3.1 billion, driven by a nearly $1.2 billion improvement in D2C profitability. Now, this was powered by Paramount+, where our content strategy delivered. We led with the most top 10 SVOD originals, behind only the market leader, which drove increased engagement, improved churn. We added 10 million new subscribers, which solidified our place as a top four SVOD, resulting in revenue growth of 33%. Now, since then, we have not slowed down. In the first half of 2025, we again scored with the most top 10 SVOD originals, behind only the market leader. Paramount+ revenue continued to grow up 19%, driven by strong subscription revenue growth of 22%. Watch time per subscriber increased 14%, and churn improved another 100 basis points. Over at CBS, we continued our leadership position as the most-watched broadcast network in primetime for the 17th consecutive season.
We close 2024. Our first year is Cocos, and it was a transformative year.
Or better, grew 30% to $3.1 billion during my nearly $1.2 billion improvement in DDC profitability.
Now, this was powered by Paramount+ where our content strategy delivered.
We LED with the most top 10 site Originals behind only the market leader.
which drove increased engagement improved churn, we added 10 million new subscribers which solidified our place as a top 4 fund,
And resulting in Revenue growth of 33%.
Now, since then, we have not slowed down in the first half of 2025. We again, scored with the most top 10 as thought, Originals behind, only the market leader.
Paramount plus Revenue continued to grow up. 19%.
Through my strong subscription, Revenue growth of 22%.
Watch time for subscriber increased 14% and churn improved another 100 basis points.
Chris Mccarthy: We have eight of the top 10 series, 14 of the top 20 series. That's more programs in the top 10 and top 20 than all other networks combined. And Paramount Pictures continued to drive revenue for the business, successfully monetizing the value of our IP in theaters and downstream. Over this past year, we added new installments of our valuable bank of franchises, including Sonic the Hedgehog, Smile, A Quiet Place, and Mission Impossible. We also reshaped the organization to be leaner and more nimble, reducing redundancies, all with the goal to drive productivity. Over the past four quarters, we've implemented over $800 million in annual run rate, non-content expense savings. Our progress is reflected in the results for the quarter. Total company revenue grew 1% year-over-year to $6.8 billion. Most notably, D2C revenue growth outpaced linear declines.
Over at CBS, we can continue our leadership position as the most watched broadcast network in prime time for the 17th consecutive season.
We have 8 of the top 10 series and 14 of the top 20 series. That's more programs in the top 10 and top 20 than all other networks combined.
Paramount Pictures continues to drive revenue for the business successfully, monetizing the value of our IP in theaters and downstream.
Over this past year, we added new installments of our valuable Bank of franchises, including Sonic the Hedgehog.
We also reshape the organization to be leaner and more Nimble reducing redundancies all with the goal to drive productivity.
Over the past 4 quarters we've implemented over 800 million in annual run rate non-content expense savings.
Our progress is reflected in the results for the quarter.
Chris Mccarthy: In fact, strong subscription growth at Paramount+ drove total company affiliate and subscription revenue growth, which accelerated to 5%. D2C generated adjusted Oi Beta over $157 million and an improvement of 6x versus a year ago. To put that in perspective, this year alone, we've improved D2C profitability by $300 million versus the comparable period a year ago. Now let's get into some detail at D2C. Revenue growth accelerated to 15%, driven again by Paramount+, where total revenue grew 23% year-over-year and records were set. For the third consecutive quarter, watch time per subscriber increased and was up 11% year-over-year. And churn improved again by 70 basis points year-over-year, achieving a record low.
Total company Revenue grew 1% year to year to 6.8 billion dollars. Most notably D Toc Revenue, growth outpaced linear decline
In fact, strong subscription growth at Paramount, plus drove total company affiliate, and subscription Revenue growth, which accelerated to 5% D Toc generated, adjustable, orbita of 157, million and Improvement of 6X versus a year ago.
To put that in perspective, this year alone, we've improved DTC profitability by $300 million versus the comparable period a year ago.
Now, let's get into some detail at the to see.
Revenue growth accelerated to 15% driven Again by Paramount plus where total revenue grew 23% year-over-year and records were set.
But the third consecutive quarter watch time per subscriber increased and was up 11% year-over-year.
Chris Mccarthy: These results were powered by a strong content slate of original hits with Landman, Yellowjackets, The Shy, and Mobland, our newest top 10 SVOD series, which ranked as the number one series globally in active subscriber households on Paramount+ this quarter. Looking ahead, we're thrilled to welcome South Park to Paramount+ this month here in the United States. It has consistently been a top acquisition and engagement driver in international, and we have every confidence it will do just as well for us here in the US. We have our biggest hits to come, kicking off with Dexter Resurrection, followed by the first NCIS franchise extension with Tony and Ziba, and continues with the nonstop Taylor Sheridan slate of hits, starting with Tulsa King in September, Mayor Kingstown in October, followed by Landman in December, and of course, an all-new Yellowstone franchise extension, The Dutton Ranch.
And churn approved Again by 70 basis points year to year achieving a record low.
These results were powered by a strong content slate of original hits with "Landman," "Yellowjackets," "The Shy," and "MOB Land," our newest top 10 S5 series, which ranked as the number one series globally and active subscriber households on Paramount+ this quarter.
Looking ahead, we're thrilled to welcome South Park to Paramount plus this month here in the United States.
It has consistently been a top acquisition and engagement driver in international. And we have every confidence. It will do just as well for us here in the US.
We have our biggest hits to come kicking off with Dexter Resurrection.
Followed by the first NCIS franchise extension with Tony and ziba.
And continues with the non-stop tailor, Sheridan, slate of hits.
Starting with Tulsa King in September.
Mayor Kingstown in October.
Chris Mccarthy: Now, turning to TV media, when we talk about transforming into a streaming-first company, nothing says it's better than the alignment with CBS and Paramount+. This season, streaming of CBS series on Paramount+ grew 42% over the last year. And year to date, CBS content accounts for nearly half of all viewing on Paramount+. CBS has consistently ranked as the number one broadcast network in primetime. And moreover, CBS has also ranked number one in multi-platform viewership. Now, turning to sports, live sports are more valuable today than ever before across both platforms. This year's Final Four was the most watched in eight years. And CBS's sports golf coverage in 2025 is up 13% year-over-year, its best performance in seven years. The power of this combined content is evident across distribution and advertising.
Followed by lament in December. And of course an all-new Yellowstone franchise extension, the Dutton Ranch
now, turning the TV media, when we talk about transforming into a streaming first company, nothing says, it's better than the alignment with CBS and Paramount Plus,
This season streaming of CBS series on Paramount, plus grew 42% over the last year.
And year to date, CBS content accounts, for nearly half of all viewing on Paramount. Plus,
CBS has consistently ranked as the number 1 broadcast network in prime time. And moreover cbs's ranked number 1 in multi-platform viewership.
Now turning to sports, live sports are more valuable today than ever before, across both platforms.
This year's final 4 was the most watched in 8 years.
And cbs's Sports golf coverage in 2025 is up 13% year-over-year.
It's best performance in 7 years.
Chris Mccarthy: In June, we signed a new deal with DirecTV that includes a curated selection of Paramount's most popular networks across entertainment, news, and sports in various DirecTV genre packs. And we're nearing the completion of our upfront, where we see strong advertiser demand for sports and entertainment programming. Turning to filmed entertainment, this quarter, a record was achieved with Mission Impossible: The Final Reckoning, which was the biggest global opening in franchise history. And when a new film hits theaters, we see an immediate lift in the library content on Paramount+. For example, following the release of Mission Impossible: The Final Reckoning, for the month, the Mission franchise library saw a 60% lift in daily active subscriber households on Paramount+. Now, this is a good example of how franchises drive revenue across every part of our business.
The power of this combined content is evident across distribution and advertising.
In June, we signed a new deal with Direct TV. That includes a curated selection of Paramount's. Most popular networks across entertainment, news and Sports in various Direct TV, genre packs.
And we're nearing the completion of our upfront where we see strong, Advertiser demand for sports and entertainment programming.
Turning to filmed entertainment this quarter a record was achieved with Mission Impossible, the final Reckoning which was the biggest Global opening and franchise history.
I want a new film hit theaters. We see an immediate lift in the library content on Paramount Plus.
For example, following the release of "Mission: Impossible – Dead Reckoning" for the month, the Mission franchise library saw a 60% lift in daily active subscriber households on Paramount+.
Chris Mccarthy: We are pleased with the results for the quarter, which represent our strong and continued progress in executing as a streaming-first company. Now, let me turn it over to Andy to provide more detail on the financials.
Now, this is a good example of how franchises drive revenue across every part of our business.
We are pleased with the results for the quarter, which represent our strong, our strong, and continued progress in executing as a streaming first company.
Now, let me turn it over to Andy to provide more detail on the financials.
Andy Warren: Thank you, Chris, and good afternoon, everyone. Let's dive right into the second quarter numbers. Paramount generated total company revenue of $6.8 billion and adjusted Oi Beta of $824 million, reflecting continued year-over-year improvement in our direct-to-consumer segment. Total improved to $114 million, including approximately $70 million in payments for restructuring and cost reduction initiatives. Now, let's discuss our operating segment results, starting with direct-to-consumer. Paramount+ finished the quarter with 77.7 million subscribers, a year-over-year increase of 9.3 million subscribers, but down 1.3 million subs versus one Q25, primarily reflecting the anticipated expiration of an international distribution agreement, as well as the timing of Paramount+ premieres. Paramount+ R2 growth accelerated in the second quarter to a positive 9% increase year-over-year. Importantly, the combination of year-over-year subscriber growth, churn reduction, and R2 improvement drove Paramount+ revenue to increase nearly $330 million versus two Q24.
Good afternoon, everyone.
Order numbers.
At 824 million reflecting continued year-over-year improvement in our direct to Consumer segment.
We will improve $214 million, including approximately $70 million in payments for restructuring and cost reduction initiatives.
Now, let's discuss for operating segment results, starting with director consumer.
Paramount Plus finished the quarter with 77.7 million subscribers. This marks a year-over-year increase of 9.3 million subscribers but is down 1.3 million subscribers versus Q1.
From early reflecting the anticipated expiration of an international distribution agreement as well as the timing of Paramount plus premieres.
Paramount, plus our fruit growth accelerated in the second quarter to a positive 9% increase year-over-year.
In year-over-year, subscriber growth.
Andy Warren: In total, direct-to-consumer generated revenue of $2.2 billion, growing 15% year-over-year, despite a 4% decline in D2C advertising, which continues to be impacted by increased supply in the digital ad marketplace. Separately, D2C subscription revenue growth accelerated and was up a robust 22%. Turning to our TV media segment, linear TV trends continue to pressure advertising and affiliate revenue. TV media revenue was $4 billion in the second quarter, with Oi Beta of $863 million. TV media advertising revenue was down 4% year-over-year, as higher CPMs were more than offset by viewership declines. We are nearing completion of our 2026 upfront, which will remain overall volume consistent with last year, driven by increased sports and streaming sales. Streaming accounted for almost 30% of total upfront volume, while demand for our sports portfolio was very strong across the board and saw double-digit growth.
Return reduction and RPO Improvement. Joe Paramount, Plus for Revenue to increase nearly 330 million versus 2 q24.
in total, there are 2 consumer, generated revenue of 2.2 billion dollars growing 15% year-over-year, despite a 4% decline in DTC advertising, which continues to be impacted by increased Supply and the digital ad Marketplace,
Separately, DTC subscription revenue growth accelerated and was a robust 22%.
Turning to our TV media segment, linear TV trends continue to pressure advertising and affiliate revenue.
TV media revenue was $4 billion in the second quarter, with operating income of $863 million.
TV media advertising revenue was down 4% year-over-year. Its higher CPMs will be more than offset by the viewership decline.
We are nearing completion of our 2026 upfront.
Which will remain overall volume consistent with last year, driven by increased Sports and streaming sales.
Streaming accounted for almost 30% of total upfront volume. While demand for sports portfolio was very strong across the board and saw double digit growth.
Andy Warren: Our TV media affiliate revenue declined 7% versus the prior year, largely reflecting market subscriber trends. However, and more importantly, the combination of our traditional and streaming businesses again yielded net positive growth, with total company affiliate and subscription revenue up 5% in the second quarter, a positive acceleration versus the first quarter of this year. Lastly, in the filmed entertainment segment, we generated second quarter revenue of $690 million, up 2% year-over-year. Adjusted Oi Beta was a loss of $84 million in the quarter, which compares to a loss of $54 million in this year-ago quarter. This year-over-year change in Oi Beta primarily reflects lower profit from licensing. Regarding forward-looking statements, as you can appreciate, with the Skydance transaction closing on August 7th, it would be inappropriate for us to outline full-year 2025 financial expectations for Paramount's standalone results.
Our TV media affiliate, Revenue declined 7% versus the prior year.
Largely reflecting Market, subscriber trends.
However, and more importantly, the combination of our traditional and streaming businesses again yielded net positive growth, with total company affiliate and subscription revenue of 5% in the second quarter, a positive acceleration. This is the first quarter of this year.
lastly, in the filmed entertainment segment, we generated second quarter revenue of 690 million of 2% year-over-year
as a loss of 84 million in the quarter which compares to a loss of 504 million and this year go quarter.
This year-over-year change in orbit, de primarily reflects lower profit from licensing.
Andy Warren: In summary, our first half results demonstrate that our global teams remain focused on operating execution as we prepare for the deal to close. Now, let's turn the call back over to Chris for closing comments.
Regarding forward-looking statements that you're going to appreciate with the Scotty and transaction closing at August 7th. There'd, be inappropriate for us to outline full year 2025 Financial expectations for Paramount Standalone results.
In summary our first half results demonstrate that. Our Global teams remain focused on operating execution as we prepare for the deal to close.
Now, let's turn the call back over to Chris, for closing comments.
Chris Mccarthy: As this will be our last earnings call before we close the Skydance transaction, allow me to take a moment on behalf of my co-CEOs, Brian and George, to thank the people responsible for our successful shift into a streaming-first company. To our teams, our partners, the board, and to Shari, thank you for your support and efforts. We talk a lot about hit TV series, TV series, and blockbuster films. That doesn't happen in our content teams without the support and hard work and efforts from every person in every department across the entire company. Against enormous headwinds and challenges, this team continued to be resilient and unwavering in your commitment to execute with excellence and, more importantly, to support each other with compassion. It's that combination that truly made the difference.
As this will be our last earnings call before we close the SkyDance transaction, allow me to take a moment on behalf of my co-CEOs, Brian and George, to thank the people responsible for our successful shift into a streaming-first company.
To our teams, our partners, the board, and to share it. Thank you for your support and efforts.
We talk a lot about hit TV series TV series, and Blockbuster films.
That doesn't happen in our content teams without the support and hard work and efforts from every person in every Department across the entire company.
Against enormous headwinds and challenges. This team continued to be resilient and unwavering in your commitment to execute with excellence and more importantly to support each other with compassion.
Chris Mccarthy: You should be very proud of all of your efforts; they've helped to make Paramount substantially stronger today. We'd also like to thank the Redstone family for their stewardship of the company over the last 40 years. Sumner Redstone was a visionary who predicted where the industry was going before anyone else. And under Shari's leadership, Paramount has transitioned from a disconnected collection of TV assets into a streaming-first company with a powerful portfolio of hit content and franchises. Now, despite the naysayers and against all the odds, Shari, you did what you thought was right. You pushed us forward with the mission to combine these companies. And just look at what we've achieved. While we're the last to launch, only four years later, Paramount+ is a top four global SVOD service. Your vision has been realized.
It's that combination that truly made the difference. You should be very proud of all of your efforts; they've helped to make Paramount substantially stronger today.
We'd also like to thank the Redstone family for their stewardship of the company over the last 40 years.
Some, the Redstone was a visionary who predicted where the industry was going before anyone else.
Paramount has transitioned from a disconnected collection of TD assets into a streaming-first company with a powerful portfolio of hit content and franchises.
Now, despite the naysayers and against all the odds,
Sherry you did what you thought was, right?
you pushed us forward with the mission to combine these companies,
And just look at what we've achieved.
Where were the last to launch? Only 4 years later, Paramount plus is a top 4 Global effort service.
Chris Mccarthy: And what made that possible was content being king, hit TV series and blockbuster films, just as your father had predicted. We thank you, Shari, for your vision to see where it was all going and your leadership of the company and on a personal level for your friendship to all of us. And to our board, thank you for your dedication and guidance. Throughout a very eventful year, we appreciate each and every one of you. Now, looking ahead under David Ellison, the next chapter of Paramount is sure to be another historic one. We'd like to thank David and the Skydance Redbird teams of Jess Schell, Andy Gordon, and Cindy Holland for their partnership throughout this transition. We are excited to see what you do, and you have a great team here to help you. With that, thank you for joining us and have a good night.
Your vision has been realized.
And what made that possible was content be being King.
Hit TV series and blockbuster films.
Just as your father had predicted.
We thank you, Sherry for your vision, to see where it was all going and your leadership of the company.
And on a personal level, for your friendship to all of us.
And to our board. Thank you for your dedication and guidance throughout a very eventful year. We appreciate each and every 1 of you.
Now looking ahead under David Ellison's, the next chapter of Paramount is sure to be another historic 1.
We'd like to thank David. And this guidance, Redbird teams of Jeff shell, Amy Gordon and Cindy Holland for their partnership. Throughout this transition, we are excited to see what you do.
And you have a great team here to help you.
With that, thank you for joining us and have a good night.
Jaime Morris: Thank you for today's call. Thank you for your participation and enjoy the rest of your day.
That concludes today's call. Thank you for your participation and enjoy the rest of your day.