Paramount Global (PARAA): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des médias et du divertissement, Paramount Global (PARAA) apparaît comme une puissance, naviguant stratégiquement sur le terrain complexe de la création de contenu, de la distribution et de l'engagement du public. En tirant parti d'un modèle commercial multiforme qui couvre la diffusion traditionnelle, des plateformes de streaming de pointe et des genres de contenu divers, Paramount s'est transformé en un écosystème multimédia complet qui s'adresse aux téléspectateurs à travers les générations et les marchés mondiaux. Cette exploration de la toile du modèle commercial de Paramount révèle les stratégies complexes de leur succès, offrant un aperçu de la façon dont une entreprise de médias héritées s'est réinventée à l'ère du streaming numérique.

Paramount Global (PARAA) - Modèle d'entreprise: partenariats clés

Plates-formes de streaming

Paramount Global exploite deux plates-formes de streaming principales:

• Paramount +: 46 millions d'abonnés au quatrième trimestre 2023
• Pluto TV: 80 millions d'utilisateurs actifs mensuels en 2023

Plate-forme	Abonnés / utilisateurs	Revenus (2023)
Paramount +	46 millions	2,8 milliards de dollars
Pluton TV	80 millions actifs mensuels	1,2 milliard de dollars

Studios de production de contenu et créateurs indépendants

Les partenariats de contenu clés comprennent:

• MTV Entertainment Studios
• Studios Nickelodeon
• Studios CBS
• Studios de télévision Paramount

Distributeurs de télévision par câble et satellite

Distributeur	Détails du partenariat	Atteindre
Comcast	Contrat de distribution à long terme	22 millions d'abonnés
COMMUNICATIONS CHARTER	Distribution complète de contenu	15 millions d'abonnés

Agences de publicité et entreprises d'achat de médias

Partenariats publicitaires supérieurs:

• Groupe
• Publicis Media
• Groupe de médias Omnicom

Médias internationaux et sociétés de divertissement

Partenaire	Pays	Type de collaboration
Sky UK	Royaume-Uni	Distribution de contenu
Réseau 10	Australie	Partenariat médiatique

Paramount Global (PARAA) - Modèle d'entreprise: activités clés

Création et production de contenu

Paramount Global a produit 1 800 heures de contenu original en 2023, notamment:

Catégorie de contenu	Heures de production annuelles
Télévision scénarisée	850 heures
Télévision non scénarisée	450 heures
Productions cinématographiques	500 heures

Distribution des médias

Plates-formes de distribution et mesures d'abonnés:

Plate-forme	Abonnés (Q4 2023)
Paramount +	61,3 millions
Pluton TV	80 millions d'utilisateurs actifs mensuels

Ventes publicitaires et marketing

Répartition des revenus publicitaires pour 2023:

• Revenus publicitaires totaux: 4,3 milliards de dollars
• Revenus publicitaires numériques: 1,8 milliard de dollars
• Revenus publicitaires télévisés linéaires: 2,5 milliards de dollars

Développement de contenu numérique

Investissements de service en streaming:

Catégorie d'investissement	Dépenses annuelles
Développement de contenu	2,6 milliards de dollars
Technologie de plate-forme de streaming	350 millions de dollars

Gestion et licence de marque

Métriques de licence de propriété intellectuelle:

• Revenu total des licences: 780 millions de dollars en 2023
• Nombre d'accords de licence actifs: 425
• Marchés de licence internationale: 42 pays

Paramount Global (PARAA) - Modèle d'entreprise: Ressources clés

Bibliothèque de contenu multimédia

Paramount Global possède une bibliothèque de contenu d'une valeur d'environ 41,7 milliards de dollars à partir de 2023. La bibliothèque comprend:

Catégorie de contenu	Nombre de titres	Valeur estimée
Catalogue de films	Plus de 4 300 films	22,5 milliards de dollars
Séries télévisées	2 600+ émissions de télévision	19,2 milliards de dollars

Marques de divertissement établies

Des marques de divertissement clés appartenant à Paramount Global:

• CBS: 75+ ans d'histoire de la radiodiffusion
• MTV: atteint 510 millions de ménages dans le monde entier
• Nickelodeon: 110+ millions d'abonnés dans le monde
• Images Paramount: Fondée en 1912

Studios de production et talents créatifs

Les ressources de production de Paramount Global incluent:

Emplacement du studio	Taille du studio	Capacité de production annuelle
Hollywood, CA	63 acres	12-15 Productions de films majeurs
Studios de New York	22 acres	25+ séries télévisées

Infrastructure technologique

Ressources technologiques en streaming et en distribution:

• Plateforme de streaming Paramount +: 56 millions d'abonnés
• Réseau mondial de livraison de contenu couvrant 180 pays
• Infrastructure avancée de streaming numérique d'une valeur de 1,3 milliard de dollars

Réseau médiatique mondial

Réalisation du réseau et ressources:

Métrique du réseau	Quantité
Chaînes de télévision	190+ canaux
Marchés internationaux	45 pays
Total du public	4,3 milliards de téléspectateurs

Paramount Global (PARAA) - Modèle d'entreprise: propositions de valeur

Contenu de divertissement diversifié sur plusieurs plateformes

Paramount Global fonctionne sur plusieurs plateformes de divertissement avec la distribution de contenu suivante:

Plate-forme	Volume de contenu	Revenus annuels
Paramount + streaming	Plus de 40 000 heures de contenu	3,3 milliards de dollars (2023)
Réseau primordial	2 500+ heures de programmation	1,1 milliard de dollars (2023)
CBS Broadcast Network	Plus de 5 000 heures de programmation	4,7 milliards de dollars (2023)

Expériences de streaming personnalisées

Paramount + propose un streaming personnalisé avec:

• Algorithmes de recommandation dirigés par l'IA
• Multiple utilisateur profile capacités
• Suggestions de contenu personnalisés

Programmation originale et sous licence de haute qualité

Répartition du portefeuille de contenu:

Type de contenu	Nombre de titres	Investissement
Série originale	Série originale de 350+	1,8 milliard de dollars (2023)
Contenu sous licence	Plus de 10 000 titres sous licence	750 millions de dollars (2023)

Offres de contenu multi-générationnelles et multi-genres

Distribution du genre de contenu:

• Drame: 35% du contenu
• Comédie: 25% du contenu
• Réalité: 15% du contenu
• Nouvelles: 10% du contenu
• Sports: 8% du contenu
• Programmation pour enfants: 7% du contenu

Écosystème des médias et du divertissement intégrés

L'écosystème intégré de Paramount Global comprend:

Composant écosystème	Revenus annuels	Portée du marché
Services de streaming	3,3 milliards de dollars	67 millions d'abonnés
Réseaux de télévision linéaires	5,8 milliards de dollars	Reach de diffusion mondiale
Images primordiales	1,2 milliard de dollars	Distribution internationale du film

Paramount Global (PARAA) - Modèle d'entreprise: relations clients

Services de streaming basés sur l'abonnement

Paramount + a rapporté 62,3 millions d'abonnés dans le monde au quatrième trimestre 2023. Le service de streaming a généré 3,3 milliards de dollars de revenus pour l'année 2023.

Service de streaming	Nombre d'abonné	Prix ​​d'abonnement mensuel
Paramount + essentiel	$5.99	42,1 millions d'abonnés
Paramount + Premium	$11.99	20,2 millions d'abonnés

Publicité et personnalisation ciblées

Paramount Global a généré 11,6 milliards de dollars de revenus publicitaires en 2023. La société tire parti des données de première partie de 55,4 millions d'abonnés en streaming pour des stratégies publicitaires ciblées.

Engagement des médias sociaux

Plateformes de médias sociaux de Paramount Global:

• CBS: 5,2 millions d'abonnés Twitter
• MTV: 8,7 millions d'adeptes Instagram
• Paramount + Twitter: 1,3 million d'abonnés

Support client sur les plateformes numériques

Canal de support	Temps de réponse moyen	Taux de satisfaction client
Chat en direct	12 minutes	87%
Assistance par e-mail	24 heures	79%
Support téléphonique	15 minutes	82%

Programmes de fidélité et recommandations de contenu

L'algorithme de personnalisation Paramount + génère 65% de l'engagement du spectateur grâce à un contenu recommandé. La plate-forme suit l'historique des utilisateurs sur 42,7 millions d'utilisateurs mensuels actifs pour fournir des recommandations sur mesure.

Métrique de recommandation	Performance
Taux d'achèvement du contenu	58%
Heure de la montre de contenu recommandé	42% de l'observation totale

Paramount Global (PARAA) - Modèle d'entreprise: canaux

Plateforme de streaming paramount +

Au quatrième trimestre 2023, Paramount + a rapporté 63 millions d'abonnés mondiaux. Le prix de l'abonnement varie de 4,99 $ à 11,99 $ par mois. La plate-forme a généré 3,3 milliards de dollars de revenus directs aux consommateurs en 2023.

Niveau d'abonnement	Prix ​​mensuel	Caractéristiques clés
Essentiel	$4.99	Annonces limitées
Prime	$11.99	Pas d'annonces, sports en direct

Pluton TV

Pluto TV, détenu par Paramount Global, a rapporté 72 millions d'utilisateurs actifs mensuels en 2023. La plate-forme génère des revenus grâce à la publicité, avec environ 1,2 milliard de dollars de revenus publicitaires pour l'année.

Réseaux de télévision par câble et satellite traditionnels

Paramount possède plusieurs réseaux câblés, notamment:

• MTV - atteint 510 millions de ménages dans le monde entier
• Comedy Central - Disponible dans 164 pays
• Nickelodeon - diffusé dans plus de 180 pays

Réseau	Portée mondiale	Revenus annuels (2023)
MTV	510 millions de ménages	1,5 milliard de dollars
Comédie centrale	164 pays	800 millions de dollars

Applications de streaming mobile et numérique

L'application paramount + mobile a téléchargé 29,4 millions de fois en 2023. L'application prend en charge le streaming dans 14 pays différents avec une compatibilité multi-appareils.

Canaux de marketing des médias sociaux et numériques

Paramount Global maintient une présence importante sur les réseaux sociaux:

• YouTube: 52,3 millions d'abonnés sur les canaux du réseau
• Instagram: 38,6 millions d'adeptes au total
• Facebook: 45,2 millions d'abonnés au total

Plate-forme	Adeptes / abonnés	Taux d'engagement
Youtube	52,3 millions	4.2%
Instagram	38,6 millions	3.7%

Paramount Global (PARAA) - Modèle d'entreprise: segments de clientèle

Streaming Entertainment Consumers

Paramount + a rapporté 62 millions d'abonnés au monde au quatrième trimestre 2023. Les revenus de streaming ont atteint 3,3 milliards de dollars en 2023.

Plate-forme de streaming	Nombre d'abonné	Prix ​​d'abonnement mensuel
Paramount +	62 millions	$9.99
Pluton TV	80 millions d'utilisateurs actifs mensuels	Gratuit

Câble et public télévisé traditionnel

Paramount possède plusieurs réseaux câblés atteignant environ 794 millions de ménages dans le monde.

• CBS: 96,4 millions de ménages TV
• MTV: 87,4 millions de ménages TV
• Nickelodeon: 74,3 millions de ménages télévisés
• Comedy Central: 69,2 millions de ménages TV

Jeunes adultes et milléniaux

Target démographique pour des plateformes comme MTV, Comedy Central et Paramount +.

Plate-forme	Démographie de l'âge primaire	Pourcentage d'audience
MTV	18-34 ans	62%
Comédie centrale	18-49 ans	55%

Téléspectateurs de divertissement en enfants et en famille

Nickelodeon génère un chiffre d'affaires annuel de 1,8 milliard de dollars avec une programmation substantielle pour enfants.

• Nick Jr. atteint 58,4 millions de ménages
• Teennick cible 12-17 groupes d'âge
• Nicktoons se concentre sur le contenu animé

Consommateurs de médias internationaux

Les abonnés en streaming international ont totalisé 21,1 millions en 2023.

Région	Nombre d'abonné	Taux de croissance
l'Amérique latine	9,2 millions	18%
Europe	7,5 millions	12%
Asie-Pacifique	4,4 millions	8%

Paramount Global (PARAA) - Modèle d'entreprise: Structure des coûts

Dépenses de production et de licence de contenu

Au cours de l'exercice 2023, Paramount Global a rapporté des frais de production de contenu et de licence de 8,7 milliards de dollars.

Catégorie de dépenses	Montant (milliards de dollars)
Paramount + Contenu original	2.3
Licence de contenu en streaming	1.9
Production de contenu de télévision linéaire	2.5
Production cinématographique	2.0

Maintenance de technologie et d'infrastructure

Les coûts d'infrastructure technologique pour Paramount Global ont totalisé 1,2 milliard de dollars en 2023.

• Infrastructure de cloud computing: 450 millions de dollars
• Maintenance du réseau et du centre de données: 350 millions de dollars
• Investissements en cybersécurité: 250 millions de dollars
• Développement de la plate-forme numérique: 150 millions de dollars

Coûts de marketing et de publicité

Les dépenses de marketing pour Paramount Global ont atteint 3,5 milliards de dollars en 2023.

Canal de marketing	Dépenses (millions de dollars)
Marketing numérique	1,200
Publicité télévisée	1,050
Campagnes de médias sociaux	650
Publicité imprimée et extérieure	600

Talent et salaires du personnel créatif

Les dépenses totales du personnel pour Paramount Global étaient de 4,6 milliards de dollars en 2023.

• Rémunération des cadres: 85 millions de dollars
• Salaires de talents créatifs: 2,3 milliards de dollars
• Personnel technique et de soutien: 1,5 milliard de dollars
• Bonus de performance: 720 millions de dollars

Investissements de recherche et développement

Les dépenses de R&D pour Paramount Global se sont élevées à 620 millions de dollars en 2023.

Zone de focus R&D	Investissement (millions de dollars)
Technologie de streaming	250
Analyse de contenu	180
IA et apprentissage automatique	120
Innovation de l'expérience utilisateur	70

Paramount Global (PARAA) - Modèle commercial: Strots de revenus

Frais d'abonnement des plateformes de streaming

Paramount + a généré 3,3 milliards de dollars de revenus de streaming en 2023. La plate-forme a signalé 61,4 millions d'abonnés mondiaux au quatrième trimestre 2023.

Plate-forme de streaming	Abonnés	Revenus annuels
Paramount +	61,4 millions	3,3 milliards de dollars
Pluton TV	80 millions d'utilisateurs actifs mensuels	1,2 milliard de dollars

Revenus publicitaires

Paramount Global a déclaré 9,4 milliards de dollars de revenus publicitaires pour l'exercice 2023.

• Publicité télévisée linéaire: 6,2 milliards de dollars
• Publicité numérique: 3,2 milliards de dollars

Licence et distribution de contenu

Les licences de contenu ont généré 2,7 milliards de dollars de revenus pour Paramount Global en 2023.

Catégorie de licence	Revenu
Licence nationale	1,8 milliard de dollars
Licence internationale	900 millions de dollars

Expansion du marché international

Les revenus de streaming internationaux ont atteint 1,5 milliard de dollars en 2023, ce qui représente une croissance de 45% en glissement annuel.

• Amérique latine: 450 millions de dollars
• Europe: 650 millions de dollars
• Asie-Pacifique: 400 millions de dollars

Marchandisage et partenariats de marque

Le marchandisage et les partenariats de marque ont contribué 650 millions de dollars aux revenus de Paramount Global en 2023.

Catégorie de partenariat	Revenu
Marchandise de divertissement	350 millions de dollars
Collaborations de marque	300 millions de dollars

Paramount Global (PARAA) - Canvas Business Model: Value Propositions

A single, scaled streaming service (Paramount+) combining premium content and live events.

• Global Paramount+ subscribers reached 79.1 million as of Q3 2025.
• Direct-to-Consumer revenue for Q3 2025 was $2.17 billion, marking a 17% year-over-year increase.
• Global Average Revenue Per User (ARPU) for streaming services was approximately $8.40 in Q3 2025, up 11% year-over-year.
• The ad-supported tier of Paramount+ is projected to account for 58% of its viewers in 2025.

Free, ad-supported streaming via Pluto TV for budget-conscious viewers.

• Pluto TV boasts over 80 million monthly active users globally.
• Free, ad-supported television services, including Pluto TV, generated $4.9 billion in revenue in 2024.

Must-have live content, including NFL games and breaking news via CBS.

• NFL on CBS viewership saw an increase of 5%, with streaming viewership up over 50% year-over-year (based on prior period data).

High-quality theatrical releases that feed the streaming service flywheel.

Metric	Value	Period/Context
Filmed Entertainment Revenue	$768 million	Q3 2025
Theatrical Slate Plan	At least 15 films annually	Beginning in 2026
Filmed Entertainment Adjusted OIBDA	$20 million	Q1 2025

Diverse portfolio appealing to multiple demographics (Nickelodeon, BET, Showtime).

• The TV Media segment, which includes Nickelodeon and CBS, generated $3.8 billion in revenue in Q3 2025.
• Paramount+ includes content from Showtime, with the premium tier contributing to an increased average revenue per user.

Paramount Global (PARAA) - Canvas Business Model: Customer Relationships

You're managing a massive direct-to-consumer (D2C) operation, so the relationship with the subscriber has to be as frictionless as possible. For Paramount+ subscribers, the core interaction is designed to be automated and self-service, which is crucial when you're managing a base that hit 79 million global subscribers at the end of the first quarter of 2025.

If a customer signs up directly through the Paramount+ website, they manage everything-upgrades, downgrades, and payment method updates-by navigating to their account settings at www.paramountplus.com/account. If they signed up via a third party, like Apple, Google Play, or Roku, the management shifts to those platform stores, which is a necessary complexity in the modern distribution landscape.

The focus on keeping subscribers happy is clear in the retention metrics. Paramount Global saw churn improve by 130 basis points year-over-year in Q1 2025. This improvement is directly tied to personalized content recommendations, which help keep users engaged. Engagement itself is up; global watch time per user on Paramount+ increased by 17% year-over-year in Q1 2025. Also, global viewing hours across both Paramount+ and Pluto TV surged by 31% in that same quarter.

Here's a quick look at how those D2C relationships translated to financials in Q1 2025:

Metric	Value (Q1 2025)	Change YoY
Paramount+ Global Subscribers	79.0 million	+11%
Net Subscriber Adds (Q1)	1.5 million	N/A
DTC Subscription Revenue	N/A	+16%
Global ARPU (Average Revenue Per User)	N/A	+2%
DTC Adjusted OIBDA Improvement	$177 million	Improvement

For the advertising and affiliate side, the relationship is much more high-touch. You're not dealing with an automated portal; you're dealing with dedicated sales teams. Paramount Global has been actively structuring these teams, especially internationally, to provide integrated solutions across its ecosystem of free-to-air networks, pay TV channels, and streaming platforms. For instance, the company appointed new leadership for International Ad Sales in September 2025 and for UK Sponsorships in June 2025, showing a commitment to dedicated, senior-level management for these major partners. These teams work to seamlessly place brands into programming using internal creative groups like Paramount Brand Studios.

Even with automation, technical and billing issues require human intervention. Paramount Global maintains customer support channels to handle these necessary escalations. The goal is to keep the friction low so that engagement metrics, like the 17% year-over-year increase in watch time per user in Q1 2025, remain strong. If onboarding takes 14+ days, churn risk rises, so support efficiency is key.

The overall health of the D2C relationship management is reflected in the profitability trend. The DTC Adjusted OIBDA (Operating Income Before Interest, Taxes, Depreciation, and Amortization) improved by $177 million year-over-year in Q1 2025. By Q2 2025, the segment posted an adjusted OIBDA of $157 million, a massive jump from just $26 million in Q2 2024.

Here are the key relationship-driving engagement statistics from Q1 2025:

• Paramount+ ranked as a top three SVoD service in Original Series hours watched domestically.
• Global viewing hours across Paramount+ and Pluto TV increased 31% year-over-year.
• The service had 19 of the top ten streaming originals in Q1, including 'Landman' and 'Yellowjackets' premieres.
• The company remains on track to reach domestic profitability for Paramount+ in 2025.

Finance: draft 13-week cash view by Friday.

Paramount Global (PARAA) - Canvas Business Model: Channels

You're looking at how Paramount Global (Paramount Skydance Corporation as of August 2025) gets its content into the hands of viewers and customers. It's a mix of old-school reach and new-school delivery, and the numbers from the third quarter of 2025 really show that tension.

Direct-to-Consumer (DTC) apps: Paramount+ (SVOD) and Pluto TV (FAST)

This is the growth engine, honestly. The DTC segment, which bundles Paramount+ (Subscription Video on Demand) and Pluto TV (Free Ad-supported Streaming Television), posted a strong 17 percent year-over-year revenue increase in Q3 2025, hitting $2.17 billion. Paramount+ is the heavy lifter here, with its revenue surging 24 percent in the quarter. You see the subscriber base expanding, too; they ended Q3 2025 with 79.1 million global subscribers, adding 1.4 million net additions during the quarter. That's up from 79 million at the end of Q1 2025. The average revenue per user (ARPU) for streaming also climbed 11 percent year-over-year to approximately $8.40 in Q3. Pluto TV keeps pace with record global viewing hours, supporting the ad revenue side of the DTC equation. It's worth noting that Paramount expects the DTC business to be profitable for the full year 2025, having posted an adjusted OIBDA of $340 million in Q3 alone, a significant jump from $49 million a year ago. They are phasing out free trialers, which totaled 1.2 million at the end of Q3.

Here's a quick look at the DTC performance snapshot:

Metric	Q3 2025 Value	Year-over-Year Change
Total Streaming Revenue	$2.17 billion	+17 percent
Paramount+ Global Subscribers	79.1 million	+14 percent (vs. prior year)
Streaming ARPU	$8.40	+11 percent
DTC Adjusted OIBDA (Profit)	$340 million	Significant improvement vs. prior year

Traditional TV Media: CBS broadcast network and owned cable networks

The linear side is definitely facing headwinds, but it still moves a massive audience. The TV Media segment brought in $3.8 billion in revenue for Q3 2025, which was down 12 percent year-over-year. Advertising revenue within that segment was $1.465 billion, also down 12 percent, reflecting the softer linear ad market. Still, the CBS broadcast network remains a powerhouse, holding its position as the most-watched network in primetime for the 17th consecutive season. The owned cable networks-Nickelodeon, MTV, Comedy Central, and others-are part of this revenue stream, though they are feeling the direct impact of cord-cutting.

Theatrical box office distribution via Paramount Pictures

The theatrical channel is all about tentpole releases, and 2025 saw a recalibration after major 2024/early 2025 hits. The Filmed Entertainment segment, which houses Paramount Pictures, generated $768 million in revenue for Q3 2025. This was down 4 percent year-over-year on a comparable basis, as the theatrical slate underperformed expectations for the quarter. The company plans to address this by expanding theatrical output to at least 15 films annually starting in 2026. For context, in Q1 2025, Theatrical revenue specifically was $148 million, benefiting from the tail end of films like Gladiator II.

Affiliate agreements with MVPDs (cable/satellite) and vMVPDs (e.g., YouTube TV)

This is the traditional distribution backbone, where Paramount collects fees for carrying its linear channels. Q3 2025 saw TV Affiliate revenue come in at $1.74 billion. That number was down 7 percent year-over-year, which management directly tied to the ongoing decline in pay TV subscriber volume. You see this channel shrinking as more households drop traditional cable and satellite packages.

Content licensing to third-party platforms globally

Licensing content to other services globally provides a crucial cash flow component. In Q3 2025, the Licensing and Other revenue line saw a 22 percent year-over-year decline, which the company attributed to the timing of content delivery schedules. To give you a sense of the scale when timing is favorable, total content licensing revenue in Q2 2025 was $690 million. This channel is cyclical, depending heavily on when major library deals or exclusive content windows close.

You should track the Q4 2025 results closely to see if the expected acceleration in DTC revenue for 2026, as projected by the new leadership, begins to materialize against these Q3 linear declines. Finance: draft 13-week cash view by Friday.

Paramount Global (PARAA) - Canvas Business Model: Customer Segments

Global streaming subscribers seeking premium, exclusive content:

• Global Paramount+ subscribers totaled 79 million as of Q1 2025.
• Paramount+ added 1.5 million net subscribers in Q1 2025.
• The global subscriber base dipped to 77.7 million by the end of Q2 2025.
• Subscription revenue for the Direct-to-Consumer (DTC) segment jumped approximately 23% year-over-year in Q2 2025.

Ad-tolerant viewers utilizing the free Pluto TV service:

• Pluto TV reported global Monthly Active Users (MAUs) reaching 83 million in Q2 2025.
• Global viewing hours across Paramount+ and Pluto TV surged 31% year-over-year in Q1 2025.
• Pluto TV was the most popular free ad-supported streaming television (FAST) service in Canada as of December 2024.

Traditional linear TV households paying for cable/satellite bundles:

• CBS is on track to be the most-watched network in U.S. primetime for the 17th consecutive season.
• Affiliate and subscription revenue for TV Media dipped 9% in Q1 2025.
• Global spending on linear TV ads is forecast at $143.9 billion for 2025.
• Linear TV now represents just 12.4% of total global ad spend.

Global advertisers seeking mass reach across linear and digital platforms:

The advertising landscape shows a clear shift in spend allocation across platforms.

Segment	Q2 2025 Revenue Amount	Year-over-Year Change
DTC Advertising (Paramount+ & Pluto TV)	$494 million	-4%
TV Media Advertising	$1.87 billion	-6%
Total Company Advertising (Q1 2025)	$2.5 billion (excluding Super Bowl impact)	Unchanged/Flat (excluding Super Bowl impact)

• Global Connected TV (CTV) spend is forecast to reach $39.9 billion in 2025.
• 56% of marketers plan to boost OTT/CTV budgets in 2026.

International audiences for localized content and global streaming expansion:

• Paramount+ saw subscriber decline of 1.3 million in Q2 2025, attributed to a bulk deal expiration in Europe.
• The company undertook a 3.5% U.S. workforce reduction in 2025 to optimize margins amid global expansion.
• Pluto TV is available in the Americas and Europe.

Paramount Global (PARAA) - Canvas Business Model: Cost Structure

The Cost Structure for Paramount Global is heavily influenced by the significant capital required to fuel its content engine and the ongoing integration and transformation following the Skydance merger. You're looking at a business model where large, upfront investments are necessary to maintain relevance in the competitive media landscape.

High fixed costs related to content production and acquisition remain a primary driver of expenditure. While specific content cost figures for Q3 2025 aren't explicitly broken out in the same line item as revenue, the company expects adjusted operating income (adj. OIBDA) losses in Q4 2025 due to seasonally-weighted content costs in the Direct-to-Consumer (DTC) segment. This signals that content spend is a major, variable, yet substantial, fixed-like cost component. The company is planning to increase its investment in content moving forward, with a stated goal of investing $1.5 billion in content as part of the new strategy.

Significant technology and marketing spend for DTC platform growth is another critical area. The DTC division, which includes Paramount+, saw revenue increase 17 percent to $2.17 billion in Q3 2025. The post-close period of Q3 2025 saw the DTC segment achieve an adj. OIBDA of $235 million, showing improved efficiency, but this is balanced against the need to continue scaling the platform globally.

Linear TV distribution and affiliate fee expenses are tied to the legacy business, which continues to face headwinds. The TV Media segment generated $3.8 billion in revenue in Q3 2025. This revenue is directly impacted by the costs associated with maintaining distribution agreements and the associated affiliate fees, which saw revenue decline 7 percent year-over-year to $1.74 billion in the quarter.

Restructuring and merger-related charges have directly impacted recent profitability. Paramount Global posted a net loss of $257 million for the third quarter of 2025, which was explicitly based on merger-related expenses and restructuring costs. Furthermore, the company anticipates a restructuring charge of $500 million in the fourth quarter of 2025 related to its realignment and transformation efforts. The overall cost-cutting initiative, following the Skydance merger, has increased the efficiency target to at least $3 billion in run-rate savings by 2027, up from a prior $2 billion target.

The burden of financing operations is reflected in the substantial interest expense on debt. Paramount ended Q3 2025 with gross debt of $13.6 billion. While the Q3 2025 interest expense is not explicitly stated, the interest expense on debt for the fiscal quarter ending in June of 2025 (Q2 2025) was $214 million.

Here's a quick look at the key financial figures impacting the cost side of the equation as of late 2025:

Cost/Expense Driver Component	Financial Metric/Amount	Period/Context
Gross Debt	$13.6 billion	End of Q3 2025
Restructuring Charge Anticipated	$500 million	Q4 2025 Forecast
Total Cost Savings Target	$3 billion (run-rate)	By End of 2027
Interest Expense on Debt (Closest Data)	$214 million	Fiscal Quarter Ending June 2025 (Q2 2025)
Net Loss Attributable to Merger/Restructuring	$257 million	Q3 2025 Net Loss
Planned Content Investment	$1.5 billion	Forward-looking goal

The cost structure is clearly undergoing a major overhaul, aiming to shed legacy expenses while funding the digital transition. You can see the impact of this in the segment results:

• DTC adj. OIBDA margin: 12 percent (pre-close) and 18 percent (post-close) in Q3 2025.
• TV Media adj. OIBDA margin: 20 percent (pre-close) and 23 percent (post-close) in Q3 2025.
• TV Affiliate Revenue: $1.74 billion in Q3 2025.
• TV Advertising Revenue: $1.465 billion in Q3 2025.

The company is definitely making aggressive moves to right-size its operating expenses. Finance: draft 13-week cash view by Friday.

Paramount Global (PARAA) - Canvas Business Model: Revenue Streams

You're looking at the core ways Paramount Global brings in cash as of late 2025, post-Skydance merger. It's a mix of legacy media cash flow and aggressive streaming investment.

Subscription revenue from Paramount+ is definitely the primary growth driver you need to watch. The Direct-to-Consumer (DTC) division, which houses Paramount+, saw its revenue increase by 17 percent year-over-year on a pro forma basis in Q3 2025. Paramount+ itself drove a significant portion of this, with its revenue growing 24 percent to reach $1.77 billion for the quarter. The global subscriber base reached 79.1 million worldwide by the end of Q3 2025, up 10 percent year-over-year, with Average Revenue Per User (ARPU) also growing by 11 percent.

Advertising revenue from TV Media and Pluto TV is still a major component, though facing headwinds. The company reported total revenue of $6.7 billion for the third quarter of 2025, which was flat compared to the prior year on a pro forma basis. Within the TV Media segment, advertising revenue specifically fell 12 percent year-over-year to $1.465 billion in Q3 2025. Pluto TV's performance is bundled into the DTC advertising figures, which saw growth driven by both it and Paramount+.

Affiliate fees from cable and satellite distributors represent a declining segment you must account for. This revenue stream, part of the TV Media segment, was reported at $1.74 billion in Q3 2025, marking a 7 percent decline year-over-year, directly attributable to ongoing pay TV subscriber volume loss.

Theatrical box office and content licensing revenue from Filmed Entertainment shows the impact of the Skydance integration. Filmed Entertainment pro forma revenue increased 30 percent year-over-year in Q3 2025, largely due to the consolidation of Skydance licensing and other revenue. The company plans to recalibrate its film strategy, aiming for an output of at least 15 films annually starting in 2026, up from about eight films per year previously.

Management has been clear on the streaming focus: they expect Paramount+ to achieve domestic profitability by the end of 2025. On a full-year basis, the entire DTC segment is expected to be profitable in 2025, with profitability growth anticipated in 2026.

Here's a quick look at the Q3 2025 segment revenue breakdown:

Revenue Stream Category	Q3 2025 Revenue Amount (Millions USD)	Year-over-Year Change
Total Company Revenue	$6,700	Flat (Pro Forma)
TV Media Advertising Revenue	$1,465	Down 12 percent
TV Media Affiliate Revenue	$1,740	Down 7 percent
Direct-to-Consumer (DTC) Revenue	$2,170	Up 17 percent
Paramount+ Subscription Revenue (Component of DTC)	$1,770	Up 24 percent
Filmed Entertainment Revenue (Pro Forma)	$768	Up 30 percent

The key takeaways on the revenue mix are:

• Paramount+ global subscribers hit 79.1 million as of end of Q3 2025.
• DTC segment posted a profit of $340 million in Q3 2025.
• TV Media segment revenue declined 12 percent to $3.8 billion in Q3 2025.
• The company is targeting at least $3 billion in run-rate efficiencies by 2027.
• Expected 2026 total revenue forecast is $30 billion.

Finance: draft 13-week cash view by Friday.