How Do They Make Money?

Revenue breakdown for Paramount:

Basically, 65% of total revenue comes from TV Media, 26% comes from DTC programming, and 10% comes from Filmed entertainment.

They breakdown each segment further:

I'll just focus on TV Media segment, since that makes up the majority of their revenue...

Really interesting, Advertising isn't the only pony here. They break down TV Media into three subsets:

1. Advertising (43%)

2. Affiliate and subscription revenues (41%)

   • These include fees from distributors for carriage of $para's cable networks (cable affiliate fees)

   • Owned TV stations (known as retransmission fees)

   • 3rd party TV stations affiliating with CBS (known as reverse compensation)

3. Licensing and distribution of our content and other rights (16%)

Revenues from TV media have not been doing well. They were down 7% in 2024. DTC (paramount+) revenue grew 13%, and filmed entertainment was about even. All told, this business is suffering.

Link to $para's 2024 annual report