☒ |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 |
OR | ||||||||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
For the transition period from to
|
Delaware | 04-2949533 | |||||||||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer Identification No.) |
1515 Broadway | ||||||||||||||
New York, | New York | 10036 |
Title of Each Class | Trading Symbols |
Name of Each Exchange on
Which Registered |
||||||||||||
Class A Common Stock, $0.001 par value | VIACA | The Nasdaq Stock Market LLC | ||||||||||||
Class B Common Stock, $0.001 par value | VIAC | The Nasdaq Stock Market LLC |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
Page | ||||||||||||||
PART I | ||||||||||||||
Item 1. | ||||||||||||||
Item 1A. |
I-19
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Item 1B. |
I-31
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Item 2. |
I-31
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Item 3. |
I-32
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Item 4. |
I-32
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PART II | ||||||||||||||
Item 5. |
II-1
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Item 7. |
II-3
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Item 8. |
II-51
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Item 9. |
II-118
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Item 9A. |
II-118
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Item 9B. |
II-118
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PART III | ||||||||||||||
Item 10. |
III-1
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Item 11. |
III-1
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Item 12. |
III-1
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Item 13. |
III-1
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Item 14. |
III-1
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PART IV | ||||||||||||||
Item 15. |
IV-1
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Item 16. |
IV-1
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Item 1.
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Business.
|
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TV ENTERTAINMENT
Overview
TV Entertainment operates the CBS Television Network, our domestic broadcast network; CBS Studios and CBS Media Ventures, our television production and syndication operations; our CBS-branded streaming services CBS All Access/Paramount+, CBSN, CBS Sports HQ and ET Live; CBS Sports Network, our cable network focused on college athletics and other sports; and CBS Television Stations, our owned broadcast television stations.
|
Television Market |
DMA Rank(1)
|
Stations | Type | Network Affiliation |
Local Websites and CBSN
Streaming Services(2)
|
||||||||||||
New York, NY | 1 | WCBS‑TV | UHF | CBS | newyork.cbslocal.com | ||||||||||||
WLNY‑TV | UHF | Independent | CBSN New York | ||||||||||||||
Los Angeles, CA | 2 | KCAL‑TV | VHF | Independent | losangeles.cbslocal.com | ||||||||||||
KCBS‑TV | UHF | CBS | CBSN Los Angeles | ||||||||||||||
Chicago, IL | 3 | WBBM‑TV | VHF | CBS | chicago.cbslocal.com | ||||||||||||
CBSN Chicago | |||||||||||||||||
Philadelphia, PA | 4 | KYW‑TV | UHF | CBS | philadelphia.cbslocal.com | ||||||||||||
WPSG‑TV | UHF | The CW | CBSN Philly | ||||||||||||||
Dallas‑Fort Worth, TX | 5 | KTVT‑TV | UHF | CBS | dfw.cbslocal.com | ||||||||||||
KTXA‑TV | UHF | Independent | CBSN Dallas-Fort Worth | ||||||||||||||
San Francisco, CA | 6 | KPIX‑TV | UHF | CBS | sanfrancisco.cbslocal.com | ||||||||||||
KBCW‑TV | UHF | The CW | CBSN Bay Area | ||||||||||||||
Atlanta, GA | 7 | WUPA-TV | UHF | The CW | atlanta.cbslocal.com | ||||||||||||
Boston, MA | 10 | WBZ-TV | UHF | CBS | boston.cbslocal.com | ||||||||||||
WSBK-TV | UHF | MyNetworkTV | CBSN Boston | ||||||||||||||
Seattle-Tacoma, WA | 12 | KSTW-TV | VHF | The CW | seattle.cbslocal.com | ||||||||||||
Tampa-St. Petersburg, FL | 13 | WTOG-TV | UHF | The CW | tampa.cbslocal.com | ||||||||||||
Minneapolis, MN | 14 | WCCO‑TV | UHF | CBS | minnesota.cbslocal.com | ||||||||||||
KCCW‑TV(3)
|
VHF | CBS | CBSN Minnesota | ||||||||||||||
Detroit, MI | 15 | WWJ‑TV | UHF | CBS | detroit.cbslocal.com | ||||||||||||
WKBD‑TV | UHF | The CW |
Television Market |
DMA Rank(1)
|
Stations | Type | Network Affiliation |
Local Websites and CBSN
Streaming Services(2)
|
||||||||||||
Denver, CO | 16 | KCNC‑TV | UHF | CBS | denver.cbslocal.com | ||||||||||||
CBSN Denver | |||||||||||||||||
Miami-Ft. Lauderdale, FL | 18 | WFOR‑TV | UHF | CBS | miami.cbslocal.com | ||||||||||||
WBFS‑TV | UHF | MyNetworkTV | |||||||||||||||
Sacramento, CA | 20 | KOVR-TV | UHF | CBS | sacramento.cbslocal.com | ||||||||||||
KMAX-TV | UHF | The CW | |||||||||||||||
Indianapolis, IN | 25 |
WBXI-CA(4)
|
UHF | Independent | |||||||||||||
Pittsburgh, PA | 26 | KDKA-TV | UHF | CBS | pittsburgh.cbslocal.com | ||||||||||||
WPCW-TV | VHF | The CW | CBSN Pittsburgh | ||||||||||||||
Baltimore, MD | 28 | WJZ‑TV | VHF | CBS | baltimore.cbslocal.com | ||||||||||||
|
CABLE NETWORKS
Overview
Cable Networks operates a portfolio of free, pay and premium streaming services — Pluto TV, a leading FAST service in the U.S.; Noggin, Nickelodeon’s preschool subscription streaming service; BET+, a subscription streaming service focused on the Black audience; and SHOWTIME OTT — and a portfolio of both premium subscription and basic cable networks. Our premium subscription cable networks consist of SHOWTIME, The Movie Channel and Flix, and our basic cable networks consist of BET, Nickelodeon, MTV, Comedy Central, Paramount Network, Smithsonian Channel, Pop TV, CMT, VH1, TV Land and Logo.
|
|
FILMED ENTERTAINMENT
Overview
Filmed Entertainment operates Paramount Pictures, Paramount Players, Paramount Animation and Paramount Television Studios, and also includes Miramax, a consolidated joint venture. It partners on various projects with key TV Entertainment and Cable Networks brands. Films produced, acquired and/or distributed by Filmed Entertainment are generally first exhibited theatrically in domestic and/or international markets and then released in various markets and media.
|
|
PUBLISHING
Publishing consists of Simon & Schuster, which publishes and distributes adult and children’s consumer books in printed, digital and audio formats in the U.S. and internationally. Its digital formats include electronic books and audio books. In November 2020, we announced that we entered into an agreement to sell Simon & Schuster, which is expected to close in 2021, subject to customary closing conditions, including regulatory approvals. Simon & Schuster is presented as a discontinued operation in our consolidated financial statements for all periods presented in this Annual Report on Form 10-K.
|
Name | Age | Position | ||||||
Robert M. Bakish | 57 | President and Chief Executive Officer, Director | ||||||
Naveen Chopra | 47 | Executive Vice President, Chief Financial Officer | ||||||
Christa A. D’Alimonte | 52 | Executive Vice President, General Counsel and Secretary | ||||||
Katherine Gill-Charest | 56 | Executive Vice President, Controller and Chief Accounting Officer | ||||||
Richard M. Jones | 55 | Executive Vice President, General Tax Counsel and Chief Veteran Officer | ||||||
Doretha (DeDe) Lea | 56 | Executive Vice President, Global Public Policy and Government Relations | ||||||
Julia Phelps | 43 | Executive Vice President, Chief Communications and Corporate Marketing Officer | ||||||
Nancy Phillips | 53 | Executive Vice President, Chief People Officer |
Item 1A.
|
Risk Factors.
|
Item 1B.
|
Unresolved Staff Comments.
|
Item 2.
|
Properties.
|
Item 3.
|
Legal Proceedings.
|
Item 4.
|
Mine Safety Disclosures.
|
Item 5.
|
Market for ViacomCBS Inc.’s Common Equity, Related Stockholder Matters and Purchases of Equity Securities.
|
December 31, | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||
Class A Common Stock | $100 | $126 | $117 | $87 | $91 | $79 | ||||||||||||||
Class B Common Stock | $100 | $137 | $128 | $96 | $94 | $87 | ||||||||||||||
S & P 500 | $100 | $112 | $136 | $130 | $171 | $203 | ||||||||||||||
Prior Peer Group (a)
|
$100 | $102 | $110 | $125 | $157 | $189 | ||||||||||||||
S&P 500 Media & Entertainment Index | $100 | $114 | $121 | $108 | $145 | $190 |
Item 7. |
Management’s Discussion and Analysis of Results of Operations and Financial Condition.
(Tabular dollars in millions, except per share amounts) |
Consolidated results of operations | Increase/(Decrease) | |||||||||||||||||||||||||
Year Ended December 31, | 2020 | 2019 | $ | % | ||||||||||||||||||||||
GAAP: | ||||||||||||||||||||||||||
Revenues | $ | 25,285 | $ | 26,998 | $ | (1,713) | (6) | % | ||||||||||||||||||
Operating income | $ | 4,139 | $ | 4,146 | $ | (7) | — | % | ||||||||||||||||||
Net earnings from continuing operations
attributable to ViacomCBS
|
$ | 2,305 | $ | 3,168 | $ | (863) | (27) | % | ||||||||||||||||||
Diluted EPS from continuing operations
attributable to ViacomCBS
|
$ | 3.73 | $ | 5.13 | $ | (1.40) | (27) | % | ||||||||||||||||||
Net cash flow provided by operating activities from
continuing operations
|
$ | 2,215 | $ | 1,171 | $ | 1,044 | 89 | % | ||||||||||||||||||
Non-GAAP: (a)
|
||||||||||||||||||||||||||
Adjusted OIBDA | $ | 5,132 | $ | 5,393 | $ | (261) | (5) | % | ||||||||||||||||||
Adjusted net earnings from continuing operations
attributable to ViacomCBS
|
$ | 2,595 | $ | 2,983 | $ | (388) | (13) | % | ||||||||||||||||||
Adjusted diluted EPS from continuing operations
attributable to ViacomCBS
|
$ | 4.20 | $ | 4.83 | $ | (.63) | (13) | % | ||||||||||||||||||
Free cash flow | $ | 1,891 | $ | 826 | $ | 1,065 | 129 | % |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
Operating Income (GAAP) | $ | 4,139 | $ | 4,146 | $ | 5,062 | |||||||||||
Depreciation and amortization (a)
|
430 | 438 | 427 | ||||||||||||||
Restructuring and other corporate matters (b)
|
618 | 769 | 489 | ||||||||||||||
Programming charges (b)
|
159 | 589 | 162 | ||||||||||||||
Gain on sales (b)
|
(214) | (549) | — | ||||||||||||||
Adjusted OIBDA (Non-GAAP) | $ | 5,132 | $ | 5,393 | $ | 6,140 |
Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Earnings from Continuing Operations Before Income Taxes | Provision for Income Taxes | Net Earnings from Continuing Operations Attributable to ViacomCBS | Diluted EPS from Continuing Operations | ||||||||||||||||||||||||||||||||||||||||||||
Reported (GAAP) | $ | 3,147 | $ | (535) | $ | 2,305 | $ | 3.73 | |||||||||||||||||||||||||||||||||||||||
Items affecting comparability: | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other corporate matters (a)
|
618 | (133) | 485 | .79 | |||||||||||||||||||||||||||||||||||||||||||
Impairment charge (b)
|
25 | (6) | 19 | .03 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation of abandoned technology (c)
|
12 | (3) | 9 | .01 | |||||||||||||||||||||||||||||||||||||||||||
Programming charges (d)
|
159 | (39) | 120 | .20 | |||||||||||||||||||||||||||||||||||||||||||
Gain on sales (e)
|
(214) | 31 | (183) | (.30) | |||||||||||||||||||||||||||||||||||||||||||
Net gains from investments (f)
|
(206) | 50 | (156) | (.25) | |||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 126 | (29) | 97 | .16 | |||||||||||||||||||||||||||||||||||||||||||
Discrete tax items (g)
|
— | (110) | (110) | (.18) | |||||||||||||||||||||||||||||||||||||||||||
Impairment of equity-method investment | — | — | 9 | .01 | |||||||||||||||||||||||||||||||||||||||||||
Adjusted (Non-GAAP) | $ | 3,667 | $ | (774) | $ | 2,595 | $ | 4.20 | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Earnings from Continuing Operations Before Income Taxes | Benefit (Provision) for Income Taxes | Net Earnings from Continuing Operations Attributable to ViacomCBS | Diluted EPS from Continuing Operations | ||||||||||||||||||||||||||||||||||||||||||||
Reported (GAAP) | $ | 3,223 | $ | 29 | $ | 3,168 | $ | 5.13 | |||||||||||||||||||||||||||||||||||||||
Items affecting comparability: | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other corporate matters (a)
|
769 | (133) | 636 | 1.03 | |||||||||||||||||||||||||||||||||||||||||||
Impairment charge (b)
|
20 | (6) | 14 | .02 | |||||||||||||||||||||||||||||||||||||||||||
Programming charges (c)
|
589 | (142) | 447 | .73 | |||||||||||||||||||||||||||||||||||||||||||
Gain on sales (d)
|
(549) | 163 | (386) | (.63) | |||||||||||||||||||||||||||||||||||||||||||
Net gains from investments (e)
|
(85) | 16 | (69) | (.11) | |||||||||||||||||||||||||||||||||||||||||||
Discrete tax items (f)
|
— | (827) | (827) | (1.34) | |||||||||||||||||||||||||||||||||||||||||||
Adjusted (Non-GAAP) | $ | 3,967 | $ | (900) | $ | 2,983 | $ | 4.83 | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||
Earnings from Continuing Operations Before Income Taxes | Provision for Income Taxes | Net Earnings from Continuing Operations Attributable to ViacomCBS | Diluted EPS from Continuing Operations | ||||||||||||||||||||||||||||||||||||||||||||
Reported (GAAP) | $ | 3,984 | $ | (580) | $ | 3,320 | $ | 5.35 | |||||||||||||||||||||||||||||||||||||||
Items affecting comparability: | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other corporate matters (a)
|
489 | (116) | 373 | .59 | |||||||||||||||||||||||||||||||||||||||||||
Programming charges (b)
|
162 | (39) | 123 | .20 | |||||||||||||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | (18) | 4 | (14) | (.02) | |||||||||||||||||||||||||||||||||||||||||||
Net loss from investments (c)
|
53 | (16) | 37 | .06 | |||||||||||||||||||||||||||||||||||||||||||
Discrete tax items (d)
|
— | (297) | (297) | (.48) | |||||||||||||||||||||||||||||||||||||||||||
Adjusted (Non-GAAP) | $ | 4,670 | $ | (1,044) | $ | 3,542 | $ | 5.70 | |||||||||||||||||||||||||||||||||||||||
Revenues by Type | % of Total | % of Total | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | 2020 | Revenues | 2019 | Revenues | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
Advertising | $ | 9,751 | 38 | % | $ | 11,074 | 41 | % | $ | (1,323) | (12) | % | ||||||||||||||||||||||||||||||||||||||
Affiliate | 9,166 | 36 | 8,602 | 32 | 564 | 7 | ||||||||||||||||||||||||||||||||||||||||||||
Content licensing | 5,963 | 24 | 6,483 | 24 | (520) | (8) | ||||||||||||||||||||||||||||||||||||||||||||
Theatrical | 180 | 1 | 547 | 2 | (367) | (67) | ||||||||||||||||||||||||||||||||||||||||||||
Other | 225 | 1 | 292 | 1 | (67) | (23) | ||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 25,285 | 100 | % | $ | 26,998 | 100 | % | $ | (1,713) | (6) | % |
Streaming Revenues by Type | Increase/(Decrease) | |||||||||||||||||||||||||
Year Ended December 31, | 2020 | 2019 | $ | % | ||||||||||||||||||||||
Advertising | $ | 1,418 | $ | 1,005 | $ | 413 | 41 | % | ||||||||||||||||||
Subscription (a)
|
1,143 | 709 | 434 | 61 | ||||||||||||||||||||||
Total Streaming Revenues | $ | 2,561 | $ | 1,714 | $ | 847 | 49 | % |
Streaming Revenues by Segment | Increase/(Decrease) | |||||||||||||||||||||||||
Year Ended December 31, | 2020 | 2019 | $ | % | ||||||||||||||||||||||
TV Entertainment (b)
|
$ | 911 | $ | 701 | $ | 210 | 30 | % | ||||||||||||||||||
Cable Networks (c)
|
1,650 | 1,013 | 637 | 63 | ||||||||||||||||||||||
Total Streaming Revenues | $ | 2,561 | $ | 1,714 | $ | 847 | 49 | % |
% of | % of | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses by Type | Operating | Operating | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | 2020 | Expenses | 2019 | Expenses | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
Production | $ | 6,425 | 43 | % | $ | 6,797 | 41 | % | $ | (372) | (5) | % | ||||||||||||||||||||||||||||||||||||||
Programming | 3,779 | 25 | 4,287 | 26 | (508) | (12) | ||||||||||||||||||||||||||||||||||||||||||||
Participation, residual and
distribution
|
2,634 | 18 | 3,147 | 19 | (513) | (16) | ||||||||||||||||||||||||||||||||||||||||||||
Programming charges | 159 | 1 | 589 | 3 | (430) | n/m | ||||||||||||||||||||||||||||||||||||||||||||
Other | 1,995 | 13 | 1,893 | 11 | 102 | 5 | ||||||||||||||||||||||||||||||||||||||||||||
Total Operating Expenses | $ | 14,992 | 100 | % | $ | 16,713 | 100 | % | $ | (1,721) | (10) | % |
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2020 | 2019 | $ | % | ||||||||||||||||||||||
Selling, general and administrative expenses | $ | 5,320 | $ | 5,481 | $ | (161) | (3) | % |
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2020 | 2019 | $ | % | ||||||||||||||||||||||
Depreciation and amortization | $ | 430 | $ | 438 | $ | (8) | (2) | % |
Year Ended December 31, | 2020 | 2019 | |||||||||
Severance | $ | 472 | $ | 395 | |||||||
Exit costs and other | 70 | 23 | |||||||||
Restructuring charges | 542 | 418 | |||||||||
Merger-related costs | 56 | 294 | |||||||||
Other corporate matters | 20 | 57 | |||||||||
Restructuring and other corporate matters | $ | 618 | $ | 769 |
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2020 | 2019 | $ | % | ||||||||||||||||||||||
Interest expense | $ | (1,031) | $ | (962) | $ | 69 | 7 | % | ||||||||||||||||||
Interest income | $ | 60 | $ | 66 | $ | (6) | (9) | % |
Weighted Average | Weighted Average | |||||||||||||||||||||||||||||||||||||
At December 31, | 2020 | Interest Rate | 2019 | Interest Rate | ||||||||||||||||||||||||||||||||||
Total long-term debt | $ | 19,612 | 4.80 | % | $ | 17,976 | 4.70 | % | ||||||||||||||||||||||||||||||
Commercial paper | $ | — | n/a | $ | 699 | 2.07 | % | |||||||||||||||||||||||||||||||
Other bank borrowings | $ | 95 | 3.50 | % | $ | — | n/a |
Year Ended December 31, | 2020 | 2019 | |||||||||
Pension and postretirement benefit costs | $ | (69) | $ | (99) | |||||||
Foreign exchange losses | (35) | (18) | |||||||||
Other | 3 | 5 | |||||||||
Other items, net | $ | (101) | $ | (112) |
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2020 | 2019 | $ | % | ||||||||||||||||||||||
Equity in loss of investee companies | $ | (47) | $ | (72) | $ | 25 | 35 | % | ||||||||||||||||||
Tax benefit | 19 | 19 | — | — | ||||||||||||||||||||||
Equity in loss of investee companies, net of tax | $ | (28) | $ | (53) | $ | 25 | 47 | % |
Year Ended December 31, | 2020 | 2019 | |||||||||
Net earnings attributable to noncontrolling
interests
|
$ | (279) | $ | (31) |
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2020 | 2019 | $ | % | ||||||||||||||||||||||
Net earnings from continuing operations attributable to
ViacomCBS |
$ | 2,305 | $ | 3,168 | $ | (863) | (27) | % | ||||||||||||||||||
Diluted EPS from continuing operations attributable to
ViacomCBS |
$ | 3.73 | $ | 5.13 | $ | (1.40) | (27) | % |
Year Ended December 31, 2020 | Simon & Schuster |
Other (a)
|
Total | |||||||||||||||||||||||
Revenues | $ | 901 | $ | — | $ | 901 | ||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||
Operating | 573 | (19) | 554 | |||||||||||||||||||||||
Selling, general and administrative | 172 | — | 172 | |||||||||||||||||||||||
Depreciation and amortization | 5 | — | 5 | |||||||||||||||||||||||
Restructuring charges | 10 | — | 10 | |||||||||||||||||||||||
Total costs and expenses | 760 | (19) | 741 | |||||||||||||||||||||||
Operating income | 141 | 19 | 160 | |||||||||||||||||||||||
Other items, net | (5) | — | (5) | |||||||||||||||||||||||
Earnings from discontinued operations | 136 | 19 | 155 | |||||||||||||||||||||||
Income tax provision | (34) | (4) | (38) | |||||||||||||||||||||||
Net earnings from discontinued operations, net of tax | $ | 102 | $ | 15 | $ | 117 | ||||||||||||||||||||
Year Ended December 31, 2019 | Simon & Schuster |
Other (a)
|
Total | |||||||||||||||||||||||
Revenues | $ | 814 | $ | — | $ | 814 | ||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||
Operating | 510 | (50) | 460 | |||||||||||||||||||||||
Selling, general and administrative | 166 | — | 166 | |||||||||||||||||||||||
Depreciation and amortization | 5 | — | 5 | |||||||||||||||||||||||
Restructuring charges | 6 | — | 6 | |||||||||||||||||||||||
Total costs and expenses | 687 | (50) | 637 | |||||||||||||||||||||||
Operating income | 127 | 50 | 177 | |||||||||||||||||||||||
Other items, net | (5) | — | (5) | |||||||||||||||||||||||
Earnings from discontinued operations | 122 | 50 | 172 | |||||||||||||||||||||||
Income tax provision | (20) | (12) | (32) | |||||||||||||||||||||||
Net earnings from discontinued operations, net of tax | $ | 102 | $ | 38 | $ | 140 | ||||||||||||||||||||
Revenues by Type | % of Total | % of Total | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | 2019 | Revenues | 2018 | Revenues | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
Advertising | $ | 11,074 | 41 | % | $ | 10,841 | 41 | % | $ | 233 | 2 | % | ||||||||||||||||||||||||||||||||||||||
Affiliate | 8,602 | 32 | 8,376 | 32 | 226 | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Content licensing | 6,483 | 24 | 6,163 | 23 | 320 | 5 | ||||||||||||||||||||||||||||||||||||||||||||
Theatrical | 547 | 2 | 744 | 3 | (197) | (26) | ||||||||||||||||||||||||||||||||||||||||||||
Other | 292 | 1 | 301 | 1 | (9) | (3) | ||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 26,998 | 100 | % | $ | 26,425 | 100 | % | $ | 573 | 2 | % |
% of Total | % of Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses by Type | Operating | Operating | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | 2019 | Expense | 2018 | Expense | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
Production | $ | 6,797 | 41 | % | $ | 6,483 | 42 | % | $ | 314 | 5 | % | ||||||||||||||||||||||||||||||||||||||
Programming | 4,287 | 26 | 3,965 | 26 | 322 | 8 | ||||||||||||||||||||||||||||||||||||||||||||
Participation, residual and
distribution
|
3,147 | 19 | 3,057 | 20 | 90 | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Programming charges | 589 | 3 | 162 | 1 | 427 | n/m | ||||||||||||||||||||||||||||||||||||||||||||
Other | 1,893 | 11 | 1,732 | 11 | 161 | 9 | ||||||||||||||||||||||||||||||||||||||||||||
Total Operating Expenses | $ | 16,713 | 100 | % | $ | 15,399 | 100 | % | $ | 1,314 | 9 | % |
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2019 | 2018 | $ | % | ||||||||||||||||||||||
Selling, general and administrative expenses | $ | 5,481 | $ | 5,048 | $ | 433 | 9 | % |
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2019 | 2018 | $ | % | ||||||||||||||||||||||
Depreciation and amortization | $ | 438 | $ | 427 | $ | 11 | 3 | % |
Year Ended December 31, | 2019 | 2018 | |||||||||
Severance | $ | 395 | $ | 234 | |||||||
Exit costs and other | 23 | 75 | |||||||||
Restructuring charges | 418 | 309 | |||||||||
Restructuring-related costs | — | 52 | |||||||||
Merger-related costs | 294 | — | |||||||||
Other corporate matters | 57 | 128 | |||||||||
Restructuring and other corporate matters | $ | 769 | $ | 489 |
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2019 | 2018 | $ | % | ||||||||||||||||||||||
Interest expense | $ | (962) | $ | (1,030) | $ | (68) | (7) | % | ||||||||||||||||||
Interest income | $ | 66 | $ | 79 | $ | (13) | (16) | % |
Weighted Average | Weighted Average | |||||||||||||||||||||||||||||||||||||
At December 31, | 2019 | Interest Rate | 2018 | Interest Rate | ||||||||||||||||||||||||||||||||||
Total long-term debt | $ | 17,976 | 4.70 | % | $ | 18,370 | 4.64 | % | ||||||||||||||||||||||||||||||
Commercial paper | $ | 699 | 2.07 | % | $ | 674 | 3.02 | % |
Year Ended December 31, | 2019 | 2018 | |||||||||
Pension and postretirement benefit costs | $ | (99) | $ | (65) | |||||||
Foreign exchange losses | (18) | (19) | |||||||||
Other | 5 | (8) | |||||||||
Other items, net | $ | (112) | $ | (92) |
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2019 | 2018 | $ | % | ||||||||||||||||||||||
Equity in loss of investee companies | $ | (72) | $ | (62) | $ | (10) | (16) | % | ||||||||||||||||||
Tax benefit | 19 | 15 | 4 | 27 | ||||||||||||||||||||||
Equity in loss of investee companies, net of tax | $ | (53) | $ | (47) | $ | (6) | (13) | % |
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2019 | 2018 | $ | % | ||||||||||||||||||||||
Net earnings from continuing operations attributable to
ViacomCBS |
$ | 3,168 | $ | 3,320 | $ | (152) | (5) | % | ||||||||||||||||||
Diluted EPS from continuing operations attributable to
ViacomCBS |
$ | 5.13 | $ | 5.35 | $ | (.22) | (4) | % |
Year Ended December 31, 2019 | Simon & Schuster |
Other (a)
|
Total | |||||||||||||||||||||||
Revenues | $ | 814 | $ | — | $ | 814 | ||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||
Operating | 510 | (50) | 460 | |||||||||||||||||||||||
Selling, general and administrative | 166 | — | 166 | |||||||||||||||||||||||
Depreciation and amortization | 5 | — | 5 | |||||||||||||||||||||||
Restructuring charges | 6 | — | 6 | |||||||||||||||||||||||
Total costs and expenses | 687 | (50) | 637 | |||||||||||||||||||||||
Operating income | 127 | 50 | 177 | |||||||||||||||||||||||
Other items, net | (5) | — | (5) | |||||||||||||||||||||||
Earnings from discontinued operations | 122 | 50 | 172 | |||||||||||||||||||||||
Income tax provision | (20) | (12) | (32) | |||||||||||||||||||||||
Net earnings from discontinued operations, net of tax | $ | 102 | $ | 38 | $ | 140 | ||||||||||||||||||||
Year Ended December 31, 2018 | Simon & Schuster |
Other (a)
|
Total | |||||||||||||||||||||||
Revenues | $ | 825 | $ | — | $ | 825 | ||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||
Operating | 518 | (42) | 476 | |||||||||||||||||||||||
Selling, general and administrative | 158 | — | 158 | |||||||||||||||||||||||
Depreciation and amortization | 6 | — | 6 | |||||||||||||||||||||||
Restructuring charges | 1 | — | 1 | |||||||||||||||||||||||
Total costs and expenses | 683 | (42) | 641 | |||||||||||||||||||||||
Operating income | 142 | 42 | 184 | |||||||||||||||||||||||
Other items, net | (2) | — | (2) | |||||||||||||||||||||||
Earnings from discontinued operations | 140 | 42 | 182 | |||||||||||||||||||||||
Income tax provision | (37) | (10) | (47) | |||||||||||||||||||||||
Net earnings from discontinued operations, net of tax | $ | 103 | $ | 32 | $ | 135 | ||||||||||||||||||||
% of Total | % of Total | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | 2020 | Revenues | 2019 | Revenues | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
TV Entertainment | $ | 10,700 | 42 | % | $ | 11,924 | 44 | % | $ | (1,224) | (10) | % | ||||||||||||||||||||||||||||||||||||||
Cable Networks | 12,589 | 50 | 12,449 | 46 | 140 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Filmed Entertainment | 2,562 | 10 | 2,990 | 11 | (428) | (14) | ||||||||||||||||||||||||||||||||||||||||||||
Corporate/Eliminations | (566) | (2) | (365) | (1) | (201) | (55) | ||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 25,285 | 100 | % | $ | 26,998 | 100 | % | $ | (1,713) | (6) | % |
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2020 | 2019 | $ | % | ||||||||||||||||||||||
Adjusted OIBDA: | ||||||||||||||||||||||||||
TV Entertainment | $ | 1,857 | $ | 2,443 | $ | (586) | (24) | % | ||||||||||||||||||
Cable Networks | 3,746 | 3,515 | 231 | 7 | ||||||||||||||||||||||
Filmed Entertainment | 215 | 80 | 135 | 169 | ||||||||||||||||||||||
Corporate/Eliminations | (500) | (449) | (51) | (11) | ||||||||||||||||||||||
Stock-based compensation | (186) | (196) | 10 | 5 | ||||||||||||||||||||||
Total Adjusted OIBDA | 5,132 | 5,393 | (261) | (5) | ||||||||||||||||||||||
Depreciation and amortization | (430) | (438) | 8 | 2 | ||||||||||||||||||||||
Restructuring and other corporate matters | (618) | (769) | 151 | n/m | ||||||||||||||||||||||
Programming charges | (159) | (589) | 430 | n/m | ||||||||||||||||||||||
Gain on sales | 214 | 549 | (335) | n/m | ||||||||||||||||||||||
Total Operating Income | $ | 4,139 | $ | 4,146 | $ | (7) | — | % |
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2020 | 2019 | $ | % | ||||||||||||||||||||||
Depreciation and Amortization: | ||||||||||||||||||||||||||
TV Entertainment | $ | 162 | $ | 150 | $ | 12 | 8 | % | ||||||||||||||||||
Cable Networks | 205 | 219 | (14) | (6) | ||||||||||||||||||||||
Filmed Entertainment | 36 | 37 | (1) | (3) | ||||||||||||||||||||||
Corporate | 27 | 32 | (5) | (16) | ||||||||||||||||||||||
Total Depreciation and Amortization | $ | 430 | $ | 438 | $ | (8) | (2) | % |
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2020 | 2019 | $ | % | ||||||||||||||||||||||
Advertising | $ | 5,035 | $ | 6,008 | $ | (973) | (16) | % | ||||||||||||||||||
Affiliate | 3,129 | 2,550 | 579 | 23 | ||||||||||||||||||||||
Content licensing | 2,369 | 3,157 | (788) | (25) | ||||||||||||||||||||||
Other | 167 | 209 | (42) | (20) | ||||||||||||||||||||||
Revenues | $ | 10,700 | $ | 11,924 | $ | (1,224) | (10) | % | ||||||||||||||||||
Adjusted OIBDA | $ | 1,857 | $ | 2,443 | $ | (586) | (24) | % | ||||||||||||||||||
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2020 | 2019 | $ | % | ||||||||||||||||||||||
Advertising | $ | 4,743 | $ | 5,129 | $ | (386) | (8) | % | ||||||||||||||||||
Affiliate | 6,037 | 6,052 | (15) | — | ||||||||||||||||||||||
Content licensing | 1,809 | 1,268 | 541 | 43 | ||||||||||||||||||||||
Revenues | $ | 12,589 | $ | 12,449 | $ | 140 | 1 | % | ||||||||||||||||||
Adjusted OIBDA | $ | 3,746 | $ | 3,515 | $ | 231 | 7 | % |
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2020 | 2019 | $ | % | ||||||||||||||||||||||
Theatrical | $ | 180 | $ | 547 | $ | (367) | (67) | % | ||||||||||||||||||
Home Entertainment | 709 | 623 | 86 | 14 | ||||||||||||||||||||||
Licensing | 1,598 | 1,709 | (111) | (6) | ||||||||||||||||||||||
Other | 75 | 111 | (36) | (32) | ||||||||||||||||||||||
Revenues | $ | 2,562 | $ | 2,990 | $ | (428) | (14) | % | ||||||||||||||||||
Adjusted OIBDA | $ | 215 | $ | 80 | $ | 135 | 169 | % |
% of Total | % of Total | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | 2019 | Revenues | 2018 | Revenues | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
TV Entertainment | $ | 11,924 | 44 | % | $ | 11,061 | 42 | % | $ | 863 | 8 | % | ||||||||||||||||||||||||||||||||||||||
Cable Networks | 12,449 | 46 | 12,683 | 48 | (234) | (2) | ||||||||||||||||||||||||||||||||||||||||||||
Filmed Entertainment | 2,990 | 11 | 2,956 | 11 | 34 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate/Eliminations | (365) | (1) | (275) | (1) | (90) | (33) | ||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 26,998 | 100 | % | $ | 26,425 | 100 | % | $ | 573 | 2 | % |
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2019 | 2018 | $ | % | ||||||||||||||||||||||
Adjusted OIBDA: | ||||||||||||||||||||||||||
TV Entertainment | $ | 2,443 | $ | 2,466 | $ | (23) | (1) | % | ||||||||||||||||||
Cable Networks | 3,515 | 4,341 | (826) | (19) | ||||||||||||||||||||||
Filmed Entertainment | 80 | (33) | 113 | n/m | ||||||||||||||||||||||
Corporate/Eliminations | (449) | (433) | (16) | (4) | ||||||||||||||||||||||
Stock-based compensation | (196) | (201) | 5 | 2 | ||||||||||||||||||||||
Total Adjusted OIBDA | 5,393 | 6,140 | (747) | (12) | ||||||||||||||||||||||
Depreciation and amortization | (438) | (427) | (11) | (3) | ||||||||||||||||||||||
Restructuring and other corporate matters | (769) | (489) | (280) | n/m | ||||||||||||||||||||||
Programming charges | (589) | (162) | (427) | n/m | ||||||||||||||||||||||
Gain on sale | 549 | — | 549 | n/m | ||||||||||||||||||||||
Total Operating Income | $ | 4,146 | $ | 5,062 | $ | (916) | (18) | % |
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2019 | 2018 | $ | % | ||||||||||||||||||||||
Depreciation and Amortization: | ||||||||||||||||||||||||||
TV Entertainment | $ | 150 | $ | 160 | $ | (10) | (6) | % | ||||||||||||||||||
Cable Networks | 219 | 194 | 25 | 13 | ||||||||||||||||||||||
Filmed Entertainment | 37 | 38 | (1) | (3) | ||||||||||||||||||||||
Corporate | 32 | 35 | (3) | (9) | ||||||||||||||||||||||
Total Depreciation and Amortization | $ | 438 | $ | 427 | $ | 11 | 3 | % |
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2019 | 2018 | $ | % | ||||||||||||||||||||||
Advertising | $ | 6,008 | $ | 5,751 | $ | 257 | 4 | % | ||||||||||||||||||
Affiliate | 2,550 | 2,082 | 468 | 22 | ||||||||||||||||||||||
Content licensing | 3,157 | 3,006 | 151 | 5 | ||||||||||||||||||||||
Other | 209 | 222 | (13) | (6) | ||||||||||||||||||||||
Revenues | $ | 11,924 | $ | 11,061 | $ | 863 | 8 | % | ||||||||||||||||||
Adjusted OIBDA | $ | 2,443 | $ | 2,466 | $ | (23) | (1) | % |
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2019 | 2018 | $ | % | ||||||||||||||||||||||
Advertising | $ | 5,129 | $ | 5,130 | $ | (1) | — | % | ||||||||||||||||||
Affiliate | 6,052 | 6,294 | (242) | (4) | ||||||||||||||||||||||
Content licensing | 1,268 | 1,259 | 9 | 1 | ||||||||||||||||||||||
Revenues | $ | 12,449 | $ | 12,683 | $ | (234) | (2) | % | ||||||||||||||||||
Adjusted OIBDA | $ | 3,515 | $ | 4,341 | $ | (826) | (19) | % |
Increase/(Decrease) | ||||||||||||||||||||||||||
Year Ended December 31, | 2019 | 2018 | $ | % | ||||||||||||||||||||||
Theatrical | $ | 547 | $ | 744 | $ | (197) | (26) | % | ||||||||||||||||||
Home Entertainment | 623 | 617 | 6 | 1 | ||||||||||||||||||||||
Licensing | 1,709 | 1,493 | 216 | 14 | ||||||||||||||||||||||
Other | 111 | 102 | 9 | 9 | ||||||||||||||||||||||
Revenues | $ | 2,990 | $ | 2,956 | $ | 34 | 1 | % | ||||||||||||||||||
Adjusted OIBDA | $ | 80 | $ | (33) | $ | 113 | n/m |
Increase/ (Decrease) | Increase/ (Decrease) | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | 2020 | 2019 | 2020 vs. 2019 | 2018 | 2019 vs. 2018 | ||||||||||||||||||||||||||||||||||||
Cash provided by operating activities from: | |||||||||||||||||||||||||||||||||||||||||
Continuing operations | $ | 2,215 | $ | 1,171 | $ | 1,044 | $ | 3,324 | $ | (2,153) | |||||||||||||||||||||||||||||||
Discontinued operations | 79 | 59 | 20 | 140 | (81) | ||||||||||||||||||||||||||||||||||||
Cash provided by operating activities | 2,294 | 1,230 | 1,064 | 3,464 | (2,234) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used for) investing activities from: | |||||||||||||||||||||||||||||||||||||||||
Continuing operations | 63 | (145) | 208 | (581) | 436 | ||||||||||||||||||||||||||||||||||||
Discontinued operations | (7) | (10) | 3 | (30) | 20 | ||||||||||||||||||||||||||||||||||||
Cash provided by (used for) investing activities | 56 | (155) | 211 | (611) | 456 | ||||||||||||||||||||||||||||||||||||
Cash used for financing activities | (90) | (1,216) | 1,126 | (2,531) | 1,315 | ||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash, cash
equivalents and restricted cash |
25 | (1) | 26 | (25) | 24 | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and
restricted cash |
$ | 2,285 | $ | (142) | $ | 2,427 | $ | 297 | $ | (439) |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
Investments (a)
|
$ | (59) | $ | (171) | $ | (161) | |||||||||||
Capital expenditures | (324) | (345) | (345) | ||||||||||||||
Acquisitions, net of cash acquired (b)
|
(147) | (399) | (118) | ||||||||||||||
Proceeds from dispositions (c)
|
593 | 756 | 39 | ||||||||||||||
Other investing activities from continuing operations | — | 14 | 4 | ||||||||||||||
Cash flow provided by (used for) investing activities from continuing
operations |
63 | (145) | (581) | ||||||||||||||
Cash flow used for investing activities from discontinued operations | (7) | (10) | (30) | ||||||||||||||
Cash flow provided by (used for) investing activities | $ | 56 | $ | (155) | $ | (611) |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
(Repayments of) proceeds from short-term debt borrowings, net | $ | (706) | $ | 25 | $ | (5) | |||||||||||
Proceeds from issuance of senior notes | 4,375 | 492 | — | ||||||||||||||
Repayment of long-term debt | (2,901) | (910) | (1,102) | ||||||||||||||
Dividends | (600) | (595) | (599) | ||||||||||||||
Purchase of the Company’s Class B Common Stock | (58) | (57) | (586) | ||||||||||||||
Payment of payroll taxes in lieu of issuing shares for
stock-based compensation |
(93) | (56) | (67) | ||||||||||||||
All other financing activities, net | (107) | (115) | (172) | ||||||||||||||
Cash flow used for financing activities | $ | (90) | $ | (1,216) | $ | (2,531) |
At December 31, | 2020 | 2019 | |||||||||
Commercial paper | $ | — | $ | 699 | |||||||
Senior debt (2.250%-7.875% due 2021-2050) | 18,455 | 16,690 | |||||||||
Junior debt (5.875%-6.250% due 2057) | 1,157 | 1,286 | |||||||||
Other bank borrowings | 95 | — | |||||||||
Obligations under finance leases | 26 | 44 | |||||||||
Total debt (a)
|
19,733 | 18,719 | |||||||||
Less commercial paper | — | 699 | |||||||||
Less current portion of long-term debt | 16 | 18 | |||||||||
Total long-term debt, net of current portion | $ | 19,717 | $ | 18,002 |
Payments Due by Period | |||||||||||||||||||||||||||||
2026 and | |||||||||||||||||||||||||||||
Total | 2021 | 2022-2023 | 2024-2025 | Thereafter | |||||||||||||||||||||||||
Off-Balance Sheet Arrangements | |||||||||||||||||||||||||||||
Programming and talent commitments (a)
|
$ | 9,852 | $ | 2,625 | $ | 4,269 | $ | 1,224 | $ | 1,734 | |||||||||||||||||||
Purchase obligations (b)
|
1,377 | 501 | 614 | 201 | 61 | ||||||||||||||||||||||||
On-Balance Sheet Arrangements | |||||||||||||||||||||||||||||
Operating leases (c)
|
2,269 | 372 | 575 | 406 | 916 | ||||||||||||||||||||||||
Long-term debt obligations (d)
|
20,210 | — | 2,165 | 2,942 | 15,103 | ||||||||||||||||||||||||
Interest commitments on long-term debt (e)
|
14,756 | 970 | 1,904 | 1,680 | 10,202 | ||||||||||||||||||||||||
Finance leases (including interest) (f)
|
28 | 17 | 9 | 2 | — | ||||||||||||||||||||||||
Other long-term contractual obligations (g)
|
1,734 | — | 1,261 | 440 | 33 | ||||||||||||||||||||||||
Total | $ | 50,226 | $ | 4,485 | $ | 10,797 | $ | 6,895 | $ | 28,049 |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk. |
Item 8.
|
Financial Statements and Supplementary Data.
|
Page | ||||||||||||||
Item 15(a)(1) Financial Statements: | ||||||||||||||
1. |
II-52
|
|||||||||||||
2. |
II-53
|
|||||||||||||
3. |
II-56
|
|||||||||||||
4. |
II-57
|
|||||||||||||
5. |
II-58
|
|||||||||||||
6. |
II-59
|
|||||||||||||
7. |
II-60
|
|||||||||||||
8. |
II-61
|
|||||||||||||
Item 15(a)(2) Financial Statement Schedule: | ||||||||||||||
F-1
|
VIACOMCBS INC. | |||||||||||
By: | /s/ Robert M. Bakish | ||||||||||
Robert M. Bakish
President and
Chief Executive Officer
|
|||||||||||
By: | /s/ Naveen Chopra | ||||||||||
Naveen Chopra
Executive Vice President,
Chief Financial Officer
|
|||||||||||
By: | /s/ Katherine Gill-Charest | ||||||||||
Katherine Gill-Charest
Executive Vice President, Controller and
Chief Accounting Officer
|
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues | $ | 25,285 | $ | 26,998 | $ | 26,425 | |||||||||||
Costs and expenses: | |||||||||||||||||
Operating | 14,992 | 16,713 | 15,399 | ||||||||||||||
Selling, general and administrative | 5,320 | 5,481 | 5,048 | ||||||||||||||
Depreciation and amortization | 430 | 438 | 427 | ||||||||||||||
Restructuring and other corporate matters | 618 | 769 | 489 | ||||||||||||||
Total costs and expenses | 21,360 | 23,401 | 21,363 | ||||||||||||||
Gain on sales | 214 | 549 | — | ||||||||||||||
Operating income | 4,139 | 4,146 | 5,062 | ||||||||||||||
Interest expense | (1,031) | (962) | (1,030) | ||||||||||||||
Interest income | 60 | 66 | 79 | ||||||||||||||
Net gains (losses) from investments | 206 | 85 | (53) | ||||||||||||||
Gain (loss) on extinguishment of debt | (126) | — | 18 | ||||||||||||||
Other items, net | (101) | (112) | (92) | ||||||||||||||
Earnings from continuing operations before income taxes
and equity in loss of investee companies
|
3,147 | 3,223 | 3,984 | ||||||||||||||
(Provision) benefit for income taxes | (535) | 29 | (580) | ||||||||||||||
Equity in loss of investee companies, net of tax | (28) | (53) | (47) | ||||||||||||||
Net earnings from continuing operations | 2,584 | 3,199 | 3,357 | ||||||||||||||
Net earnings from discontinued operations, net of tax | 117 | 140 | 135 | ||||||||||||||
Net earnings (ViacomCBS and noncontrolling interests) | 2,701 | 3,339 | 3,492 | ||||||||||||||
Net earnings attributable to noncontrolling interests | (279) | (31) | (37) | ||||||||||||||
Net earnings attributable to ViacomCBS | $ | 2,422 | $ | 3,308 | $ | 3,455 | |||||||||||
Amounts attributable to ViacomCBS: | |||||||||||||||||
Net earnings from continuing operations | $ | 2,305 | $ | 3,168 | $ | 3,320 | |||||||||||
Net earnings from discontinued operations, net of tax | 117 | 140 | 135 | ||||||||||||||
Net earnings attributable to ViacomCBS | $ | 2,422 | $ | 3,308 | $ | 3,455 | |||||||||||
Basic net earnings per common share attributable to ViacomCBS: | |||||||||||||||||
Net earnings from continuing operations | $ | 3.74 | $ | 5.15 | $ | 5.38 | |||||||||||
Net earnings from discontinued operations | $ | .19 | $ | .23 | $ | .22 | |||||||||||
Net earnings | $ | 3.93 | $ | 5.38 | $ | 5.60 | |||||||||||
Diluted net earnings per common share attributable to ViacomCBS: | |||||||||||||||||
Net earnings from continuing operations | $ | 3.73 | $ | 5.13 | $ | 5.35 | |||||||||||
Net earnings from discontinued operations | $ | .19 | $ | .23 | $ | .22 | |||||||||||
Net earnings | $ | 3.92 | $ | 5.36 | $ | 5.56 | |||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 616 | 615 | 617 | ||||||||||||||
Diluted | 618 | 617 | 621 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net earnings (ViacomCBS and noncontrolling interests) | $ | 2,701 | $ | 3,339 | $ | 3,492 | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||
Cumulative translation adjustments | 134 | 9 | (242) | ||||||||||||||
Net actuarial loss and prior service costs | (2) | (145) | (61) | ||||||||||||||
Other comprehensive income (loss) from continuing operations, net of tax
(ViacomCBS and noncontrolling interests)
|
132 | (136) | (303) | ||||||||||||||
Other comprehensive income (loss) from discontinued operations | 5 | 6 | (12) | ||||||||||||||
Comprehensive income | 2,838 | 3,209 | 3,177 | ||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | 278 | 33 | 31 | ||||||||||||||
Comprehensive income attributable to ViacomCBS | $ | 2,560 | $ | 3,176 | $ | 3,146 |
At December 31, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
ASSETS | |||||||||||||||||
Current Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 2,984 | $ | 632 | |||||||||||||
Receivables, net | 7,017 | 6,837 | |||||||||||||||
Programming and other inventory | 1,757 | 2,813 | |||||||||||||||
Prepaid expenses | 622 | 399 | |||||||||||||||
Other current assets | 769 | 677 | |||||||||||||||
Current assets of discontinued operations | 630 | 544 | |||||||||||||||
Total current assets | 13,779 | 11,902 | |||||||||||||||
Property and equipment, net | 1,994 | 2,045 | |||||||||||||||
Programming and other inventory | 10,363 | 8,652 | |||||||||||||||
Goodwill | 16,612 | 16,545 | |||||||||||||||
Intangible assets, net | 2,826 | 2,990 | |||||||||||||||
Operating lease assets | 1,602 | 1,738 | |||||||||||||||
Deferred income tax assets, net | 993 | 938 | |||||||||||||||
Other assets | 3,657 | 3,955 | |||||||||||||||
Assets held for sale | 28 | 23 | |||||||||||||||
Assets of discontinued operations | 809 | 797 | |||||||||||||||
Total Assets | $ | 52,663 | $ | 49,585 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|||||||||||||||||
Current Liabilities: | |||||||||||||||||
Accounts payable | $ | 571 | $ | 632 | |||||||||||||
Accrued expenses | 1,714 | 1,729 | |||||||||||||||
Participants’ share and royalties payable | 2,005 | 1,861 | |||||||||||||||
Accrued programming and production costs | 1,141 | 1,500 | |||||||||||||||
Deferred revenues | 978 | 737 | |||||||||||||||
Debt | 16 | 717 | |||||||||||||||
Other current liabilities | 1,391 | 1,439 | |||||||||||||||
Current liabilities of discontinued operations | 480 | 433 | |||||||||||||||
Total current liabilities | 8,296 | 9,048 | |||||||||||||||
Long-term debt | 19,717 | 18,002 | |||||||||||||||
Participants’ share and royalties payable | 1,317 | 1,546 | |||||||||||||||
Pension and postretirement benefit obligations | 2,098 | 2,121 | |||||||||||||||
Deferred income tax liabilities, net | 778 | 565 | |||||||||||||||
Operating lease liabilities | 1,583 | 1,705 | |||||||||||||||
Program rights obligations | 243 | 356 | |||||||||||||||
Other liabilities | 2,158 | 2,436 | |||||||||||||||
Liabilities of discontinued operations | 220 | 263 | |||||||||||||||
Redeemable noncontrolling interest | 197 | 254 | |||||||||||||||
Commitments and contingencies (Note 20) | |||||||||||||||||
ViacomCBS stockholders’ equity: | |||||||||||||||||
Class A Common Stock, par value $.001 per share; 375 shares authorized;
52 (2020 and 2019) shares issued
|
— | — | |||||||||||||||
Class B Common Stock, par value $.001 per share; 5,000 shares authorized;
1,068 (2020) and 1,064 (2019) shares issued
|
1 | 1 | |||||||||||||||
Additional paid-in capital | 29,785 | 29,590 | |||||||||||||||
Treasury stock, at cost; 503 (2020) and 501 (2019) Class B Shares
|
(22,958) | (22,908) | |||||||||||||||
Retained earnings | 10,375 | 8,494 | |||||||||||||||
Accumulated other comprehensive loss | (1,832) | (1,970) | |||||||||||||||
Total ViacomCBS stockholders’ equity | 15,371 | 13,207 | |||||||||||||||
Noncontrolling interests | 685 | 82 | |||||||||||||||
Total Equity | 16,056 | 13,289 | |||||||||||||||
Total Liabilities and Equity | $ | 52,663 | $ | 49,585 |
Year Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Operating Activities: | ||||||||||||||||||||
Net earnings (ViacomCBS and noncontrolling interests) | $ | 2,701 | $ | 3,339 | $ | 3,492 | ||||||||||||||
Less: Net earnings from discontinued operations, net of tax | 117 | 140 | 135 | |||||||||||||||||
Net earnings from continuing operations | 2,584 | 3,199 | 3,357 | |||||||||||||||||
Adjustments to reconcile net earnings from continuing operations to net cash flow
provided by operating activities from continuing operations:
|
||||||||||||||||||||
Depreciation and amortization | 430 | 438 | 427 | |||||||||||||||||
Television programming and feature film cost amortization | 11,045 | 12,554 | 11,595 | |||||||||||||||||
Deferred tax provision (benefit) | 122 | (765) | 48 | |||||||||||||||||
Stock-based compensation | 274 | 286 | 187 | |||||||||||||||||
Gain on sales | (214) | (549) | — | |||||||||||||||||
Net (gains) losses from investments | (206) | (85) | 53 | |||||||||||||||||
(Gain) loss on extinguishment of debt | 126 | — | (18) | |||||||||||||||||
Equity in loss of investee companies, net of tax and distributions | 34 | 58 | 54 | |||||||||||||||||
Change in assets and liabilities | ||||||||||||||||||||
Increase in receivables | (68) | (247) | (389) | |||||||||||||||||
Increase in inventory and related program and participation liabilities, net | (12,170) | (14,215) | (12,185) | |||||||||||||||||
Increase (decrease) in accounts payable and other liabilities | 188 | 302 | (145) | |||||||||||||||||
(Decrease) increase in pension and postretirement benefit obligations | (20) | 16 | (65) | |||||||||||||||||
Increase in income taxes | 2 | 176 | 379 | |||||||||||||||||
Other, net | 88 | 3 | 26 | |||||||||||||||||
Net cash flow provided by operating activities from continuing operations | 2,215 | 1,171 | 3,324 | |||||||||||||||||
Net cash flow provided by operating activities from discontinued operations | 79 | 59 | 140 | |||||||||||||||||
Net cash flow provided by operating activities | 2,294 | 1,230 | 3,464 | |||||||||||||||||
Investing Activities: | ||||||||||||||||||||
Investments | (59) | (171) | (161) | |||||||||||||||||
Capital expenditures | (324) | (345) | (345) | |||||||||||||||||
Acquisitions, net of cash acquired | (147) | (399) | (118) | |||||||||||||||||
Proceeds from dispositions | 593 | 756 | 39 | |||||||||||||||||
Other investing activities | — | 14 | 4 | |||||||||||||||||
Net cash flow provided by (used for) investing activities from continuing operations | 63 | (145) | (581) | |||||||||||||||||
Net cash flow used for investing activities from discontinued operations | (7) | (10) | (30) | |||||||||||||||||
Net cash flow provided by (used for) investing activities | 56 | (155) | (611) | |||||||||||||||||
Financing Activities: | ||||||||||||||||||||
(Repayments of) proceeds from short-term debt borrowings, net | (706) | 25 | (5) | |||||||||||||||||
Proceeds from issuance of senior notes | 4,375 | 492 | — | |||||||||||||||||
Repayment of long-term debt | (2,901) | (910) | (1,102) | |||||||||||||||||
Dividends | (600) | (595) | (599) | |||||||||||||||||
Purchase of Company common stock | (58) | (57) | (586) | |||||||||||||||||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (93) | (56) | (67) | |||||||||||||||||
Proceeds from exercise of stock options | 5 | 15 | 29 | |||||||||||||||||
Other financing activities | (112) | (130) | (201) | |||||||||||||||||
Net cash flow used for financing activities | (90) | (1,216) | (2,531) | |||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 25 | (1) | (25) | |||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 2,285 | (142) | 297 | |||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of year
(includes $202 (2020) and $120 (2019) of restricted cash)
|
834 | 976 | 679 | |||||||||||||||||
Cash, cash equivalents and restricted cash at end of year
(includes $135 (2020), $202 (2019) and $120 (2018) of restricted cash)
|
$ | 3,119 | $ | 834 | $ | 976 |
Class A and B Common Stock |
Treasury
Stock |
Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total ViacomCBS Stockholders’ Equity | Non-Controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Shares) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | 622 | $ | 1 | $ | (42,843) | $ | 50,068 | $ | 2,562 | $ | (1,269) | $ | 8,519 | $ | 81 | $ | 8,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation
activity |
3 | — | 23 | 139 | — | — | 162 | — | 162 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B Common Stock
purchased |
(12) | — | (600) | — | — | — | (600) | — | (600) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | (300) | (299) | — | (599) | — | (599) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | — | — | (58) | (58) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | — | — | 3,455 | — | 3,455 | 37 | 3,492 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of accounting
standards |
— | — | — | — | (149) | (30) | (179) | — | (179) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive
loss |
— | — | — | — | — | (309) | (309) | (6) | (315) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | 613 | 1 | (43,420) | 49,907 | 5,569 | (1,608) | 10,449 | 54 | 10,503 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation
activity and other |
3 | — | 29 | 226 | (4) | — | 251 | — | 251 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation of treasury
stock in the Merger |
— | — | 20,533 | (20,533) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B Common Stock
purchased |
(1) | — | (50) | — | — | — | (50) | — | (50) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | (600) | — | (600) | — | (600) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | (10) | (9) | — | (19) | (5) | (24) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | — | — | 3,308 | — | 3,308 | 31 | 3,339 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of income
tax effect of the Tax
Reform Act
|
— | — | — | — | 230 | (230) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive
income (loss) |
— | — | — | — | — | (132) | (132) | 2 | (130) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | 615 | 1 | (22,908) | 29,590 | 8,494 | (1,970) | 13,207 | 82 | 13,289 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation
activity |
3 | — | — | 195 | — | 195 | — | 195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B Common Stock
purchased |
(1) | — | (50) | — | — | — | (50) | — | (50) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | (601) | — | (601) | — | (601) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | 60 | — | 60 | 325 |
(a)
|
385 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | — | — | 2,422 | — | 2,422 | 279 | 2,701 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive
income (loss) |
— | — | — | — | — | 138 | 138 | (1) | 137 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | 617 | $ | 1 | $ | (22,958) | $ | 29,785 | $ | 10,375 | $ | (1,832) | $ | 15,371 | $ | 685 | $ | 16,056 |
Buildings and building improvements |
10 to 40 years
|
||||
Leasehold improvements | Shorter of lease term or useful life | ||||
Equipment and other (including finance leases) |
3 to 20 years
|
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
(in millions) | |||||||||||||||||
Weighted average shares for basic EPS | 616 | 615 | 617 | ||||||||||||||
Dilutive effect of shares issuable under stock-based compensation plans
|
2 | 2 | 4 | ||||||||||||||
Weighted average shares for diluted EPS | 618 | 617 | 621 |
Assets | |||||||||||
Cash | $ | 32 | |||||||||
Accounts receivable and other current assets | 19 | ||||||||||
Programming inventory | 536 | ||||||||||
Goodwill | 99 | ||||||||||
Intangible assets | 12 | ||||||||||
Other assets (noncurrent) | 7 | ||||||||||
Assets acquired | $ | 705 | |||||||||
Liabilities | |||||||||||
Accounts payable and accrued expenses | $ | 13 | |||||||||
Participants’ share and royalties payable (current) | 16 | ||||||||||
Deferred revenues | 10 | ||||||||||
Participants’ share and royalties payable (noncurrent) | 20 | ||||||||||
Debt | 105 | ||||||||||
Other liabilities (noncurrent) | 28 | ||||||||||
Liabilities assumed | 192 | ||||||||||
Noncontrolling interests | 363 | ||||||||||
Total purchase price | $ | 150 |
Year Ended December 31, 2020 | Simon & Schuster |
Other (a)
|
Total | |||||||||||||||||||||||
Revenues | $ | 901 | $ | — | $ | 901 | ||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||
Operating | 573 | (19) | 554 | |||||||||||||||||||||||
Selling, general and administrative | 172 | — | 172 | |||||||||||||||||||||||
Depreciation and amortization | 5 | — | 5 | |||||||||||||||||||||||
Restructuring charges | 10 | — | 10 | |||||||||||||||||||||||
Total costs and expenses | 760 | (19) | 741 | |||||||||||||||||||||||
Operating income | 141 | 19 | 160 | |||||||||||||||||||||||
Other items, net | (5) | — | (5) | |||||||||||||||||||||||
Earnings from discontinued operations | 136 | 19 | 155 | |||||||||||||||||||||||
Income tax provision | (34) | (4) | (38) | |||||||||||||||||||||||
Net earnings from discontinued operations, net of tax | $ | 102 | $ | 15 | $ | 117 | ||||||||||||||||||||
Year Ended December 31, 2019 | Simon & Schuster |
Other (a)
|
Total | |||||||||||||||||||||||
Revenues | $ | 814 | $ | — | $ | 814 | ||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||
Operating | 510 | (50) | 460 | |||||||||||||||||||||||
Selling, general and administrative | 166 | — | 166 | |||||||||||||||||||||||
Depreciation and amortization | 5 | — | 5 | |||||||||||||||||||||||
Restructuring charges | 6 | — | 6 | |||||||||||||||||||||||
Total costs and expenses | 687 | (50) | 637 | |||||||||||||||||||||||
Operating income | 127 | 50 | 177 | |||||||||||||||||||||||
Other items, net | (5) | — | (5) | |||||||||||||||||||||||
Earnings from discontinued operations | 122 | 50 | 172 | |||||||||||||||||||||||
Income tax provision | (20) | (12) | (32) | |||||||||||||||||||||||
Net earnings from discontinued operations, net of tax | $ | 102 | $ | 38 | $ | 140 | ||||||||||||||||||||
Year Ended December 31, 2018 | Simon & Schuster |
Other (a)
|
Total | |||||||||||||||||||||||
Revenues | $ | 825 | $ | — | $ | 825 | ||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||
Operating | 518 | (42) | 476 | |||||||||||||||||||||||
Selling, general and administrative | 158 | — | 158 | |||||||||||||||||||||||
Depreciation and amortization | 6 | — | 6 | |||||||||||||||||||||||
Restructuring charges | 1 | — | 1 | |||||||||||||||||||||||
Total costs and expenses | 683 | (42) | 641 | |||||||||||||||||||||||
Operating income | 142 | 42 | 184 | |||||||||||||||||||||||
Other items, net | (2) | — | (2) | |||||||||||||||||||||||
Earnings from discontinued operations | 140 | 42 | 182 | |||||||||||||||||||||||
Income tax provision | (37) | (10) | (47) | |||||||||||||||||||||||
Net earnings from discontinued operations, net of tax | $ | 103 | $ | 32 | $ | 135 | ||||||||||||||||||||
At December 31, | 2020 | 2019 | |||||||||
Receivables, net | $ | 447 | $ | 369 | |||||||
Other current assets | 183 | 175 | |||||||||
Goodwill | 435 | 435 | |||||||||
Property and equipment, net | 42 | 40 | |||||||||
Operating lease assets | 191 | 201 | |||||||||
Other assets | 141 | 121 | |||||||||
Total Assets | $ | 1,439 | $ | 1,341 | |||||||
Royalties payable | $ | 131 | $ | 116 | |||||||
Other current liabilities | 349 | 317 | |||||||||
Operating lease liabilities | 194 | 204 | |||||||||
Other liabilities | 26 | 59 | |||||||||
Total Liabilities | $ | 700 | $ | 696 |
At December 31, | 2020 | 2019 | |||||||||
Land | $ | 437 | $ | 438 | |||||||
Buildings | 1,253 | 1,232 | |||||||||
Finance leases (a)
|
159 | 195 | |||||||||
Equipment and other | 4,151 | 4,052 | |||||||||
6,000 | 5,917 | ||||||||||
Less accumulated depreciation and amortization | 4,006 | 3,872 | |||||||||
Net property and equipment | $ | 1,994 | $ | 2,045 |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
Depreciation expense, including amortization of finance leases (a) (b)
|
$ | 345 | $ | 362 | $ | 377 |
At | |||||||||||
December 31, 2020 | |||||||||||
Film Group Monetization: | |||||||||||
Acquired television and film program rights, including prepaid sports rights | $ | 3,413 | |||||||||
Internally-produced television programming: | |||||||||||
Released | 2,558 | ||||||||||
In process and other | 1,682 | ||||||||||
Individual Monetization: | |||||||||||
Acquired libraries | 483 | ||||||||||
Film inventory: | |||||||||||
Released | 374 | ||||||||||
Completed, not yet released | 543 | ||||||||||
In process and other | 816 | ||||||||||
Internally-produced television programming: | |||||||||||
Released | 1,206 | ||||||||||
In process and other | 1,013 | ||||||||||
Home entertainment | 32 | ||||||||||
Total programming and other inventory | 12,120 | ||||||||||
Less current portion | 1,757 | ||||||||||
Total noncurrent programming and other inventory | $ | 10,363 |
At | |||||||||||
December 31, 2019 | |||||||||||
Acquired television and film program rights, including prepaid sports rights | $ | 3,477 | |||||||||
Acquired television library | 99 | ||||||||||
Internally-produced television programming: | |||||||||||
Released | 3,627 | ||||||||||
In process and other | 2,626 | ||||||||||
Film inventory: | |||||||||||
Released | 502 | ||||||||||
Completed, not yet released | 55 | ||||||||||
In process and other | 1,037 | ||||||||||
Home entertainment | 42 | ||||||||||
Total programming and other inventory | 11,465 | ||||||||||
Less current portion | 2,813 | ||||||||||
Total noncurrent programming and other inventory | $ | 8,652 |
For the Year Ended | |||||||||||
December 31, 2020 | |||||||||||
Programming costs, acquired programming | $ | 3,779 | |||||||||
Production costs, internally-produced television and film programming: | |||||||||||
Individual monetization | $ | 2,669 | |||||||||
Film group monetization | $ | 3,133 |
2021 | 2022 | 2023 | |||||||||||||||
Programming costs, acquired programming and acquired libraries | $ | 2,717 | $ | 422 | $ | 232 | |||||||||||
Production costs, internally-produced television and film programming: | |||||||||||||||||
Individual monetization | $ | 1,089 | $ | 165 | $ | 94 | |||||||||||
Film group monetization | $ | 1,251 | $ | 618 | $ | 393 |
Balance at | Acquisitions / | Foreign | Balance at | ||||||||||||||||||||||||||||||||||||||
December 31, 2019 | (Dispositions) | Currency | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
TV Entertainment: | |||||||||||||||||||||||||||||||||||||||||
Goodwill | $ | 17,615 | $ | (113) |
(a)
|
$ | — | $ | 17,502 | ||||||||||||||||||||||||||||||||
Accumulated impairment losses | (13,354) | — | — | (13,354) | |||||||||||||||||||||||||||||||||||||
Goodwill, net of impairment | 4,261 | (113) | — | 4,148 | |||||||||||||||||||||||||||||||||||||
Cable Networks: | |||||||||||||||||||||||||||||||||||||||||
Goodwill | 10,691 | 28 | 53 | 10,772 | |||||||||||||||||||||||||||||||||||||
Accumulated impairment losses | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Goodwill, net of impairment | 10,691 | 28 | 53 | 10,772 | |||||||||||||||||||||||||||||||||||||
Filmed Entertainment: | |||||||||||||||||||||||||||||||||||||||||
Goodwill | 1,593 | 99 |
(b)
|
— | 1,692 | ||||||||||||||||||||||||||||||||||||
Accumulated impairment losses | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Goodwill, net of impairment | 1,593 | 99 | — | 1,692 | |||||||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||||||
Goodwill | 29,899 | 14 | 53 | 29,966 | |||||||||||||||||||||||||||||||||||||
Accumulated impairment losses | (13,354) | — | — | (13,354) | |||||||||||||||||||||||||||||||||||||
Goodwill, net of impairment | $ | 16,545 | $ | 14 | $ | 53 | $ | 16,612 |
Balance at | Acquisitions | Foreign | Balance at | ||||||||||||||||||||||||||||||||||||||
December 31, 2018 | (Dispositions) | Currency | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
TV Entertainment: | |||||||||||||||||||||||||||||||||||||||||
Goodwill | $ | 17,618 | $ | (3) | $ | — | $ | 17,615 | |||||||||||||||||||||||||||||||||
Accumulated impairment losses | (13,354) | — | — | (13,354) | |||||||||||||||||||||||||||||||||||||
Goodwill, net of impairment | 4,264 | (3) | — | 4,261 | |||||||||||||||||||||||||||||||||||||
Cable Networks: | |||||||||||||||||||||||||||||||||||||||||
Goodwill | 10,234 | 451 |
(a)
|
6 | 10,691 | ||||||||||||||||||||||||||||||||||||
Accumulated impairment losses | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Goodwill, net of impairment | 10,234 | 451 | 6 | 10,691 | |||||||||||||||||||||||||||||||||||||
Filmed Entertainment: | |||||||||||||||||||||||||||||||||||||||||
Goodwill | 1,593 | — | — | 1,593 | |||||||||||||||||||||||||||||||||||||
Accumulated impairment losses | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Goodwill, net of impairment | 1,593 | — | — | 1,593 | |||||||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||||||
Goodwill | 29,445 | 448 | 6 | 29,899 | |||||||||||||||||||||||||||||||||||||
Accumulated impairment losses | (13,354) | — | — | (13,354) | |||||||||||||||||||||||||||||||||||||
Goodwill, net of impairment | $ | 16,091 | $ | 448 | $ | 6 | $ | 16,545 |
Accumulated | |||||||||||||||||
At December 31, 2020 | Gross | Amortization | Net | ||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||
Trade names | $ | 249 | $ | (123) | $ | 126 | |||||||||||
Licenses | 168 | (50) | 118 | ||||||||||||||
Customer agreements | 120 | (97) | 23 | ||||||||||||||
Other intangible assets | 251 | (169) | 82 | ||||||||||||||
Total intangible assets subject to amortization | 788 | (439) | 349 | ||||||||||||||
FCC licenses | 2,416 | — | 2,416 | ||||||||||||||
International broadcast licenses | 27 | — | 27 | ||||||||||||||
Other intangible assets | 34 | — | 34 | ||||||||||||||
Total intangible assets | $ | 3,265 | $ | (439) | $ | 2,826 |
Accumulated | |||||||||||||||||
At December 31, 2019 | Gross | Amortization | Net | ||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||
Trade names | $ | 404 | $ | (171) | $ | 233 | |||||||||||
Licenses | 159 | (38) | 121 | ||||||||||||||
Customer agreements | 119 | (92) | 27 | ||||||||||||||
Other intangible assets | 255 | (146) | 109 | ||||||||||||||
Total intangible assets subject to amortization | 937 | (447) | 490 | ||||||||||||||
FCC licenses | 2,441 | — | 2,441 | ||||||||||||||
International broadcast licenses | 25 | — | 25 | ||||||||||||||
Other intangible assets | 34 | — | 34 | ||||||||||||||
Total intangible assets | $ | 3,437 | $ | (447) | $ | 2,990 |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Amortization expense (a)
|
$ | 85 | $ | 76 | $ | 50 |
2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future amortization expense | $ | 45 | $ | 41 | $ | 39 | $ | 31 | $ | 27 |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
Severance | $ | 472 | $ | 395 | $ | 234 | |||||||||||
Exit costs and other | 70 | 23 | 75 | ||||||||||||||
Restructuring charges | 542 | 418 | 309 | ||||||||||||||
Restructuring-related costs | — | — | 52 | ||||||||||||||
Merger-related costs | 56 | 294 | — | ||||||||||||||
Other corporate matters | 20 | 57 | 128 | ||||||||||||||
Restructuring and other corporate matters | $ | 618 | $ | 769 | $ | 489 |
Balance at | 2020 Activity | Balance at | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 |
Charges (a)
|
Payments | Other | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
TV Entertainment | $ | 99 | $ | 137 | $ | (111) | $ | (13) | $ | 112 | |||||||||||||||||||||||||||||||||||||
Cable Networks | 137 | 179 | (158) | (14) | 144 | ||||||||||||||||||||||||||||||||||||||||||
Filmed Entertainment | 17 | 25 | (12) | — | 30 | ||||||||||||||||||||||||||||||||||||||||||
Corporate | 143 | 71 | (117) | (11) | 86 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 396 | $ | 412 | $ | (398) | $ | (38) | $ | 372 |
Balance at | 2019 Activity | Balance at | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 |
Charges (a)
|
Payments | Other | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||
TV Entertainment | $ | 54 | $ | 128 | $ | (82) | $ | (1) | $ | 99 | |||||||||||||||||||||||||||||||||||||
Cable Networks | 151 | 97 | (104) | (7) | 137 | ||||||||||||||||||||||||||||||||||||||||||
Filmed Entertainment | 22 | 8 | (12) | (1) | 17 | ||||||||||||||||||||||||||||||||||||||||||
Corporate | 57 | 118 | (32) | — | 143 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 284 | $ | 351 | $ | (230) | $ | (9) | $ | 396 |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
Revenues | $ | 106 | $ | 179 | $ | 170 | |||||||||||
Operating expenses | $ | 13 | $ | 14 | $ | 22 |
At December 31, | 2020 | 2019 | |||||||||
Amounts due to/from other related parties | |||||||||||
Accounts receivable | $ | 69 | $ | 45 | |||||||
Accounts payable | $ | — | $ | 3 | |||||||
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
Revenues by Type: | |||||||||||||||||
Advertising | $ | 9,751 | $ | 11,074 | $ | 10,841 | |||||||||||
Affiliate | 9,166 | 8,602 | 8,376 | ||||||||||||||
Content licensing | 5,963 | 6,483 | 6,163 | ||||||||||||||
Theatrical | 180 | 547 | 744 | ||||||||||||||
Other | 225 | 292 | 301 | ||||||||||||||
Total Revenues | $ | 25,285 | $ | 26,998 | $ | 26,425 |
At December 31, | 2020 | 2019 | |||||||||
Commercial paper | $ | — | $ | 699 | |||||||
4.3% Senior Notes due 2021
|
— | 300 | |||||||||
4.5% Senior Notes due 2021
|
— | 499 | |||||||||
3.875% Senior Notes due 2021
|
— | 597 | |||||||||
2.250% Senior Notes due 2022
|
35 | 49 | |||||||||
3.375% Senior Notes due 2022
|
415 | 698 | |||||||||
3.125% Senior Notes due 2022
|
117 | 194 | |||||||||
2.50% Senior Notes due 2023
|
196 | 398 | |||||||||
3.25% Senior Notes due 2023
|
141 | 181 | |||||||||
2.90% Senior Notes due 2023
|
242 | 396 | |||||||||
4.25% Senior Notes due 2023
|
837 | 1,242 | |||||||||
7.875% Debentures due 2023
|
139 | 187 | |||||||||
7.125% Senior Notes due 2023
|
35 | 46 | |||||||||
3.875% Senior Notes due 2024
|
490 | 489 | |||||||||
3.70% Senior Notes due 2024
|
598 | 598 | |||||||||
3.50% Senior Notes due 2025
|
596 | 592 | |||||||||
4.75% Senior Notes due 2025
|
1,239 | — | |||||||||
4.0% Senior Notes due 2026
|
791 | 789 | |||||||||
3.45% Senior Notes due 2026
|
123 | 123 | |||||||||
2.90% Senior Notes due 2027
|
691 | 688 | |||||||||
3.375% Senior Notes due 2028
|
495 | 494 | |||||||||
3.70% Senior Notes due 2028
|
492 | 491 | |||||||||
4.20% Senior Notes due 2029
|
493 | 493 | |||||||||
7.875% Senior Debentures due 2030
|
831 | 831 | |||||||||
4.95% Senior Notes due 2031
|
1,220 | — | |||||||||
4.20% Senior Notes due 2032
|
969 | — | |||||||||
5.50% Senior Debentures due 2033
|
427 | 426 | |||||||||
4.85% Senior Debentures due 2034
|
87 | 87 | |||||||||
6.875% Senior Debentures due 2036
|
1,069 | 1,068 | |||||||||
6.75% Senior Debentures due 2037
|
75 | 75 | |||||||||
5.90% Senior Notes due 2040
|
298 | 297 | |||||||||
4.50% Senior Debentures due 2042
|
45 | 45 | |||||||||
4.85% Senior Notes due 2042
|
487 | 486 | |||||||||
4.375% Senior Debentures due 2043
|
1,116 | 1,109 | |||||||||
4.875% Senior Debentures due 2043
|
18 | 18 | |||||||||
5.85% Senior Debentures due 2043
|
1,232 | 1,231 | |||||||||
5.25% Senior Debentures due 2044
|
345 | 345 | |||||||||
4.90% Senior Notes due 2044
|
540 | 539 | |||||||||
4.60% Senior Notes due 2045
|
589 | 589 | |||||||||
4.95% Senior Notes due 2050
|
942 | — | |||||||||
5.875% Junior Subordinated Debentures due 2057
|
514 | 643 | |||||||||
6.25% Junior Subordinated Debentures due 2057
|
643 | 643 | |||||||||
Other bank borrowings | 95 | — | |||||||||
Obligations under finance leases | 26 | 44 | |||||||||
Total debt (a)
|
19,733 | 18,719 | |||||||||
Less commercial paper | — | 699 | |||||||||
Less current portion of long-term debt
|
16 | 18 | |||||||||
Total long-term debt, net of current portion | $ | 19,717 | $ | 18,002 |
2026 and | ||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | |||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | $ | — | $ | 569 | $ | 1,596 | $ | 1,092 | $ | 1,850 | $ | 15,103 |
Operating | Finance | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Right-of-Use Assets | |||||||||||||||||||||||
Operating lease assets | $ | 1,602 | $ | 1,738 | $ | — | $ | — | |||||||||||||||
Property and equipment, net | $ | — | $ | — | $ | 19 | $ | 35 | |||||||||||||||
Lease Liabilities | |||||||||||||||||||||||
Other current liabilities | $ | 306 | $ | 289 | $ | — | $ | — | |||||||||||||||
Debt | — | — | 16 | 19 | |||||||||||||||||||
Operating lease liabilities | 1,583 | 1,705 | — | — | |||||||||||||||||||
Long-term debt | — | — | 10 | 25 | |||||||||||||||||||
Total lease liabilities | $ | 1,889 | $ | 1,994 | $ | 26 | $ | 44 |
Operating | Finance | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Weighted average remaining lease term | 8 years | 9 years | 2 years | 3 years | |||||||||||||||||||
Weighted average discount rate | 4.0 | % | 4.0 | % | 4.2 | % | 4.5 | % |
Year Ended December 31, | 2020 | 2019 | |||||||||
Operating lease cost (a) (b)
|
$ | 379 | $ | 382 | |||||||
Finance lease cost: | |||||||||||
Amortization of right-of-use assets | 18 | 23 | |||||||||
Interest expense on lease liabilities | 2 | 3 | |||||||||
Short-term lease cost (b) (c)
|
162 | 242 | |||||||||
Variable lease cost (d)
|
58 | 80 | |||||||||
Sublease income | (24) | (31) | |||||||||
Total lease cost | $ | 595 | $ | 699 |
Year Ended December 31, | 2020 | 2019 | |||||||||
Cash paid for amounts included in lease liabilities | |||||||||||
Operating lease payments, included in operating cash flows | $ | 385 | $ | 324 | |||||||
Finance lease payments, included in financing cash flows | $ | 21 | $ | 27 | |||||||
Noncash additions to operating lease assets | $ | 221 | $ | 387 |
Leases | |||||||||||
Operating | Finance | ||||||||||
2021 | $ | 372 | $ | 17 | |||||||
2022 | 315 | 7 | |||||||||
2023 | 260 | 2 | |||||||||
2024 | 209 | 1 | |||||||||
2025 | 197 | 1 | |||||||||
2026 and thereafter | 916 | — | |||||||||
Total minimum payments | 2,269 | 28 | |||||||||
Less amounts representing interest | 380 | 2 | |||||||||
Present value of minimum payments | $ | 1,889 | $ | 26 |
2021 | $ | 56 | |||
2022 | 49 | ||||
2023 | 47 | ||||
2024 | 37 | ||||
2025 | 28 | ||||
2026 and thereafter | 29 | ||||
Total | $ | 246 |
Year Ended December 31, | 2020 | 2019 | Financial Statement Account | ||||||||||||||||||||||||||
Non-designated foreign exchange contracts | $ | (20) | $ | (4) | Other items, net | ||||||||||||||||||||||||
At December 31, 2020 | Level 1 | Level 2 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Foreign currency hedges | $ | — | $ | 20 | $ | 20 | |||||||||||||||||
Total Assets | $ | — | $ | 20 | $ | 20 | |||||||||||||||||
Liabilities: | $ | — | |||||||||||||||||||||
Deferred compensation | $ | — | $ | 529 | $ | 529 | |||||||||||||||||
Foreign currency hedges | — | 39 | 39 | ||||||||||||||||||||
Total Liabilities | $ | — | $ | 568 | $ | 568 |
At December 31, 2019 | Level 1 | Level 2 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Marketable securities | $ | 146 | $ | — | $ | 146 | |||||||||||||||||
Foreign currency hedges | — | 13 | 13 | ||||||||||||||||||||
Total Assets | $ | 146 | $ | 13 | $ | 159 | |||||||||||||||||
Liabilities: | $ | — | |||||||||||||||||||||
Deferred compensation | $ | — | $ | 490 | $ | 490 | |||||||||||||||||
Foreign currency hedges | — | 14 | 14 | ||||||||||||||||||||
Total Liabilities | $ | — | $ | 504 | $ | 504 |
Continuing Operations | Discontinued Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Actuarial | Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative | Loss and | Other | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Translation | Prior | Available-For-Sale | Comprehensive | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments | Service Cost | Securities |
Income (Loss) (a)
|
Loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2017 | $ | (209) | $ | (1,071) | $ | 30 | $ | (19) | $ | (1,269) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss before
reclassifications |
(236) | (123) | — | (12) | (371) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications to net earnings | — | 62 |
(b)
|
— | — | 62 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (236) | (61) | — | (12) | (309) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of accounting standard | — | — | (30) | — | (30) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2018 | (445) | (1,132) | — | (31) | (1,608) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)
before reclassifications |
7 | (205) | — | 6 | (192) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications to net earnings | — | 60 |
(b)
|
— | — | 60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 7 | (145) | — | 6 | (132) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax effects reclassified to retained
earnings |
— | (230) |
(c)
|
— | — | (230) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2019 | (438) | (1,507) | — | (25) | (1,970) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)
before reclassifications |
135 | (74) | — | 5 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications to net earnings | — | 72 |
(b)
|
— | — | 72 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income
(loss) |
135 | (2) | — | 5 | 138 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2020 | $ | (303) | $ | (1,509) | $ | — | $ | (20) | $ | (1,832) |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
RSUs and PSUs | $ | 167 | $ | 169 | $ | 167 | |||||||||||
Stock options | 19 | 27 | 34 | ||||||||||||||
Compensation cost included in operating and SG&A expense | 186 | 196 | 201 | ||||||||||||||
Compensation cost included in restructuring and other
corporate matters (a)
|
88 | 90 | (14) | ||||||||||||||
Stock-based compensation expense, before income taxes | 274 | 286 | 187 | ||||||||||||||
Related tax benefit | (54) | (58) | (44) | ||||||||||||||
Stock-based compensation expense, net of tax benefit | $ | 220 | $ | 228 | $ | 143 |
Weighted Average | ||||||||||||||||||||
Shares | Grant Date Fair Value | |||||||||||||||||||
Non-vested at December 31, 2019 | 14,489,729 | $ | 45.64 | |||||||||||||||||
Granted (a)
|
6,757,535 | $ | 32.35 | |||||||||||||||||
Vested | (7,014,797) | $ | 46.40 | |||||||||||||||||
Forfeited | (231,837) | $ | 42.05 | |||||||||||||||||
Non-vested at December 31, 2020 | 14,000,630 | $ | 38.91 |
2018 | |||||
Expected dividend yield | 1.33 | % | |||
Expected stock price volatility | 29.52 | % | |||
Risk-free interest rate | 2.73 | % | |||
Expected term of options (years) | 5.00 |
2018 | |||||
Expected dividend yield | 2.52 | % | |||
Expected stock price volatility | 32.60 | % | |||
Risk-free interest rate | 2.81 | % | |||
Expected term of options (years) | 5.12 |
Weighted Average | |||||||||||||||||||||||
Stock Options | Exercise Price | ||||||||||||||||||||||
Outstanding at December 31, 2019 | 16,291,709 | $ | 58.98 | ||||||||||||||||||||
Granted | — | $ | — | ||||||||||||||||||||
Exercised | (378,648) | $ | 29.31 | ||||||||||||||||||||
Forfeited or expired | (1,772,337) | $ | 51.47 | ||||||||||||||||||||
Outstanding at December 31, 2020 | 14,140,724 | $ | 60.72 | ||||||||||||||||||||
Exercisable at December 31, 2020 | 12,269,735 | $ | 61.63 |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
Cash received from stock option exercises | $ | 5 | $ | 15 | $ | 29 | |||||||||||
Tax benefit of stock option exercises | $ | 1 | $ | 4 | $ | 4 | |||||||||||
Intrinsic value of stock option exercises | $ | 2 | $ | 15 | $ | 16 |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
United States | $ | 2,353 | $ | 2,225 | $ | 2,916 | |||||||||||
Foreign | 794 | 998 | 1,068 | ||||||||||||||
Total | $ | 3,147 | $ | 3,223 | $ | 3,984 |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 160 | $ | 370 | $ | 277 | |||||||||||
State and local | 73 | 164 | 92 | ||||||||||||||
Foreign | 180 | 202 | 163 | ||||||||||||||
Total current | 413 | 736 | 532 | ||||||||||||||
Deferred: | |||||||||||||||||
Federal | 146 | (67) | 20 | ||||||||||||||
State and local | 42 | (43) | 20 | ||||||||||||||
Foreign | (66) | (655) | 8 | ||||||||||||||
Total deferred | 122 | (765) | 48 | ||||||||||||||
Provision (benefit) for income taxes | $ | 535 | $ | (29) | $ | 580 |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
Taxes on income at U.S. federal statutory rate | $ | 661 | $ | 676 | $ | 836 | |||||||||||
State and local taxes, net of federal tax benefit | 116 | 116 | 109 | ||||||||||||||
Effect of foreign operations | (98) | (49) | (108) | ||||||||||||||
Noncontrolling interests | (52) | (2) | (1) | ||||||||||||||
U.K. statutory rate change | (100) | — | — | ||||||||||||||
Reorganization of foreign operations (a)
|
— | (768) | — | ||||||||||||||
Bankruptcy of an investee | — | (39) | — | ||||||||||||||
Impact of tax law changes | — | — | (80) | ||||||||||||||
Tax benefits from positions relating to the Tax Reform Act (b)
|
— | (44) | — | ||||||||||||||
Merger related costs | — | 41 | — | ||||||||||||||
Establishment (reversal) of valuation allowance (c)
|
— | 2 | (153) | ||||||||||||||
Excess tax benefits from stock-based compensation | 29 | 20 | 8 | ||||||||||||||
Domestic production deduction | — | (1) | 24 | ||||||||||||||
Tax accounting method change | — | — | (78) | ||||||||||||||
Other, net
|
(21) | 19 | 23 | ||||||||||||||
Provision (benefit) for income taxes | $ | 535 | $ | (29) | $ | 580 |
At December 31, | 2020 | 2019 | |||||||||
Deferred income tax assets: | |||||||||||
Reserves and other accrued liabilities | $ | 476 | $ | 481 | |||||||
Pension, postretirement and other employee benefits | 772 | 766 | |||||||||
Lease liability | 466 | 485 | |||||||||
Tax credit and loss carryforwards | 448 | 394 | |||||||||
Other | 56 | 85 | |||||||||
Total deferred income tax assets | 2,218 | 2,211 | |||||||||
Valuation allowance | (593) | (547) | |||||||||
Deferred income tax assets, net | 1,625 | 1,664 | |||||||||
Deferred income tax liabilities: | |||||||||||
Intangible assets | (460) | (251) | |||||||||
Unbilled licensing receivables | (237) | (393) | |||||||||
Lease asset | (400) | (422) | |||||||||
Property, equipment and other assets | (198) | (153) | |||||||||
Financing obligations | (71) | (72) | |||||||||
Other | (44) | — | |||||||||
Total deferred income tax liabilities | (1,410) | (1,291) | |||||||||
Deferred income tax assets, net | $ | 215 | $ | 373 |
At January 1, 2018 | $ | 300 | |||
Additions for current year tax positions | 27 | ||||
Additions for prior year tax positions | 204 | ||||
Reductions for prior year tax positions | (60) | ||||
Cash settlements | (19) | ||||
Statute of limitations lapses | (6) | ||||
At December 31, 2018 | 446 | ||||
Additions for current year tax positions | 49 | ||||
Additions for prior year tax positions | 67 | ||||
Reductions for prior year tax positions | (26) | ||||
Cash settlements | (149) | ||||
Statute of limitations lapses | (3) | ||||
At December 31, 2019 | 384 | ||||
Additions for current year tax positions | 15 | ||||
Additions for prior year tax positions | 18 | ||||
Reductions for prior year tax positions | (34) | ||||
Cash settlements | (2) | ||||
Statute of limitations lapses | (9) | ||||
Reclassification to deferred income tax liability | (64) | ||||
At December 31, 2020 | $ | 308 |
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 4,963 | $ | 4,511 | $ | 360 | $ | 376 | |||||||||||||||
Service cost | 30 | 28 | 2 | 1 | |||||||||||||||||||
Interest cost | 164 | 191 | 11 | 16 | |||||||||||||||||||
Actuarial loss (gain) | 408 | 593 | (8) | 8 | |||||||||||||||||||
Curtailment gain | (79) | — | — | — | |||||||||||||||||||
Benefits paid | (324) | (360) | (58) | (59) | |||||||||||||||||||
Participants’ contributions | — | — | 12 | 13 | |||||||||||||||||||
Retiree Medicare drug subsidy | — | — | 3 | 5 | |||||||||||||||||||
Benefit obligation, end of year | $ | 5,162 | $ | 4,963 | $ | 322 | $ | 360 |
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 3,176 | $ | 2,932 | $ | — | $ | 1 | |||||||||||||||
Actual return on plan assets | 429 | 530 | — | (1) | |||||||||||||||||||
Employer contributions | 66 | 74 | 43 | 41 | |||||||||||||||||||
Benefits paid | (324) | (360) | (58) | (59) | |||||||||||||||||||
Participants’ contributions | — | — | 12 | 13 | |||||||||||||||||||
Retiree Medicare drug subsidy | — | — | 3 | 5 | |||||||||||||||||||
Fair value of plan assets, end of year | $ | 3,347 | $ | 3,176 | $ | — | $ | — |
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||
At December 31, | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Funded status at end of year | $ | (1,815) | $ | (1,787) | $ | (322) | $ | (360) | |||||||||||||||
Amounts recognized on the Consolidated Balance Sheets: | |||||||||||||||||||||||
Other assets | $ | 7 | $ | 5 | $ | — | $ | — | |||||||||||||||
Current liabilities | (85) | (69) | (38) | (42) | |||||||||||||||||||
Noncurrent liabilities | (1,737) | (1,723) | (284) | (318) | |||||||||||||||||||
Net amounts recognized | $ | (1,815) | $ | (1,787) | $ | (322) | $ | (360) |
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||
At December 31, | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net actuarial (loss) gain | $ | (2,144) | $ | (2,153) | $ | 140 | $ | 147 | |||||||||||||||
Net prior service cost | (1) | (3) | — | (1) | |||||||||||||||||||
Share of equity investee | (2) | (2) | — | — | |||||||||||||||||||
(2,147) | (2,158) | 140 | 146 | ||||||||||||||||||||
Deferred income taxes | 560 | 563 | (13) | (14) | |||||||||||||||||||
Net amount recognized in accumulated other
comprehensive income (loss)
|
$ | (1,587) | $ | (1,595) | $ | 127 | $ | 132 |
At December 31, | 2020 | 2019 | |||||||||
Projected benefit obligation | $ | 5,161 | $ | 4,962 | |||||||
Accumulated benefit obligation | $ | 5,161 | $ | 4,873 | |||||||
Fair value of plan assets | $ | 3,340 | $ | 3,170 |
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||
Components of net periodic cost: | |||||||||||||||||||||||||||||||||||
Service cost | $ | 30 | $ | 28 | $ | 30 | $ | 2 | $ | 1 | $ | 1 | |||||||||||||||||||||||
Interest cost | 164 | 191 | 180 | 11 | 16 | 17 | |||||||||||||||||||||||||||||
Expected return on plan assets | (194) | (183) | (214) | — | — | — | |||||||||||||||||||||||||||||
Amortization of actuarial losses (gains) | 103 | 94 | 87 | (15) | (18) | (18) | |||||||||||||||||||||||||||||
Amortization of prior service cost | 2 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||||||
Net periodic cost (a)
|
$ | 105 | $ | 131 | $ | 84 | $ | (1) | $ | — | $ | 1 |
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||
Actuarial (loss) gain | $ | (173) | $ | (246) | $ | (179) | $ | 8 | $ | (9) | $ | 8 | |||||||||||||||||||||||
Curtailment gain | 79 | — | — | — | — | — | |||||||||||||||||||||||||||||
Amortization of actuarial losses (gains) | 103 | 94 | 87 | (15) | (18) | (18) | |||||||||||||||||||||||||||||
Amortization of prior service cost | 2 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||||||
11 | (151) | (91) | (6) | (26) | (9) | ||||||||||||||||||||||||||||||
Deferred income taxes | (3) | 37 | 25 | 1 | 5 | 2 | |||||||||||||||||||||||||||||
Recognized in other comprehensive income
(loss), net of tax |
$ | 8 | $ | (114) | $ | (66) | $ | (5) | $ | (21) | $ | (7) |
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||||||||||||||||
Discount rate | 2.9 | % | 3.5 | % | 4.5 | % | 2.6 | % | 3.3 | % | 4.4 | % | |||||||||||||||||||||||
Rate of compensation increase | — | % | 3.0 | % | 3.0 | % | N/A | N/A | N/A | ||||||||||||||||||||||||||
Weighted average assumptions used to determine net periodic costs for the year ended December 31: | |||||||||||||||||||||||||||||||||||
Discount rate | 3.4 | % | 4.5 | % | 3.8 | % | 3.3 | % | 4.4 | % | 3.9 | % | |||||||||||||||||||||||
Expected long-term return on plan assets | 6.4 | % | 6.6 | % | 6.6 | % | N/A | N/A | 2.0 | % | |||||||||||||||||||||||||
Cash balance interest crediting rate | 5.0 | % | 5.0 | % | 5.0 | % | N/A | N/A | N/A | ||||||||||||||||||||||||||
Rate of compensation increase | 3.0 | % | 3.0 | % | 3.0 | % | N/A | N/A | N/A |
At December 31, 2020 | Level 1 | Level 2 | Total | ||||||||||||||||||||
Cash and cash equivalents (a)
|
$ | 8 | $ | — | $ | 8 | |||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||
U.S. treasury securities | 78 | — | 78 | ||||||||||||||||||||
Government-related securities | — | 167 | 167 | ||||||||||||||||||||
Corporate bonds (b)
|
— | 1,634 | 1,634 | ||||||||||||||||||||
Mortgage-backed and asset-backed securities | — | 56 | 56 | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
U.S. large capitalization | 82 | — | 82 | ||||||||||||||||||||
U.S. small capitalization | 79 | — | 79 | ||||||||||||||||||||
Other | — | 30 | 30 | ||||||||||||||||||||
Total assets in fair value hierarchy | $ | 247 | $ | 1,887 | $ | 2,134 | |||||||||||||||||
Common collective funds measured at net asset value (c) (d)
|
1,149 | ||||||||||||||||||||||
Limited partnerships measured at net asset value (c)
|
18 | ||||||||||||||||||||||
Mutual funds measured at net asset value (c)
|
46 | ||||||||||||||||||||||
Investments, at fair value | $ | 3,347 |
At December 31, 2019 | Level 1 | Level 2 | Total | ||||||||||||||||||||
Cash and cash equivalents (a)
|
$ | 1 | $ | 34 | $ | 35 | |||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||
U.S. treasury securities | 83 | — | 83 | ||||||||||||||||||||
Government-related securities | — | 171 | 171 | ||||||||||||||||||||
Corporate bonds (b)
|
— | 1,562 | 1,562 | ||||||||||||||||||||
Mortgage-backed and asset-backed securities | — | 98 | 98 | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
U.S. large capitalization | 113 | — | 113 | ||||||||||||||||||||
U.S. small capitalization | 40 | — | 40 | ||||||||||||||||||||
Other | — | 25 | 25 | ||||||||||||||||||||
Total assets in fair value hierarchy | $ | 237 | $ | 1,890 | $ | 2,127 | |||||||||||||||||
Common collective funds measured at net asset value (c) (d)
|
978 | ||||||||||||||||||||||
Limited partnerships measured at net asset value (c)
|
23 | ||||||||||||||||||||||
Mutual funds measured at net asset value (c)
|
48 | ||||||||||||||||||||||
Investments, at fair value | $ | 3,176 |
2021 | 2022 | 2023 | 2024 | 2025 | 2026-2030 | ||||||||||||||||||||||||||||||
Pension | $ | 464 | $ | 311 | $ | 305 | $ | 305 | $ | 305 | $ | 1,450 | |||||||||||||||||||||||
Postretirement | $ | 39 | $ | 36 | $ | 34 | $ | 31 | $ | 28 | $ | 106 | |||||||||||||||||||||||
Retiree Medicare drug subsidy | $ | 5 | $ | 5 | $ | 4 | $ | 4 | $ | 4 | $ | 18 |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
Beginning balance | $ | 254 | $ | 239 | $ | 249 | |||||||||||
Net earnings | 11 | 14 | 18 | ||||||||||||||
Distributions | (15) | (16) | (15) | ||||||||||||||
Translation adjustment | 7 | 8 | (14) | ||||||||||||||
Redemption value adjustment | (60) | 9 | 1 | ||||||||||||||
Ending balance | $ | 197 | $ | 254 | $ | 239 |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
Revenues: | |||||||||||||||||
Advertising | $ | 5,035 | $ | 6,008 | $ | 5,751 | |||||||||||
Affiliate | 3,129 | 2,550 | 2,082 | ||||||||||||||
Content licensing | 2,369 | 3,157 | 3,006 | ||||||||||||||
Other | 167 | 209 | 222 | ||||||||||||||
TV Entertainment | 10,700 | 11,924 | 11,061 | ||||||||||||||
Advertising | 4,743 | 5,129 | 5,130 | ||||||||||||||
Affiliate | 6,037 | 6,052 | 6,294 | ||||||||||||||
Content licensing | 1,809 | 1,268 | 1,259 | ||||||||||||||
Cable Networks | 12,589 | 12,449 | 12,683 | ||||||||||||||
Theatrical | 180 | 547 | 744 | ||||||||||||||
Home Entertainment | 709 | 623 | 617 | ||||||||||||||
Licensing | 1,598 | 1,709 | 1,493 | ||||||||||||||
Other | 75 | 111 | 102 | ||||||||||||||
Filmed Entertainment | 2,562 | 2,990 | 2,956 | ||||||||||||||
Corporate/Eliminations | (566) | (365) | (275) | ||||||||||||||
Total Revenues | $ | 25,285 | $ | 26,998 | $ | 26,425 |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
Intercompany Revenues: | |||||||||||||||||
TV Entertainment | $ | 285 | $ | 226 | $ | 164 | |||||||||||
Cable Networks | 79 | 53 | 47 | ||||||||||||||
Filmed Entertainment | 202 | 117 | 95 | ||||||||||||||
Total Intercompany Revenues | $ | 566 | $ | 396 | $ | 306 |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
Adjusted OIBDA: | |||||||||||||||||
TV Entertainment | $ | 1,857 | $ | 2,443 | $ | 2,466 | |||||||||||
Cable Networks | 3,746 | 3,515 | 4,341 | ||||||||||||||
Filmed Entertainment | 215 | 80 | (33) | ||||||||||||||
Corporate/Eliminations | (500) | (449) | (433) | ||||||||||||||
Stock-based compensation | (186) | (196) | (201) | ||||||||||||||
Depreciation and amortization | (430) | (438) | (427) | ||||||||||||||
Restructuring and other corporate matters | (618) | (769) | (489) | ||||||||||||||
Programming charges | (159) | (589) | (162) | ||||||||||||||
Gain on sales | 214 | 549 | — | ||||||||||||||
Operating income | 4,139 | 4,146 | 5,062 | ||||||||||||||
Interest expense | (1,031) | (962) | (1,030) | ||||||||||||||
Interest income | 60 | 66 | 79 | ||||||||||||||
Net gain (losses) from investments | 206 | 85 | (53) | ||||||||||||||
Gain (loss) on extinguishment of debt | (126) | — | 18 | ||||||||||||||
Other items, net | (101) | (112) | (92) | ||||||||||||||
Earnings from continuing operations before income taxes and
equity in loss of investee companies
|
3,147 | 3,223 | 3,984 | ||||||||||||||
(Provision) benefit for income taxes | (535) | 29 | (580) | ||||||||||||||
Equity in loss of investee companies, net of tax | (28) | (53) | (47) | ||||||||||||||
Net earnings from continuing operations | 2,584 | 3,199 | 3,357 | ||||||||||||||
Net earnings from discontinued operations, net of tax | 117 | 140 | 135 | ||||||||||||||
Net earnings (ViacomCBS and noncontrolling interests) | 2,701 | 3,339 | 3,492 | ||||||||||||||
Net earnings attributable to noncontrolling interests | (279) | (31) | (37) | ||||||||||||||
Net earnings attributable to ViacomCBS | $ | 2,422 | $ | 3,308 | $ | 3,455 |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
Depreciation and Amortization: | |||||||||||||||||
TV Entertainment | $ | 162 | $ | 150 | $ | 160 | |||||||||||
Cable Networks | 205 | 219 | 194 | ||||||||||||||
Filmed Entertainment | 36 | 37 | 38 | ||||||||||||||
Corporate | 27 | 32 | 35 | ||||||||||||||
Total Depreciation and Amortization | $ | 430 | $ | 438 | $ | 427 |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
Capital Expenditures: | |||||||||||||||||
TV Entertainment | $ | 112 | $ | 113 | $ | 112 | |||||||||||
Cable Networks | 110 | 166 | 156 | ||||||||||||||
Filmed Entertainment | 37 | 43 | 52 | ||||||||||||||
Corporate | 65 | 23 | 25 | ||||||||||||||
Total Capital Expenditures | $ | 324 | $ | 345 | $ | 345 |
At December 31, | 2020 | 2019 | |||||||||
Assets: | |||||||||||
TV Entertainment | $ | 19,443 | $ | 19,689 | |||||||
Cable Networks | 23,139 | 22,109 | |||||||||
Filmed Entertainment | 6,440 | 5,477 | |||||||||
Corporate/Eliminations | 2,202 | 969 | |||||||||
Discontinued Operations | 1,439 | 1,341 | |||||||||
Total Assets | $ | 52,663 | $ | 49,585 |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
Revenues: (a)
|
|||||||||||||||||
United States | $ | 20,690 | $ | 21,449 | $ | 20,442 | |||||||||||
International | 4,595 | 5,549 | 5,983 | ||||||||||||||
Total Revenues | $ | 25,285 | $ | 26,998 | $ | 26,425 |
At December 31, | 2020 | 2019 | |||||||||
Long-lived Assets: (a)
|
|||||||||||
United States | $ | 13,435 | $ | 12,417 | |||||||
International | 785 | 498 | |||||||||
Total Long-lived Assets | $ | 14,220 | $ | 12,915 |
Payments Due by Period | |||||||||||||||||||||||||||||||||||||||||
2026 and | |||||||||||||||||||||||||||||||||||||||||
Total | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | |||||||||||||||||||||||||||||||||||
Off-Balance Sheet Arrangements | |||||||||||||||||||||||||||||||||||||||||
Programming and talent commitments | $ | 9,852 | $ | 2,625 | $ | 3,005 | $ | 1,264 | $ | 731 | $ | 493 | $ | 1,734 | |||||||||||||||||||||||||||
Purchase obligations | $ | 1,377 | $ | 501 | $ | 396 | $ | 218 | $ | 131 | $ | 70 | $ | 61 | |||||||||||||||||||||||||||
On-Balance Sheet Arrangements | |||||||||||||||||||||||||||||||||||||||||
Other long-term contractual obligations | $ | 1,734 | $ | — | $ | 879 | $ | 382 | $ | 250 | $ | 190 | $ | 33 |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
Pension and postretirement benefit costs | $ | (69) | $ | (99) | $ | (65) | |||||||||||
Foreign exchange losses | (35) | (18) | (19) | ||||||||||||||
Other | 3 | 5 | (8) | ||||||||||||||
Other items, net | $ | (101) | $ | (112) | $ | (92) |
Year Ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
Cash paid for interest | $ | 965 | $ | 922 | $ | 1,012 | |||||||||||
Cash paid for income taxes: | |||||||||||||||||
Continuing operations | $ | 411 | $ | 560 | $ | 153 | |||||||||||
Discontinued operations | 55 | 38 | 4 | ||||||||||||||
Total cash paid for income taxes | $ | 466 | $ | 598 | $ | 157 |
First | Second | Third | Fourth | ||||||||||||||||||||||||||
2020 (a) (b)
|
Quarter |
Quarter (c)
|
Quarter (d)
|
Quarter (e)
|
Total Year | ||||||||||||||||||||||||
Revenues | $ | 6,499 | $ | 6,075 | $ | 5,837 | $ | 6,874 | $ | 25,285 | |||||||||||||||||||
Operating income | $ | 902 | $ | 1,251 | $ | 903 | $ | 1,083 | $ | 4,139 | |||||||||||||||||||
Net earnings from continuing operations
(ViacomCBS and noncontrolling interests)
|
$ | 504 | $ | 698 | $ | 580 | $ | 802 | $ | 2,584 | |||||||||||||||||||
Net earnings
(ViacomCBS and noncontrolling interests)
|
$ | 519 | $ | 726 | $ | 627 | $ | 829 | $ | 2,701 | |||||||||||||||||||
Net earnings from continuing operations
attributable to ViacomCBS
|
$ | 501 | $ | 453 | $ | 568 | $ | 783 | $ | 2,305 | |||||||||||||||||||
Net earnings attributable to ViacomCBS | $ | 516 | $ | 481 | $ | 615 | $ | 810 | $ | 2,422 | |||||||||||||||||||
Basic net earnings per common shares | |||||||||||||||||||||||||||||
Net earnings from continuing operations
attributable to ViacomCBS
|
$ | .82 | $ | .74 | $ | .92 | $ | 1.27 | $ | 3.74 | |||||||||||||||||||
Net earnings attributable to ViacomCBS | $ | .84 | $ | .78 | $ | 1.00 | $ | 1.31 | $ | 3.93 | |||||||||||||||||||
Diluted net earnings per common share: | |||||||||||||||||||||||||||||
Net earnings from continuing operations
attributable to ViacomCBS
|
$ | .81 | $ | .73 | $ | .92 | $ | 1.26 | $ | 3.73 | |||||||||||||||||||
Net earnings attributable to ViacomCBS | $ | .84 | $ | .78 | $ | 1.00 | $ | 1.31 | $ | 3.92 | |||||||||||||||||||
Weighted average number of common shares | |||||||||||||||||||||||||||||
outstanding: | |||||||||||||||||||||||||||||
Basic | 614 | 615 | 616 | 617 | 616 | ||||||||||||||||||||||||
Diluted | 616 | 617 | 618 | 620 | 618 |
First | Second | Third | Fourth | ||||||||||||||||||||||||||||||||
2019 (a) (b)
|
Quarter (c)
|
Quarter | Quarter |
Quarter (d)
|
Total Year | ||||||||||||||||||||||||||||||
Revenues | $ | 6,936 | $ | 6,925 | $ | 6,481 | $ | 6,656 | $ | 26,998 | |||||||||||||||||||||||||
Operating income (loss) | $ | 1,792 | $ | 1,414 | $ | 984 | $ | (44) | $ | 4,146 | |||||||||||||||||||||||||
Net earnings (loss) from continuing operations
(ViacomCBS and noncontrolling interests)
|
$ | 1,944 | $ | 953 | $ | 600 | $ | (298) | $ | 3,199 | |||||||||||||||||||||||||
Net earnings (loss)
(ViacomCBS and noncontrolling interests)
|
$ | 1,964 | $ | 983 | $ | 646 | $ | (254) | $ | 3,339 | |||||||||||||||||||||||||
Net earnings (loss) from continuing operations
attributable to ViacomCBS
|
$ | 1,939 | $ | 947 | $ | 584 | $ | (302) | $ | 3,168 | |||||||||||||||||||||||||
Net earnings (loss) attributable to ViacomCBS | $ | 1,959 | $ | 977 | $ | 630 | $ | (258) | $ | 3,308 | |||||||||||||||||||||||||
Basic net earnings (loss) per common share: | |||||||||||||||||||||||||||||||||||
Net earnings (loss) from continuing operations
attributable to ViacomCBS
|
$ | 3.16 | $ | 1.54 | $ | .95 | $ | (.49) | $ | 5.15 | |||||||||||||||||||||||||
Net earnings (loss) attributable to ViacomCBS | $ | 3.20 | $ | 1.59 | $ | 1.02 | $ | (.42) | $ | 5.38 | |||||||||||||||||||||||||
Diluted net earnings (loss) per common share: | |||||||||||||||||||||||||||||||||||
Net earnings (loss) from continuing operations
attributable to ViacomCBS
|
$ | 3.14 | $ | 1.53 | $ | .95 | $ | (.49) | $ | 5.13 | |||||||||||||||||||||||||
Net earnings (loss) attributable to ViacomCBS | $ | 3.18 | $ | 1.58 | $ | 1.02 | $ | (.42) | $ | 5.36 | |||||||||||||||||||||||||
Weighted average number of common shares | |||||||||||||||||||||||||||||||||||
outstanding: | |||||||||||||||||||||||||||||||||||
Basic | 613 | 615 | 615 | 615 | 615 | ||||||||||||||||||||||||||||||
Diluted | 617 | 617 | 617 | 615 | 617 |
Item 9.
|
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
|
Item 9A.
|
Controls and Procedures.
|
Item 9B.
|
Other Information.
|
Item 10.
|
Directors, Executive Officers and Corporate Governance.
|
Item 11.
|
Executive Compensation.
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence.
|
Item 14.
|
Principal Accounting Fees and Services.
|
Item 15.
|
Exhibits, Financial Statement Schedules.
|
Item 16
|
Form 10-K Summary.
|
Col. A | Col. B | Col. C | Col. D | Col. E | ||||||||||||||||||||||||||||||||||||||||||||||
Description | Balance at Beginning of Period | Charged to Expenses and Other Accounts | Deductions | Balance at End of Period | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2020 | $ | 80 | $ | 32 | $ | 27 | $ | 85 | ||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2019 | $ | 81 | $ | 25 | $ | 26 | $ | 80 | ||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2018 | $ | 97 | $ | 24 | $ | 40 | $ | 81 | ||||||||||||||||||||||||||||||||||||||||||
Valuation allowance on deferred tax assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2020 | $ | 547 | $ | 67 | $ | 21 | $ | 593 | ||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2019 | $ | 838 | $ | 76 | $ | 367 | $ | 547 | ||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2018 | $ | 1,120 | $ | 37 | $ | 319 | $ | 838 | ||||||||||||||||||||||||||||||||||||||||||
Reserves for inventory obsolescence: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2020 | $ | 57 | $ | 3 | $ | 2 | $ | 58 | ||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2019 | $ | 54 | $ | 5 | $ | 2 | $ | 57 | ||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2018 | $ | 66 | $ | — | $ | 12 | $ | 54 |
Exhibit No. | Description of Document | ||||||||||
(2) | Plan of acquisition, reorganization, arrangement, liquidation or succession | ||||||||||
(a) |
Agreement and Plan of Merger, dated as of August 13, 2019, by and between CBS Corporation and Viacom Inc. (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of CBS Corporation filed August 19, 2019) (File No. 001-09553).
|
||||||||||
(b) |
Amendment No. 1 to the Agreement and Plan of Merger, dated as of October 16, 2019, by and between CBS Corporation and Viacom Inc. (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of CBS Corporation, filed October 17, 2019) (File No. 001-09553).
|
||||||||||
(3) | Articles of Incorporation and Bylaws | ||||||||||
(a) |
Amended and Restated Certificate of Incorporation of ViacomCBS Inc., effective December 4, 2019 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8‑K of CBS Corporation filed December 4, 2019) (File No. 001‑09553).
|
||||||||||
(b) | |||||||||||
(4) | Instruments defining the rights of security holders, including indentures | ||||||||||
(a) |
Description of Class A Common Stock and Class B Common Stock (incorporated by reference to Exhibit 4(a) to the Annual Report on Form 10‑K of ViacomCBS Inc. for the fiscal year ended December 31, 2019) (File No. 001‑09553).
|
||||||||||
(b) |
Amended and Restated Senior Indenture dated as of November 3, 2008 (“2008 Indenture”) among CBS Corporation, CBS Operations Inc., and The Bank of New York Mellon, as senior trustee (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S‑3 of CBS Corporation filed November 3, 2008) (Registration No. 333‑154962) (File No. 001‑09553).
|
||||||||||
(c) |
First Supplemental Indenture to 2008 Indenture dated as of April 5, 2010 among CBS Corporation, CBS Operations Inc., and Deutsche Bank Trust Company Americas, as senior trustee (incorporated by reference to Exhibit 4.3 to the Current Report on Form 8‑K of CBS Corporation filed April 5, 2010) (File No. 001‑09553).
|
||||||||||
(d) |
Indenture, dated as of April 12, 2006, between Viacom Inc. and The Bank of New York (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Viacom Inc. filed April 17, 2006) (File No. 001-32686).
|
||||||||||
(e) |
Twenty-First Supplemental Indenture, dated as of December 4, 2019, by and among CBS Corporation, Viacom Inc. and The Bank of New York Mellon, a New York banking corporation, as trustee (in such capacity, the “Trustee”), to the Indenture, dated as of April 12, 2006, between Viacom Inc. and the Trustee (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of ViacomCBS Inc. filed December 4, 2019) (File No. 001-09553).
|
||||||||||
(f) |
Indenture, dated as of March 27, 2020, between ViacomCBS Inc. and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 4.3 to the Registration Statement on Form S-3 of ViacomCBS Inc. filed March 27, 2020) (File No. 001‑09553).
|
||||||||||
The other instruments defining the rights of holders of the long‑term debt securities of ViacomCBS Inc. and its subsidiaries are omitted pursuant to paragraph (b)(4)(iii)(A) of Item 601 of Regulation S‑K. ViacomCBS Inc. hereby agrees to furnish copies of these instruments to the Securities and Exchange Commission upon request. | |||||||||||
(10) | Material Contracts | ||||||||||
(a) |
CBS Corporation 2009 Long‑Term Incentive Plan (as amended and restated December 11, 2018) (incorporated by reference to Exhibit 10(a) to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2018) (File No. 001-09553).*
|
||||||||||
(b) | Forms of Certificate and Terms and Conditions for equity awards under CBS Corporation 2009 Long‑Term Incentive Plan: | ||||||||||
(i) |
Stock Options (incorporated by reference to Exhibit 10(c)(ii) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2011) (File No. 001‑09553).*
|
||||||||||
(ii) |
Performance‑Based Restricted Share Units with Time Vesting and Performance Vesting (incorporated by reference to Exhibit 10(c)(v) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2011) (File No. 001‑09553).*
|
Exhibit No. | Description of Document | ||||||||||
(iii) |
Restricted Share Units with Time Vesting (incorporated by reference to Exhibit 10(c)(vii) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2011) (File No. 001‑09553).*
|
||||||||||
(iv) | |||||||||||
(v) | |||||||||||
(c) |
CBS Retirement Excess Pension Plan (as amended and restated as of December 31, 2005) (incorporated by reference to Exhibit 10(o) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2005) (File No. 001‑09553) (as Part A was amended by Amendment No. 1 as of January 1, 2009) (incorporated by reference to Exhibit 10(g) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2010) (File No. 001‑09553) (as amended by Part B, effective as of January 1, 2009, as amended and restated as of January 1, 2012) (incorporated by reference to Exhibit 10(e) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2012) (File No. 001‑09553) (as Part B was amended by Amendment No. 1, effective as of December 31, 2020) (filed herewith).*
|
||||||||||
(d) |
CBS Excess 401(k) Plan for Designated Senior Executives (as amended and restated as of December 31, 2005) (incorporated by reference to Exhibit 10(p) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2005) (File No. 001‑09553) (as amended by Part B as of January 1, 2009) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2008) (File No. 001‑09553) (as Part B was amended by Amendment No. 1 as of January 1, 2009) (incorporated by reference to Exhibit 10(b) to the Quarterly Report on Form 10‑Q of CBS Corporation for the quarter ended March 31, 2010) (File No. 001‑09553) (as Part B was amended by Amendment No. 2 as of January 1, 2009) (incorporated by reference to Exhibit 10(h) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2010 (File No. 001‑09553) (as Part A was amended by Amendment No. 1 as of January 1, 2014) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2013) (File No. 001‑09553) (as Part B was amended by Amendment No. 3 as of January 1, 2014) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2013) (File No. 001‑09553) (as Part A was amended by Amendment No. 2 as of February 1, 2015) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553), (as Part B was amended by Amendment No. 4 as of February 1, 2015) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553) (as Part A was amended by Amendment No. 3 as of January 1, 2015) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553) (as Part B was amended by Amendment No. 5 as of January 1, 2015) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553) (as Part A was amended by Amendment No. 4 as of October 2, 2017) (incorporated by reference to Exhibit 10(e) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2017) (File No. 001-09553) (as Part B was amended by Amendment No. 6 as of October 2, 2017) (incorporated by reference to Exhibit 10(e) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2017) (File No. 001-09553) (as Part A was amended by Amendment No. 5 as of July 1, 2019) (incorporated by reference to Exhibit 10(a) for the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended March 31, 2019) (as Part B was amended by Amendment No. 7 as of July 1, 2019) (incorporated by reference to Exhibit 10(a) for the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended March 31, 2019) (File No. 001-09553) (as Part B was amended by Amendment No. 8, effective as of December 31, 2020) (filed herewith).*
|
||||||||||
(e) |
CBS Bonus Deferral Plan for Designated Senior Executives (as amended and restated as of December 31, 2005) (incorporated by reference to Exhibit 10(q) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2005) (File No. 001‑09553) (as amended by Part B as of January 1, 2009) (incorporated by reference to Exhibit 10(g) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2008) (File No. 001‑09553) (as Part B was amended by Amendment No. 1 as of January 1, 2009) (incorporated by reference to Exhibit 10(c) to the Quarterly Report on Form 10‑Q of CBS Corporation for the quarter ended March 31, 2010) (File No. 001‑09553) (as Part B was amended by Amendment No. 2 as of January 1, 2009) (incorporated by reference to Exhibit 10(i) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2010) (File No. 001‑09553) (as Part A was amended by Amendment No. 1 as of January 1, 2014) (incorporated by reference to Exhibit 10(g) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2013) (File No. 001‑09553) (as Part B was amended by Amendment No. 3 as of January 1, 2014) (incorporated by reference to Exhibit 10(g) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2013) (File No. 001‑09553) (as
|
Exhibit No. | Description of Document | ||||||||||
Part A was amended by Amendment No. 2 as of January 1, 2015) (incorporated by reference to Exhibit 10(g) to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2014) (File No. 001-09553) (as Part B was amended by Amendment No. 4 as of January 1, 2015) (incorporated by reference to Exhibit 10(g) to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2014) (File No. 001-09553) (as Part A was amended by Amendment No. 3 as of October 2, 2017) (incorporated by reference to Exhibit 10(f) of the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2017) (File No. 001-09553) (as Part B was amended by Amendment No. 5 as of October 2, 2017) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2017) (File No. 001-09553) (as Part A was amended by Amendment No. 4 as of July 1, 2019) (incorporated by reference to Exhibit 10(b) to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended March 31, 2019) (as Part B was amended by Amendment No. 6 as of July 1, 2019) (incorporated by reference to Exhibit 10(b) to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended March 31, 2019) (File No. 001-09553).*
|
|||||||||||
(f) |
Viacom Inc. 2016 Long-Term Management Incentive Plan (incorporated by reference to Exhibit A to the Definitive Proxy Statement of Viacom Inc. filed January 23, 2015) (File No. 001-32686).*
|
||||||||||
(g) | Forms of Terms and Conditions to the Certificates for equity awards under the Viacom Inc. 2016 Long-Term Management Incentive Plan: | ||||||||||
(i) |
Stock Options (incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q of Viacom Inc. for the quarter ended June 30, 2016) (File No. 001-32686).*
|
||||||||||
(ii) |
Restricted Share Units (incorporated by reference to Exhibit 10.4 to the Quarterly Report on Form 10-Q of Viacom Inc. for the quarter ended June 30, 2016) (File No. 001-32686).*
|
||||||||||
(iii) |
Performance Share Units (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of Viacom Inc. for the quarter ended December 31, 2018) (File No. 001-32686).*
|
||||||||||
(iv) | |||||||||||
(v) | |||||||||||
(h) |
Viacom Excess Pension Plan, as amended and restated January 1, 2009 (incorporated by reference to Exhibit 10.13 to the Annual Report on Form 10-K of Viacom Inc. for the fiscal year ended December 31, 2008) (File No. 001-32686), as amended by Amendment, effective as of March 31, 2009 (incorporated by reference to Exhibit 10.13 to the Transition Report on Form 10-K of Viacom Inc. for the nine-month transition period ended September 30, 2010) (File No. 001-32686).*
|
||||||||||
(i) |
Viacom Excess 401(k) Plan for Designated Senior Executives, as amended and restated January 1, 2009 (incorporated by reference to Exhibit 10.14 to the Annual Report on Form 10-K of Viacom Inc. for the fiscal year ended December 31, 2008) (File No. 001-32686), as amended by Amendments, effective as of April 1, 2009 and December 31, 2009 (incorporated by reference to Exhibit 10.15 to the Transition Report on Form 10-K of Viacom Inc. for the nine-month transition period ended September 30, 2010) (File No. 001-32686).*
|
||||||||||
(j) |
Viacom Bonus Deferral Plan for Designated Senior Executives, as amended and restated January 1, 2009 (incorporated by reference to Exhibit 10.15 to the Annual Report on Form 10-K of Viacom Inc. for the fiscal year ended December 31, 2008) (File No. 001-32686), as amended by Amendment, effective as of December 31, 2009 (incorporated by reference to Exhibit 10.17 to the Transition Report on Form 10-K of Viacom Inc. for the nine-month transition period ended September 30, 2010) (File No. 001-32686).*
|
||||||||||
(k) |
Summary of ViacomCBS Inc. Compensation for Outside Directors (as of January 31, 2019) (incorporated by reference to Exhibit 10(g) to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2018) (File No. 001-09553).*
|
||||||||||
(l) |
Form of Director Indemnification Agreement (incorporated by reference to Exhibit 10 to the Current Report on Form 8‑K of CBS Corporation filed September 18, 2009) (File No. 001‑09553).*
|
||||||||||
(m) |
CBS Corporation Deferred Compensation Plan for Outside Directors (as amended and restated as of January 29, 2015) (incorporated by reference to Exhibit 10(k) to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2014) (File No. 001-09553).*
|
||||||||||
(n) |
CBS Corporation 2005 RSU Plan for Outside Directors (as amended and restated through January 29, 2015) (incorporated by reference to Exhibit 10(m) to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2014) (File No. 001-09553).*
|
||||||||||
(o) |
CBS Corporation 2015 Equity Plan for Outside Directors (effective May 21, 2015) (incorporated by reference to Exhibit 10(a) to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended June 30, 2015) (File No. 001-09553).*
|
||||||||||
(p) |
Viacom Inc. 2011 RSU Plan for Outside Directors, as amended and restated as of January 1, 2016 (incorporated by reference to Exhibit B to the Definitive Proxy Statement of Viacom Inc. filed January 23, 2015) (File No. 001-32686), as further amended and restated as of May 18, 2016 (incorporated by reference to Exhibit 10.2 to the Quarterly Report of Viacom Inc. for the quarter ended June 30, 2016) (File No. 001-32686).*
|
Exhibit No. | Description of Document | ||||||||||
(q) |
CBS Corporation Senior Executive Retention Plan, including the form of Letter to Participants (incorporated by reference to Exhibit 10.17 to the Registration Statement on Form S-4 of CBS Corporation filed October 17, 2019 (Registration No. 333-234238) (File No. 001-09553).*
|
||||||||||
(r) |
Viacom Inc. Executive Retention Plan for Section 16 Officers (incorporated by reference to Exhibit 10.15 to CBS Corporation’s Registration Statement No. 333-234238 on Form S-4 filed October 17, 2019) (File No. 333-234238).*
|
||||||||||
(s) |
Employment Agreement, dated as of August 13, 2019, between Viacom Inc. and Robert M. Bakish (incorporated by reference to Exhibit 10.4 to CBS Corporation’s Registration Statement No. 333-234238 on Form S-4 filed October 17, 2019) (File No. 333-234238).*
|
||||||||||
(t) |
Letter Agreement, dated as of August 13, 2019, between Viacom Inc. and Robert M. Bakish (incorporated by reference to Exhibit 10.5 to CBS Corporation’s Registration Statement No. 333-234238 on Form S-4 filed October 17, 2019) (File No. 333-234238).*
|
||||||||||
(u) |
Employment Agreement dated October 18, 2018, between CBS Corporation and Christina Spade (incorporated by reference to Exhibit 10 to the Current Report on Form 8-K of CBS Corporation filed October 19, 2018) (File No. 001-09553).*
|
||||||||||
(v) |
Employment Agreement, dated as of August 13, 2019, between CBS Corporation and Christina Spade (incorporated by reference to Exhibit 10.7 to the Registration Statement on Form S-4 of CBS Corporation filed October 17, 2019), as amended by Letter Agreement dated July 23, 2020 (incorporated by reference to
Exhibit 10(c) to the Quarterly Report on Form 10-Q of ViacomCBS Inc. for the quarter ended September 30, 2020) (Registration No. 333-234238) (File No. 001-09553).*
|
||||||||||
(w) |
Employment Agreement, dated as of June 30, 2020, between Viacom Inc. and Naveen Chopra (incorporated by reference to Exhibit 10(a) to the Quarterly Report on Form 10-Q of ViacomCBS Inc. for the quarter ended June 30, 2020) (File No. 333-234238).*
|
||||||||||
(x) |
Letter Agreement, dated as of June 30, 2020, between ViacomCBS Inc. and Naveen Chopra (incorporated by reference to Exhibit 10(b) to the Quarterly Report on Form 10-Q of ViacomCBS Inc. for the quarter ended June 30, 2020) (File No. 333-234238).*
|
||||||||||
(y) |
Employment Agreement, dated as of August 13, 2019, between Viacom Inc. and Christa A. D’Alimonte (incorporated by reference to Exhibit 10.9 to CBS Corporation’s Registration Statement No. 333-234238 on Form S-4 filed October 17, 2019) (File No. 333-234238).*
|
||||||||||
(z) |
Letter Agreement, dated as of August 13, 2019, between Viacom Inc. and Christa A. D’Alimonte (incorporated by reference to Exhibit 10.10 to CBS Corporation’s Registration Statement No. 333-234238 on Form S-4 filed October 17, 2019) (File No. 333-234238).*
|
||||||||||
(aa) |
Employment Agreement, dated as of October 2, 2019, between Viacom Inc. and DeDe Lea (incorporated by reference to Exhibit 10.13 to CBS Corporation’s Registration Statement No. 333-234238 on Form S-4 filed October 17, 2019) (File No. 333-234238).*
|
||||||||||
(bb) |
Employment Agreement, dated as of January 1, 2019, between CBS Corporation and Richard M. Jones (incorporated by reference to Exhibit 10(r) to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2018) (File No. 001-09553).*
|
||||||||||
(cc) |
Employment Agreement, dated as of November 19, 2019, between CBS Corporation and Richard M. Jones (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of CBS Corporation filed November 22, 2019) (File No. 001-09553).*
|
||||||||||
(dd) |
Employment Agreement, dated as of December 2, 2019, between Viacom Inc. and Nancy Phillips (incorporated by reference to Exhibit 10(bb) to the Annual Report on Form 10-K of ViacomCBS Inc. for the fiscal year ended December 31, 2019) (File No. 001-09553).*
|
||||||||||
(ee) |
Letter Agreement, dated as of December 2, 2019, between Viacom Inc. and Nancy Phillips (incorporated by reference to Exhibit 10(cc) to the Annual Report on Form 10-K of ViacomCBS Inc. for the fiscal year ended December 31, 2019) (File No. 001-09553).*
|
||||||||||
(ff) |
Employment Agreement,, dated as of July 1, 2017, between CBS Corporation and Joseph R. Ianniello (incorporated by reference to Exhibit 10(a) to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended September 30, 2017) (File No. 001-09553), as amended by Letter Agreement dated as of September 9, 2018 (incorporated by reference to Exhibit 10(a) to the Current Report on Form 8-K of CBS Corporation filed September 27, 2018) (File No. 001-09553).*
|
||||||||||
(gg) |
Letter Agreement, dated as of April 23, 2019, between CBS Corporation and Joseph R. Ianniello (incorporated by reference to Exhibit 10 to the Current Report on Form 8-K of CBS Corporation filed April 26, 2019) (File No. 001-09553).*
|
Exhibit No. | Description of Document | ||||||||||
(hh) |
Letter Agreement, dated as of August 13, 2019, between CBS Corporation and Joseph R. Ianniello (incorporated by reference to Exhibit 10.6 to the Registration Statement on Form S-4 of CBS Corporation filed October 17, 2019 (Registration No. 333-234238) (File No. 001-09553)).*
|
||||||||||
(ii) |
Employment Agreement, dated as of December 4, 2019, between ViacomCBS Inc. and Joseph R. Ianniello (incorporated by reference to Exhibit 10(gg) to the Annual Report on Form 10-K of ViacomCBS Inc. for the fiscal year ended December 31, 2019) (File No. 001-09553).*
|
||||||||||
(jj) |
Letter Agreement, dated as of January 31, 2020, between ViacomCBS Inc. and Joseph R. Ianniello (incorporated by reference to Exhibit 10(hh) to the Annual Report on Form 10-K of ViacomCBS Inc. for the fiscal year ended December 31, 2019) (File No. 001-09553).*
|
||||||||||
(kk) | Plans assumed by Former Viacom after the merger with former CBS Corporation in May 2000, consisting of the following: | ||||||||||
(i) |
CBS Supplemental Executive Retirement Plan (as amended as of April 1, 1999) (incorporated by reference to Exhibit 10(h) to the Quarterly Report on Form 10‑Q of CBS for the quarter ended September 30, 1999) (File No. 001‑00977) (as amended by Part B, effective as of January 1, 2009, as amended and restated as of January 1, 2012) (incorporated by reference to Exhibit 10(t)(i) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2012) (File No. 001‑09553) (as Part B was amended, effective as of December 31, 2020) (filed herewith).*
|
||||||||||
(ii) |
CBS Bonus Supplemental Executive Retirement Plan (as amended as of April 1, 1999) (incorporated by reference to Exhibit 10(i) to the Quarterly Report on Form 10‑Q of CBS for the quarter ended September 30, 1999) (File No. 001‑00977) (as amended by Part B, effective as of January 1, 2009, as amended and restated as of January 1, 2012) (incorporated by reference to Exhibit 10(t)(ii) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2012) (File No. 001‑09553) (as Part B was amended, effective as of December 31, 2020) (filed herewith).*
|
||||||||||
(iii) |
CBS Supplemental Employee Investment Fund (as amended as of January 1, 1998) (incorporated by reference to Exhibit 10(j) to the Quarterly Report on Form 10‑Q of CBS for the quarter ended September 30, 1999) (File No. 001‑00977).*
|
||||||||||
(ll) |
Matching Gifts Program for Directors (incorporated by reference to Exhibit 10(aa) to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2018) (File No. 001-09553).*
|
||||||||||
(mm) |
Amended and Restated $3.5 Billion Credit Agreement, dated as of January 23, 2020, among ViacomCBS Inc.; the Subsidiary Borrowers party thereto; the Lenders named therein; JPMorgan Chase Bank, N.A., as Administrative Agent; Citibank, N.A., Bank of America, N.A. and Wells Fargo Bank, National Association, as Syndication Agents; and Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Mizuho Bank, Ltd. and Morgan Stanley MUFG Loan Partners, LLC, as Documentation Agents (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of ViacomCBS Inc. filed January 23, 2020) (File No. 001-09553).
|
||||||||||
(nn) |
Settlement and Release Agreement effective as of September 9, 2018 (incorporated by reference to Exhibit 10(a) to the Current Report on Form 8-K of CBS Corporation filed September 10, 2018) (File No. 001-09553).
|
||||||||||
(oo) |
Amendment No. 1 to the Settlement and Release Agreement, dated as of August 13, 2019, by and among the parties listed therein (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of CBS Corporation filed August 19, 2019) (File No. 001-09553).
|
||||||||||
(pp) |
Support Agreement, dated as of August 13, 2019, by and among the parties listed therein (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of CBS Corporation filed August 19, 2019) (File No. 001-09553).
|
||||||||||
(qq) |
Governance Agreement, dated as of August 13, 2019, by and among the parties listed therein (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of CBS Corporation filed August 19, 2019) (File No. 001-09553).
|
||||||||||
(21) | |||||||||||
(23) | Consents of Experts and Counsel | ||||||||||
(a) | |||||||||||
(24) | |||||||||||
(31) | Rule 13a‑14(a)/15d‑14(a) Certifications | ||||||||||
(a) |
Certification of the Chief Executive Officer of ViacomCBS Inc. pursuant to Rule 13a‑14(a) or 15d‑14(a), as adopted pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002 (filed herewith).
|
||||||||||
(b) |
Certification of the Chief Financial Officer of ViacomCBS Inc. pursuant to Rule 13a‑14(a) or 15d‑14(a), as adopted pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002 (filed herewith).
|
||||||||||
Exhibit No. | Description of Document | ||||||||||
(32) | Section 1350 Certifications | ||||||||||
(a) |
Certification of the Chief Executive Officer of ViacomCBS Inc. furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002 (furnished herewith).
|
||||||||||
(b) |
Certification of the Chief Financial Officer of ViacomCBS Inc. furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002 (furnished herewith).
|
||||||||||
(101) | Interactive Data File | ||||||||||
101. INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101. SCH XBRL Taxonomy Extension Schema. 101. CAL XBRL Taxonomy Extension Calculation Linkbase. 101. DEF XBRL Taxonomy Extension Definition Linkbase. 101. LAB XBRL Taxonomy Extension Label Linkbase. 101. PRE XBRL Taxonomy Extension Presentation Linkbase. |
|||||||||||
(104) | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
VIACOMCBS INC. | |||||||||||
By: | /s/ Robert M. Bakish | ||||||||||
Robert M. Bakish
President and
Chief Executive Officer
|
Signature | Title | Date | |||||||||||||||
* | Director | February 24, 2021 | |||||||||||||||
Robert N. Klieger | |||||||||||||||||
* | Director | February 24, 2021 | |||||||||||||||
Judith A. McHale | |||||||||||||||||
* | Director | February 24, 2021 | |||||||||||||||
Ronald L. Nelson | |||||||||||||||||
* | Director | February 24, 2021 | |||||||||||||||
Charles E. Phillips, Jr. | |||||||||||||||||
* | Chair | February 24, 2021 | |||||||||||||||
Shari E. Redstone | |||||||||||||||||
* | Director | February 24, 2021 | |||||||||||||||
Susan Schuman | |||||||||||||||||
* |
Director
|
February 24, 2021 | |||||||||||||||
Nicole Seligman | |||||||||||||||||
* |
Director
|
February 24, 2021 | |||||||||||||||
Frederick O. Terrell | |||||||||||||||||
*By: | /s/ Christa A. D’Alimonte | February 24, 2021 | |||||||||||||||
Christa A. D’Alimonte
Attorney-in-Fact
for Directors
|
Award Schedule | ||
•If the Company achieves less than the 25th percentile Relative TSR, the Target Award will be forfeited
|
||
•If the Company achieves the 25th percentile Relative TSR, the number of Shares to be delivered under the award will be 80% of the Target Award
|
||
•If the Company achieves the 50th percentile Relative TSR, the number of Shares to be delivered under the award will be 100% of the Target Award
|
||
•If Company achieves the 75th percentile Relative TSR or greater, the number of Shares to be delivered under the award will be 120% of the Target Award
|
By: |
/s/ Mark Beatty
|
||||||||||
Mark Beatty |
Years of Completed Vesting Service | Vesting % | ||||
Less than 2 years | 0% | ||||
2 years or more | 100% |
/s/ Mark Beatty | |||||||||||
By: | Mark Beatty |
Award Schedule | ||
•If the Company achieves less than the 25th percentile Relative TSR, the Target Award will be forfeited
|
||
•If the Company achieves the 25th percentile Relative TSR, the number of Shares to be delivered under the award will be 80% of the Target Award
|
||
•If the Company achieves the 50th percentile Relative TSR, the number of Shares to be delivered under the award will be 100% of the Target Award
|
||
•If Company achieves the 75th percentile Relative TSR or greater, the number of Shares to be delivered under the award will be 120% of the Target Award
|
By: |
/s/ Mark Beatty
|
||||||||||
Mark Beatty |
By: |
/s/ Mark Beatty
|
||||||||||
Mark Beatty |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
13 Investments LLC | Louisiana | ||||
13 Productions LLC | Louisiana | ||||
14 Hours Productions Inc. | Canada (Ontario) | ||||
1928778 Ontario Inc. | Canada (Ontario) | ||||
2POP, LLC | California | ||||
300 New LLC | Delaware | ||||
365Gay LLC | Delaware | ||||
37th Floor Productions Inc. | Delaware | ||||
38th Floor Productions Inc. | Delaware | ||||
5555 Communications Inc. | Delaware | ||||
90210 Productions, Inc. | California | ||||
A G Films Canada Inc. | Canada (Ontario) | ||||
A.S. Payroll Company, Inc. | California | ||||
Aardvark Productions, Inc. | Delaware | ||||
Aaron Spelling Productions, Inc. | California | ||||
AC INVERSORA S.A. | Argentina | ||||
Acorn Pipe Line Company | Texas | ||||
Acorn Properties, Inc. | Texas | ||||
Acorn Trading Company | Texas | ||||
Acquisition Group West LLC | Delaware | ||||
Addax Music Co., Inc. | Delaware | ||||
Adoy LLC | Delaware | ||||
Aetrax International Corporation | Delaware | ||||
After School Productions Inc. | Delaware | ||||
AfterL.com LLC | Delaware | ||||
Ages Electronics, Inc. | Delaware | ||||
Ages Entertainment Software LLC | Delaware | ||||
Air Realty Corporation | Delaware | ||||
Air Realty LLC | Delaware | ||||
All About Productions LLC | Delaware | ||||
All Media Inc. | Delaware | ||||
ALTSIM Inc. | Delaware | ||||
Amadea Film Productions, Inc. | Texas | ||||
Amazing Race Productions Inc. | Delaware | ||||
Ananey Channels Ltd. | Israel | ||||
Ananey Communications Ltd. | Israel | ||||
Animated Productions Inc. | Delaware | ||||
Antilles Oil Company, Inc. | Puerto Rico | ||||
A-R Acquisition Corp. | Delaware | ||||
Armacost Music LLC | Delaware | ||||
Around the Block Productions, Inc. | Delaware | ||||
Artcraft Productions Inc. | Delaware | ||||
Aspenfair Music, Inc. | California | ||||
ATCO I S.A. | Argentina | ||||
Atlanta Television Station WUPA Inc. | Delaware |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
Atlántida Comunicaciones S.A. | Argentina | ||||
Atom Digital Inc. | Delaware | ||||
Atom Entertainment, Inc. | Delaware | ||||
ATV ACME, LLC | California | ||||
Audioscrobbler Limited | United Kingdom | ||||
August Street Films Limited | United Kingdom | ||||
Avery Productions LLC | Delaware | ||||
Awesomeness BP, LLC | California | ||||
Awesomeness Distribution, LLC | California | ||||
Awesomeness Inc. | Delaware | ||||
Awesomeness Music Publishing, LLC | California | ||||
Awesomeness, LLC | California | ||||
AwesomenessTV Holdings, LLC | Delaware | ||||
Awestruck, LLC | California | ||||
AXN, LLC | California | ||||
Babunga Inc. | Delaware | ||||
Bahamas Underwriters Services Limited | Bahamas | ||||
BAPP Acquisition Corporation | Delaware | ||||
Barrington Songs LLC | Delaware | ||||
Bay County Energy Systems, Inc. | Delaware | ||||
Bay Resource Management, Inc. | Delaware | ||||
Beijing Yalian Online Network Technology Co. Ltd. | China | ||||
Belhaven Limited | Bahamas | ||||
Bellator Sport Worldwide LLC | Delaware | ||||
Benjamin Button Productions LLC | Louisiana | ||||
BET Acquisition Corp. | Delaware | ||||
BET Arabesque, LLC | Delaware | ||||
BET Comic View II, LLC | Delaware | ||||
BET Consumer Services, Inc. | Delaware | ||||
BET Creations, Inc. | Delaware | ||||
BET Development Company | Delaware | ||||
BET Documentaries, LLC | Delaware | ||||
BET Event Productions, LLC | Delaware | ||||
BET Holdings LLC | Delaware | ||||
BET Innovations Publishing, Inc. | Delaware | ||||
BET Interactive, LLC | Delaware | ||||
BET International, Inc. | Delaware | ||||
BET Live from LA, LLC | Delaware | ||||
BET Music Soundz, Inc. | Delaware | ||||
BET Oh Drama!, LLC | Delaware | ||||
BET Pictures II Development & Production, Inc. | Delaware | ||||
BET Pictures II Distribution, Inc. | Delaware | ||||
BET Pictures II, LLC | Delaware | ||||
BET Productions II, Inc. | Delaware | ||||
BET Productions IV, LLC | Delaware | ||||
BET Productions V, Inc. | Delaware | ||||
BET Productions, LLC | Delaware |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
BET Satellite Services, Inc. | Delaware | ||||
BET Services, Inc. | District of Columbia | ||||
BET ST LLC | Delaware | ||||
BET Streaming LLC | Delaware | ||||
Beta Theatres Inc. | Delaware | ||||
BETCH SKETCH, LLC | California | ||||
BETN Theatre Ventures, LLC | Delaware | ||||
BET-SVOD Holdings Inc. | Delaware | ||||
Beverly Productions Canada Inc. | Canada (B.C.) | ||||
Beverlyfax Music, Inc. | California | ||||
Big Frame, LLC | Delaware | ||||
BIG JOHN, LLC | California | ||||
Big Shows Inc. | Delaware | ||||
Big Ticket Music Inc. | Delaware | ||||
Big Ticket Pictures Inc. | Delaware | ||||
Big Ticket Productions Inc. | Delaware | ||||
Big Ticket Television Inc. | Delaware | ||||
Bikini Bottom Holdings Inc. | Delaware | ||||
Bikini Bottom Productions Limited Liability Company | New York | ||||
Black Entertainment Television LLC | District of Columbia | ||||
Blackout Productions Inc. | Delaware | ||||
Blackrock Insurance Corporation | New York | ||||
Bling Productions Inc. | Delaware | ||||
Blue Cow Inc. | Delaware | ||||
Blue Sea Productions, Inc. | Delaware | ||||
Blue/White Productions, Inc. | Delaware | ||||
BN Productions Inc. | Delaware | ||||
Bob’s Post House, LLC | California | ||||
BODYBAG, LLC | California | ||||
Bombay Hook LLC | Delaware | ||||
Bonneville Wind Corporation | Utah | ||||
Boxing Acquisition Inc. | Delaware | ||||
Branded Productions, Inc. | California | ||||
Breakdown Productions Inc. | Delaware | ||||
Brentwood Pictures Inc. | Delaware | ||||
Bronson Avenue LLC | Delaware | ||||
Bronson Gate Film Management GmbH | Germany | ||||
Brotherhood Productions, Inc. | Rhode Island | ||||
Bruin Music Company | Delaware | ||||
Buster Productions Inc. | Delaware | ||||
C-28 FCC Licensee Subsidiary, LLC | Delaware | ||||
Cania Productions Inc. | Canada (Ontario) | ||||
Caper Productions LLC | Delaware | ||||
Capital Equipment Leasing Limited | United Kingdom | ||||
Caprice Pty Ltd. | Australia | ||||
Caroline Films Productions, Inc. | California | ||||
Cayman Overseas Reinsurance Association | Cayman Islands |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
CBS (PDI) Distribution Inc. | Delaware | ||||
CBS 247 Inc. | Delaware | ||||
CBS Advertiser Services Inc. | Delaware | ||||
CBS AJV Inc. | Delaware | ||||
CBS All Access International UK Limited | United Kingdom | ||||
CBS Acquisition Holdings Limited | United Kingdom | ||||
CBS Asia Inc. | Delaware | ||||
CBS ATSC3 Protection Inc. | Delaware | ||||
CBS Broadcast International Asia Inc. | New York | ||||
CBS Broadcast International B.V. | Netherlands | ||||
CBS Broadcast International of Canada Ltd. | Canada (Ontario) | ||||
CBS Broadcast Services Limited | United Kingdom | ||||
CBS Broadcasting Inc. | New York | ||||
CBS Broadcasting West Inc. | Delaware | ||||
CBS Canada Co. | Canada (Nova Scotia) | ||||
CBS Canada Holdings Co. | Canada (Nova Scotia) | ||||
CBS Canadian Film and Television Inc. | Canada (Ontario) | ||||
CBS Channel 10/55 Inc. | Delaware | ||||
CBS Communications Services Inc. | Delaware | ||||
CBS Communications Technology Group Inc. | Delaware | ||||
CBS Consumer Products Inc. | Delaware | ||||
CBS Corporate Services Inc. | Delaware | ||||
CBS Cultural Communications Inc. | Delaware | ||||
CBS Cultural Development (Beijing) Co., Limited | China | ||||
CBS Cultural Development (Hong Kong) Co, Limited | Hong Kong | ||||
CBS CW Network Partner LLC | Delaware | ||||
CBS DBS Inc. | Delaware | ||||
CBS DEC Inc. | Delaware | ||||
CBS Domains Inc. | Virginia | ||||
CBS EcoMedia Inc. | Delaware | ||||
CBS EMEA Limited | United Kingdom | ||||
CBS Employee Services Inc. | Delaware | ||||
CBS Enterprises (UK) Limited | United Kingdom | ||||
CBS Executive Services Corporation | Delaware | ||||
CBS Experiences Inc. | Delaware | ||||
CBS Film Funding Company Inc. | Delaware | ||||
CBS Films Canadian Productions Inc. | Canada (Ontario) | ||||
CBS Films Distribution Inc. | Delaware | ||||
CBS Films Inc. | Delaware | ||||
CBS Films Productions Inc. | Delaware | ||||
CBS Finance 1 UK Limited | United Kingdom | ||||
CBS Finance 2 UK Limited | United Kingdom | ||||
CBS Finance Holdings Limited | United Kingdom | ||||
CBS First Run Development Company Inc. | Delaware | ||||
CBS First Run Limited | Delaware | ||||
CBS General Entertainment Australia Inc. | Delaware | ||||
CBS Holding (Germany) B.V. | Netherlands |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
CBS Holdings (Germany) II B.V. | Netherlands | ||||
CBS Holdings (Mexico) Inc. | Delaware | ||||
CBS Hollywood Partner Inc. | Delaware | ||||
CBS Home Entertainment Inc. | Delaware | ||||
CBS IDA Inc. | Delaware | ||||
CBS Interactive Inc. | Delaware | ||||
CBS Interactive Media Inc. | Delaware | ||||
CBS International (Netherlands) B.V. | Netherlands | ||||
CBS International GmbH | Germany | ||||
CBS International Holdings B.V. | Netherlands | ||||
CBS International Holdings UK Limited | United Kingdom | ||||
CBS International Inc. | Delaware | ||||
CBS International Sales Holdings B.V. | Netherlands | ||||
CBS International Television (UK) Limited | United Kingdom | ||||
CBS International Television Australia Pty Limited | Australia | ||||
CBS International Television Italia Srl | Italy | ||||
CBS International Television Japan GK | Japan | ||||
CBS IRB Acquisition Inc. | Delaware | ||||
CBS Japan Inc. | New York | ||||
CBS K-Band Inc. | Delaware | ||||
CBS Last FM Holding Inc. | Delaware | ||||
CBS LITV LLC | Delaware | ||||
CBS Mass Media Corporation | Delaware | ||||
CBS MaxPreps Inc. | California | ||||
CBS Media Realty Corporation | New York | ||||
CBS Music LLC | Delaware | ||||
CBS Network Ten B.V. | Netherlands | ||||
CBS News Inc. | Delaware | ||||
CBS Offshore Networks Holdings Limited | United Kingdom | ||||
CBS Operations Investments Inc. | Delaware | ||||
CBS Operations Services Inc. | Delaware | ||||
CBS Outdoor Investments Inc. | Delaware | ||||
CBS Outdoor Metro Services Limited | United Kingdom | ||||
CBS Overseas Inc. | New York | ||||
CBS Overseas Productions Two Inc. | Delaware | ||||
CBS Phoenix Inc. | Delaware | ||||
CBS Pictures Overseas Inc. | Delaware | ||||
CBS PNW Sports Inc. | Delaware | ||||
CBS Pop Partner Inc. | Delaware | ||||
CBS Productions UK Holdings Limited | United Kingdom | ||||
CBS Publishing UK Holdings Limited | United Kingdom | ||||
CBS Receivables Funding II Corporation | Delaware | ||||
CBS Receivables Funding III Corporation | Delaware | ||||
CBS Records Inc. | Delaware | ||||
CBS Retail Stores Inc. | Delaware | ||||
CBS Satellite News Inc. | Delaware | ||||
CBS Services Inc. | Delaware |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
CBS Shopping Inc. | Delaware | ||||
CBS Sports Inc. | Delaware | ||||
CBS Stages Canada Co. | Canada (Nova Scotia) | ||||
CBS Stations Group of Texas LLC | Delaware | ||||
CBS Stock Holdings I Inc. | Delaware | ||||
CBS Studios Distribution UK Limited | United Kingdom | ||||
CBS Studios Inc. | Delaware | ||||
CBS Studios Networks Inc. | New York | ||||
CBS Studios Overseas Productions Inc. | Delaware | ||||
CBS Studios Productions LLC | Delaware | ||||
CBS Subsidiary Management Corp. | Delaware | ||||
CBS Survivor Productions, Inc. | Delaware | ||||
CBS Technology Corporation | Delaware | ||||
CBS Television Licenses LLC | Delaware | ||||
CBS Television Service Inc. | Delaware | ||||
CBS Television Stations Inc. | Delaware | ||||
CBS Temp Services Inc. | Delaware | ||||
CBS TVG Inc. | Delaware | ||||
CBS UAC Corporation | Delaware | ||||
CBS UK | United Kingdom | ||||
CBS UK Channels Limited | United Kingdom | ||||
CBS UK Finance LP | United Kingdom | ||||
CBS UK Productions Limited | United Kingdom | ||||
CBS World Wide Ltd. | New York | ||||
CBS Worldwide Distribution Inc. | Delaware | ||||
CBS/CTS Airport Network Inc. | Delaware | ||||
CBS/CTS Inc. | Delaware | ||||
CBS/Westinghouse of PA Inc. | Delaware | ||||
CBS-CSI International B.V. | Netherlands | ||||
CBS-Lux Holding LLC | Delaware | ||||
CBS–Sac Music Inc. | Delaware | ||||
CBT Sports, LLC | Delaware | ||||
CC Direct Inc. | Delaware | ||||
CCG Ventures, Inc. | Delaware | ||||
Central Productions LLC | Delaware | ||||
Centurion Satellite Broadcast Inc. | Delaware | ||||
Championship Productions Inc. | Delaware | ||||
Channel 28 Television Station, Inc. | Delaware | ||||
Channel 34 Television Station LLC | Delaware | ||||
Channel 5 Broadcasting Limited | United Kingdom | ||||
Channel Services GmbH | Switzerland | ||||
Channel Services Holdings B.V. | Netherlands | ||||
Charter Crude Oil Company | Texas | ||||
Charter Futures Trading Company | Texas | ||||
Charter Media Company | Delaware | ||||
Charter Oil (Bahamas) Limited | Bahamas | ||||
Charter Oil Company | Florida |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
Charter Oil Services, Inc. | Texas | ||||
Charter Oil Specialties Limited | Bahamas | ||||
Chartreuse Pty Limited | Australia | ||||
Chazo Productions Inc. | Delaware | ||||
Chuanmei Information Technologies (Shanghai) Co., Ltd. | China | ||||
Cinematic Arts B.V. | Netherlands | ||||
CIOC LLC | Delaware | ||||
CIOC Remediation Trust | Delaware | ||||
CJD, LLC | California | ||||
Classless Inc. | Delaware | ||||
Clicker Media Inc. | Delaware | ||||
Cloverleaf Productions Inc. | Delaware | ||||
CMT Productions Inc. | Delaware | ||||
CN Pilot Productions Inc. | Canada (Ontario) | ||||
CNET Investments, Inc. | Delaware | ||||
Columbia Broadcasting System (Barbados) SRL | Barbados | ||||
Columbia Broadcasting System Holdings UK Limited | United Kingdom | ||||
Columbia Broadcasting System International (Barbados) SRL | Barbados | ||||
Columbia Television, Inc. | New York | ||||
Columbus Circle Films LLC | Delaware | ||||
Comanche Moon Productions Inc. | New Mexico | ||||
Comedy Partners | New York | ||||
Comicbook.com, LLC | Tennessee | ||||
Commerce Street Productions Inc. | Delaware | ||||
Commissioner.com, Inc. | New York | ||||
Compelling Music LLC | California | ||||
Concord Entertainment Inc. | Delaware | ||||
Consolidated Caguas Corporation | Delaware | ||||
Country Music Television, Inc. | Tennessee | ||||
Country Network Enterprises, Inc. | Delaware | ||||
Country Services Inc. | Delaware | ||||
country.com, Inc. | Delaware | ||||
Cradle of Life Productions LLC | Delaware | ||||
Creative Mix Inc. | Delaware | ||||
Cross Step Productions Inc. | Delaware | ||||
CSTV Networks, Inc. | Delaware | ||||
CSTV Online, Inc. | Delaware | ||||
CSTV Regional, LLC | Delaware | ||||
CSTV-A, LLC | Delaware | ||||
CSTV-B, LLC | Delaware | ||||
CVV (Japan) B.V. | Netherlands | ||||
DABL Network LLC | Delaware | ||||
Danger Productions Inc. | Canada (Ontario) | ||||
Danielle Productions LLC | Delaware | ||||
Danni Productions LLC | Louisiana | ||||
Davis Circle Productions Inc. | Delaware | ||||
Daza Productions Inc. | Delaware |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
DEAD X, LLC | California | ||||
Delaware Resource Beneficiary, Inc. | Delaware | ||||
Delaware Resource Lessee Trust | Delaware | ||||
Delaware Resource Management, Inc. | Delaware | ||||
Desilu Productions Inc. | Delaware | ||||
Detroit Television Station WKBD Inc. | Virginia | ||||
DIGICO Inc. | Delaware | ||||
Digital Video Ops Inc. | Delaware | ||||
Direct Court Productions, Inc. | Delaware | ||||
DM Holding Inc. | Delaware | ||||
DMS Holdco Inc. | Delaware | ||||
Dotspotter Inc. | Delaware | ||||
DT Investor Inc. | Delaware | ||||
DTE Films LLC | Delaware | ||||
Dutchess Resource Management, Inc. | Delaware | ||||
DW (Netherlands) B.V. | Netherlands | ||||
DW Distribution L.L.C. | Delaware | ||||
DW Dramatic Television L.L.C. | Delaware | ||||
DW Films L.L.C. | Delaware | ||||
DW Finance L.L.C. | Delaware | ||||
DW Funding, LLC | Delaware | ||||
DW Holdco LLC | Delaware | ||||
DW International Distribution L.L.C. | Delaware | ||||
DW International Productions L.L.C. | Delaware | ||||
DW Internet L.L.C. | Delaware | ||||
DW Music Publishing L.L.C. | Delaware | ||||
DW Music Publishing Nashville L.L.C. | Delaware | ||||
DW One Corp. | Delaware | ||||
DW Project Development L.L.C. | Delaware | ||||
DW SKG TV L.L.C. | Delaware | ||||
DW Studios L.L.C. | Delaware | ||||
DW Studios Productions L.L.C. | Delaware | ||||
DW Television Animation L.L.C. | Delaware | ||||
DW Television L.L.C. | Delaware | ||||
DW TV Finance I L.L.C. | Delaware | ||||
DW Two Corp. | Delaware | ||||
DWTT Productions Limited | New Zealand | ||||
Dynamic Soap, Inc. | California | ||||
Eagle Direct, Inc. | Delaware | ||||
Eighth Century Corporation | Delaware | ||||
Elevate Productions Inc. | Delaware | ||||
Elevenco Pty Limited | Australia | ||||
ELIANIMAL, LLC | California | ||||
Elite Productions Inc. | Delaware | ||||
Elysium Productions Inc. | Delaware | ||||
Emily Productions LLC | Delaware | ||||
Energy Development Associates Inc. | Delaware |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
ENFISUR S.A. | Argentina | ||||
EPI Music LLC | California | ||||
Erica Film Productions, Inc. | California | ||||
ET Media Group Inc. | Delaware | ||||
Evergreen Programs LLC | New York | ||||
EWB Corporation | Delaware | ||||
Express Lane Productions Inc. | Delaware | ||||
Eye Animation Productions Inc. | Delaware | ||||
Eye Creative Media Group Inc. | Delaware | ||||
Eye Explorations Inc. | Delaware | ||||
Eye Podcast Productions Inc. | Delaware | ||||
Eye Productions Inc. | Delaware | ||||
Failure To Launch Productions LLC | Louisiana | ||||
Fall, LLC | California | ||||
Famous Orange Productions Inc. | Delaware | ||||
Famous Players International B.V. | Netherlands | ||||
Famous Players Investments B.V. | Netherlands | ||||
Festival Inc. | Delaware | ||||
FHT Media Holdings LLC | Delaware | ||||
Fifty-Sixth Century Antrim Iron Company, Inc. | Delaware | ||||
Film Intex Corporation | Delaware | ||||
Films Paramount SARL | France | ||||
Films Ventures (Fiji) Inc. | Delaware | ||||
First Cut Productions Inc. | Canada (B.C.) | ||||
First Hotel Investment Corporation | Delaware | ||||
Forty-Fourth Century Corporation | Delaware | ||||
Four Crowns, Inc. | Delaware | ||||
French Street Management LLC | Delaware | ||||
Front Street Management Inc. | Delaware | ||||
Futa B.V. | Netherlands | ||||
Future General Corporation | Delaware | ||||
G&W Leasing Company | Delaware | ||||
G&W Natural Resources Company, Inc. | Delaware | ||||
Game One SAS | France | ||||
Games Animation Inc. | Delaware | ||||
Games Exchange Inc. | Delaware | ||||
Games Productions Inc. | Delaware | ||||
Gateway Fleet Company | Pennsylvania | ||||
Gazella New Media Experience LP | Delaware | ||||
GC Productions Inc. | Delaware | ||||
GFB Productions Inc. | Canada (Ontario) | ||||
Gladiator Productions L.L.C. | Delaware | ||||
Glendale Property Corp. | Delaware | ||||
Global Film Distributors B.V. | Netherlands | ||||
Glory Productions Inc. | Delaware | ||||
Gloucester Titanium Company, Inc. | Delaware | ||||
GNS Productions Inc. | Delaware |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
GolfWeb | California | ||||
Gorgen, Inc. | California | ||||
Government Issue LLC | Louisiana | ||||
Gower Avenue Films Limited | United Kingdom | ||||
Grace Productions LLC | Delaware | ||||
Grad Night, LLC | California | ||||
Grammar Productions Inc. | Delaware | ||||
Gramofair Inc. | Delaware | ||||
Grand Bahama Petroleum Company Limited | Bahamas | ||||
Grande Alliance Co. Ltd. | Cayman Islands | ||||
Granite Productions Inc. | California | ||||
Granville Canadian Productions Inc. | Canada (Ontario) | ||||
Granville LA LLC | Louisiana | ||||
Granville Pictures Inc. | Delaware | ||||
Gravity Productions Inc. | Canada (B.C.) | ||||
Green Tiger Press, Inc. | California | ||||
Group W Television Stations, L.P. | Delaware | ||||
Guidance, LLC | California | ||||
Gulf & Western do Brazil Industria e Comercio Limitada (in liquidation) | Brazil | ||||
Gulf & Western Indonesia, Inc. | Delaware | ||||
Gulf & Western Limited | Bahamas | ||||
H R Acquisition Corp. | Delaware | ||||
Hamilton Projects, Inc. | New York | ||||
Hard Caliche LLC | New Mexico | ||||
Hey Yeah Productions Inc. | Delaware | ||||
High Command Productions Limited | United Kingdom | ||||
House of Yes Productions Inc. | Delaware | ||||
Hudson Street Productions, Inc. | Delaware | ||||
HUSD, LLC | California | ||||
Image Edit, Inc. | Delaware | ||||
Imagine Radio, Inc. | California | ||||
IMR Acquisition Corp. | Delaware | ||||
Inside Edition Inc. | New York | ||||
Interstitial Programs Inc. | Delaware | ||||
Invisions Holding B.V. | Netherlands | ||||
Irvine Games Inc. | Delaware | ||||
Irvine Games USA Inc. | Delaware | ||||
Joseph Productions Inc. | Delaware | ||||
Jumbo Ticket Songs Inc. | Delaware | ||||
Jupiter Spring Productions Limited | United Kingdom | ||||
Just U Productions, Inc. | California | ||||
K.W. M., Inc. | Delaware | ||||
KAPCAN1 Productions Inc. | Canada (B.C.) | ||||
Katled Systems Inc. | Delaware | ||||
Kilo Mining Corporation | Pennsylvania | ||||
King Street Productions Inc. | Delaware | ||||
King World Corporation | Delaware |
Subsidiary Name
|
Place of Incorporation or Organization
|
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King World Development Inc. | California | ||||
King World Direct Inc. | Delaware | ||||
King World Media Sales Inc. | Delaware | ||||
King World Merchandising, Inc. | Delaware | ||||
King World Productions, Inc. | Delaware | ||||
King World Studios West Inc. | California | ||||
King World/CC Inc. | New York | ||||
Kristina Productions Inc. | Delaware | ||||
KUTV Holdings, Inc. | Delaware | ||||
KVMM LLC | Delaware | ||||
KW Development Inc. | California | ||||
KWP Studios Inc. | California | ||||
KWP/RR Inc. | New York | ||||
KWTS Productions Inc. | California | ||||
Ladies Man Productions USA Inc. | Delaware | ||||
Large Ticket Songs Inc. | Delaware | ||||
Last Holiday Productions LLC | Louisiana | ||||
Last.FM Acquisition Limited | United Kingdom | ||||
Last.FM Limited | United Kingdom | ||||
Late Night Cartoons Inc. | Delaware | ||||
Laurel Entertainment LLC | Delaware | ||||
LAXG, LLC | California | ||||
Light Meter, LLC | California | ||||
Liliana Productions Inc. | Delaware | ||||
Linbaba’s Story Pty Ltd | Australia | ||||
Lincoln Point Productions Inc. | Delaware | ||||
Lisarb Holding B.V. | Netherlands | ||||
List Productions, LLC | California | ||||
Little Boston Company Inc. | Delaware | ||||
Long Branch Productions LLC | Louisiana | ||||
Long Road Productions | Illinois | ||||
Los Angeles Television Station KCAL LLC | Delaware | ||||
Louisiana CMT LLC | Louisiana | ||||
Louisiana RPI LLC | Louisiana | ||||
Low Key Productions Inc. | Delaware | ||||
LS Productions Inc. | Canada (Ontario) | ||||
LT Holdings Inc. | Delaware | ||||
M4Mobile, LLC | California | ||||
Maarten Investerings Partnership | New York | ||||
MAD MOMS, LLC | California | ||||
MAD Production Trucking Company | Delaware | ||||
Magic Molehill Productions, Inc. | California | ||||
Magical Jade Productions Inc. | Delaware | ||||
Magical Motion Pictures Inc. | Delaware | ||||
Magicam, Inc. | Delaware | ||||
Marathon Holdings Inc. | Delaware | ||||
Mars Interactive Games Ltd. | Israel |
Subsidiary Name
|
Place of Incorporation or Organization
|
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Matlock Company, The | Delaware | ||||
Mattalex LLC | Delaware | ||||
Mattalex Two LLC | Delaware | ||||
Mayday Productions Inc. | Canada (Ontario) | ||||
MDP Productions, LLC | Delaware | ||||
MDR, LLC | California | ||||
Meadowland Parkway Associates | New Jersey | ||||
Melange Pictures LLC | Delaware | ||||
Melrose Productions Inc. | California | ||||
Meredith Productions LLC | Delaware | ||||
Merlot Film Productions, Inc. | California | ||||
Merritt Inc. | Delaware | ||||
Miami Television Station WBFS Inc. | Delaware | ||||
Michaela Productions Inc. | Delaware | ||||
MMA Holdco Inc. | Delaware | ||||
MonkeyWurks LLC | Delaware | ||||
MoonMan Productions Inc. | Delaware | ||||
MTV Animation Inc. | Delaware | ||||
MTV Asia | Cayman Islands | ||||
MTV Asia Development Company Inc. | Delaware | ||||
MTV Asia Ventures (India) Pte. Limited | Mauritius | ||||
MTV Asia Ventures Co. | Cayman Islands | ||||
MTV DMS Inc. | Delaware | ||||
MTV Games Inc. | Delaware | ||||
MTV Hong Kong Limited | Hong Kong | ||||
MTV India | Cayman Islands | ||||
MTV Networks Argentina LLC | Delaware | ||||
MTV Networks Argentina S.R.L. | Argentina | ||||
MTV Networks Canada, ULC | Canada (B.C.) | ||||
MTV Networks Colombia S.A.S. | Colombia | ||||
MTV Networks Company | Delaware | ||||
MTV Networks de Mexico, S. de R.L. de C.V. | Mexico | ||||
MTV Networks Enterprises Inc. | Delaware | ||||
MTV Networks Europe Inc. | Delaware | ||||
MTV Networks Europe LLC | Delaware | ||||
MTV Networks Global Services Inc. | Delaware | ||||
MTV Networks Holdings SARL | France | ||||
MTV Networks Latin America Inc. | Delaware | ||||
MTV Networks Music Productions Inc. | Delaware | ||||
MTV Networks Sarl | France | ||||
MTV Networks, Unipessoal, LDA | Portugal | ||||
MTV NZ Limited | New Zealand | ||||
MTV Ownership (Portugal), LDA | Portugal | ||||
MTV Russia Holdings Inc. | Delaware | ||||
MTV S.A. | Cayman Islands | ||||
MTV Songs Inc. | Delaware | ||||
MTV Taiwan LDC | Cayman Islands |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
MTVBVI Inc. | Delaware | ||||
MTVN Direct Inc. | Delaware | ||||
MTVN Online Partner I Inc. | Delaware | ||||
MTVN Social Gaming Inc. | Delaware | ||||
Music by Nickelodeon Inc. | Delaware | ||||
Music by Video Inc. | Delaware | ||||
MVP.com Sports, Inc. | Delaware | ||||
N.V. Broadcasting (Canada) Inc. | Canada (Federal) | ||||
Narrabeen Productions Inc. | Delaware | ||||
Netherlands Management Services LLC | Delaware | ||||
Netherlands Overseas LLC | Delaware | ||||
Network Ten ( Sydney) Pty Limited | Australia | ||||
Network Ten (Adelaide) Pty Limited | Australia | ||||
Network Ten (Brisbane) Pty Limited | Australia | ||||
Network Ten (Melbourne) Pty Limited | Australia | ||||
Network Ten (Perth) Pty Limited | Australia | ||||
Network Ten All Access Pty Ltd. | Australia | ||||
Network Ten Pty Limited | Australia | ||||
Networks CTS Inc. | Delaware | ||||
Neutronium Inc. | Delaware | ||||
New 38th Floor Productions Inc. | Delaware | ||||
New Coral Ltd. | Cayman Islands | ||||
New Country Services Inc. | Delaware | ||||
New Creative Mix Inc. | Delaware | ||||
New Games Productions Inc. | Delaware | ||||
New Group Productions Inc. | Delaware | ||||
New International Mix Inc. | Delaware | ||||
New Jersey Zinc Exploration Company, The | Delaware | ||||
New Nickelodeon Animation Studios Inc. | Delaware | ||||
New Not Before 10AM Productions Inc. | Delaware | ||||
New Open Door Productions Inc. | Delaware | ||||
New Pop Culture Productions Inc. | Delaware | ||||
New Providence Assurance Company Limited | Bahamas | ||||
New Remote Productions Inc. | Delaware | ||||
New Viacom Velocity LLC | Delaware | ||||
Newdon Productions | Illinois | ||||
Nick at Nite's TV Land Retromercials Inc. | Delaware | ||||
Nickelodeon Animation Studios Inc. | Delaware | ||||
Nickelodeon Asia Holdings Pte Ltd | Singapore | ||||
Nickelodeon Australia | Australia | ||||
Nickelodeon Australia Inc. | Delaware | ||||
Nickelodeon Australia Management Pty Ltd. | Australia | ||||
Nickelodeon Brasil Inc. | Delaware | ||||
Nickelodeon Direct Inc. | Delaware | ||||
Nickelodeon Global Network Ventures Inc. | Delaware | ||||
Nickelodeon Huggings U.K. Limited | United Kingdom | ||||
Nickelodeon India Pvt Ltd | India |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
Nickelodeon International Limited | United Kingdom | ||||
Nickelodeon Magazines Inc. | Delaware | ||||
Nickelodeon Movies Inc. | Delaware | ||||
Nickelodeon Notes Inc. | Delaware | ||||
Nickelodeon Online Inc. | Delaware | ||||
Nickelodeon U.K. Limited | United Kingdom | ||||
Nickelodeon UK Holdings LLC | Delaware | ||||
Nickelodeon Virtual Worlds LLC | Delaware | ||||
Nicki Film Productions, Inc. | California | ||||
Night Falls Productions Inc. | Delaware | ||||
NM Classics Inc. | Delaware | ||||
Noggin LLC | Delaware | ||||
North Shore Productions Inc. | California | ||||
Not Before 10am Productions Inc. | Delaware | ||||
NP Domains, Inc. | Delaware | ||||
NTA Films, Inc. | New York | ||||
NTM, LLC | California | ||||
Nutz Productions International Inc. | Israel | ||||
Nutz Productions Ltd | Israel | ||||
NV International, Inc. | Georgia | ||||
O Good Songs Company | California | ||||
O’Connor Combustor Corporation | California | ||||
OHBWAY Investco Inc. | Delaware | ||||
OM/TV Productions Inc. | Delaware | ||||
On Broadband Networks LLC | Delaware | ||||
On Second Thought Productions Inc. | Canada (B.C.) | ||||
On-Site Productions Inc. | Delaware | ||||
OOO VIMN Holdings Vostok | Russian Federation | ||||
OOO VIMN Media Vostok | Russian Federation | ||||
Open Door Productions Inc. | Delaware | ||||
Orange Ball Networks Subsidiary PRC LLC | Delaware | ||||
ORB, LLC | California | ||||
Our Home Productions Inc. | Delaware | ||||
OurChart.com LLC | Delaware | ||||
Outdoor Entertainment, Inc. | Tennessee | ||||
Outlet Networks Inc. | Delaware | ||||
Override Pictures LLC | Delaware | ||||
Paramount British Pictures Limited | United Kingdom | ||||
Paramount China B.V. | Netherlands | ||||
Paramount Digital Entertainment Inc. | Delaware | ||||
Paramount Films of China, Inc. | Delaware | ||||
Paramount Films of India, Ltd. | Delaware | ||||
Paramount Films of Southeast Asia Inc. | Delaware | ||||
Paramount Home Entertainment (Australasia) Pty Limited | Australia | ||||
Paramount Home Entertainment (Brazil) Limitada | Brazil | ||||
Paramount Home Entertainment (France) S.A.S. | France | ||||
Paramount Home Entertainment (Germany) GmbH | Germany |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
Paramount Home Entertainment (Italy) SRL | Italy | ||||
Paramount Home Entertainment (Mexico) S. de R.L. de C.V. | Mexico | ||||
Paramount Home Entertainment (Mexico) Services S. de R.L. de C.V. | Mexico | ||||
Paramount Home Entertainment (UK) | United Kingdom | ||||
Paramount Home Entertainment Distribution Inc. | Delaware | ||||
Paramount Home Entertainment Inc. | Delaware | ||||
Paramount Home Entertainment International (Holdings) B.V. | Netherlands | ||||
Paramount Home Entertainment International B.V. | Netherlands | ||||
Paramount Home Entertainment International Limited | United Kingdom | ||||
Paramount Images Inc. | Delaware | ||||
Paramount International (Netherlands) B.V. | Netherlands | ||||
Paramount Japan G.K. | Japan | ||||
Paramount LAPTV Inc. | Delaware | ||||
Paramount Latin America SRL | Argentina | ||||
Paramount Licensing Inc. | Delaware | ||||
Paramount Movie and TV Program Planning (Beijing) Co., Ltd. | China | ||||
Paramount Network Espana, S.L.U. | Spain | ||||
Paramount NMOC LLC | Delaware | ||||
Paramount Overseas Productions, Inc. | Delaware | ||||
Paramount Pictures Asia Pacific Limited | Taiwan | ||||
Paramount Pictures Australia Pty. | Australia | ||||
Paramount Pictures Brasil Distribuidora de Filmes Ltda | Brazil | ||||
Paramount Pictures Corporation | Delaware | ||||
Paramount Pictures Corporation (Canada) Inc. | Canada (Ontario) | ||||
Paramount Pictures Entertainment Canada ULC | Canada (B.C.) | ||||
Paramount Pictures France Sarl | France | ||||
Paramount Pictures Germany GmbH | Germany | ||||
Paramount Pictures Hong Kong Limited | Hong Kong | ||||
Paramount Pictures International Limited | United Kingdom | ||||
Paramount Pictures Louisiana Production Investments II LLC | Louisiana | ||||
Paramount Pictures Louisiana Production Investments III LLC | Louisiana | ||||
Paramount Pictures Louisiana Production Investments LLC | Louisiana | ||||
Paramount Pictures Mexico S. de R.L. de C.V. | Mexico | ||||
Paramount Pictures NZ | New Zealand | ||||
Paramount Pictures Services UK | United Kingdom | ||||
Paramount Pictures UK | United Kingdom | ||||
Paramount Poland sp. z.o.o. | Poland | ||||
Paramount Production Support Inc. | Delaware | ||||
Paramount Productions Service Corporation | Delaware | ||||
Paramount Spain S.L.U. | Spain | ||||
Paramount Sweden AB | Sweden | ||||
Paramount Worldwide Productions Inc. | Delaware | ||||
ParaUSD Singapore Pte. Ltd. | Singapore | ||||
Park Court Productions, Inc. | Delaware | ||||
Part-Time Productions Inc. | Delaware | ||||
Paws, Incorporated | Indiana | ||||
PC Home Cayman Ltd. | Cayman Islands |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
PCCGW Company, Inc. | Delaware | ||||
PCI Canada Inc. | Delaware | ||||
PCI Network Partner II Inc. | Delaware | ||||
PCI Network Partner Inc. | Delaware | ||||
Peanut Worm Productions Inc. | Delaware | ||||
Pen Productions, LLC | California | ||||
Peppercorn Productions, Inc. | Tennessee | ||||
Permutation Productions Inc. | Delaware | ||||
Pet II Productions Inc. | Delaware | ||||
Philadelphia Television Station WPSG Inc. | Delaware | ||||
Pittsburgh Television Station WPCW Inc. | Delaware | ||||
Pluto Inc. | Delaware | ||||
Pluto TV Europe GmbH | Germany | ||||
PMV Productions, Inc. | Delaware | ||||
Pocket Books of Canada, Ltd. | Canada (Federal) | ||||
Pop Channel Productions Inc. | Delaware | ||||
Pop Culture Productions Inc. | Delaware | ||||
Pop Media Group, LLC | Delaware | ||||
Pop Media Networks, LLC | Delaware | ||||
Pop Media Productions, LLC | Delaware | ||||
Pop Media Properties, LLC | Delaware | ||||
Pop Media Services, LLC | Delaware | ||||
Pop Music, LLC | Delaware | ||||
Pop Toons Inc. | Delaware | ||||
Porta dos Fundos Produtora e Distribuidora Audiovisual S.A. | Brazil | ||||
Possible Productions Inc. | Delaware | ||||
Possum Point Incorporated | Delaware | ||||
Pottle Productions, Inc. | California | ||||
PPC Film Management GmbH | Germany | ||||
PPG Holding 5 B.V. | Netherlands | ||||
PPG Holding 95 B.V. | Netherlands | ||||
Premiere House, Inc. | Delaware | ||||
Preye, Inc. | California | ||||
Prime Directive Productions Inc. | Delaware | ||||
Project Drew, LLC | California | ||||
Promo Post Productions Ltd | Israel | ||||
Prospect Company Ltd. | Cayman Islands | ||||
Proxy Music LLC | California | ||||
Quemahoning Coal Processing Company | Pennsylvania | ||||
R.G.L. Realty Limited | United Kingdom | ||||
Radford Studio Center Inc. | California | ||||
Raquel Productions Inc. | Delaware | ||||
Real TV Music Inc. | Delaware | ||||
Recovery Ventures Inc. | Delaware | ||||
Red Devs LLC | Delaware | ||||
RED MIRROR, LLC | California | ||||
Remote Productions Inc. | Delaware |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
Republic Distribution LLC | Delaware | ||||
Republic Entertainment LLC | Delaware | ||||
Republic Pictures Corporation of Canada Ltd. | Canada (Ontario) | ||||
Republic Pictures Enterprises LLC | Delaware | ||||
Republic Pictures Productions LLC | California | ||||
RH Productions Inc. | California | ||||
Rosy Haze Productions Pty Limited | Australia | ||||
RTV News Inc. | Delaware | ||||
RTV News Music Inc. | Delaware | ||||
Sacramento Television Stations Inc. | Delaware | ||||
Sagia Productions Inc. | Canada (Ontario) | ||||
Salton Sea Songs LLC | Delaware | ||||
Salvation Productions Inc. | Canada (B.C.) | ||||
Sammarnick Insurance Corporation | New York | ||||
San Francisco Television Station KBCW Inc. | Virginia | ||||
Saucon Valley Iron and Railroad Company, The | Pennsylvania | ||||
SBX Acquisition Corp. | Delaware | ||||
Scott-Mattson Farms, Inc. | Florida | ||||
Screenlife Licensing, LLC | Nevada | ||||
Screenlife, LLC | Washington | ||||
See Yourself Productions Inc. | Delaware | ||||
Servicios Para Empresas de Entretenimiento, S. de R.L. de C.V. | Mexico | ||||
SF Films Inc. | Canada (Ontario) | ||||
SFI Song Company | Delaware | ||||
SFPG LLC | Delaware | ||||
Shamayim Content & Productions Ltd. | Israel | ||||
SHAUNTENT, LLC | California | ||||
Ship House, Inc. | Florida | ||||
SHOtunes Music LLC | Delaware | ||||
Shovel Buddies, LLC | California | ||||
Show Pants LLC | Delaware | ||||
Show Works Productions Inc. | Delaware | ||||
Showtime Canada ULC | Canada (Alberta) | ||||
Showtime Digital Inc. | Delaware | ||||
Showtime Distribution B.V. | Netherlands | ||||
Showtime Live Entertainment Inc. | Delaware | ||||
Showtime Marketing Inc. | Delaware | ||||
Showtime Melodies Inc. | Delaware | ||||
Showtime Networks Inc. | Delaware | ||||
Showtime Networks Inc. (U.K.) | Delaware | ||||
Showtime Networks Satellite Programming Company | California | ||||
Showtime Online Inc. | Delaware | ||||
Showtime Pictures Development Company | Delaware | ||||
Showtime Satellite Networks Inc. | Delaware | ||||
Showtime Songs Inc. | Delaware | ||||
Showtime/Sundance Holding Company Inc. | Delaware | ||||
SIFO One Inc. | Delaware |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
SIFO Two Inc. | Delaware | ||||
Simon & Schuster (Australia) Pty. Limited | Australia | ||||
Simon & Schuster (UK) Limited | United Kingdom | ||||
Simon & Schuster Digital Sales Inc. | Delaware | ||||
Simon & Schuster Global Services Inc. | Delaware | ||||
Simon & Schuster India LLC | Delaware | ||||
Simon & Schuster International Inc. | Delaware | ||||
Simon & Schuster of Canada (1976) Ltd. | Canada (Federal) | ||||
Simon & Schuster Publishers India Private Limited | India | ||||
Simon & Schuster, Inc. | New York | ||||
SKG Louisiana L.L.C. | Louisiana | ||||
SKG Music L.L.C. | Delaware | ||||
SKG Music Nashville Inc. | Delaware | ||||
SKG Music Publishing L.L.C. | Delaware | ||||
SKG Productions L.L.C. | Louisiana | ||||
SKG Studios Canada Inc. | Canada (Ontario) | ||||
SN Digital LLC | Delaware | ||||
SNI/SI Networks L.L.C | Delaware | ||||
SnowGlobe LLC | Delaware | ||||
Soapmusic Company | Delaware | ||||
Social Project LLC | Delaware | ||||
Solar Service Company | Delaware | ||||
SongFair Inc. | Delaware | ||||
South Park Digital Studios LLC | Delaware | ||||
Spelling Daytime Songs Inc. | Delaware | ||||
Spelling Daytime Television Inc. | Delaware | ||||
Spelling Entertainment Group LLC | Delaware | ||||
Spelling Entertainment LLC | Delaware | ||||
Spelling Films Inc. | Delaware | ||||
Spelling Films Music Inc. | Delaware | ||||
Spelling Pictures Inc. | Delaware | ||||
Spelling Satellite Networks Inc. | California | ||||
Spelling Television (Canada) Inc. | Canada (Ontario) | ||||
Spelling Television Inc. | Delaware | ||||
Spelling Television Quebec Inc. | Canada (Federal) | ||||
Spike Cable Networks Inc. | Delaware | ||||
Spike Digital Entertainment LLC | Delaware | ||||
SportsLine.com, Inc. | Delaware | ||||
Springy Productions Pty. Limited | Australia | ||||
St. Francis Ltd. | Cayman Islands | ||||
St. Ives Company Ltd. | Cayman Islands | ||||
STAND IN, L.L.C. | Louisiana | ||||
Starfish Productions Inc. | Florida | ||||
Stargate Acquisition Corp. One | Delaware | ||||
Stat Crew Software, Inc. | Ohio | ||||
Stepdude Productions LLC | Louisiana | ||||
Stranglehold Productions, Inc. | California |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
Streak Productions Inc. | Canada (Ontario) | ||||
Stuart Street, LLC | California | ||||
Study Hall Films Inc. | Delaware | ||||
Sunday Best, LLC | Louisiana | ||||
Sunset Beach Productions, Inc. | Delaware | ||||
Superstar Productions USA Inc. | Delaware | ||||
SURRENDER, LLC | California | ||||
Survivor Productions, LLC | Delaware | ||||
Swift Justice Productions Inc. | Delaware | ||||
T&R Payroll Company | Delaware | ||||
Talent Court Productions, Inc. | Delaware | ||||
TAM 3, LLC | California | ||||
TATB, LLC | California | ||||
Taylor Forge Memphis, Inc. | Delaware | ||||
TB Productions Inc. | Canada (Ontario) | ||||
TDI Worldwide Investments Inc. | Delaware | ||||
Television & Telecasters (Properties) Pty Limited | Australia | ||||
Televisión Federal S.A. | Argentina | ||||
Television Station KTXA Inc. | Virginia | ||||
Television Station WTCN LLC | Delaware | ||||
Tele-Vu Ltee. | Canada (Federal) | ||||
Ten Employee Share Purchase Plans Pty Limited | Australia | ||||
Ten Network Holdings Pty Limited | Australia | ||||
Ten Online Pty Limited | Australia | ||||
Ten Ventures Pty Limited | Australia | ||||
Tentpole Productions, LLC | California | ||||
TEVEFE COMERCIALIZACIÓN S.A. | Argentina | ||||
TG Film, LLC | California | ||||
The Box Italy LLC | Delaware | ||||
The Box Worldwide LLC | Delaware | ||||
The CW Television Stations Inc. | Delaware | ||||
The Gramps Company Inc. | Delaware | ||||
The Late Show Inc. | Delaware | ||||
The Love Sickness, LLC | California | ||||
The MTVi Group, Inc. | Delaware | ||||
The Paramount UK Partnership | United Kingdom | ||||
The Ten Group Pty Limited | Australia | ||||
Thespians, LLC | California | ||||
They Productions Inc. | Delaware | ||||
Things of the Wild Songs Inc. | Delaware | ||||
Thinner Productions, Inc. | Delaware | ||||
Third Century Company | Delaware | ||||
Thirteenth Century Corporation | Delaware | ||||
Thirtieth Century Corporation | Delaware | ||||
Thunder, Inc. | Delaware | ||||
Timber Purchase Company | Florida | ||||
Timeline Films Inc. | Canada (Ontario) |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
TMI International B.V. | Netherlands | ||||
TNN Classic Sessions, Inc. | Delaware | ||||
TNN Productions, Inc. | Delaware | ||||
Toe-to-Toe Productions Inc. | Delaware | ||||
Torand Payroll Company | Delaware | ||||
Torand Productions Inc. | Delaware | ||||
Total Warehouse Services Corporation | Delaware | ||||
Trans-American Resources, Inc. | Delaware | ||||
TSM Services Inc. | Delaware | ||||
TSM, LLC | California | ||||
Tube Mill, Inc. | Alabama | ||||
Tunes by Nickelodeon Inc. | Delaware | ||||
Turnip Productions LLC | Delaware | ||||
TV Scoop Inc. | Delaware | ||||
Twofer, LLC | California | ||||
UE Site Acquisition LLC | Delaware | ||||
Ultra Productions Inc. | Canada (Ontario) | ||||
Untitled Productions II LLC | Delaware | ||||
Untitled Science LLC | Delaware | ||||
UPN (general partnership) | Delaware | ||||
UPN Holding Company, Inc. | California | ||||
UPN Properties, Inc. | California | ||||
Uptown Productions Inc. | Delaware | ||||
Ureal Productions Inc. | Delaware | ||||
URGE PrePaid Cards Inc. | Virginia | ||||
VBC Pilot Productions Inc. | Canada (B.C.) | ||||
VDS, LLC | California | ||||
VE Development Company | Delaware | ||||
VE Drive Inc. | Delaware | ||||
VE Television Inc. | Delaware | ||||
VGS Management Services Inc. | Delaware | ||||
VI Services Corporation | Delaware | ||||
Viacom (Deutschland) Beteiligungen GmbH | Germany | ||||
Viacom Alto Finance C.V. | Netherlands | ||||
Viacom Alto Overseas C.V. | Netherlands | ||||
Viacom Animation of Korea Inc. | Delaware | ||||
Viacom Asia (Beijing) Advertising and Media Co. Ltd. | China | ||||
Viacom Asia Inc. | Delaware | ||||
Viacom ATV Inc. | Delaware | ||||
Viacom August Songs Inc. | Delaware | ||||
Viacom Blue Sky Inc. | Delaware | ||||
Viacom Brand Solutions Limited | United Kingdom | ||||
Viacom Caledonia LP | United Kingdom | ||||
Viacom Camden Lock Inc. | Delaware | ||||
Viacom Camden Lock Limited | United Kingdom | ||||
Viacom Canadian Productions Holdings Inc. | Canada (Ontario) | ||||
Viacom Capital LLC | Delaware |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
Viacom Digital Studios LLC | Delaware | ||||
Viacom Domains Limited | Canada (B.C.) | ||||
Viacom Finance B.V. | Netherlands | ||||
Viacom Galaxy Tunes Inc. | Delaware | ||||
Viacom Genesis Music Inc. | Delaware | ||||
Viacom Global Limited | United Kingdom | ||||
Viacom Global Services Inc. | Delaware | ||||
Viacom Hearty Ha!Ha! LLC | Delaware | ||||
Viacom Holdings Germany LLC | Delaware | ||||
Viacom Holdings Italia S.r.l. | Italy | ||||
Viacom Interactive Limited | United Kingdom | ||||
Viacom International Administration Inc. | Delaware | ||||
Viacom International Film Finance Holdings Limited | Jersey | ||||
Viacom International Film Finance Limited | Jersey | ||||
Viacom International Hungary Kft. | Hungary | ||||
Viacom International Inc. | Delaware | ||||
Viacom International Inc. Political Action Committee Corporation | New York | ||||
Viacom International Media Networks (Malaysia) Sdn. Bhd. | Malaysia | ||||
Viacom International Media Networks Africa (Pty) Limited | South Africa | ||||
Viacom International Media Networks España, S.L. | Spain | ||||
Viacom International Media Networks Italia S.r.l. | Italy | ||||
Viacom International Media Networks Middle East FZ-LLC | United Arab Emirates | ||||
Viacom International Media Networks Nigeria Limited | Nigeria | ||||
Viacom International Media Networks U.K. Limited | United Kingdom | ||||
Viacom International Services Inc. | Delaware | ||||
Viacom International Studios Inc. | Delaware | ||||
Viacom Limited | New Zealand | ||||
Viacom Limited | United Kingdom | ||||
Viacom Media Argentina S.A. | Argentina | ||||
Viacom Music Touring Inc. | Delaware | ||||
Viacom Netherlands Coöperatief U.A. | Netherlands | ||||
Viacom Netherlands Management LLC | Delaware | ||||
Viacom Networks Brasil Programacao Televisiva E Publicidade Ltda. | Brazil | ||||
Viacom Networks Europe Inc. | Delaware | ||||
Viacom Networks Italia Limited | United Kingdom | ||||
Viacom Networks Japan G.K | Japan | ||||
Viacom Networks Japan K.K. | Japan | ||||
Viacom Notes Inc. | Delaware | ||||
Viacom Origins Inc. | Delaware | ||||
Viacom Overseas Holdings C.V. | Netherlands | ||||
Viacom Realty Corporation | Delaware | ||||
Viacom RMP International LLC | Delaware | ||||
Viacom RMP LLC | Delaware | ||||
Viacom SG Inc. | Delaware | ||||
Viacom Songs Inc. | Delaware | ||||
Viacom Special Events LLC | Delaware | ||||
Viacom Sterling Finance C.V. | Netherlands |
Subsidiary Name
|
Place of Incorporation or Organization
|
||||
Viacom Subsidiary Management Corp. | Delaware | ||||
Viacom Telecommunications LLC | Delaware | ||||
Viacom Theater Inc. | Delaware | ||||
Viacom TN Inc. | Delaware | ||||
Viacom Treasury (UK) Limited | United Kingdom | ||||
Viacom Tunes Inc. | Delaware | ||||
Viacom TV Investco Inc. | Delaware | ||||
Viacom Ventures B.V. | Netherlands | ||||
Viacom Ventures Inc. | Delaware | ||||
ViacomCBS Blockchain Partner Inc. | Delaware | ||||
ViacomCBS Digital DTC International LLC | Delaware | ||||
ViacomCBS Integration Holdings LLC | Delaware | ||||
ViacomCBS Interactive Holdings Limited | United Kingdom | ||||
ViacomCBS International Distribution Inc. | Delaware | ||||
ViacomCBS Networks International Czech s.r.o | Czech Republic | ||||
ViacomCBS Realty Corporation | Delaware | ||||
VidCon International LLC | Montana | ||||
VidCon LLC | Delaware | ||||
Vidoo Video Solutions Ltd. | Israel | ||||
VIMN Advertising and Brand Solutions S.r.l. | Italy | ||||
VIMN Argentina Limited | United Kingdom | ||||
VIMN Australia Pty Limited | Australia | ||||
VIMN Belgium BvbA | Belgium | ||||
VIMN Brasil Participações Ltda. | Brazil | ||||
VIMN CP Services (UK) Limited | United Kingdom | ||||
VIMN CP Services, ULC | Canada (B.C.) | ||||
VIMN CP Serviços (Brasil) Ltda. | Brazil | ||||
VIMN Finance Holding (UK) Ltd | United Kingdom | ||||
VIMN Finance Jersey Limited | Jersey | ||||
VIMN Germany GmbH | Germany | ||||
VIMN Netherlands B.V. | Netherlands | ||||
VIMN Netherlands Holding B.V. | Netherlands | ||||
VIMN Nordic AB | Sweden | ||||
VIMN Poland sp. z o.o. | Poland | ||||
VIMN Polska B.V. | Netherlands | ||||
VIMN Russia C.V. | Netherlands | ||||
VIMN Singapore Pte. Ltd. | Singapore | ||||
VIMN Switzerland AG | Switzerland | ||||
Viper Productions Inc. | Canada (B.C.) | ||||
VISI Services Inc. | Delaware | ||||
Visions Productions, Inc. | New York | ||||
VIVA Media GmbH | Germany | ||||
VJK Inc. | Delaware | ||||
VMN Digital Inc. | Delaware | ||||
VMN Noord LLC | Delaware | ||||
VNM Inc. | Delaware | ||||
VP Direct Inc. | Delaware |
Subsidiary Name
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Place of Incorporation or Organization
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VP Programs Inc. | California | ||||
VPix Inc. | Delaware | ||||
VSC Compositions LLC | New York | ||||
VSC Music LLC | New York | ||||
Waste Resource Energy, Inc. | Delaware | ||||
WBCE Corp. | New York | ||||
WCC FSC I, Inc. | Delaware | ||||
WCC Project Corp. | Delaware | ||||
Westgate Pictures Inc. | Delaware | ||||
Westinghouse Aircraft Leasing Inc. | Delaware | ||||
Westinghouse Asia Pacific Limited | Hong Kong | ||||
Westinghouse Asset Management Inc. | Delaware | ||||
Westinghouse Canada Holdings L.L.C. | Delaware | ||||
Westinghouse CBS Holding Company, Inc. | Delaware | ||||
Westinghouse Electric (Ningbo) Company, Ltd. | China | ||||
Westinghouse Electric Corporation | Delaware | ||||
Westinghouse Environmental Management Company of Ohio, Inc. | Delaware | ||||
Westinghouse Hanford Company | Delaware | ||||
Westinghouse Holdings Corporation | Delaware | ||||
Westinghouse Idaho Nuclear Company, Inc. | Delaware | ||||
Westinghouse International Holding UK Limited | United Kingdom | ||||
Westinghouse Investment Corporation | Delaware | ||||
Westinghouse Licensing Corporation | Pennsylvania | ||||
Westinghouse Reinvestment Company, L.L.C. | Delaware | ||||
Westinghouse World Investment Corporation | Delaware | ||||
White Mountain Productions Limited | United Kingdom | ||||
WhoSay, Inc. | Delaware | ||||
Wildness, LLC | California | ||||
Wilshire Court Productions LLC | Delaware | ||||
Wilshire Entertainment Inc. | Delaware | ||||
Wilshire/Hauser Company | Delaware | ||||
Woburn Insurance Ltd. | Bermuda | ||||
Wordsmith, LLC | California | ||||
World Sports Enterprises | Tennessee | ||||
World Volleyball League, Inc. | New York | ||||
Worldvision Enterprises (France) SARL | France | ||||
Worldvision Enterprises (United Kingdom) Ltd. | New York | ||||
Worldvision Enterprises de Venezuela | Venezuela | ||||
Worldvision Enterprises Latino-Americana, S.A. | Panama | ||||
Worldvision Enterprises LLC | New York | ||||
Worldvision Enterprises of Canada, Limited | New York | ||||
Worldvision Filmes do Brasil, Ltda. | Brazil | ||||
Worldvision Home Video LLC | New York | ||||
Worldwide Productions, Inc. | Delaware | ||||
WPIC Corporation | Delaware | ||||
WT Animal Music Inc. | Delaware | ||||
WT Productions Inc. | Delaware |
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Wuthering Heights, CA Productions Inc. | Delaware | ||||
WVI Films B.V. | Netherlands | ||||
Yellams | Cayman Islands | ||||
Yellowstone Finance LLC | Delaware | ||||
York Resource Energy Systems, Inc. | Delaware | ||||
Young Reader’s Press, Inc. | Delaware | ||||
YP Productions Inc. | Canada (Ontario) | ||||
Zarina 99 Vermogensverwaltungs GmbH | Germany | ||||
ZDE, LLC | California | ||||
Zoe Interactive Ltd. | Israel | ||||
Zoo Films LLC | Delaware | ||||
Zukor LLC | Delaware |
/s/ Candace K. Beinecke
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Candace K. Beinecke |
/s/ Barbara M. Byrne
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Barbara M. Byrne |
/s/ Brian Goldner
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Brian Goldner |
/s/ Linda M. Griego
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Linda M. Griego |
/s/ Robert N. Klieger
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Robert N. Klieger |
/s/ Judith A. McHale
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Judith A. McHale |
/s/ Ronald L. Nelson
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Ronald L. Nelson |
/s/ Charles E. Phillips, Jr.
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Charles E. Phillips, Jr. |
/s/ Shari Redstone
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Shari Redstone |
/s/ Susan Schuman
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Susan Schuman |
/s/ Nicole Seligman
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Nicole Seligman |
/s/ Frederick O. Terrell
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Frederick O. Terrell |
/s/ Robert M. Bakish | |||||
Robert M. Bakish | |||||
President and Chief Executive Officer |
/s/ Naveen Chopra | |||||
Naveen Chopra | |||||
Executive Vice President, Chief Financial Officer |
/s/ Robert M. Bakish | |||||
Robert M. Bakish | |||||
February 24, 2021 |
/s/ Naveen Chopra | |||||
Naveen Chopra | |||||
February 24, 2021 |