Paramount Global — Nov 2, 2023 release

ximizing the earnings of our traditional business. In Q3, we successfully grew Direct-to-Consumer revenue and Paramount+ subscribers while narrowing DTC losses over 30%. In fact, we now expect DTC losses in 2023 will be lower than in 2022 – meaning streaming investment peaked ahead of plan. Looking ahead, we remain on the path to achieving significant total company earnings growth in 2024. $ IN MILLIONS, EXCEPT PER SHARE AMOUNTS Three Months Ended September 30 Nine Months Ended September 30 GAAP 2023 2022 B/(W)% 2023 2022 B/(W)% Revenue $ 7,133 $ 6,916 3 % $ 22,014 $ 22,023 — % â–ª TV Media 4,567 4,948 (8)% 14,917 15,849 (6)% â–ª Direct-to-Consumer 1,692 1,226 38 % 4,867 3,508 39 % â–ª Filmed Entertainment 891 783 14 % 2,310 2,770 (17)% â–ª Eliminations (17) (41) 59 % (80) (104) 23 % Operating income (loss) $ 621 $ 566 10 % $ (855) $ 2,160 n/m Diluted EPS from continuing operations attributable to Paramount $ .36 $ .21 71 % $ (2.04) $ 1.32 n/m Non-GAAP† Adjusted OIBDA $ 716 $ 786 (9)% $ 1,870 $ 2,662 (30)% Adjusted diluted EPS from continuing operations attributable to Paramount $ .30 $ .39 (23)% $ .48 $ 1.63 (71)% †*Simon Non-GAAP & Schuster measures has are been detailed presented in the as Supplemental a discontinued Disclosures operation in at the the company’s end of this release. consolidated financial statements for all periods. B/(W) n/m not – Better/(Worse) meaningful *We months calculate in the average pe