Mission Statement, Vision, & Core Values (2024) of Paramount Global (PARA).

An Overview of Paramount Global (PARA)

General Summary of Paramount Global (PARA)

Paramount Global, a prominent media and entertainment company, has a rich history rooted in film and television production. The company was formed through the merger of Viacom and CBS Corporation in 2019, creating a diversified global content powerhouse. Paramount Global operates through several segments, including Filmed Entertainment, Television Entertainment, and Streaming. Its portfolio features well-known brands such as Paramount Pictures, CBS, Nickelodeon, and Showtime.

As of 2024, Paramount Global's product offerings include motion pictures, television programming, and streaming services, with Paramount+ being a key player in the streaming market. The company reported total sales of approximately $21.23 billion for the nine months ended September 30, 2024, a decrease of 4% compared to the same period in 2023, primarily due to lower revenues from licensing and theatrical releases.

Company's Financial Performance in the Latest Financial Reports

For the three months ended September 30, 2024, Paramount Global reported revenues of $6.73 billion, a 6% decline compared to $7.13 billion in the same quarter of 2023. This reduction was attributed to decreased revenues from theatrical releases and linear networks, which were partially offset by growth in streaming revenues. The company's operating income for this period was $337 million, down 46% from $621 million year-over-year.

The nine-month financial results showed a net loss from continuing operations attributable to Paramount of $5.98 billion, or $9.04 per diluted share, compared to a net loss of $1.29 billion, or $2.04 per diluted share, in the prior-year period. The decline in earnings was influenced by significant impairment charges of $6.10 billion, restructuring charges of $595 million, and programming charges totaling $1.12 billion.

Despite these challenges, the adjusted operating income before depreciation and amortization (Adjusted OIBDA) for the nine months ended September 30, 2024, was $2.71 billion, representing a 45% increase from $1.87 billion in 2023. The growth in streaming services, especially from Paramount+, significantly contributed to this positive performance, with subscriber numbers increasing to 71.9 million from 63.4 million year-over-year.

Introduction to Paramount Global as an Industry Leader

Paramount Global stands as a leader in the global media and entertainment industry, leveraging its extensive library of content and strong brand recognition. The company has successfully adapted to the evolving landscape of media consumption, particularly through its investment in streaming services, which have become essential to its growth strategy. Paramount+ has positioned itself competitively against other streaming giants, contributing to the company's revenue growth despite the overall decline in traditional media sectors.

With a focus on innovative content creation and strategic partnerships, Paramount Global continues to enhance its market presence, making it a noteworthy player in the industry. For more insights into the company's operations and strategies, further exploration is encouraged.

Mission Statement of Paramount Global (PARA)

Mission Statement Overview

Paramount Global (PARA) is dedicated to delivering premium content and experiences to audiences worldwide. Its mission statement emphasizes the importance of creating high-quality entertainment that resonates with viewers, reflecting the company's commitment to innovation and excellence in the media and entertainment industry.

Core Component 1: Delivering High-Quality Content

The first core component of Paramount's mission is its focus on delivering high-quality content. This commitment is evident in the company's diverse portfolio of films, television shows, and streaming services. For instance, for the nine months ended September 30, 2024, revenues from the Filmed Entertainment segment reached $1.87 billion, although this was a decrease of 19% compared to the previous year. The decline was primarily attributed to lower theatrical revenues, yet the company continues to invest in high-quality productions.

Core Component 2: Engaging Audiences Across Platforms

The second component highlights Paramount's strategy to engage audiences across various platforms. The company operates multiple channels, including Paramount+, CBS, and Pluto TV, which cater to diverse viewer preferences. In the nine months ended September 30, 2024, Paramount+ generated $4.33 billion in revenue, marking a 40% increase compared to the same period in 2023. This growth underscores the effectiveness of Paramount's multi-platform approach in reaching a broader audience.

Core Component 3: Commitment to Innovation

Lastly, Paramount's mission statement reflects a strong commitment to innovation. The company continually adapts to changing industry landscapes, particularly in digital and streaming services. As of September 30, 2024, Paramount reported an adjusted OIBDA of $2.71 billion, a significant increase of 45% from the prior year, driven by improved results for streaming services despite challenges in linear networks. This focus on innovation positions Paramount as a leader in the competitive media landscape.

Vision Statement of Paramount Global (PARA)

Vision Statement Overview

Paramount Global's vision statement as of 2024 focuses on becoming a leading global media and entertainment company. The company aims to create premium content and experiences that engage audiences worldwide. This vision emphasizes innovation, storytelling, and leveraging technology to enhance viewer experiences across various platforms.

Commitment to Innovation

Paramount Global envisions itself as a pioneer in the media and entertainment landscape. The company's commitment to innovation is reflected in its significant investment in technology and content creation. In 2024, Paramount allocated approximately $2.5 billion for technological advancements, including AI-driven content recommendations and enhanced streaming capabilities.

Focus on Global Reach

Paramount aims to expand its global footprint by reaching diverse audiences across multiple regions. The company reported that as of September 30, 2024, its international subscriber base for Paramount+ increased by 40%, reaching 80 million subscribers globally, compared to 57 million in the previous year.

Commitment to Quality Content

The vision of Paramount Global includes a steadfast commitment to producing high-quality, diverse content. The company reported revenues from its Filmed Entertainment segment of $1.87 billion for the nine months ended September 30, 2024, reflecting a focus on blockbuster releases and critically acclaimed projects.

Environmental and Social Responsibility

Paramount Global's vision extends to environmental and social responsibility. The company aims to reduce its carbon footprint by 50% by 2025. As of 2024, Paramount has implemented sustainability initiatives that have resulted in a 30% reduction in emissions across its production facilities.

Community Engagement

Community engagement is a vital component of Paramount's vision. The company invested $100 million in community initiatives in 2024, focusing on education and media literacy programs, impacting over 1 million individuals across various communities.

Core Values of Paramount Global (PARA)

Integrity

Integrity is the cornerstone of Paramount Global's operations, emphasizing transparency, honesty, and ethical conduct in all business dealings. This value is crucial for maintaining trust with stakeholders, including employees, customers, and investors.

In 2024, Paramount Global has reinforced its commitment to integrity through various initiatives:

• Implementation of a comprehensive ethics training program for employees, ensuring adherence to corporate governance standards.
• Regular audits and compliance checks to uphold financial and operational integrity, which are essential in a media landscape where credibility is paramount.
• Publicly disclosing financial performance metrics, including a net loss from continuing operations of $5.98 billion for the nine months ended September 30, 2024, compared to a loss of $1.29 billion for the same period in 2023.

Inclusivity

Inclusivity at Paramount Global promotes diversity and equal opportunity within the workplace. This core value is vital for fostering creativity and innovation.

In 2024, Paramount has taken significant steps to enhance inclusivity:

• Launching initiatives aimed at increasing the representation of underrepresented groups in leadership roles, contributing to a more diverse management team.
• Partnering with organizations that advocate for diversity in media, ensuring that diverse voices are represented in programming and hiring practices.
• As of September 30, 2024, the company reported a workforce where 40% of new hires came from diverse backgrounds.

Innovation

Innovation is a driving force behind Paramount Global's strategy, enabling the company to adapt to changing market dynamics and consumer preferences.

In 2024, Paramount has focused on innovation through the following:

• Investing in advanced technologies to enhance streaming services, with Paramount+ leading the charge, contributing to a revenue increase of 45% in adjusted OIBDA.
• Developing original content that aligns with current trends, resulting in a significant uptick in subscriber growth, particularly after the successful launch of new series in 2024.
• Allocating $1.5 billion in capital expenditures for technology upgrades and content development.

Collaboration

Collaboration emphasizes teamwork and partnership, both internally among employees and externally with other organizations.

Paramount has demonstrated its commitment to collaboration in 2024 through:

• Establishing joint ventures with other media companies to co-produce content, leading to shared resources and expanded reach.
• Creating cross-departmental teams to foster innovation and streamline operations, which has improved project delivery timelines by 30%.
• Engaging in community partnerships that enhance social responsibility initiatives, further solidifying its reputation as a collaborative industry leader.

Excellence

Excellence drives Paramount Global to maintain high standards in all aspects of its business, from content creation to customer service.

In 2024, Paramount has upheld excellence by:

• Achieving a customer satisfaction rating of 85%, as measured by independent surveys, reflecting the quality of its streaming services and content offerings.
• Receiving multiple industry awards for its films and television programs, showcasing the company's commitment to producing high-quality content.
• Continuously improving operational efficiency, with a reported operating income of $337 million for Q3 2024, despite a challenging market environment.

Updated on 16 Nov 2024

Resources:

1. Paramount Global (PARA) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Paramount Global (PARA)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Paramount Global (PARA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.