ViacomCBS Reports Q4 and Full Year 2019 Results; Provides Strategic Update

  • Full Year Revenue Increased 2%, Driven by Growth in Advertising, Affiliate and Content Licensing; Operating Income, Net Earnings and Diluted EPS Impacted by Q4
  • Transitional Q4 Included Merger-Related Expenses, As Well As Operating Items Expected to be Mitigated Through Benefits of the Combined Company
  • Moving Quickly on Integration: Consolidated Teams in Place; Increasing Annualized Run-Rate Cost Synergy Target to $750M from $500M
  • Go-Forward Strategy Will Unlock Incremental Value from Content, Revenue Lines and Streaming

    • Expanded Portfolio of Platforms Increases Content ROI, Monetization Opportunities
    • Domestic Streaming and Digital Video Business Already Generating Approximately $1.6B in Annual Revenue, with Significant Momentum Going Forward

 


NEW YORK–(BUSINESS WIRE)–ViacomCBS Inc. (NASDAQ: VIAC; VIACA) today reported financial results for the quarter and full year ended December 31st, 2019.

Statement from Bob Bakish, President & CEO

“In less than three months since completing our merger, we have made significant progress integrating and transforming ViacomCBS. We see incredible opportunity to realize the full power of our position as one of the largest content producers and providers in the world. This is an exciting and valuable place to be at a time when demand for content has never been higher, and we will use our strength across genres, formats, demos and geographies to serve the largest addressable audience, on our own platforms and others.

In 2020, our priorities are maximizing the power of our content, unlocking more value from our biggest revenue lines and accelerating our momentum in streaming. With this as a backdrop, we’ve set clear targets for the year and are providing increased transparency around our business to demonstrate ViacomCBS’ ability to create shareholder value today, as we continue evolving and growing our business for tomorrow.”

 

2019 RESULTS

 

Quarter Ended December 31

Full Year Ended December 31

 
 

2019

 

2018

 

B/(W) %

2019

 

2018

 

B/(W)%

GAAP
Revenues  

$

6,871

 

$

7,092

(3

)

%

$

27,812

$

27,250

2

%
Operating income (loss)  

(13

)

 

1,259

NM

4,273

5,204

(18

)

Net earnings from continuing operations attributable to ViacomCBS  

(273

)

 

884

NM

3,270

3,423

(4

)

Diluted EPS from continuing operations attributable to ViacomCBS  

(0.44

)

 

1.43

NM

5.30

5.51

(4

)

     
Non-GAAP†
Adjusted OIBDA  

$

1,164

 

$

1,702

(32

)

%

$

5,531

$

6,289

(12

)

%
Adjusted net earnings from continuing operations attributable to ViacomCBS  

600

 

1,023

(41

)

3,090

3,646

(15

)

Adjusted diluted EPS from continuing operations attributable to ViacomCBS  

0.97

 

1.66

(42

)

5.01

5.87

(15

)

$ in millions, except per share amounts
† Non-GAAP measures referenced in this release are detailed in the Supplemental Disclosures at the end of this release.
NM = Not Meaningful

OVERVIEW OF Q4 & FULL YEAR REVENUE RESULTS

FULL YEAR

  • Advertising revenue increased 2%, driven by 5% growth in domestic advertising sales, reflecting CBS’ broadcasts of Super Bowl LIII and the NCAA Division I Men’s Basketball Tournament’s national semifinals and championship games, as well as higher revenues from Advanced Marketing Solutions (“AMS”) which includes Pluto TV, partially offset by lower political ad spend.
  • Affiliate revenue grew 3%, fueled by 20% growth in reverse compensation and retransmission, as well as strong subscription streaming revenue, which more than offset declines in pay TV subscribers.
  • Content licensing revenue rose 5%, reflecting higher revenues from licensing library and original production to third parties.
  • Domestic streaming and digital video business – which includes subscription revenue and digital video advertising – generated approximately $1.6B in revenue.

Q4

  • Affiliate revenue increased 1%, as strong growth in reverse compensation, retransmission and subscription streaming revenue more than offset declines in the pay TV landscape.
  • Domestic advertising revenue was affected by significant declines in political advertising compared with the prior-year quarter.

    • Domestic Cable Networks’ advertising revenue grew 9%, benefiting from AMS.
  • Content licensing revenue declined 11% due to the timing and mix of deliveries.

 

REVENUE BY TYPE

 

Quarter Ended December 31

Full Year Ended December 31

 
 

2019

 

2018

B/(W) %

2019

 

 

 

2018

B/(W)%

 
Advertising  

$

3,030

 

$

3,093

$

(63

)

 

(2

)

%

$

11,074

 

$

10,841

$

233

 

2

%
Domestic  

2,635

 

2,655

(20

)

 

(1

)

9,716

 

9,270

446

 

5

International  

395

 

438

(43

)

 

(10

)

1,358

 

1,571

(213

)

 

(14

)

Affiliate  

2,133

 

2,112

21

 

1

8,602

 

8,376

226

 

3

Domestic  

1,975

 

1,941

34

 

2

7,937

 

7,667

270

 

4

International  

158

 

171

(13

)

 

(8

)

665

 

709

(44

)

 

(6

)

Content Licensing  

1,281

 

1,434

(153

)

 

(11

)

6,483

 

6,163

320

 

5

Publishing  

215

 

218

(3

)

 

(1

)

814

 

825

(11

)

 

(1

)

Theatrical  

129

 

149

(20

)

 

(13

)

547

 

744

(197

)

 

(26

)

Other  

83

 

86

(3

)

 

(3

)

292

 

301

(9

)

 

(3

)

Total Revenues  

$

6,871

 

$

7,092

$

(221

)

 

(3

)

%

$

27,812

 

$

27,250

$

562

 

2

%
 
$ in millions

STRATEGIC UPDATE

ViacomCBS is one of the largest content producers and providers in the world.

The company has a powerful content engine – including global production capabilities, and a vast library of premium TV and film titles – that spans all genres, formats, demographics and geographies. And, ViacomCBS has the ability and flexibility to monetize this content in a variety of models – across both owned and third-party platforms – which the company believes is a distinct and important competitive advantage.

ViacomCBS will capitalize on these strengths to serve the largest addressable audience – and, in the process, expand the value of that content for more people, more partners and on more platforms.

1. Maximize the Power of Content

  • Put the full power of the company behind its biggest priorities, while applying more rigor to managing content mix, investment and returns.

    • Focus on global, cross-company franchise management to get the most out of powerful IP.
    • Use ViacomCBS’ leadership positions off- and on-screen – and the company’s huge global footprint – to promote priorities.
    • Prioritize content investment in streaming and studio production – two growth areas – while also optimizing programming mix to improve content ROI.

2. Unlock Value from Biggest Revenue Lines

  • Drive growth across distribution, ad sales, content licensing and third-party studio production, enabled by the strength of the unified company’s asset base and its position as one of the most important partners in the media ecosystem.

    • Distribution: Combine must-have content across broadcast and cable with proven partnership model to drive growth and share.
    • Advertising: Benefit from leadership positions in linear and digital, and apply advanced advertising capabilities across expanded audience reach.
    • Content Licensing: Package TV and film to create new content licensing opportunities and better meet client needs; use low-risk, profitable studio production business to grow content and IP library for the long-term in an economically efficient way.

3. Accelerate Momentum in Streaming

  • Take a differentiated approach that builds on ViacomCBS’ unique foundation in streaming, plays to its strengths and fulfills unmet audience and partner needs.
  • Complement the company’s leading free Pluto TV and premium pay Showtime OTT offerings by adding a broad pay offering, built on the foundation of CBS All Access.

    • Offerings in free, broad pay and premium pay provides opportunity to serve largest potential consumer market while providing benefits in subscriber acquisition, churn and lifetime value.
    • New broad pay “House of Brands” product will expand CBS All Access by adding the company’s scaled assets in film and TV, including world-renowned brands, and reaffirm and expand the value of entertainment, news and sports – through on-demand and live experiences – for audiences around the world.
    • Go-to-market strategy includes partnerships with both traditional and new distributors, domestically and internationally.

TV ENTERTAINMENT

FINANCIAL RESULTS

  • Full year revenue increased 8%, with growth across each of the segment’s main revenue lines.
  • Full year Adjusted OIBDA decreased 1%, as a result of increased content investment and higher costs associated with the growth and expansion of streaming services, partially offset by higher revenues.
  • Fourth quarter revenue declined 1%, as higher affiliate revenue was more than offset by lower political advertising sales and content licensing, compared to the prior year quarter.
  • Fourth quarter Adjusted OIBDA declined, reflecting lower political advertising, content licensing and higher expenses.

OPERATIONAL HIGHLIGHTS

Viewing Performance and Programming:

  • CBS will conclude the broadcast season as America’s most-watched network for the 12th consecutive year, and season-to-date has the most top 30 regularly scheduled broadcast programs.
  • CBS remained #1 in daytime and late night, and, among broadcast networks for viewers 2+, had 5 of the top 10 non-sports programs, and 5 of the top 6 freshman series.
  • On CBS, the NFL finished the 2019-20 season as the most-watched season in three years.

Affiliate and Subscription Growth:

  • In January, ViacomCBS announced a renewed carriage agreement with Comcast, including retransmission of 23 CBS-owned TV stations in 15 major markets across the US. As part of the agreement, CBS All Access will be available on Xfinity X1 and Flex platforms.
  • In January, the premiere of Star Trek: Picard on CBS All Access broke internal records for total streams and subscriber signups.

Studio Production:

  • CBS Television Studios continued to grow, with 79 shows ordered to or in production – a 23% increase from the previous year.
Quarter Ended December 31 Full Year Ended December 31
 

2019

 

2018

B/(W) %

2019

2018

B/(W)%

 
Revenues

$

3,126

 

$

3,149

$

(23

)

 

(1

)

%

$

11,924

$

11,061

$

863

 

8

%
Advertising

1,669

 

1,763

(94

)

 

(5

)

6,008

5,751

257

 

4

Affiliate

682

 

538

144

 

27

2,550

2,082

468

 

22

Content Licensing

715

 

786

(71

)

 

(9

)

3,157

3,006

151

 

5

Other

60

 

62

(2

)

 

(3

)

209

222

(13

)

 

(6

)

Expenses

2,501

 

2,433

(68

)

 

(3

)

9,481

8,595

(886

)

 

(10

)

Adjusted OIBDA

$

625

 

$

716

$

(91

)

 

(13

)

%

$

2,443

$

2,466

$

(23

)

 

(1

)

%
 
$ in millions

CABLE NETWORKS

FINANCIAL RESULTS

  • Full year revenue declined 2%, as higher streaming and studio production revenue was more than offset by a decrease in linear subscribers and an approximate 200 bps unfavorable F/X impact.
  • Full year Adjusted OIBDA decreased 19%, driven by lower revenues and increased costs, including higher investment in content and advertising and promotional expenses.
  • Fourth quarter revenue declined 2% as linear subscriber declines more than offset growth from OTT services.
  • Fourth quarter Adjusted OIBDA reflects increased investment in programming and OTT.

OPERATIONAL HIGHLIGHTS

Viewing Performance and Programming:

  • Cable Networks’ total portfolio grew share for the full year, and owned more top 30 cable series in the quarter than any other cable family among key demos.

    • Showtime was the #1 premium network on Sunday nights in the quarter.
    • Comedy Central had its 11th straight quarter of YOY share growth – its best streak ever. In January, the launch of Awkwafina is Nora From Queens was the network’s best series premiere in 3 years.
    • Paramount Network marked its 5th consecutive quarter of YOY share growth and finished the year with its largest YOY share gain in 14 years.
    • Internationally, Telefe remained #1 in ratings, while Channel 5, Network 10, MTV and Paramount Network grew YOY share in the quarter.

Studio Production:

  • Awesomeness’ production of To All the Boys: P.S. I Still Love You premiered on Netflix in February.
  • New productions for Quibi include MTV’s Punk’d and Singled Out, Comedy Central’s Reno 911 and Awesomeness’ One Night Forever.

Quarter Ended December 31

Full Year Ended December 31

 
 

2019

 

2018

 

 

 

B/(W) %

 

 

 

2019

 

2018

 

 

B/(W)%

 
Revenues  

$

3,088

$

3,166

$

(78

)

 

(2

)

%

$

12,449

$

12,683

$

(234

)

 

(2

)

%
Advertising  

1,387

1,342

45

 

3

5,129

5,130

(1

)

 

Affiliate  

1,451

1,574

(123

)

 

(8

)

6,052

6,294

(242

)

 

(4

)

Content Licensing  

250

250

 

1,268

1,259

9

 

1

Expenses  

2,296

1,994

(302

)

 

(15

)

8,934

8,342

(592

)

 

(7

)

Adjusted OIBDA  

$

792

$

1,172

$

(380

)

 

(32

)

%

$

3,515

$

4,341

$

(826

)

 

(19

)

%
 
$ in millions

FILMED ENTERTAINMENT

FINANCIAL RESULTS

  • Full year revenue grew 1%, principally driven by licensing, which was partially offset by lower theatrical revenues.
  • Full year Adjusted OIBDA grew to $80M, principally driven by profits from licensing of films.
  • Fourth quarter revenue was impacted by current year slate performance and the number and mix of film titles compared to the prior year.
  • Fourth quarter Adjusted OIBDA was an outlier when compared to the prior 8 quarters of YOY Adjusted OIBDA improvement.

OPERATIONAL HIGHLIGHTS

Paramount Pictures:

  • While the Q4 film slate performance was soft, highly anticipated releases in 2020’s expanded slate:

    • Currently in theatres, Sonic the Hedgehog has grossed over $116M in worldwide box office in its opening weekend, holding the record for the best debut of a film based on a video game.
    • The SpongeBob Movie: Sponge on the Run, A Quiet Place Part II, Top Gun: Maverick coming in Q2.

Paramount Television Studios:

  • Paramount Television Studios also continued to expand, with 27 shows ordered to, in production or on air.
  • New series premieres include:

    • On USA Network: Briarpatch in February
    • On BET: Season 2 of Boomerang on March 11th
    • On Spectrum’s On Demand platform: Paradise Lost on April 13th
    • On Apple TV+: Home Before Dark and Defending Jacob in April

Strategic Investment:

  • In December, ViacomCBS announced an agreement with beIN Media Group to acquire a 49% stake in MIRAMAX.

    • As part of the deal, Paramount entered into an exclusive, long-term distribution agreement for MIRAMAX’s award-winning 700+ film library and a first-look agreement to develop, produce, finance and distribute new film and television projects based on its IP.
  Quarter Ended December 31 Full Year Ended December 31
 
 

2019

 

2018

 

B/(W) %

2019

 

2018

B/(W)%

 
Revenues  

$

532

 

$

621

$

(89

)

 

(14

)

%

$

2,990

$

2,956

$

34

 

1

%
Theatrical  

129

 

149

(20

)

 

(13

)

547

744

(197

)

 

(26

)

Home Entertainment  

155

 

178

(23

)

 

(13

)

623

617

6

 

1

Licensing  

219

 

267

(48

)

 

(18

)

1,709

1,493

216

 

14

Other  

29

 

27

2

 

7

111

102

9

 

9

Expenses  

651

 

698

47

 

7

2,910

2,989

79

 

3

Adjusted OIBDA  

$

(119

)

 

$

(77

)

$

(42

)

 

(55

)

%

$

80

$

(33

)

$

113

 

NM

%
 
$ in millions

PUBLISHING

FINANCIAL RESULTS

  • Full year revenue declined 1%, primarily reflecting lower print book sales, partially offset by 7% growth in digital.
  • Full year Adjusted OIBDA decreased 7%, reflecting the decline in revenue and higher costs from the mix of titles.

OPERATIONAL HIGHLIGHTS

  • Bestselling titles for the quarter included Stephen King’s The Institute, Alex DeMille’s The Deserter, and the relaunch of Joy of Cooking.
  • For the year, bestselling titles included the “relaunch” as an author of Howard Stern with Howard Stern Comes Again, Stephen King’s The Institute and David McCullough’s The Pioneers.
  • The Audio division also saw significant growth for the year from the world-class productions of titles, including The Mueller Report.
  Quarter Ended December 31 Full Year Ended December 31
 
 

2019

 

2018

B/(W) %

2019

 

 

2018

 

B/(W)%

 

 
Revenues  

$

215

 

$

218

$

(3

)

 

(1

)

%

$

814

$

825

$

(11

)

 

(1

)

%
Expenses  

181

 

170

(11

)

 

(6

)

671

672

1

 

Adjusted OIBDA  

$

34

 

$

48

$

(14

)

 

(29

)

%

$

143

$

153

$

(10

)

 

(7

)

%
 
$ in millions

ABOUT VIACOMCBS

ViacomCBS (NASDAQ: VIAC; VIACA) is a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic consumer brands, its portfolio includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, CBS All Access, Pluto TV and Simon & Schuster, among others. The company delivers the largest share of the U.S. television audience and boasts one of the industry’s most important and extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products, ViacomCBS provides powerful capabilities in production, distribution and advertising solutions for partners on five continents.

For more information about ViacomCBS, please visit www.viacbs.com and follow @ViacomCBS on social platforms.

VIAC-IR

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

This communication contains both historical and forward-looking statements. All statements that are not statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements reflect our current expectations concerning future results, objectives, plans and goals, and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause future results, performance or achievements to differ. These risks, uncertainties and other factors include, among others: technological developments, alternative content offerings and their effects in our markets and on consumer behavior; the impact on our advertising revenues of changes in consumers’ content viewership, deficiencies in audience measurement and advertising market conditions; the public acceptance of our brands, programming, films, published content and other entertainment content on the various platforms on which they are distributed; increased costs for programming, films and other rights; the loss of key talent; competition for content, audiences, advertising and distribution in consolidating industries; the potential for loss of carriage or other reduction in or the impact of negotiations for the distribution of our content; the risks and costs associated with the integration of the CBS Corporation and Viacom Inc. businesses and investments in new businesses, products, services and technologies; evolving cybersecurity and similar risks; the failure, destruction or breach of critical satellites or facilities; content theft; domestic and global political, economic and/or regulatory factors affecting our businesses generally; volatility in capital markets or a decrease in our debt ratings; strikes and other union activity; fluctuations in our results due to the timing, mix, number and availability of our films and other programming; losses due to asset impairment charges for goodwill, intangible assets, FCC licenses and programming; liabilities related to discontinued operations and former businesses; potential conflicts of interest arising from our ownership structure with a controlling stockholder; and other factors described in our news releases and filings with the Securities and Exchange Commission, including but not limited to our most recent Annual Report and reports on Form 10-Q and Form 8-K. The forward-looking statements included in this communication are made only as of the date of this communication, and we do not undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.

 

VIACOMCBS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in millions, except per share amounts)

     

 

 

Quarter Ended

 

 

Year Ended

 

 

December 31,

 

 

December 31,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

Revenues

 

$

6,871

 

 

 

$

7,092

 

 

 

$

27,812

 

 

 

$

27,250

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

4,806

 

 

 

 

4,259

 

 

 

 

17,223

 

 

 

 

15,917

 

Selling, general and administrative

 

 

1,490

 

 

 

 

1,293

 

 

 

 

5,647

 

 

 

 

5,206

 

Depreciation and amortization

 

 

120

 

 

 

 

105

 

 

 

 

443

 

 

 

 

433

 

Restructuring and other corporate matters

 

 

468

 

 

 

 

176

 

 

 

 

775

 

 

 

 

490

 

Total costs and expenses

 

 

6,884

 

 

 

 

5,833

 

 

 

 

24,088

 

 

 

 

22,046

 

Gain on sale of assets

 

 

 

 

 

 

 

 

549

 

 

 

 

Operating income (loss)

 

 

(13

)

 

 

 

1,259

 

 

 

 

4,273

 

 

 

 

5,204

 

Interest expense

 

 

(239

)

 

 

 

(252

)

 

 

 

(962

)

 

 

 

(1,030

)

Interest income

 

 

13

 

 

 

 

20

 

 

 

 

66

 

 

 

 

79

 

Gain (loss) on marketable securities

 

 

35

 

 

 

 

(46

)

 

 

 

113

 

 

 

 

(23

)

Gain on early extinguishment of debt

 

 

 

 

 

18

 

 

 

 

 

 

 

18

 

Other items, net

 

 

(65

)

 

 

 

(25

)

 

 

 

(145

)

 

 

 

(124

)

Earnings (loss) from continuing operations before income taxes

and equity in loss of investee companies

 

 

(269

)

 

 

 

974

 

 

 

 

3,345

 

 

 

 

4,124

 

(Provision) benefit for income taxes

 

 

 

 

 

(75

)

 

 

 

9

 

 

 

 

(617

)

Equity in loss of investee companies, net of tax

 

 

 

 

 

(2

)

 

 

 

(53

)

 

 

 

(47

)

Net earnings (loss) from continuing operations

 

 

(269

)

 

 

 

897

 

 

 

 

3,301

 

 

 

 

3,460

 

Net earnings from discontinued operations, net of tax

 

 

15

 

 

 

 

3

 

 

 

 

38

 

 

 

 

32

 

Net earnings (loss) (ViacomCBS and noncontrolling interests)

 

 

(254

)

 

 

 

900

 

 

 

 

3,339

 

 

 

 

3,492

 

Net earnings attributable to noncontrolling interests

 

 

(4

)

 

 

 

(13

)

 

 

 

(31

)

 

 

 

(37

)

Net earnings (loss) attributable to ViacomCBS

 

$

(258

)

 

 

$

887

 

 

 

$

3,308

 

 

 

$

3,455

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts attributable to ViacomCBS:

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) from continuing operations

 

$

(273

)

 

 

$

884

 

 

 

$

3,270

 

 

 

$

3,423

 

Net earnings from discontinued operations, net of tax

 

 

15

 

 

 

 

3

 

 

 

 

38

 

 

 

 

32

 

Net earnings (loss) attributable to ViacomCBS

 

$

(258

)

 

 

$

887

 

 

 

$

3,308

 

 

 

$

3,455

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net earnings (loss) per common share attributable to ViacomCBS:

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) from continuing operations

 

$

(.44

)

 

 

$

1.44

 

 

 

$

5.32

 

 

 

$

5.55

 

Net earnings from discontinued operations

 

$

.02

 

 

 

$

 

 

 

$

.06

 

 

 

$

.05

 

Net earnings (loss)

 

$

(.42

)

 

 

$

1.44

 

 

 

$

5.38

 

 

 

$

5.60

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net earnings (loss) per common share attributable to ViacomCBS:

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) from continuing operations

 

$

(.44

)

 

 

$

1.43

 

 

 

$

5.30

 

 

 

$

5.51

 

Net earnings from discontinued operations

 

$

.02

 

 

 

$

 

 

 

$

.06

 

 

 

$

.05

 

Net earnings (loss)

 

$

(.42

)

 

 

$

1.44

 

 

 

$

5.36

 

 

 

$

5.56

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

615

 

 

 

 

614

 

 

 

 

615

 

 

 

 

617

 

Diluted

 

 

615

 

 

 

 

618

 

 

 

 

617

 

 

 

 

621

 

 

VIACOMCBS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited; in millions, except per share amounts)

 

 

 

At December 31,

 

 

 

2019

 

2018

 

ASSETS

 

 

 

 

 

Current Assets:

 

 

 

 

 

Cash and cash equivalents

 

$

632

 

 

$

856

 

 

Receivables, net

 

 

7,206

 

 

 

7,199

 

 

Programming and other inventory

 

 

2,876

 

 

 

2,785

 

 

Prepaid expenses

 

 

401

 

 

 

372

 

 

Other current assets

 

 

787

 

 

 

668

 

 

Total current assets

 

 

11,902

 

 

 

11,880

 

 

Property and equipment, net

 

 

2,085

 

 

 

2,079

 

 

Programming and other inventory

 

 

8,652

 

 

 

7,298

 

 

Goodwill

 

 

16,980

 

 

 

16,526

 

 

Intangible assets, net

 

 

2,993

 

 

 

2,943

 

 

Operating lease assets

 

 

1,939

 

 

 

 

Deferred income tax assets, net

 

 

939

 

 

 

266

 

 

Other assets

 

 

4,006

 

 

 

3,449

 

 

Assets held for sale

 

 

23

 

 

 

56

 

 

Total Assets

 

$

49,519

 

 

$

44,497

 

 

LIABILITIES AND STOCKHOLDERS EQUITY

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

Accounts payable

 

$

667

 

 

$

502

 

 

Accrued expenses

 

 

1,760

 

 

 

1,633

 

 

Participants’ share and royalties payable

 

 

1,977

 

 

 

1,828

 

 

Accrued programming and production costs

 

 

1,500

 

 

 

1,453

 

 

Deferred revenues

 

 

739

 

 

 

643

 

 

Debt

 

 

717

 

 

 

1,013

 

 

Other current liabilities

 

 

1,688

 

 

 

1,249

 

 

Total current liabilities

 

 

9,048

 

 

 

8,321

 

 

Long-term debt

 

 

18,002

 

 

 

18,100

 

 

Participants’ share and royalties payable

 

 

1,546

 

 

 

1,587

 

 

Pension and postretirement benefit obligations

 

 

2,121

 

 

 

1,908

 

 

Deferred income tax liabilities, net

 

 

500

 

 

 

656

 

 

Operating lease liabilities

 

 

1,909

 

 

 

 

Program rights obligations

 

 

356

 

 

 

459

 

 

Other liabilities

 

 

2,494

 

 

 

2,724

 

 

Redeemable noncontrolling interest

 

 

254

 

 

239

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

ViacomCBS stockholders’ equity:

 

 

 

 

 

Class A Common Stock, par value $.001 per share; 375 shares authorized;

52 (2019) and 64 (2018) shares issued

 

 

 

 

 

Class B Common Stock, par value $.001 per share; 5,000 shares authorized;

1,064 (2019) and 1,283 (2018) shares issued

 

 

1

 

 

 

1

 

 

Additional paid-in capital

 

 

29,590

 

 

 

49,907

 

 

Treasury stock, at cost; 501 (2019) and 734 (2018) Class B Shares

 

 

(22,908

)

 

 

(43,420

)

 

Retained earnings

 

 

8,494

 

 

 

5,569

 

 

Accumulated other comprehensive loss

 

 

(1,970

)

 

 

(1,608

)

 

Total ViacomCBS stockholders’ equity

 

 

13,207

 

 

 

10,449

 

 

Noncontrolling interests

 

 

82

 

 

 

54

 

 

Total Equity

 

 

13,289

 

 

 

10,503

 

 

Total Liabilities and Equity

 

$

49,519

 

 

$

44,497

 

 

Contacts

Press:
Justin Dini
Senior Vice President, Corporate Communications

(212) 846-2724

justin.dini@viacbs.com


Justin Blaber
Senior Director, Corporate Communications

(212) 846-3139

justin.blaber@viacom.com

Pranita Sookai
Director, Corporate Communications

(212) 846-7553

pranita.sookai@viacom.com

Investors:
Anthony DiClemente
Executive Vice President, Investor Relations

(212) 846-5208

anthony.diclemente@viacbs.com

Jaime Morris
Vice President, Investor Relations

(212) 846-5237

jaime.morris@viacbs.com

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