Paramount Global (PARAA) 2024 Q2 法說會逐字稿

Good afternoon.

午安.

My name is Felicia and I'll be the conference operator today.

我叫費莉西亞，今天我將擔任會議主持人。

At this time, I would like to welcome everyone to Paramount Global's Q2 2024 earnings conference call.

此時此刻，我謹歡迎大家參加派拉蒙全球 2024 年第二季財報電話會議。

(Operator Instructions) At this time, I would like to turn the call over to Jaime Morris, Paramount Global's EVP Investor Relations.

（操作員指示）此時，我想將電話轉給派拉蒙全球投資者關係執行副總裁 Jaime Morris。

You may now begin your conference call.

您現在可以開始電話會議。

Good afternoon, everyone.

大家下午好。

Thank you for taking the time to join us for our second-quarter 2024 earnings call.

感謝您抽空參加我們的 2024 年第二季財報電話會議。

Joining me for today's discussion are Paramount's co-CEOs, Brian Robbins, Chris McCarthy, and George Cheeks; and our CFO, Naveen Chopra.

與我一起參加今天討論的還有派拉蒙的聯合首席執行官布萊恩·羅賓斯 (Brian Robbins)、克里斯·麥卡錫 (Chris McCarthy) 和喬治·奇克斯 (George Cheeks)。以及我們的財務長納文‧喬普拉 (Naveen Chopra)。

Please note that in addition to the earnings release, we have trending schedules containing supplemental information available on our website.

請注意，除了收益發布之外，我們的網站上還提供包含補充資訊的趨勢表。

Before we start this afternoon, I want to remind you that certain statements made on this call These risks and uncertainties are discussed in more detail in our filings with the SEC.

在今天下午開始之前，我想提醒您，在這次電話會議中所做的某些聲明這些風險和不確定性在我們向 SEC 提交的文件中進行了更詳細的討論。

Some of today's financial remarks will focus on adjusted results.

今天的一些財務評論將重點放在調整後的業績上。

Reconciliations of these non-GAAP financial measures can be found in our earnings release or in our trending schedule, which contains supplemental information and, in each case, can be found in the investor relations section of our website.

這些非公認會計準則財務指標的調節可以在我們的收益發布或我們的趨勢表中找到，其中包含補充信息，並且在每種情況下都可以在我們網站的投資者關係部分找到。

Now I will turn the call over to Brian.

現在我將把電話轉給布萊恩。

Good afternoon, everyone.

大家下午好。

Thank you for joining our second-quarter earnings call.

感謝您參加我們的第二季財報電話會議。

I'm Brian Robbins, and I'm here with my fellow CEOs, Chris McCarthy and George Cheeks.

我是布萊恩·羅賓斯，我和我的執行長克里斯·麥卡錫和喬治·奇克斯一起來到這裡。

Today, we look forward to updating you on the results of the quarter and the progress we have made on our strategic plan.

今天，我們期待向您通報本季的業績以及我們在策略計劃方面取得的進展。

That includes streamlining the organization, transforming D2C, and optimizing our asset mix.

這包括精簡組織、轉型 D2C 以及優化我們的資產組合。

We have been aggressively advancing this plan since we laid it out at our annual meeting of stockholders in early June, but before we jump in, we'd like to spend a few moments on the transaction with Skydance Media.

自從我們在六月初的年度股東大會上提出這項計劃以來，我們一直在積極推進這項計劃，但在我們開始之前，我們想花一些時間來討論一下與 Skydance Media 的交易。

As you know, on July 7, Paramount Global announced the signing of a definitive merger agreement with Skydance, which includes a 45-day go-shop period.

如您所知，7 月 7 日，派拉蒙全球宣布與 Skydance 簽署最終合併協議，其中包括 45 天的試用期。

We expect to be able to close in the first half of next year.

我們預計能夠在明年上半年完成。

In the meantime, the Skydance and RedBird teams support our strategic plan, and we are continuing to operate business as usual.

同時，Skydance 和 RedBird 團隊支持我們的策略計劃，我們將繼續照常經營業務。

With that, let's get into our second quarter results and share more details of our progress.

接下來，讓我們了解第二季的業績並分享更多進度細節。

Then Naveen will take us through the financials in depth.

然後納文將帶我們深入了解財務狀況。

In the quarter, we saw strong results, both in terms of our financials and our content.

在本季度，我們在財務和內容方面都取得了強勁的業績。

A few highlights include 43% growth in total company-adjusted OIBDA, largely driven by improvement in D2C.

一些亮點包括公司調整後的 OIBDA 總額成長 43%，這主要是由 D2C 的改善所推動的。

Paramount+ increased revenue 46% year-over-year.

Paramount+ 營收年增 46%。

Our content continues to show strength across TV, streaming, and theatrical.

我們的內容持續在電視、串流媒體和戲劇領域展現實力。

And we renewed and expanded our long-standing partnership with one of our largest affiliates, Charter.

我們續簽並擴大了與我們最大的附屬公司之一 Charter 的長期合作夥伴關係。

As we've said before, we've been very focused on modernizing our relationships with distributors, and this innovative multi-year partnership with Charter is a prime example of how we're doing that.

正如我們之前所說，我們一直非常注重現代化我們與經銷商的關係，而與 Charter 的這種創新的多年合作夥伴關係就是我們如何做到這一點的一個很好的例子。

The renewal includes the continued carriage of our portfolio of linear cable networks and CVS-owned and operated broadcast stations.

此次更新包括繼續運營我們的線性有線電視網絡以及 CVS 擁有和運營的廣播電台組合。

Also around Labor Day, our Paramount+ essential ad support interior will be available to Charter's linear customers.

同樣在勞動節前後，我們的 Paramount+ 基本廣告支援內裝將向 Charter 的線性客戶提供。

Together, we're enhancing the value we're delivering for our consumers, providing them even more ways to watch our big broad hits across linear and streaming.

我們共同努力，提升為消費者提供的價值，為他們提供更多方式來觀看我們在線性和串流媒體領域的熱門節目。

And for us, it has the potential to expand reach and engagement, lower our customer acquisition costs, and yield much lower churn.

對我們來說，它有潛力擴大覆蓋範圍和參與度，降低客戶獲取成本，並大幅降低客戶流失率。

And we view this as one potential partnership roadmap for future distributor renewals.

我們認為這是未來經銷商續約的一個潛在的合作路線圖。

In addition to Charter, just last week we announced a multi-year agreement with Nexstar to renew CBS television network affiliations in 40 markets across the country.

除了 Charter 之外，就在上週，我們還宣布與 Nexstar 達成多年協議，以更新 CBS 電視網絡在全國 40 個市場的關係。

So, we continue to have good momentum with our partners.

因此，我們與合作夥伴繼續保持良好勢頭。

Now, I'd like to turn the call over to Chris to take you through the upfront and the highlights of our plan.

現在，我想將電話轉給克里斯，讓他帶您了解我們計劃的前期內容和重點內容。

Thank you, Brian, and good afternoon, everyone.

謝謝你，布萊恩，大家下午好。

We are pleased with our upfront results, particularly in the context of the evolution of the ad market and the scale of new entrants.

我們對我們的前期結果感到滿意，特別是在廣告市場的發展和新進入者規模的背景下。

Linear volume trends were in line with last year, and CPMs were up on a blended basis, driven by sports and broadcasts, which were relatively strong.

線性數量趨勢與去年一致，在體育和廣播相對強勁的推動下，每千次展示費用混合成長。

The digital marketplace was also healthy.

數位市場也很健康。

We secured commitments in excess of $1 billion across our streaming portfolio, reflecting both the quality and the scale of our assets.

我們在串流媒體投資組合中獲得了超過 10 億美元的承諾，這反映了我們資產的品質和規模。

With our mix of pay and free, we offer the most efficient reach across premium video.

透過付費和免費的組合，我們提供最有效的優質影片覆蓋範圍。

Now let's walk through the progress we're making against our strategic plan, starting with streamlining the organization.

現在，讓我們從精簡組織開始，回顧一下我們的策略計畫所取得的進展。

We announced in June that we've identified $500 million in annual run rate cost savings across the company.

我們在 6 月宣布，我們已確定全公司每年可節省 5 億美元的營運成本。

This $500 million is included in the $2 billion of cost efficiencies identified by Skydance.

這 5 億美元包含在 Skydance 確定的 20 億美元成本效益中。

To realize these savings, we are reducing our US-based workforce by approximately 15%, and we are primarily focused on two areas.

為了實現這些節省，我們將在美國的員工人數減少約 15%，我們主要關注兩個領域。

First, redundant functions within marketing and communications.

首先，行銷和傳播方面的職能冗餘。

Second, streamlining our corporate structure, reducing our headcount in finance, legal, technology, and other support functions.

其次，精簡公司結構，減少財務、法律、技術和其他支援職能部門的人員數量。

These actions will take place in the coming weeks and will largely be completed by the end of the year.

這些行動將在未來幾週內進行，並將在年底前大部分完成。

As you can imagine, these are difficult decisions to make.

正如您可以想像的那樣，做出這些決定是困難的。

We have incredibly talented people at Paramount, and these actions are not a reflection of their contributions.

派拉蒙擁有非常有才華的人才，這些行動並不能反映他們的貢獻。

Rather, they are necessary to transform our organization for the future.

相反，它們對於我們的組織未來轉型是必要的。

Next, transforming streaming.

接下來，轉變串流媒體。

We are pleased with the progress that we've made and the performance of our direct-to-consumer segment.

我們對我們所取得的進展以及直接面向消費者部門的表現感到滿意。

In Q2, year-over-year profit growth was $450 million and totaled nearly $900 million for the past four quarters.

第二季度，利潤年增 4.5 億美元，過去四個季度總計近 9 億美元。

For the fourth year in a row, Paramount+ is leading the industry in sign-ups, driven by our big, broad hit TV series and blockbuster films.

在我們廣受歡迎的電視劇和大片的推動下，派拉蒙+連續第四年在註冊數量上領先行業。

And Pluto continues to be the most widely distributed global fast service, delivering 3.7 billion hours for the first half of 2024.

Pluto 仍然是全球分佈最廣泛的快速服務，到 2024 年上半年將提供 37 億小時的服務。

That's up 8% year-over-year, and that marks our highest consumption ever.

年比成長 8%，這是我們有史以來的最高消費量。

Now, looking ahead, we remain confident that Paramount+ will reach domestic profitability in 2025.

現在，展望未來，我們仍然有信心派拉蒙+將在 2025 年實現國內盈利。

In addition, to further accelerate profitability and to increase our scale and engagement, we are exploring potential strategic partnerships with multiple parties and are in active discussions.

此外，為了進一步加速獲利並提高我們的規模和參與度，我們正在探索與多方潛在的策略合作夥伴關係，並正在進行積極討論。

Finally, optimizing our asset mix.

最後，優化我們的資產結構。

We are aggressively evaluating our portfolio with the goal of improving our balance sheet.

我們正在積極評估我們的投資組合，以改善我們的資產負債表。

The set of assets that make up Paramount Global today were built up through the rise of linear.

構成今日派拉蒙全球的資產組合是透過線性公司的崛起而建立起來的。

And while we have strong brands and businesses, we must reshape our portfolio to best compete in the future.

儘管我們擁有強大的品牌和業務，但我們必須重塑我們的產品組合，以便在未來發揮最佳競爭力。

The assets under consideration are undeniably strong with exciting futures ahead, but will be better served on their own or as the centerpiece of another business.

不可否認，正在考慮的資產實力雄厚，未來前景令人興奮，但單獨使用或作為其他業務的核心將得到更好的服務。

We look forward to updating you on our progress against our three-chip plan over the coming quarters.

我們期待向您通報未來幾季三晶片計畫的最新進展。

And now, I'll turn the call over to George to highlight our key content wins in the quarter and talk about what's coming next.

現在，我將把電話轉給喬治，強調我們在本季取得的關鍵內容勝利，並談論接下來的事情。

Thanks, Chris.

謝謝，克里斯。

Our core mission centers on what we do best, creating big, broad hits.

我們的核心使命集中在我們最擅長的事情上，創造大而廣泛的成功。

This is our first priority as well as our competitive advantage.

這是我們的首要任務，也是我們的競爭優勢。

Now, in Q2, we had a number of key wins.

現在，在第二季度，我們取得了一些關鍵的勝利。

CBS finished the '23/'24 season as the number one broadcast network in total viewers for the 16th consecutive year, with eight of the top ten shows and the three most-watched new broadcast series with Tracker, Elsbeth, and NCIS Sydney.

CBS 在23/24 季結束時，連續16 年成為收視總數第一的廣播網絡，前十名節目中有8 部是哥倫比亞廣播公司(CBS) 佔據的，另外三部收視率最高的新廣播劇分別是《追蹤者》(Tracker)、《艾爾斯貝斯》(Elsbeth) 和《雪梨海軍罪案調查處》(NCIS Sydney)。

On Paramount+, our strong slate drove excellent results, including The Return of Mayor of Kingstown, Criminal Minds, Evil, RuPaul's Drag Race, and The Chi.

在 Paramount+ 上，我們的強大陣容帶來了出色的成績，包括《金斯敦市長歸來》、《犯罪心理》、《邪惡》、《魯保羅變裝皇后秀》和《The Chi》。

We also launched new shows, like the South Park special The End of Obesity, the Sonic the Hedgehog spin-off series Knuckles, and A Gentleman in Moscow from Showtime.

我們也推出了新節目，例如《南方公園》特別節目《肥胖的終結》、《刺蝟索尼克》衍生劇《指關節》以及 Showtime 的《莫斯科紳士》。

Q2 brought Bob Marley: One Love and the UEFA Champions League final to P Plus as well.

Q2 也將《鮑勃馬利：一個愛》和歐洲冠軍聯賽決賽帶到了八方網。

On Comedy Central, The Daily Show with Jon Stewart is posting significant performance gains, while Engagement on Paramount+ is outperforming last season by over 7 times.

在喜劇中心(Comedy Central) 上，《喬恩·斯圖爾特每日秀》(The Daily Show with Jon Stewart) 的表現顯著提升，而派拉蒙+ (Paramount+) 上的《參與度》(Engagement) 的表現比上一季高出7 倍以上。

Over at Paramount Pictures, John Krasinski's IF delivered another number one domestic box office launch.

在派拉蒙影業公司，約翰‧卡拉辛斯基 (John Krasinski) 的《IF》再次創下國內票房第一名。

And A Quite Place: Day One saw a franchise best performance, beating industry expectations and grossing over $250 million in worldwide box office to date.

《噤界：第一天》系列的表現最為出色，超出了產業預期，迄今為止全球票房總收入超過 2.5 億美元。

And to keep this momentum going, we planned the most ambitious slate yet.

為了保持這種勢頭，我們計劃了迄今為止最雄心勃勃的計劃。

This includes new seasons of Taylor Sheridan's hit series Tulsa King in September, Lioness in October, and the new series Landman in November, as well as the series finales of Evil and Seal Team.

其中包括泰勒謝裡丹(Taylor Sheridan) 的熱門影集《塔爾薩之王》(Tulsa King) 九月的新季、十月的《母獅》(Lioness)、十一月的新影集《蘭德曼》(Landman)，以及《邪惡》(Evil) 和《海豹突擊隊》(Seal Team) 的系列結局。

The Showtime slate kicks off with the new series The Agency from George Clooney, and in December, Showtime's biggest franchise ever returns with Dexter: Original Sin.

Showtime 以喬治克隆尼(George Clooney) 的新劇集《特工局》(The Agency) 拉開序幕，12 月，Showtime 有史以來最大的系列劇《嗜血法醫：原罪》(Dexter: Original Sin) 回歸。

Also heading to Paramount+, our recent box office hits, the new CBS primetime slate, the new NFL season, and our first full season of Big Ten College Football.

另外還有派拉蒙+、我們最近的票房熱門、新的 CBS 黃金時段節目、新的 NFL 賽季以及我們的十大大學橄欖球的第一個完整賽季。

The next season's primetime schedule on CBS is one of the strongest I've seen.

哥倫比亞廣播公司下一季的黃金時段節目表是我見過的最精彩的節目表之一。

In addition to 16 returning series, the new shows will include a spinoff of Young Sheldon, the number one comedy on TV, a contemporary reimagining of the classic series Matlock, and a new addition to the NCIS universe.

除了16 部回歸劇集外，新劇還包括電視上排名第一的喜劇《少年謝爾頓》的衍生劇、經典劇集《馬特洛克》的當代重新演繹，以及海軍罪案調查處宇宙的新成員。

And coming soon to movie theaters, we're releasing the first animated Transformers film in nearly 40 years, starring voice cast Chris Hemsworth and Scarlett Johansson.

我們即將在電影院上映近 40 年來第一部變形金剛動畫電影，由克里斯漢斯沃和史嘉蕾喬韓森配音。

That's followed by Smile 2, the sequel to one of the most profitable films in the studio's history.

接下來是《微笑 2》，這是工作室歷史上最賺錢的電影之一的續集。

In November, Sir Ridley Scott returns to the arena with the highly anticipated Gladiator 2, which just saw its first trailer become one of the most viewed ever for Paramount.

11 月，雷德利·斯科特爵士帶著備受期待的《角斗士 2》重返舞台，該片的首部預告片剛剛成為派拉蒙有史以來收視率最高的預告片之一。

Then we'll finish the year with Sonic the Hedgehog 3.

然後我們將以《刺蝟索尼克 3》結束這一年。

We really want to underscore our commitment to operating the business with best-in-class content at the center.

我們確實想強調我們以一流內容為中心經營業務的承諾。

We'll continue to deliver for millions of fans around the world.

我們將繼續為世界各地數百萬粉絲提供服務。

We've got the best creatives in the business, and we're incredibly grateful for their contributions.

我們擁有業界最優秀的創意人員，我們非常感謝他們的貢獻。

Thanks so much for joining us today, and with that, I'll turn it over to Naveen.

非常感謝您今天加入我們，接下來我將把它交給 Naveen。

Thank you, George, and good afternoon, everyone.

謝謝喬治，大家下午好。

Our Q2 results demonstrate strong execution, continued evolution of our distribution and monetization strategies, and the ongoing power of our creative engines.

我們第二季的業績展示了強大的執行力、我們的分銷和貨幣化策略的持續發展以及我們創意引擎的持續力量。

Financially speaking, this translated to 43% growth in adjusted OIBDA, reflecting significant improvement in our D2C business, which is delivering healthy top-line growth and improved operating margin.

從財務角度來看，調整後的 OIBDA 成長了 43%，反映了我們的 D2C 業務的顯著改善，該業務帶來了健康的營收成長和營運利潤率的提高。

Additionally, balance sheet leverage improved by one-third of a turn since the end of Q1.

此外，自第一季末以來，資產負債表槓桿率改善了三分之一。

As always, you'll find a comprehensive review of Q2 results in our press release.

與往常一樣，您將在我們的新聞稿中找到第二季業績的全面回顧。

So today, I'm going to focus on a few areas of note.

所以今天，我將重點放在幾個值得注意的領域。

First, advertising.

第一，廣告。

In Q2, direct-to-consumer advertising grew 16%, benefiting from increased viewing hours across Paramount+ and Pluto TV, along with higher CPMs.

第二季度，直接面向消費者的廣告成長了 16%，這得益於 Paramount+ 和 Pluto TV 觀看時間的增加以及每千次曝光費用的提高。

In TV media, overall domestic advertising trends were negatively impacted by the fact that sports comprised a smaller share of inventory than it has in recent quarters.

在電視媒體中，體育廣告所佔廣告資源份額比最近幾季要小，這對國內整體廣告趨勢產生了負面影響。

This dynamic somewhat masks the fact that year-over-year growth in non-sports domestic advertising improved relative to Q1.

這種動態在一定程度上掩蓋了一個事實，即國內非體育廣告的同比增長相對於第一季有所改善。

On a total company basis, advertising declined 6% in the quarter.

就公司整體而言，本季廣告下降了 6%。

Looking ahead, we expect D2C advertising growth in Q3 to be similar to Q2.

展望未來，我們預計第三季 D2C 廣告成長將與第二季相似。

And in linear, we expect advertising trends in the second half of '24 to improve with the return of live sports, new fall programming, and contribution from political spend.

就線性而言，我們預計 24 年下半年的廣告趨勢將隨著體育直播、新秋季節目的回歸以及政治支出的貢獻而改善。

Next, let me turn to affiliate and subscription revenue, which grew 1% in Q2.

接下來，讓我談談聯盟和訂閱收入，第二季成長了 1%。

As a reminder, last year's second quarter included a Showtime pay-per-view event that did not take place this year due to our exit from Showtime Sports at the end of 2023.

提醒一下，去年第二季包括 Showtime 按次付費活動，但由於我們在 2023 年底退出 Showtime Sports，該活動今年沒有舉行。

This comparison reduced the Q2 growth rate by 250 basis points.

這一比較使第二季成長率降低了 250 個基點。

D2C subscription revenue grew 12% in the quarter, with Paramount+ subscription revenue up 50% year over year.

本季 D2C 訂閱營收成長 12%，Paramount+ 訂閱營收年增 50%。

Paramount+ finished the quarter with 68.4 million subscribers, which is 2.8 million lower than the end of Q1.

Paramount+ 本季末的訂戶數量為 6,840 萬，比第一季末減少了 280 萬。

Now, two factors impacted subscriber growth this quarter, both of which were built into our expectations for the full year.

現在，有兩個因素影響了本季的用戶成長，這兩個因素都納入了我們對全年的預期。

The biggest factor by far was the planned exit of our hard bundle partnership with TVing in South Korea, which contributed a sizable number of subs but limited revenue in OIBDA.

到目前為止，最大的因素是我們計劃退出與韓國 TVing 的硬捆綁合作夥伴關係，這為 OIBDA 貢獻了大量的訂閱者，但收入有限。

Second, domestic sub growth, though still positive, was hindered by elevated churn from the cohort of subscribers that joined for the Super Bowl in Q1.

其次，國內訂閱者的成長雖然仍然積極，但受到第一季參加超級盃比賽的訂閱者群體流失率上升的阻礙。

And we expect Paramount+ to return to net subscriber growth in the second half of the year, as we benefit from a more consistent cadence of original content now that we're beyond the impacts of the strike.

我們預計派拉蒙+將在今年下半年恢復淨訂戶成長，因為我們已經擺脫了罷工的影響，因此我們受益於更一致的原創內容節奏。

We also expect normalized international subscriber growth for the remainder of the year.

我們也預計今年剩餘時間國際用戶成長將正常化。

Paramount+ global ARPU expanded 26% in the quarter, reflecting the impact of the price increase that took effect in Q3 of 2023. as well as a shift in the mix of our international subscriber base to higher ARPU markets.

Paramount+ 本季全球 ARPU 成長了 26%，反映了 2023 年第三季生效的價格上漲的影響，以及我們的國際用戶群向更高 ARPU 市場的轉變。

And as we announced in June, a subsequent domestic price increase will take effect later this month.

正如我們在 6 月宣布的那樣，隨後的國內價格上漲將於本月晚些時候生效。

Monthly pricing for new Paramount+ customers on our ad-supported tier will move to $7.99. Existing customers will be grandfathered at the current $5.99 price.

我們廣告支援層的新 Paramount+ 客戶的每月定價將升至 7.99 美元。現有客戶將享受目前 5.99 美元的價格。

Monthly pricing on our Paramount+ with Showtime tier will increase by $1 to $12.99 for both new and existing customers.

對於新客戶和現有客戶，我們的 Paramount+ with Showtime 等級的每月定價將上漲 1 美元，達到 12.99 美元。

We don't expect a meaningful financial impact from the new price increase until Q4, given the time required to implement the price changes across our distribution channels, and because the price increase on the ad-supported tier only applies to new customers.

考慮到在我們的分銷管道中實施價格變化所需的時間，並且廣告支援層的價格上漲僅適用於新客戶，我們預計新的價格上漲在第四季度之前不會產生有意義的財務影響。

In the TV media segment, affiliate revenue declined 5% year over year, largely reflecting ecosystem trends.

在電視媒體領域，聯盟行銷收入較去年同期下降 5%，很大程度上反映了生態系統趨勢。

Recognizing ongoing changes in the pay TV ecosystem, in Q2 we announced an important multi-year distribution agreement with Charter, which seeks to modernize our long-standing relationship.

認識到付費電視生態系統正在發生的變化，我們在第二季宣布與 Charter 達成一項重要的多年分銷協議，旨在使我們的長期關係現代化。

Starting in Q3, Charter will be the first US MVPD to make the ad-supported tier of Paramount+ available to basic cable subscribers with no incremental cost to the consumer.

從第三季開始，Charter 將成為美國第一家向基本有線電視用戶提供由廣告支援的 Paramount+ 層的 MVPD，且不會增加消費者成本。

Accordingly, users who activate a Paramount+ essential subscription through an MVPD bundle will be counted as Paramount+ subscribers, and the revenue from Charter and future MVPD distribution deals that bundle Paramount+ will be shared between our TV media and D2C segments.

因此，透過 MVPD 捆綁啟動 Paramount+ 基本訂閱的用戶將被視為 Paramount+ 訂戶，來自捆綁 Paramount+ 的特許和未來 MVPD 發行交易的收入將在我們的電視媒體和 D2C 部門之間共享。

We believe this type of bundle is an efficient way to grow Paramount+ and can yield many of the same benefits we've experienced in the international markets where we've adopted a similar approach.

我們相信，這種類型的捆綁是發展派拉蒙+的有效方式，並且可以產生許多與我們在國際市場上經歷過的相同的好處，我們在國際市場上採用了類似的方法。

These bundles ensure that Paramount and our distributors are full participants in the transition of viewing from linear to streaming.

這些捆綁包確保派拉蒙和我們的發行商全面參與從線性觀看到串流觀看的轉變。

Looking ahead to Q3, we expect TV media affiliate revenue growth to decelerate modestly relative to Q2, reflecting the dynamics I just mentioned and the impact of exiting Showtime Sports.

展望第三季度，我們預計電視媒體附屬公司營收成長將相對第二季度小幅放緩，反映了我剛才提到的動態以及退出 Showtime Sports 的影響。

Next, I'll touch on licensing.

接下來，我將談談許可。

Our licensing and other revenue declined 35%.

我們的許可證和其他收入下降了 35%。

As I've noted previously, licensing revenue growth tends to be bumpy due to the timing of deliveries.

正如我之前指出的，由於交貨時間的原因，許可收入的成長往往是坎坷的。

And that continued to be the case in Q2, as there were fewer deliveries in the period relative to Q2 of 2023.

第二季的情況依然如此，因為與 2023 年第二季相比，該時期的交付量有所減少。

For example, Q2 of last year included delivery of the final season of Jack Ryan.

例如，去年第二季度包括《傑克·瑞恩》最後一季的交付。

The quarter was also impacted by a lower volume of licensing in the secondary market.

該季度也受到二級市場許可數量減少的影響。

And we expect licensing revenue to return to growth in the second half of the year, particularly with the return of a new fall slate on CVS in Q4. although we do expect a modest decline in licensing revenue for the full year.

我們預計授權收入將在今年下半年恢復成長，特別是隨著 CVS 在第四季度重新推出秋季版。儘管我們確實預計全年授權收入將小幅下降。

In parallel with our efforts to maximize revenue, we're also highly focused on unlocking incremental cost savings.

在我們努力最大化收入的同時，我們也高度重視逐步節省成本。

And as you've heard Chris, George, and Brian describe, we've identified opportunities to streamline the organization that are expected to yield $500 million of annualized cost reductions.

正如您所聽到的 Chris、George 和 Brian 所描述的，我們已經找到了精簡組織的機會，預計每年可節省 5 億美元的成本。

Importantly, this $500 million is included in the $2 billion of cost efficiencies identified by Skydance, and we're aligned in moving quickly to realize them.

重要的是，這 5 億美元包含在 Skydance 確定的 20 億美元成本效益中，我們將迅速採取行動以實現這些目標。

We expect to execute these actions in the coming weeks, such that we can reach the full $500 million run rate expense reduction as we enter 2025.

我們預計在未來幾週內執行這些行動，以便在進入 2025 年時實現 5 億美元的運行費率削減。

And in connection with these actions, we expect to incur a restructuring charge of approximately $300 million to $400 million in Q3, the cash impact of which will occur over the next several quarters.

與這些行動相關，我們預計第三季將產生約 3 億至 4 億美元的重組費用，其現金影響將在未來幾季產生。

The last part of our Q2 results I want to address is the goodwill impairment charge recorded in the quarter.

我想討論的第二季業績的最後一部分是該季度記錄的商譽減損費用。

During Q2, we assessed the relevant factors that could impact the fair value of our reporting units, including the estimated total company market value indicated by the Skydance transactions and recent indicators in the linear affiliate marketplace.

在第二季度，我們評估了可能影響報告單位公允價值的相關因素，包括 Skydance 交易中顯示的估計公司總市值以及線性聯盟市場的最新指標。

As a result, we recorded a $6 billion non-cash goodwill impairment charge for our cable networks reporting unit at TV Media.

因此，我們為 TV Media 的有線網路報告部門記錄了 60 億美元的非現金商譽減損費用。

Now, before moving on to questions, I'd like to share some additional information regarding our expectations for the remainder of the year.

現在，在繼續提問之前，我想分享一些有關我們對今年剩餘時間的預期的額外資訊。

Our D2C segment was profitable this quarter, our first profitable quarter since Paramount+ launched 3.5 years ago.

我們的 D2C 部門本季實現盈利，這是自 Paramount+ 3.5 年前推出以來我們第一個實現盈利的季度。

And although the segment will generate losses in Q3 and Q4 due to the timing of content expenses, we're on course to achieve Paramount+ domestic profitability in 2025.

儘管由於內容支出的時間安排，該部門將在第三季和第四季產生虧損，但我們預計在 2025 年實現派拉蒙+國內盈利。

And for the full year of 2024, The progress in D2C profitability means we continue to expect significant growth in total company OIBDA.

2024 年全年，D2C 獲利能力的進步意味著我們繼續預期公司 OIBDA 總額將顯著成長。

And free cash flow will grow relative to 2023.

自由現金流將相對 2023 年有所成長。

We continue to operate in a dynamic environment, but it's clear that our focus on execution is producing results.

我們繼續在動態環境中運營，但很明顯，我們對執行的關注正在產生結果。

We're not standing still during this interim period before the transaction closes.

在交易結束前的這段過渡期間，我們不會停滯不前。

We remain focused on achieving our goals for 2024, which means investing in key content assets, finding expense efficiencies, improving profitability, deepening partnerships, and deleveraging our balance sheet.

我們仍然專注於實現 2024 年的目標，這意味著投資關鍵內容資產、尋找費用效率、提高盈利能力、深化合作夥伴關係以及去槓桿化我們的資產負債表。

We believe this approach will create value for shareholders over the long term.

我們相信，從長遠來看，這種方法將為股東創造價值。

With that, operator, please open the line for questions.

那麼，接線員，請開通提問線路。

Michael Morris, Guggenheim.

麥可·莫里斯，古根漢。

Thank you.

謝謝。

Good afternoon.

午安.

I wanted to follow up first on Brian's comments about operating the business during the period between now and when the Skydance transaction will close.

我想先跟進 Brian 關於從現在到 Skydance 交易結束期間運營業務的評論。

How are you ensuring that these steps that you're taking on things like strategic partnerships that you referenced, how are you making sure that those are aligned with the long-term goals after that transaction is completed?

您如何確保您在提到的策略夥伴關係等方面採取的這些步驟，如何確保這些步驟與交易完成後的長期目標保持一致？

Is Skydance involved in these things during the interim period?

Skydance在過渡期間是否參與了這些事情？

And then also, how do you keep the teams motivated when there's some uncertainty about what the future may hold for the business?

另外，當企業的未來存在不確定性時，如何保持團隊的積極性？

So that's my first question.

這是我的第一個問題。

And then maybe for Naveen, on the goodwill charge, you noted the recent indicators in the linear affiliate marketplace. were part of what triggered that.

然後，也許對於納文來說，關於商譽費用，您注意到了線性聯盟市場的最新指標。是觸發這事件的部分原因。

Can you expand on that at all?

您能對此進行擴充嗎？

What were the recent indicators?

近期的指標是什麼？

Did it have to do with the Charter agreement?

這與憲章協議有關嗎？

And given that cord cutting has been going on for quite a while, why was now the time that that was triggered beyond just the transaction, as you mentioned?

鑑於斷線已經持續了很長一段時間，為什麼現在才觸發這種情況，而不僅僅是您提到的交易？

Thank you.

謝謝。

Sure, Mike.

當然，麥克。

This is Brian.

這是布萊恩.

I'll jump in first.

我先跳進去。

As I said in the prepared remarks, Skydance is very supportive of our strategic plan.

正如我在準備好的演講中所說，Skydance 非常支持我們的策略計畫。

It's business as usual for us, and we continue to green light projects in the normal course of business.

我們的業務一切如常，我們將繼續在正​​常業務流程中批准專案。

Now, in terms of Skydance involvement, it is what you would expect in any M&A transaction.

現在，就 Skydance 的參與而言，這是您在任何併購交易中所期望的。

There are very specific, limited things that we will consult with them on.

我們將與他們協商一些非常具體、有限的事情。

But to the second part of your question, we are just aggressively advancing our strategic plan with our teams.

但對於你問題的第二部分，我們只是與我們的團隊積極地推進我們的策略計畫。

We've talked during the prepared remarks about our actions to streamline the organization, our focus on exploring partnerships as we transform Paramount+ for the future, and the ongoing discussions to optimize our asset mix.

我們在準備好的演講中談到了我們精簡組織的行動、我們在為未來轉型派拉蒙+時探索合作夥伴關係的重點，以及正在進行的優化我們資產組合的討論。

And we believe our plan will create value for shareholders over the long term.

我們相信我們的計劃將從長遠來看為股東創造價值。

Thanks, Brian.

謝謝，布萊恩。

And so, Mike, let me respond to your question on the goodwill.

因此，麥克，讓我回答你關於商譽的問題。

There's really a couple of things going on there.

那裡確實發生了一些事情。

So first, obviously linear declines are part of the analysis here.

首先，顯然線性下降是這裡分析的一部分。

But the other part of this is that really drives the magnitude of the goodwill impairment charge is the value that's implied by the Skydance transaction.

但另一方面，真正推動商譽減損費用規模的是 Skydance 交易所隱含的價值。

Because the way the accounting works on this is we need to reconcile the value of our individual reporting unit with the enterprise value for the entire company that's implied by the transaction.

因為會計處理此問題的方式是我們需要將單一報告單位的價值與交易所隱含的整個公司的企業價值進行核對。

So it's really the combination of those things.

所以這其實是這些東西的結合。

And what that results in is the basically $6 billion non-cash goodwill impairment charge that is specific to our cable network reporting unit.

這導致了我們有線網路報告部門特有的 60 億美元非現金商譽減損費用。

Thanks, Mike.

謝謝，麥克。

Operator, next question, please.

接線員，請下一個問題。

Robert Fishman, MoffettNathanson.

羅伯特‧菲什曼，莫菲特‧內森森。

Hi, good afternoon, everyone.

嗨，大家下午好。

Anything more that you all can share on how you're approaching exploring the licensing of Paramount+ content, maybe just originals or just broadly speaking, or are you evaluating that licensing in the context of the other JV structures that you are talking to?

關於如何探索派拉蒙+內容的許可，你們還有什麼可以分享的嗎？

And then on a separate note, just trying to understand any updated thoughts or how you guys are thinking about using premium sports as part of Paramount+ and whether or not the Charter deal or future distribution agreements that include Paramount+ influence those strategies given the importance that NFL and other content is to the exclusive within the pay TV ecosystem.

然後，在單獨的說明中，只是想了解任何最新的想法，或者你們如何考慮將優質體育作為派拉蒙+的一部分，以及考慮到NFL 的重要性，包括派拉蒙+在內的特許協議或未來的分銷協議是否會影響這些策略和其他內容是付費電視生態系統內的獨家內容。

Thank you.

謝謝。

Hey, Robert.

嘿，羅伯特。

It's Chris.

是克里斯。

I'll take the first half of that, and then I'll pass to George to talk about the sports piece.

我將講前半部分，然後我將交給喬治談論體育部分。

First, let me start by saying we're very pleased with the success that we've had to date with Paramount+.

首先，我首先要說的是，我們對派拉蒙+迄今為止所取得的成功感到非常高興。

We've amassed 68 million global subscribers.

我們已在全球累積了 6,800 萬訂閱者。

And the power of our content, both our originals and our library, is doing the hard work here.

我們的內容（包括我們的原創內容和我們的內容庫）的力量正在於此進行艱苦的工作。

It's driving a lot of that, those subscribers and driving our business.

它推動了許多訂閱者的發展，也推動了我們的業務。

Now, as we look forward, in 2025, we're on path to hit domestic profitability.

現在，展望 2025 年，我們將實現國內盈利。

But we think there's an opportunity to accelerate that both just in domestic and globally.

但我們認為，在國內和全球都有機會加速這一進程。

And so we're looking at a series of opportunities, whether they come in the form of strategic partnerships or joint ventures.

因此，我們正在尋找一系列機會，無論是策略夥伴關係還是合資企業的形式。

And really the benefit here is to get greater scale, better improve our content offering, reduce our costs, and drive long-term value and increase profits both in the short term and the long term.

實際上，這樣做的好處是獲得更大的規模，更好地改善我們的內容提供，降低我們的成本，並推動長期價值並增加短期和長期的利潤。

And we're exploring all these opportunities, and we're going to be very opportunistic about that.

我們正在探索所有這些機會，並且我們將對此非常投機。

That includes a series of partnerships that could potentially involve some licensing, but we'll also be licensing content in addition to that.

這包括一系列可能涉及一些許可的合作夥伴關係，但除此之外我們還將許可內容。

So let me toss it over to George to talk about sports.

那麼讓我把它交給喬治來談談體育吧。

Thanks, Chris.

謝謝，克里斯。

So on the sports point, so basically our strategy here and our focus is that broadcast and streaming together drive an unduplicated audience and really resolve linear in streaming growth.

因此，在體育方面，基本上我們的策略和重點是廣播和串流媒體共同推動不重複的觀眾並真正解決串流媒體成長的線性問題。

So when we look at our sort of sports portfolio, we're looking at it through both angles because the beauty of this is that we're seeing growth on both sides.

因此，當我們審視我們的體育投資組合時，我們會從兩個角度來看待它，因為這樣做的美妙之處在於我們看到了雙方的成長。

For example, last NFL season, NFL and CBS was up 5% year over year.

例如，上個 NFL 賽季，NFL 和 CBS 年成長 5%。

And the streaming audience on Paramount+ was up more than 50%.

Paramount+ 的串流觀眾數量增加了 50% 以上。

So we're seeing growth for our affiliates and we're seeing growth in streaming.

因此，我們看到我們的附屬公司和串流媒體的成長。

Operator, next question please.

接線員，請下一個問題。

Ben Swinburne, Morgan Stanley.

本‧斯威本，摩根士丹利。

Thank you.

謝謝。

Good afternoon, everybody.

大家下午好。

Naveen, could you tell us a little bit about how you're thinking about free cash flow, second half of the year, and kind of where you think leverage might end at year-end?

納文（Naveen），您能否告訴我們一些您對今年下半年自由現金流的看法，以及您認為槓桿率在年底可能會結束的情況？

I think you can share that with us.

我想你可以與我們分享這一點。

And then I think one of the areas that you guys have talked about kind of reevaluating or evaluating are your international streaming plans.

然後我認為你們談論的重新評估或評估的領域之一是你們的國際串流媒體計劃。

I know you mentioned the changes in South Korea, What's the update there?

我知道你提到了韓國的變化，那裡有什麼更新嗎？

Do you guys see an opportunity to kind of optimize this business outside the United States and maybe improve the profitability or reduce the losses there?

你們是否看到了在美國以外優化這項業務並可能提高盈利能力或減少損失的機會？

Just would be interested in an update on that front as well.

只是也對這方面的更新感興趣。

Thank you.

謝謝。

Yeah.

是的。

So, Ben, I'll take the first part of your question on cash flow, and then I'll turn it over to Chris to comment on our thoughts on international streaming.

所以，本，我將回答你關於現金流問題的第一部分，然後我將把它交給克里斯來評論我們對國際串流媒體的想法。

I think the cash flow answer is actually pretty straightforward.

我認為現金流的答案其實非常簡單。

We said at the beginning of the year that our plan was to deliver growth in free cash flow in ''24 alongside significant growth in OIBDA, adjusted OIBDA.

我們在年初表示，我們的計劃是在 24 年實現自由現金流的成長，同時 OIBDA（調整後的 OIBDA）顯著成長。

And I continue to see the year playing out that well, so -- excuse me, playing out that way.

我仍然認為這一年的表現會很好，所以——對不起，就這樣。

So, no real change to our expectations.

因此，我們的期望並沒有真正改變。

Chris?

克里斯？

Thanks, Naveen.

謝謝，納文。

Hey, Ben.

嘿，本。

Listen, today we have a global footprint with Paramount+ and Pluto.

聽著，今天我們的 Paramount+ 和 Pluto 的足跡遍佈全球。

And moving forward, we continue, we expect to have, or we plan to have, excuse me, a global footprint.

展望未來，我們將繼續，我們期望擁有，或者我們計劃擁有，對不起，全球足跡。

Now how that footprint looks may change.

現在這個足跡的外觀可能會改變。

We're going to be very opportunistic about exploring all of our options here.

我們將非常機會主義地探索這裡的所有選擇。

You know, the overwhelming majority of the economics are going to be driven out of the US market as they are today in the content space.

你知道，絕大多數經濟將被趕出美國市場，就像今天在內容領域一樣。

And so we want to take a thoughtful approach about how we look at each market internationally.

因此，我們希望對如何看待國際上的每個市場採取深思熟慮的方法。

Now, that can come in the form of strategic partnerships with maybe platforms who already have a great tremendous amount of reach and a platform, in which case we'll be reducing our cost by not having to have our own platform.

現在，這可以以與可能已經擁有巨大影響力和平台的平台建立戰略合作夥伴關係的形式出現，在這種情況下，我們將透過不必擁有自己的平台來降低成本。

Or they could come in the form of a joint venture with one or more SVOD players, in which case we could get greater scale, increase long-term value, and drive greater profits.

或者，它們可以以與一個或多個 SVOD 參與者合資的形式出現，在這種情況下，我們可以獲得更大的規模，增加長期價值，並帶來更大的利潤。

So we have lots of interest from many different partners in this area, and we're exploring all that, and we look forward to updating you as we progress.

因此，我們在這一領域有很多不同的合作夥伴感興趣，我們正在探索這一切，我們期待隨著我們的進展向您通報最新情況。

Thanks, Ben.

謝謝，本。

Operator, next question, please.

接線員，請下一個問題。

Rich Greenfield, LightShed Partners.

里奇·格林菲爾德，LightShed 合夥人。

Hi, thanks for taking the questions.

您好，感謝您提出問題。

I've got a couple.

我有一對。

First, just from a very high level, I think You've all talked about the $500 million being inclusive of the $2 billion from Skydance.

首先，從非常高的層面來看，我想你們都談到了 5 億美元，其中包括 Skydance 的 20 億美元。

Skydance is a pretty small company in the scheme of the media world.

在媒體界中，Skydance 是一家相當小的公司。

Could you help us understand, what of the $2 billion couldn't you accomplish without Skydance?

您能否幫助我們了解，如果沒有 Skydance，您無法完成 20 億美元的目標中的哪些項目？

Meaning, could the $500 million be more like $1.5 on your own?

也就是說，這 5 億美元對你來說可能更像 1.5 美元嗎？

Just trying to understand the difference between those two cost-cutting numbers.

只是想了解這兩個成本削減數字之間的差異。

And then on the Charter agreement that you referenced, you're going to obviously now be giving Paramount+ to, you know, I think about 9 million to 10 million Charter video subscribers.

然後，根據您提到的 Charter 協議，您現在顯然將向 900 萬到 1000 萬 Charter 視訊訂閱者提供派拉蒙+。

Do you actually shift the allocation, meaning if I think about how you account for this between your various divisions?

您實際上是否會轉移分配，也就是說，如果我考慮您如何在各個部門之間解釋這一點？

Is there now a reduction in how much affiliate revenue is going to the linear networks with a commensurate allocation of dollars to Paramount+?

現在是否會減少流向線性網路的聯營收入，並相應地向派拉蒙+分配資金？

I'm just trying to understand, as you turn this on to those subscribers.

我只是想了解一下，當你將其打開給那些訂閱者。

And then just a housekeeping point, I think you mentioned, is it only charters for some that activate that you get, that are counted, or does every subscriber get Paramount+ and is treated as a subscriber on Paramount's books?

然後只是一個內務管理點，我想您提到過，是否只有您獲得的某些激活的特許證才被計算在內，或者每個訂閱者都獲得派拉蒙+並被視為派拉蒙書籍的訂閱者？

Thanks so much for taking the questions.

非常感謝您提出問題。

Yeah, hi, Rich.

是的，嗨，里奇。

It's Naveen.

是納文。

I'll try to touch on all of those.

我將嘗試觸及所有這些。

So starting with your question on cost savings, as you pointed out, we're moving forward on $500 million of cost savings.

因此，正如您所指出的，從您關於成本節約的問題開始，我們正在努力實現 5 億美元的成本節約。

But I think it's important to understand that that's sort of step one.

但我認為重要的是要明白這是第一步。

We are also working on a variety of other cost reduction plans that are part of our long-term plan.

我們也致力於制定各種其他成本削減計劃，這些計劃是我們長期計劃的一部分。

Those are significant, they're material, they won't all happen necessarily at the same point in time, and they go beyond headcount.

這些都很重要，它們很重要，它們不一定都在同一時間點發生，而且它們超出了人員數量。

We've made most of the $500 million savings that you'll see in the near term is headcount related, but we do think that there are opportunities to significantly reduce costs in other areas as well.

短期內您將看到的 5 億美元節省大部分與員工人數相關，但我們確實認為其他領域也有機會大幅降低成本。

And those plans, I think, have helped inform a number of the ideas that comprise the $2 billion that Skydance has referenced.

我認為，這些計劃有助於傳達 Skydance 提到的 20 億美元資金中的一些想法。

With respect to your question on the Charter deal, sort of in reverse order, the way that this works is, yes, subscribers who activate that benefit, if you will, meaning they associate their Charter account with a set of P plus credentials, those are subs that we will count as Paramount+ subscribers.

關於您關於 Charter 交易的問題，有點相反，其工作方式是，是的，激活該權益的訂戶，如果您願意，這意味著他們將其 Charter 帳戶與一組 P plus 憑證關聯起來，這些憑證我們將其視為派拉蒙+訂閱者。

And if someone does not activate, then they don't count as a sub.

如果有人沒有激活，那麼他們就不算替補。

And when they do activate, then we start to allocate a certain amount of the fees that we receive from Charter to P+.

當它們啟動時，我們開始將從 Charter 收到的一定金額的費用分配給 P+。

What you'll see in our externally reported financials as a result of that is that the revenue from deals like Charter where we're providing Paramount+ credentials in a bundle will be split or be shared between the TV media segment and the D2C segment.

因此，您將在我們外部報告的財務數據中看到，像 Charter 這樣的交易（我們捆綁提供 Paramount+ 憑證）的收入將在電視媒體部門和 D2C 部門之間分割或共享。

Thanks, Rich.

謝謝，里奇。

Operator, next question.

接線員，下一個問題。

John Hodulik, UBS.

約翰‧霍杜里克，瑞銀集團。

Great.

偉大的。

Thanks.

謝謝。

Just to follow up to Rich's question, just anything you can tell us about -- and maybe it doesn't matter anymore because it's all blended together -- but just the linear pricing you got on the Charter side, on the Charter deal.

只是為了跟進里奇的問題，只是你可以告訴我們的任何事情——也許它不再重要了，因為它們都混合在一起了——但只是你在包機方面、在包機交易上獲得的線性定價。

And then I guess from a D2C standpoint, the subscribers have to activate for you guys to get paid.

然後我想從 D2C 的角度來看，訂閱者必須啟動才能讓你們獲得報酬。

But number one, are you guys going to sort of market the service or what can you do to sort of drive penetration within those Charter sub-base?

但第一，你們打算推銷這項服務嗎？

And then is there an engagement or sort of consumption?

那麼是否存在參與或某種消費？

issue as well is that once they activate once, then you sort of get paid going forward.

還有一個問題是，一旦它們啟動一次，你就可以繼續獲得報酬。

Just any color.

任何顏色都可以。

I'm just trying to get a sense of really what the overall economics of that deal are.

我只是想了解這筆交易的整體經濟效益。

Thanks.

謝謝。

Yeah, sure, John.

是的，當然，約翰。

It's Naveen again.

又是納文。

Let me try to clarify that a little bit.

讓我試著澄清一下。

I think it may be helpful to remember that the way that we structure our deals with distributors, and I'm not going to get into any specific deal, is with a focus on total company economics.

我認為記住我們與分銷商建立交易的方式（我不打算討論任何具體交易）可能會有所幫助，重點是公司整體經濟效益。

That used to be largely about cable and broadcast and premium linear networks.

過去主要涉及有線、廣播和優質線性網路。

Now it includes all of those things plus, obviously, Paramount+.

現在它包括所有這些東西，顯然還包括派拉蒙+。

And so independent of how those things may be delineated for contractual purposes, for our financial reporting, we allocate those fees between, as I said earlier, our TV media segment and our D2C segment.

因此，無論出於合約目的如何界定這些費用，對於我們的財務報告，我們都會在電視媒體部門和 D2C 部門之間分配這些費用。

So the revenue that we receive is not contingent on whether somebody activates or not.

因此，我們收到的收入並不取決於有人是否啟動。

It's all part of the overall economics of our arrangement with the distributor.

這是我們與經銷商安排的整體經濟效益的一部分。

Thanks, John.

謝謝，約翰。

Operator, next question.

接線員，下一個問題。

Steven Cahall, Wells Fargo.

史蒂文卡霍爾，富國銀行。

Thanks.

謝謝。

So, Naveen, just a few more on Paramount+ profitability.

那麼，納文，請再介紹一下派拉蒙+的獲利能力。

Can you talk about the value of content that you expect on Paramount+ this year from an amortization perspective, especially as you move into the back half of the year when it's a little heavier?

您能否從攤銷的角度談談您對派拉蒙+今年內容的預期價值，尤其是在進入下半年時，內容會變得更加重一些？

And with the guidance you have for next year, how much do you think the content value is going to grow in '25?

根據明年的指導，您認為 25 年內容價值會成長多少？

And just a housekeeping one on it.

上面只是一個家事服務。

You said you'll be profitable for Paramount+ in 2025.

您說過派拉蒙+將在 2025 年獲利。

Is that different from [425] as in a positive number for the full year?

這與全年為正數的 [425] 有何不同？

And then also, George, CBS affiliates, some out there have been indicating that reverse comp fees should really start to moderate or even decline because of the shift to streaming with things like Paramount+.

然後，喬治、哥倫比亞廣播公司附屬機構以及一些人已經表示，由於派拉蒙+等串流媒體服務的轉變，反向補償費用應該真正開始放緩甚至下降。

How do you think about those station affiliate relationships and what their fair cost is of CVS national programming?

您如何看待這些電視台附屬關係以及它們在 CVS 全國節目中的合理成本是多少？

I think a lot of TV station margins are a lot higher than the CVS network's margins, so I'm just wondering about what you think is a fair way to share those economics, especially as the company's entering into this cost-cutting and more cash-generative mode that you all talked about.

我認為很多電視台的利潤率比 CVS 網路的利潤率高很多，所以我只是想知道你認為分享這些經濟的公平方式是什麼，特別是在公司正在削減成本和增加現金的情況下-你們都談到的生成模式。

Thank you.

謝謝。

Yeah.

是的。

Hey, Steve.

嘿，史蒂夫。

It's Naveen.

是納文。

I'll start on the first part and then hand it to George to address the second part.

我將從第一部分開始，然後交給喬治處理第二部分。

So, in terms of content expense on Paramount+, a few things to keep in mind.

因此，就 Paramount+ 的內容費用而言，需要牢記以下幾點。

So, number one, obviously 2024 is going to look sort of different on a year-over-year basis relative to '23, just given that it was a highly strike-impacted year in '23.

因此，第一，顯然 2024 年與 23 年相比會有所不同，因為 23 年是受罷工影響較大的一年。

We're going to have more content in the back half of '24 than we did last year.

我們將在 24 年下半年推出比去年更多的內容。

Also, remember that there is seasonality in our content expense.

另外，請記住，我們的內容支出存在季節性。

So, one of the reasons that Paramount+ was profitable, excuse me, the D2C segment was profitable in Q2 was because it was a lighter quarter in terms of content.

所以，Paramount+ 獲利的原因之一，對不起，D2C 部門在第二季獲利是因為該季度內容較少。

In particular, we don't have as much sports expense in the quarter as we do in the back half of the year.

特別是，我們本季的體育支出沒有下半年那麼多。

And that, frankly, is one of the reasons why the main goal we're focused on, and this relates to the other part of your question, is driving domestic profitability for Paramount+ in 2025, which is intended to be a full year goal.

坦白說，這就是我們關注的主要目標的原因之一，這與你問題的其他部分相關，即在 2025 年推動派拉蒙+的國內盈利能力，這本來是全年目標。

And I think that is obviously the more important measure of profitability is making sure that the business is profitable, not just in a particular quarter, but on a full year basis.

我認為，顯然，衡量獲利能力的更重要指標是確保業務獲利，不僅是在特定季度，而且是全年。

George?

喬治？

Sure.

當然。

So Steve, we're keenly aware of the changing industry dynamics and the challenges that our affiliates are facing.

史蒂夫，我們敏銳地意識到不斷變化的行業動態以及我們的附屬公司面臨的挑戰。

Now, our role as a network in this partnership is to provide best-in-class content with maximum reach.

現在，我們作為這個合作夥伴關係網絡的角色是提供具有最大影響力的一流內容。

And this means we've got to continue to invest in producing hit shows, our news programming, and investing in sports rights.

這意味著我們必須繼續投資熱門節目的製作、新聞節目以及體育賽事轉播權的投資。

Now, in terms of the fair value, the fair value is really determined by the strength of our content offering.

現在，就公允價值而言，公允價值實際上是由我們提供的內容的實力決定的。

And the good news here is that CBS is delivering on all fronts.

好消息是哥倫比亞廣播公司正在各方面取得成果。

I mean, we're number one in prime, number one in daytime, number one in late night.

我的意思是，我們在黃金時段排名第一，在白天排名第一，在深夜排名第一。

We have an incredible sports portfolio led by the NFL, but including college football, NCAA, and golf.

我們擁有以 NFL 為首的令人難以置信的運動產品組合，還包括大學橄欖球、NCAA 和高爾夫。

So again, our job is to make sure that we're providing best-in-class content for our affiliates to justify the content fees that we charge them.

再說一次，我們的工作是確保我們為我們的聯營公司提供一流的內容，以證明我們向他們收取的內容費用是合理的。

Thanks, Steve.

謝謝，史蒂夫。

Operator, we have time for one last question.

接線員，我們還有時間回答最後一個問題。

Bryan Kraft, Deutsche Bank.

布萊恩·克拉夫特，德意志銀行。

Thank you.

謝謝。

I had two, if I could.

如果可以的話，我有兩個。

First, how is the company approaching licensing Paramount's content to third parties relative to the prior regime?

首先，相對於先前的製度，該公司如何向第三方授權派拉蒙的內容？

And related, I know Naveen talked about the outlook for the rest of this year for licensing, and I realize there are a lot of moving pieces with strikes, but the question is whether you think after 2024, licensing will still be a growth driver for the company.

與此相關的是，我知道 Naveen 談到了今年剩餘時間的許可前景，我意識到有很多令人震驚的變化，但問題是你是否認為 2024 年之後，許可仍將是成長動力公司。

And then the second one is, just was wondering if you talked a bit about the importance of sports.

第二個問題是，我想知道你是否談過運動的重要性。

Would you be interested in or will you pursue additional sports rights that might be coming up for renewal over the next couple of years that you don't currently have in this interim period before the merger closes?

您是否有興趣或是否會尋求在未來幾年內可能會續訂的額外體育賽事轉播權，而您目前在合併結束前的這段過渡期內還沒有這些轉播權？

Or is that something that would be revisited kind of post-merger.

或者是合併後會重新審視的事情。

Thank you.

謝謝。

Sure, Bryan.

當然，布萊恩。

This is Brian.

這是布萊恩.

I'll take the first part of the question.

我將回答問題的第一部分。

For us, licensing is not either or.

對我們來說，許可不是非此即彼。

It's actually more.

實際上更多。

It's about driving more revenue, more reach, and more relevance for our content.

這是為了增加我們內容的收入、影響範圍和相關性。

But first and foremost, I think we're focused on maximizing the first run value of our content on our owned and operated platforms and channels, whether that's through advertising, affiliate, or subscription revenues.

但首先也是最重要的是，我認為我們的重點是最大化我們擁有和經營的平台和管道上內容的首次運行價值，無論是透過廣告、聯盟行銷或訂閱收入。

And then, of course, windowing is key, and it always has been key.

當然，窗口化是關鍵，而且一直都是關鍵。

And we will still continue to license our content to third-party platforms.

我們仍將繼續向第三方平台授權我們的內容。

And fortunately for us, our content is in demand.

對我們來說幸運的是，我們的內容很受歡迎。

It's in demand from consumers, and it's in demand from other platforms.

消費者有需求，其他平台也有需求。

And we believe that not only do we drive more revenue by licensing to third-party platforms, but it also increases the demand of that content on our own platforms by opening it up to new eyeballs on other people's platforms and then driving back to our own.

我們相信，我們不僅可以透過向第三方平台授權來增加收入，而且還可以透過在其他人的平台上吸引新的眼球，然後再回到我們自己的平台上來增加對我們自己平台上的內容的需求。

So we will continue to license.

因此我們將繼續許可。

We're very focused on creating the greatest opportunity while continuing to control our IP.

我們非常注重創造最大的機會，同時繼續控制我們的智慧財產權。

And there's always going to be timing dynamics that are reflected in performance.

而且總是會存在反映在效能中的時序動態。

But given the power of our content and IP, long-term licensing is a compelling business for us.

但鑑於我們內容和智慧財產權的力量，長期授權對我們來說是一項極具吸引力的業務。

And this is George then on your sports question, Brian.

這是喬治，關於你的體育問題，布萊恩。

So first of all, I would say we feel really, really good about our current sports portfolio.

首先，我想說我們對目前的運動產品組合感覺非常非常好。

We've got our core marquee franchises.

我們擁有核心的特許經營權。

But that being said, we'll always be opportunistic.

但話雖這麼說，我們永遠都是機會主義的。

In fact, we recently closed two soccer deals with EFL and Serie A. So we will always be open in the market, but we're going to always take this disciplined approach and make sure that our goal is to ensure that we're giving the right portfolio for both broadcast and for streaming.

事實上，我們最近與 EFL 和 Serie A 達成了兩項足球協議。廣播和串流媒體的正確產品組合。

Thanks, George.

謝謝，喬治。

And this is Chris.

這是克里斯。

I'm going to close it out.

我要把它關閉。

And on behalf of my fellow co-CEOs, we'd like to thank you for joining us for our call today.

我們謹代表我的聯合執行長同事，感謝您參加今天的電話會議。

As you can see from our results, we're off to a very strong start in the first half of the year, executing well against our strategic plan.

正如您從我們的業績中看到的那樣，我們在今年上半年有了一個非常強勁的開局，很好地執行了我們的策略計劃。

We continue to deliver some of the biggest, broadest hit TV series and blockbuster films with a high hit ratio.

我們繼續推出一些最熱門、最熱門的電視劇和大片，點擊率很高。

And our performance this quarter reflects the power of that content and the actions that we've taken to strengthen the company.

我們本季的業績反映了這些內容的力量以及我們為增強公司實力而採取的行動。

Now looking ahead, we're clear-eyed about the additional work that needs to happen and we are confident we will deliver.

現在展望未來，我們對需要進行的額外工作非常清楚，並且我們有信心能夠完成任務。

We look forward to updating on our progress.

我們期待更新我們的進展。

Thank you everyone for joining us and have a good evening.

感謝大家加入我們，祝大家有個美好的夜晚。

Thank you everyone.

謝謝大家。

This concludes today's call.

今天的電話會議到此結束。

You may now disconnect your line.

現在您可以斷開線路。