Paramount Skydance Corp (PSKY) 2025 Q2 法說會逐字稿

Good afternoon. My name is Victoria and I'll be the conference operator today. At this time, I would like to welcome everyone to Paramount Global's second-quarter 2025 earnings conference call. (Operator Instructions) At this time, I would now like turn the call over to Jamie Morris, Paramount Global's EVP, Investor Relations. You may now be getting your conference call.

午安.我叫維多利亞，今天我將擔任會議主持人。現在，我歡迎大家參加派拉蒙全球 2025 年第二季財報電話會議。（操作員指示）現在，我想將電話轉給派拉蒙全球投資者關係執行副總裁傑米莫里斯 (Jamie Morris)。您現在可能正在接聽電話會議。

Good afternoon, everyone, and thank you for joining our Q2 2025 earnings call. Before we begin, I would like to remind everyone that in addition to our earnings release, we have trending schedules containing supplemental information available on our website.

大家下午好，感謝您參加我們的 2025 年第二季財報電話會議。在我們開始之前，我想提醒大家，除了我們的收益報告之外，我們的網站上還有包含補充資訊的趨勢時間表。

In addition, certain statements made on this call are forward-looking statements that involve risks and uncertainties. These restaurants Certainties are discussed in more detail in our filings with the SEC.

此外，本次電話會議中的某些陳述屬於前瞻性陳述，涉及風險和不確定性。我們在向美國證券交易委員會提交的文件中對這些餐廳確定性進行了更詳細的討論。

Some of today's financial remarks will focus on adjusted results. Reconciliations of these non-GAAP financial measures can be found in their earnings release or in our trending schedules, which contains supplemental information and in each case can be found in the Investor Relations section of our website.

今天的一些財務評論將集中在調整後的結果。這些非公認會計準則財務指標的對帳表可以在其收益報告或我們的趨勢表中找到，其中包含補充信息，在每種情況下都可以在我們網站的投資者關係部分找到。

As we detailed in the 8-K filed last week, we expect the Paramount Skydance transaction to close on August 7, 2025. As a result, this will be our last earnings call with the company in its current configuration. Today, we will share highlights of the quarter, but we will not be taking questions.

正如我們上週提交的 8-K 文件中詳細說明的那樣，我們預計派拉蒙天舞交易將於 2025 年 8 月 7 日完成。因此，這將是我們與該公司在目前配置下的最後一次收益電話會議。今天，我們將分享本季的亮點，但不會回答問題。

On this call, we have Shari Redstone, Non-Executive Chair of our Board of Directors; Chris McCarthy, our co-CEO on behalf of his fellow co-CEOs; and Andy Warren, our Interim CFO.

參加此次電話會議的有董事會非執行主席莎莉·雷石東 (Shari Redstone)、代表其他聯合首席執行官的聯合首席執行官克里斯·麥卡錫 (Chris McCarthy) 以及臨時首席財務官安迪·沃倫 (Andy Warren)。

Now, let me turn the call over to Shari.

現在，讓我把電話轉給 Shari。

Thank you, Jaime. Given this is the final earnings call under our current corporate structure, I wanted to take the opportunity to express my thanks to our shareholders for their investment in our business and to the others across the investment community who have followed us for many years. I believe I can take it on faith that many on this call understand the enormous importance of this business to my family and to me.

謝謝你，傑米。鑑於這是我們目前公司結構下的最後一次收益電話會議，我想藉此機會向我們的股東對我們業務的投資以及多年來關注我們的投資界其他人士表示感謝。我相信我可以相信，這次電話會議中的許多人都理解這項業務對我和我的家人有多麼重大的意義。

Beginning near 40 years ago, my father, Sumner Redstone, built Viacom and CBS by bringing together a group of the best assets in media, news, and entertainment. While people often debated whether content or distribution rule the day, my father's steadfast belief was that content was King.

大約 40 年前，我的父親薩姆納·雷石東 (Sumner Redstone) 聚集了媒體、新聞和娛樂領域最優秀的人才，創建了維亞康姆和哥倫比亞廣播公司 (CBS)。儘管人們經常爭論內容和發行哪一個才是王道，但我父親始終堅信內容為王。

Even against the backdrop of enormous change, that core business philosophy remains the reality for our business and industry. That is a reality that Skydance surely understands. I am confident that with their vision for the business and the technology and resources they can bring to bear, they can build on Paramount's legacy and position it for long-term success and value creation. I am proud that when the transaction closes, we will be turning over a healthy business with a strong foundation for success.

即使在巨大變化的背景下，這個核心經營理念仍然是我們業務和產業的現實。Skydance 肯定明白這個現實。我相信，憑藉他們對業務的遠見以及他們所能提供的技術和資源，他們可以在派拉蒙的傳統基礎上再接再厲，為長期成功和價值創造做好準備。我很自豪，當交易完成時，我們將擁有一個擁有堅實成功基礎的健康業務。

One year ago, that was not a foregone conclusion, against the backdrop of tough industry conditions in the linear business in a pending transaction, the progress we have made is a testament to the talent, focus, and dedication of the people of Paramount under the leadership of George Cheeks, Chris McCarthy, and Brian Robbins.

一年前，這還不是定局，在線性業務待決交易的嚴峻行業環境背景下，我們所取得的進展證明了喬治·奇克斯、克里斯·麥卡錫和布萊恩·羅賓斯領導下的派拉蒙員工的才華、專注和奉獻精神。

George, Chris, and Brian took on a very challenging job. While continuing to lead in their core areas of responsibility, they work together to develop new content and strategic plans for the company, while also making difficult decisions to streamline the company's cost structure and secure the stability and growth potential of the business. I will forever be grateful for their hard work, dedication, and friendship.

喬治、克里斯和布萊恩承擔了一項非常具有挑戰性的工作。他們在繼續領導各自負責的核心領域的同時，共同為公司開發新的內容和策略計劃，同時做出艱難的決定以簡化公司的成本結構並確保業務的穩定性和成長潛力。我將永遠感激他們的辛勤工作、奉獻精神和友誼。

While Chris will go into more detail about the company's financial results on this call, I would be remiss not to mention a few of the co-CEOs accomplishments and those of the wonderful teams across our business. I will start with streaming because it makes me so proud that while we only launched Paramount Plus four years ago, we are already a top 4 global SVOD service, and we will be profitable in the US faster than many of our peers.

雖然克里斯將在這次電話會議上更詳細地介紹公司的財務業績，但如果我不提及幾位聯合執行長以及我們公司優秀團隊的成就，那就太失禮了。我將從串流媒體開始，因為它讓我感到非常自豪，雖然我們四年前才推出 Paramount Plus，但我們已經是全球排名前四的 SVOD 服務之一，而且我們在美國實現盈利的速度將比許多同行更快。

What has driven this performance? Others might have more content, but Paramount+ has distinguished itself for delivering big, bold, breakthrough, original, split syndicates that consistently rank in the SVOD top 10, plus incredible sports, kids, and unscripted content from across the company. And as I am particularly proud, programming that informs and educates audiences about the issues we face as a society and around the world.

是什麼推動了這項表現？其他公司可能有更多內容，但 Paramount+ 以提供大型、大膽、突破性、原創、分裂的辛迪加內容而聞名，這些內容始終位列 SVOD 前 10 名，此外還有來自整個公司的精彩體育、兒童和非腳本內容。令我特別自豪的是，這些節目向觀眾介紹了我們作為一個社會以及在世界各地所面臨的問題。

This is also the reason CBS has been the number one broadcast network for 17 years in a row, due also to its range of entertainment, sports, and news programming. And in cable, the company has delivered the number one scripted series, number one reality series, number one late-night show, and number one kids show.

這也是哥倫比亞廣播公司 (CBS) 連續 17 年成為第一大廣播網絡的原因，因為它提供廣泛的娛樂、體育和新聞節目。在有線電視領域，該公司推出了排名第一的劇本劇集、排名第一的真人秀劇集、排名第一的深夜秀和排名第一的兒童秀。

As for Paramount Pictures, it has continued to expand its hit franchises: Sonic the Hedgehog, Mission: Impossible, A Quiet Place, SpongeBob, Teenage Mutant Ninja Turtles, and more. Taken together, this has driven improved bottom-line performance and significantly strengthened free cash flow.

至於派拉蒙影業，它繼續擴大其熱門系列電影：《刺蝟索尼克》、《碟中諜》、《噤界》、《海綿寶寶》、《忍者龜》等等。綜合起來，這推動了底線業績的改善，並顯著增強了自由現金流。

In closing, it has truly been a privilege to work with George, Chris, and Brian over the past year to achieve the goals that have positioned this company so well for the future. And while it is never easy to step away, please note that it's been an honor for my family and for me to serve as stewards of these assets over the past several decades. We will always be cheering on Paramount and the talented people who have made it what it is today. Thank you.

最後，過去一年來，能夠與喬治、克里斯和布萊恩一起努力實現公司未來發展目標，我深感榮幸。雖然離開從來都不是一件容易的事，但請注意，在過去的幾十年裡，我和我的家人很榮幸能夠擔任這些資產的管理者。我們將永遠為派拉蒙和那些讓派拉蒙取得今天成就的才華橫溢的人們歡呼。謝謝。

Thank you, Shari, and good afternoon, everyone. When George, Brian, and I became co-CEOs, our goal was to transform Paramount into a streaming-first company. And today, we are substantially better positioned to thrive in the streaming future. You only have to look to this quarter to see the shift, where D2C revenue growth outpaced linear declines. This was powered by an exceptional performance at Paramount+.

謝謝你，莎莉，大家午安。當喬治、布萊恩和我成為聯合執行長時，我們的目標是將派拉蒙轉變為一家串流媒體優先的公司。如今，我們已具備了在串流媒體未來蓬勃發展的更有利條件。您只需看看本季就能看到這種轉變，D2C 營收成長速度超過了線性下降速度。這得益於 Paramount+ 的出色表現。

We delivered industry-leading TV hits across both streaming and linear, while at the same time, this quarter, breaking a record with the Mission: Impossible franchise. At Paramount+, we made a content strategy choice to go against conventional wisdom of more originals is better. Our strategy isn't about the volume of originals, rather, it's about the volume of original hits.

我們在串流媒體和線性領域推出了業界領先的熱門電視劇，同時，本季度，《碟中諜》系列打破了紀錄。在 Paramount+，我們所做的內容策略選擇違背了「原創內容越多越好」的傳統觀念。我們的策略不是關注原創作品的數量，而是關注原創熱門作品的數量。

We closed 2024, our first year as co-CEOs, and it was a transformative year. OIBDA grew 30% to $3.1 billion, driven by a nearly $1.2 billion improvement in D2C profitability. Now this was powered by Paramount+, where our content strategy delivered. We led with the most top 10 SVOD originals, behind only the market leader, which drove increased engagement, improved churn. We added 10 million new subscribers, which solidified our place as a top 4 global SVOD and resulting in revenue growth of 33%.

2024 年是我們擔任聯合執行長的第一年，也是變革的一年。OIBDA 成長 30%，達到 31 億美元，這得益於 D2C 獲利能力提高近 12 億美元。現在，這得益於 Paramount+ 的支持，我們的內容策略得以實現。我們擁有最多的十大 SVOD 原創內容，僅次於市場領導者，這提高了參與度，改善了客戶流失率。我們增加了 1000 萬新用戶，鞏固了我們作為全球 SVOD 前四名的地位，並實現了 33% 的收入成長。

Now since then, we have not slowed down. In the first half of 2025, we again scored with the most top 10 SVOD originals, behind only the market leader. Paramount+ revenue continued to grow, up 19%, driven by strong subscription revenue growth of 22%. Watch time per subscriber increased 14% and churn improved another 100 basis points.

從那以後，我們並沒有放慢腳步。2025 年上半年，我們再次成為 SVOD 原創內容排名前 10 位最多的公司，僅次於市場領導者。Paramount+ 營收持續成長，成長 19%，這得益於 22% 的強勁訂閱收入成長。每位訂閱者的觀看時間增加了 14%，流失率又降低了 100 個基點。

Over at CBS, we continued our leadership position as the most watched broadcast network in primetime for the 17th consecutive season. We have 8 of the top 10 series, 14 of the top 20 series. That's more programs in the top 10 and top 20 than all other networks combined.

在哥倫比亞廣播公司 (CBS)，我們連續第 17 季保持黃金時段收視率最高的廣播網絡領先地位。我們擁有排名前 10 的系列中的 8 個，排名前 20 的系列中的 14 個。排名前 10 和前 20 的節目數量比其他所有網路的總和還要多。

And Paramount Pictures continue to drive revenue for the business, successfully monetizing the value of our IP in theaters and downstream. Over this past year, we added new installments of our valuable bank of franchises, including Sonic the Hedgehog, Smile, A Quiet Place, and Mission: Impossible.

派拉蒙影業繼續為公司帶來收入，成功地將我們的智慧財產權在戲院和下游的價值貨幣化。在過去的一年裡，我們增加了我們珍貴的特許經營庫的新部分，包括《刺猬索尼克》、《微笑》、《寂靜之地》和《碟中諜》。

We also reshaped the organization to be leaner and more nimble, reducing redundancies, all with the goal to drive productivity. Over the past four quarters, we've implemented over $800 million in annual run rate non-content expense savings.

我們也重塑了組織，使其更加精簡、更加靈活，減少冗餘，所有這些都是為了提高生產力。在過去四個季度中，我們已實現超過 8 億美元的年度非內容費用節省。

Our progress is reflected in the results for the quarter. Total company revenue grew 1% year over year to $6.8 billion. Most notably, D2C revenue growth outpaced linear declines. In fact, strong subscription growth at Paramount+ drove total company affiliate and subscription revenue growth, which accelerated to 5%. D2C generated adjusted OIBDA of $157 million, an improvement of 6x versus a year ago. To put that in perspective, this year alone, we've improved D2C profitability by $300 million versus the comparable period a year ago.

我們的進步反映在本季的業績上。公司總收入年增 1% 至 68 億美元。最值得注意的是，D2C 收入成長速度超過了線性下降速度。事實上，Paramount+ 的強勁訂閱成長推動了公司整體聯營和訂閱收入的成長，成長率達到 5%。D2C 的調整後 OIBDA 為 1.57 億美元，比一年前成長了 6 倍。從這個角度來看，光是今年，我們的 D2C 獲利能力就比去年同期提高了 3 億美元。

Now let's get into some detail at D2C. Revenue growth accelerated to 15% driven again by Paramount Plus, where total revenue grew 23% year over year and records were set. For the third consecutive quarter, watch time per subscriber increased and was up 11% year over year. And churn improved again by 70 basis points year over year, achieving a record low.

現在讓我們來詳細了解 D2C。營收成長再次加速至 15%，主要得益於 Paramount Plus，其總營收年增 23%，創下了紀錄。連續第三個季度，每位訂閱者的觀看時間增加，較去年同期成長 11%。客戶流失率年比再次改善了70個基點，達到歷史最低水準。

These results were powered by a strong content slate of original hits with Landman, Yellowjackets, The Chi, and MobLand, our newest top 10 SVOD series, which ranked as the number one series globally and active subscriber households on Paramount+ this quarter.

這些成果得益於強大的原創熱門內容，包括《Landman》、《Yellowjackets》、《The Chi》和《MobLand》，這些我們最新的十大 SVOD 系列，在本季度在全球排名第一，並在 Paramount+ 上擁有眾多活躍訂閱用戶。

Looking ahead, we're thrilled to welcome South Park to Paramount+ this month here in the United States. It has consistently been a top acquisition and engagement driver in international, and we have every confidence it will do just as well for us here in the US.

展望未來，我們很高興本月在美國 Paramount+ 上映《南方公園》。它一直是國際上最重要的收購和參與驅動力，我們完全有信心它在美國也會為我們帶來同樣的效果。

We have our biggest hits to come kicking off with Dexter: Resurrection, followed by the first NCIS franchise extension with Tony and Ziva, and continues with the non-stop Taylor Sheridan slate of hits, starting with Tulsa King in September, Mayor of Kingstown in October, followed by Landman in December and, of course, an all-new Yellowstone franchise extension, the Dutton Ranch.

我們即將推出最賣座的作品，首先是《嗜血法醫：復活》，然後是海軍罪案調查處系列的第一部續集，由托尼和齊瓦主演，接下來是泰勒·謝裡丹的一系列熱門作品，首先是 9 月份的《土爾沙之王》，10 月份的《金斯敦市長》，12 月份的《土地俠》，當然還有《達頓牧場》，當然還有《達頓牧場》續集的續集《達頓牧場》，當然還有《達頓牧場》，當然還有《達頓牧場》的續集《達頓牧場》，當然還有《達頓牧場》，當然還有《達頓牧場》續集的續集《達頓牧場》，當然還有《達頓牧場》，當然還有《達頓牧場》續集的續集《達頓牧場》，當然還有《達頓牧場》，當然還有《達頓牧場》續集的《達頓牧場》，當然還有《達頓牧場》，當然還有《達頓牧場》。

Now turning to TV media, when we talk about transforming into a streaming-first company, nothing says this better than the alignment with CBS and Paramount+. This season, streaming of CBS series on Paramount+ grew 42% over the last year.

現在轉向電視媒體，當我們談到轉型為串流媒體優先的公司時，沒有什麼比與 CBS 和 Paramount+ 的合作更能說明這一點了。本季，CBS 系列在 Paramount+ 上的播放量比去年增長了 42%。

And year-to-date, CBS content accounts for nearly half of all viewing on Paramount+. CBS has consistently ranked as the number one broadcast network in primetime. And moreover, CBS is also ranked number one in multi-platform viewership.

今年迄今為止，CBS 的內容佔據了 Paramount+ 所有觀看量的近一半。 CBS一直位居黃金時段第一大廣播網絡之位。而且，CBS在多平台收視率上也排名第一。

Now turning to sports, live sport is more valuable today than ever before across both platforms. This year's Final Four was the most watched in eight years. And CBS Sports golf coverage in 2025 is up 13% year over year, its best performance in seven years.

現在轉向體育，如今在兩個平台上直播體育賽事比以往任何時候都更有價值。今年的四強賽是八年來觀看人數最多的一屆。2025 年 CBS 體育高爾夫報道年增 13%，為七年來的最佳表現。

The power of this combined content is evident across distribution and advertising. In June, we signed a new deal with DIRECTV that includes a curated selection of Paramount's most popular networks across entertainment, news, and sports in various DIRECTV genre packs. And we're nearing the completion of our upfront where we see strong advertiser demand for sports and entertainment programming.

這種綜合內容的力量在分銷和廣告領域顯而易見。6 月，我們與 DIRECTV 簽署了一項新協議，其中包括派拉蒙在娛樂、新聞和體育領域最受歡迎的網絡在各種 DIRECTV 類型包中的精選內容。我們的前期工作即將完成，我們發現廣告商對體育和娛樂節目的需求強勁。

Turning to filmed entertainment. This quarter, a record was achieved with Mission: Impossible - The Final Reckoning, which was the biggest global opening in franchise history.

轉向電影娛樂。本季，《不可能的任務 4：最終清算》創下了系列電影史上全球首映票房最高的紀錄。

And when a new film hit theaters, we see an immediate lift in the library content on Paramount+. For example, following the release of Mission: Impossible - The Final Reckoning, tor the month, the Mission franchise library saw a 60% lift in daily active subscriber households on Paramount+. Now this is a good example of how franchise drive revenue across every part of our business.

當一部新電影上映時，我們立即看到 Paramount+ 上的影庫內容增加。例如，在《不可能的任務 4：最終清算》上映後，本月，《不可能的任務》系列電影在 Paramount+ 上每日活躍訂閱用戶數量增加了 60%。這是一個很好的例子，說明特許經營如何在我們業務的各個部分推動收入。

We are pleased with the results for the quarter, which represent our strong and continued progress in executing as a streaming-first company.

我們對本季的業績感到滿意，這表明我們作為一家串流媒體優先公司在執行方面取得了強勁且持續的進步。

Now let me turn it over to Andy to provide more detail on the financials.

現在讓我把話題交給安迪，讓他提供更多有關財務狀況的細節。

Thank you, Chris, and good afternoon, everyone. Let's dive right into the second quarter numbers. Paramount generated total company revenue of $6.8 billion and adjusted OIBDA of $824 million, reflecting continued year-over-year improvement in our direct-to-consumer segment. Free cash flow improved to $114 million, including approximately $70 million in payments for restructuring and cost reduction initiatives.

謝謝你，克里斯，大家下午好。讓我們深入了解第二季的數據。派拉蒙總營收為 68 億美元，調整後 OIBDA 為 8.24 億美元，反映出我們直接面向消費者的部門年比持續改善。自由現金流增至 1.14 億美元，其中包括約 7,000 萬美元的重組和成本削減計畫支出。

Now let's discuss our operating segment results, starting with direct-to-consumer. Paramount+ finished the quarter with 77.7 million subscribers, a year-over-year increase of 9.3 million subscribers, but down 1.3 million subs versus 1Q '25, primarily reflecting the anticipated expiration of an international distribution agreement as well as the timing of Paramount+ Premiers.

現在讓我們討論一下我們的經營分部業績，從直接面向消費者開始。Paramount+ 本季訂閱用戶數量為 7,770 萬，較去年同期增加 930 萬，但較 2025 年第一季減少 130 萬，主要反映了國際發行協議預計到期以及 Paramount+ Premiers 的時間表。

Paramount+ ARPU growth accelerated in the second quarter to a positive 9% increase year over year. Importantly, the combination of year-over-year subscriber growth, churn reduction, and ARPU improvement drove Paramount+ revenue to increase nearly $330 million versus 2Q '24.

Paramount+ ARPU 成長在第二季加速，年增 9%。重要的是，用戶同比增長、流失率降低以及 ARPU 提高等因素共同推動 Paramount+ 收入較 2024 年第二季度增加了近 3.3 億美元。

In total, direct-to-consumer generated revenue of $2.2 billion, growing 15% year over year despite a 4% decline in D2C advertising, which continues to be impacted by increased supply in the digital ad marketplace. Separately, D2C subscription revenue growth accelerated in this upper robust 22%.

總體而言，直接面向消費者的廣告收入為 22 億美元，年增 15%，儘管 D2C 廣告下降了 4%，但仍受到數位廣告市場供應增加的影響。另外，D2C 訂閱營收成長加速，達到強勁的 22%。

Turning to our TV media segment. Linear TV trends continue to pressure advertising and affiliate revenue. TV media revenue was $4 billion in the second quarter, with OIBDA of $853 million.

轉向我們的電視媒體部分。線性電視趨勢繼續給廣告和聯盟收入帶來壓力。第二季電視媒體營收為 40 億美元，OIBDA 為 8.53 億美元。

TV media advertising revenue was down 4% year over year as higher CPMs were more than offset by viewership declines. We are nearing completion of our 2026 upfront, which will remain overall volume consistent with last year, driven by increased sports and streaming sales. Streaming accounted for almost 30% of total upfront volume while demand for our sports portfolio was very strong across the board and saw double-digit growth.

電視媒體廣告收入年減 4%，因為更高的 CPM 被收視率的下降所抵消。我們即將完成 2026 年的預付款，受體育和串流媒體銷售成長的推動，整體銷售將與去年保持一致。串流媒體佔預付總額的近 30%，而我們體育投資組合的需求全面強勁，實現了兩位數的成長。

Our TV media affiliate revenue declined 7% versus the prior year, largely reflecting market subscriber trends. However, and more importantly, the combination of our traditional and streaming businesses again yielded net positive growth, with total company affiliate and subscription revenue up 5% in the second quarter, a positive acceleration versus the first quarter of this year.

我們的電視媒體聯盟收入較前一年下降了 7%，這主要反映了市場訂閱用戶的趨勢。然而，更重要的是，我們的傳統業務和串流媒體業務的結合再次實現了淨正成長，第二季公司聯盟和訂閱總收入成長了 5%，與今年第一季相比有所加速。

Lastly, in the filmed entertainment segment, we generated second-quarter revenue of $690 million, up 2% year over year. Adjusted OIBDA was a loss of $84 million in the quarter, which compares to a loss of $54 million in this year-ago quarter. This year-over-year change in OIBDA primarily reflects lower profit from licensing.

最後，在電影娛樂領域，我們第二季的營收為 6.9 億美元，年增 2%。本季調整後的 OIBDA 虧損 8,400 萬美元，而去年同期虧損 5,400 萬美元。OIBDA 的同比變化主要反映了許可利潤的下降。

Regarding forward-looking statements, as you can appreciate with the Skydance transaction closing on August 7, it would be inappropriate for us to outline full-year 2025 financial expectations for Paramount stand-alone results.

關於前瞻性陳述，正如您在 8 月 7 日 Skydance 交易完成之際所意識到的，我們不適合概述派拉蒙獨立業績的 2025 年全年財務預期。

In summary, our first-half results demonstrate that our global teams remain focused on operating execution as we prepare for the deal to close.

總而言之，我們的上半年業績表明，在我們為交易完成做準備的同時，我們的全球團隊仍然專注於營運執行。

Now let's turn the call back over to Chris for closing comments.

現在讓我們將電話轉回給克里斯，請他發表最後評論。

As this will be our last earnings call before we close the Skydance transaction, allow me to take a moment on behalf of my co-CEO, Brian and George, to thank the people responsible for our successful shift into a streaming-first company. To our teams, our partners, the Board, and to Shari, thank you for your support and efforts.

由於這是我們完成 Skydance 交易之前的最後一次收益電話會議，請允許我代表我的聯合首席執行官 Brian 和 George 向那些為我們成功轉型為串流媒體優先公司做出貢獻的人們表示感謝。感謝我們的團隊、合作夥伴、董事會以及 Shari 的支持和努力。

We talk a lot about hit TV series and blockbuster films. That doesn't happen in our content teams without the support and hard work and efforts from every person in every department across the entire company. Against enormous headwinds and challenges, this team continued to be resilient and unwavering in your commitment to execute with excellence, and more importantly, to support each other with compassion. It's that combination that truly made the difference. You should be very proud of all of your efforts. They have helped to make Paramount substantially stronger today.

我們經常談論熱門電視劇和電影大片。如果沒有整個公司各部門每個人的支持和辛勤工作和努力，我們的內容團隊就不可能實現這一目標。面對巨大的阻力和挑戰，這支團隊依然堅韌不拔，堅定不移地致力於卓越執行，更重要的是，以同情心相互支持。正是這種組合才真正帶來了差異。你應該為你所有的努力感到非常自豪。他們幫助派拉蒙公司如今變得更強大。

We'd also like to thank the Redstone family for their stewardship of the company over the last 40 years. Sumner Redstone was a visionary, who predicted where the industry was going before anyone else. And under Shari's leadership, Paramount has transitioned from a disconnected collection of TV assets into a streaming-first company with a powerful portfolio of hit content and franchises.

我們也要感謝紅石家族在過去40年對公司的管理。薩姆納·雷石東是一位有遠見的人，他比任何人都更早預測了該行業的發展方向。在莎莉的領導下，派拉蒙從一個不連貫的電視資產集合體轉型為一家串流媒體優先的公司，擁有強大的熱門內容和特許經營權組合。

Now despite the naysayers and against all the odds, Shari, you did what you thought was right. You pushed us forward with the mission to combine these companies. And just look at what we've achieved. While we're the last to launch, only four years later, Paramount+ is a top 4 global SVOD service. Your vision has been realized.

現在，儘管有人反對，儘管困難重重，莎莉，你還是做了你認為正確的事情。您推動我們完成合併這些公司的使命。看看我們所取得的成就吧。雖然我們是最後一個推出這項服務的，但僅僅四年後，Paramount+ 就成為全球排名前四的 SVOD 服務之一。你的願景已經實現。

And what made that possible was content being king. Hit TV series and blockbuster films, just as your father had predicted. We thank you, Shari, for your vision to see where it was all going and your leadership of the company, and on a personal level, for your friendship to all of us. And to our Board, thank you for your dedication and guidance. Throughout a very eventful year, we appreciate each and every one of you.

而讓這一切成為可能的是內容為王。正如你父親所預測的那樣，電視劇和電影大片大熱門。莎莉，我們感謝你，感謝你對公司發展的遠見卓識和領導能力，也感謝你個人對我們大家的友誼。並感謝董事會的奉獻與指導。在這充滿變數的一年裡，我們感謝你們每一個人。

Now looking ahead under David Ellison's leadership, the next chapter of Paramount is sure to be another historic one. We'd like to thank David and the Skydance RedBird teams of Jeff Shell, Andy Gordon, and Cindy Holland for their partnership throughout this transition. We are excited to see what you do, and you have a great team here to help you.

現在展望在大衛艾里森的領導下，派拉蒙的下一篇章必將又是歷史性的一章。我們要感謝 David 以及 Skydance RedBird 團隊的 Jeff Shell、Andy Gordon 和 Cindy Holland 在整個過渡期間的合作。我們很高興看到你們所做的事情，並且你們有一支優秀的團隊來協助你們。

With that, thank you for joining us, and have a good night.

最後，感謝您的收看，祝您晚安。

That concludes today's call. Thank you for your participation. Enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與。享受剩餘的一天。