Paramount Skydance Corp (PSKY) 2026 Q2 法說會逐字稿

Good afternoon. My name is Krista. I'll be your conference operator today. I would like to welcome everyone to Paramount's second-quarter 2026 earnings conference call.

下午好。我叫 Krista。今天我將擔任本次會議的接線員。歡迎各位參加派拉蒙 2026 年第二季財報電話會議。

(Operator Instructions)

(接線員指示)

I would now like to turn the call over to Kevin Creighton, Paramount's EVP of Corporate Finance and Investor Relations. Sir, you may begin your conference call.

現在我想把電話交給派拉蒙企業財務與投資人關係執行副總裁 Kevin Creighton。先生，您可以開始本次電話會議。

Good afternoon. Thank you for taking the time to join us for the Paramount Q2 2026 earnings call.

下午好。感謝各位撥冗參加派拉蒙 2026 年第二季財報電話會議。

I'm Kevin Creighton, EVP of Corporate Finance and Investor Relations. Joining me, today, is our Chairman and Chief Executive Officer, David Ellison; our Chief Financial Officer, Dennis Cinelli; and our Chief Strategy and Operating Officer, Andy Gordon.

我是 Kevin Creighton，企業財務與投資人關係執行副總裁。今天與我一同出席的有：董事長兼執行長 David Ellison；財務長 Dennis Cinelli；以及策略與營運長 Andy Gordon。

As a reminder: We'll be making forward-looking statements today that involve risks and uncertainties.

提醒各位：我們今天將發表前瞻性陳述，當中涉及風險與不確定性。

Our remarks will also include non-GAAP financial measures. Reconciliations of these measures can be found in our earnings letter or in our trending schedules, which contain supplemental information. These can be found on our Investor Relations website.

我們的發言也將包含非 GAAP 財務衡量指標。這些指標的調節表可在我們的財報信或趨勢明細表中找到，當中包含補充資訊。相關資料可於我們的投資人關係網站查閱。

I'll now turn it over to David for a few brief remarks, before we address analyst questions.

在我們回答分析師提問之前，我先把時間交給 David 做幾點簡短說明。

Thanks, Kevin. Good afternoon, everyone.

謝謝你，Kevin。各位下午好。

A year ago, we set three priorities for the new Paramount: invest in storytelling; scale our Direct-To-Consumer business, globally; and drive enterprise-wide efficiency.

一年前，我們為新的派拉蒙訂下三項優先事項：投資於說故事；在全球擴大我們的直面消費者（DTC）業務規模；以及推動全企業效率提升。

12 months in, I'm proud to say we are delivering on all three. We nearly doubled our theatrical slate; deepened our roster with top-tier creative talent; greenlit 40 new and returning series for Paramount+; expanded our sports portfolio with the UFC, Zuffa Boxing, while broadening our partnerships with UEFA, adding to an already strong line-up that includes the NFL, WNBA, PGA Tour, March Madness, and more.

12 個月後，我很自豪地說，我們三項都在落實。我們的院線片單幾乎翻倍；延攬更多頂尖創意人才；為 Paramount+ 核准 40 部新作與回歸影集；並透過 UFC、Zuffa Boxing 擴充體育內容組合，同時擴大與 UEFA 的合作，並在既有強勁陣容上再添動能，該陣容包括 NFL、WNBA、PGA 巡迴賽、NCAA 三月瘋（March Madness）等。

At the same time, we've made meaningful progress in technology and product development, including with the convergence of our streaming platforms, which is well underway, helping create a better, more seamless experience for users.

同時，我們在技術與產品開發方面也取得實質進展，包括串流平台的整合正在順利推進，協助為使用者打造更好、更無縫的體驗。

These investments are translating into stronger performance. Paramount+ grew to nearly 82 million subscribers, delivered its best quarter of retention ever, and posted double-digit growth in total view hours, all while expanding margins throughout the first half of the year.

這些投資正轉化為更強勁的表現。Paramount+ 訂戶數成長至接近 8,200 萬，創下史上最佳單季留存表現，總觀看時數也達到雙位數成長，同時在上半年持續擴大利潤率。

Among the quarter's many highlights, our Studios business saw continued year-over-year profitability improvement, while growing its pipeline, with more than 90 series in production across the group this year.

在本季眾多亮點之中，我們的影業（Studios）業務持續改善年對年獲利能力，同時擴大內容產能管線，今年全體集團有超過 90 部影集正在製作中。

The early turnaround reinforces our confidence in the strategy. We continue to make significant investments in theatrical and premium series to drive future engagement, subscriber growth, and long-term value.

這波早期的扭轉成果強化了我們對策略的信心。我們仍持續大幅投資院線電影與高端影集，以帶動未來的互動、訂戶成長與長期價值。

Across our broader portfolio, TV Media's profit grew 14%, even as revenue declined amid the broader industry shift away from linear.

在更廣泛的投資組合中，儘管在產業整體從線性電視轉移的背景下營收下滑，電視媒體（TV Media）的獲利仍成長 14%。

Enterprise-wide, we're tracking to over $2.7 billion in run-rate efficiencies by year's end and still expect a total of $3 billion-plus from the Skydance-Paramount merger.

在全企業層面，我們正朝著年底前達成超過 27 億美元的年化效率（run-rate efficiencies）目標前進，並仍預期可自 Skydance-Paramount 合併案取得合計超過 30 億美元的效益。

We're also continuing to advance a proposed combination for Warner Bros. Discovery, a deal which builds on the foundations we've established by creating a stronger, well-capitalized, creative-first company, with the scale to compete alongside Netflix, Amazon, Apple, and others, benefiting consumers, theatrical exhibition, and creators, alike.

我們也持續推進與華納兄弟探索（Warner Bros.Discovery）的擬議合併。這筆交易建立在我們已奠定的基礎之上，將打造一家更強大、資本更充足、以創意為先的公司，具備與 Netflix、Amazon、Apple 等競爭所需的規模，並同時讓消費者、院線放映端與創作者受益。

The clearances we've received from competition authorities and governments represent 65 jurisdictions, worldwide, confirm that the facts of the law are on our side. We remain confident the transaction will be completed.

我們已自全球 65 個司法管轄區的競爭主管機關與政府取得核准，這證實法律事實站在我們這一邊。我們仍有信心交易將完成。

One year in, we're proud of the progress we've made, a testament to the extraordinary talent, hard work, and dedication of our people around the world.

一年走來，我們為所取得的進展感到自豪，這是對全球同仁卓越才華、辛勤付出與投入奉獻的最佳證明。

Our conviction in our strategy is stronger than ever. We're energized and optimistic about the opportunities ahead.

我們對策略的信念比以往任何時候都更堅定。我們對前方的機會充滿動能並保持樂觀。

With that, I'll turn it back over to Kevin for your questions.

接下來，我把時間交回 Kevin 進行提問。

Great. Thanks, David. We'll now go ahead and take questions from the analyst community. And then, we'll open it up in the last few minutes for any final questions we're not able to address.

好的。謝謝你，David。我們現在開始接受分析師社群的提問。最後幾分鐘，我們也會開放任何尚未能回覆的最後問題。

Our first question comes from Steve Cahall at Wells Fargo.

我們的第一個問題來自富國銀行（Wells Fargo）的 Steve Cahall。

As a general-transaction update, given that Paramount outbid a larger competitor for Warner, I think investors view it as a must-have, rather than an opportunistic transaction.

就交易整體更新而言，鑑於派拉蒙在競標華納時擊敗了規模更大的競爭對手，我認為投資人將其視為「非做不可」的交易，而非機會型交易。

Can you give us an update on the path forward? What if the WBD transaction doesn't come to fruition? David, maybe, take that first one?

你們能否更新一下後續推進路徑？如果 WBD 交易未能成局，會怎麼辦？David，也許你先回答第一題？

Yeah, no, Kevin, absolutely. Steve, I really appreciate the question.

是的，Kevin，當然。Steve，非常感謝你的提問。

Look, we remain highly confident that this transaction will close. We're preparing for, basically, a successful combination, once it does.

我們仍然非常有信心這筆交易會完成交割。一旦完成，我們基本上正為成功整合做準備。

If you take a step back and just look at exactly where we are today, we received approvals from, basically, 65 regulators, representing 65 countries around the world, including the United States federal government, Canada, European Union, China, and many more.

如果你退一步看我們目前的狀況，我們已獲得大約 65 個監管機關的核准，代表全球 65 個國家與地區，其中包括美國聯邦政府、加拿大、歐盟、中國，以及更多其他地區。

I think, if you look at everybody who has published an opinion on the merger -- have all identified the markets the exact same way; and have all come to the same conclusion, which is that this deal raises no competition concerns.

我認為，如果你看所有已公開發表對此合併意見的人——他們對市場界定完全一致；也都得出相同結論，也就是這筆交易不會引發任何競爭疑慮。

The facts simply speak for themselves. When you look at the television market share, excluding YouTube, the combined company would represent less than 20% of all television watch time, according to Nielsen.

事實本身就能說明一切。以電視收視市占來看，若排除 YouTube，根據尼爾森（Nielsen）資料，合併後公司占所有電視觀看時間的比重將低於 20%。

If you include YouTube, which is the industry standard, it represents 13.4%, based on the most recent Nielsen data.

若納入作為產業標準的 YouTube，依據最新的尼爾森數據，該比重為 13.4%。

When you look at the theatrical box office over the past 12 months, the combined company would represent 18% of the domestic box office. If you do a 24-month look back, it's 22%, competing against larger-scale global players like Netflix, Amazon, Apple; as well as other studios, such as Sony, Disney, Lionsgate, and A24.

若看過去 12 個月的院線票房，合併後公司將占美國國內票房的 18%。若回溯 24 個月，則為 22%，並將與規模更大的全球玩家如 Netflix、Amazon、Apple 競爭；同時也與其他片廠競爭，例如 Sony、Disney、Lionsgate，以及 A24。

We continue to believe very strongly that the combination of these two businesses create a stronger competitor that is good for Hollywood; good for consumers; and good for the creative community.

我們仍然非常堅信，這兩項業務的結合將打造更強的競爭者，對好萊塢有利、對消費者有利，也對創意社群有利。

Look, as it relates to the ongoing litigation, we're absolutely open to finding a solution out of court. But we also really believe that we'll win at trial. We believe that the facts and the law are on our side. The trial date was just set for March of next year.

至於目前進行中的訴訟，我們絕對願意尋求庭外解決方案。但我們也確實相信我們會在審判中勝訴。我們相信事實與法律都站在我們這一邊。審判日期剛剛訂在明年三月。

As it relates to the financing, all that is in place. There's nothing at risk. And so we're confident we'll close the transaction. We're working towards that as fast as we possibly can.

至於融資，所有安排都已到位。沒有任何風險。因此我們有信心完成交割。我們正以最快速度朝此目標推進。

All right. Great. Thanks, David.

好的。太好了。謝謝你，David。

Our second question, which follows on to that one, is from Laura Martin at Needham.

我們的第二個問題，延續剛才那個問題，來自 Needham 的 Laura Martin。

The question is: If the Warner transaction closes later than expected, what is the average burn rate, including ticking fees, commitments, and any other costs for Paramount shareholders?

問題是：如果與華納的交易比預期更晚完成，對派拉蒙股東而言，包含計息費（ticking fees）、承諾費以及任何其他成本在內的平均燒錢率是多少？

Sure. Let me take that.

好的。我來回答。

On the financing, both the equity and bridge is locked and committed throughout the remaining time we need to close the deal.

在融資方面，股權與過橋融資在我們完成交易所需的剩餘期間內都已鎖定並承諾到位。

In terms of incremental cost, we have two areas: We do incur costs beyond September 30.

就增量成本而言，我們有兩個部分：我們確實會在 9 月 30 日之後產生成本。

The first is on the bridge, which carries modest fees. That will run $8 million to $9 million a month, plus an additional bridge commitment fee due in June of 2027. In total, this adds up to around $190 million in incremental financing, if we don't close until June.

第一個是過橋融資，會產生適度的費用。每月約 800 萬到 900 萬美元，另在 2027 年 6 月還需支付一筆額外的過橋承諾費。合計而言，如果我們直到 6 月才完成交割，這將帶來約 1.9 億美元的增量融資成本。

The second, the merger agreement does provide an additional ticking fee for WBD shareholders, if we close after September 30. This is only payable when and if we close. It's $0.25 per share per quarter, which is about $650 million per quarter; and will be funded at close through additional equity.

第二個，合併協議確實規定：若我們在 9 月 30 日之後完成交割，將向 WBD 股東支付額外的計息費。這筆費用僅在且僅於完成交割時支付。每股每季 0.25 美元，約每季 6.5 億美元；並將在交割時透過額外股權融資來支付。

In terms of the question on our current liquidity and balance sheet, we ended the quarter at $1.6 billion in cash, $3.2 billion of undrawn revolver capacity. This is sufficient to fund the business, our dividend, transaction-related costs through the extended timeline.

至於我們目前的流動性與資產負債表，我們在本季末有 16 億美元現金、32 億美元未動用的循環信貸額度。這足以在延長的時程內為業務、股利以及交易相關成本提供資金。

Actually, as we noted in the letter, we've seen positive free cash flow performance for the year. We took up our free cash flow guidance to 10% before transformation costs.

事實上，正如我們在信中提到的，我們今年的自由現金流表現為正。我們也將自由現金流指引上調至在轉型成本前達到 10%。

We feel good about where we stand in terms of liquidity and managing through this extended time period.

就流動性以及在這段延長期間的管理而言，我們對目前的狀況感到放心。

All right. Great. Thank you, Dennis. Appreciate it. All right.

好的。很好。謝謝你，Dennis。感謝。好的。

We will now go ahead and pivot towards the business. Our first question on the streaming business comes from Steve Cahall at Wells Fargo. It's on DTC growth.

接下來我們把焦點轉向業務面。關於串流業務的第一個問題來自 Wells Fargo 的 Steve Cahall。問題聚焦在 DTC 成長。

The question is: We've seen revenue growth slow at large streaming peers. Where do you think you are in terms of subscriber penetration and pricing for Paramount+?

問題是：我們看到大型串流同業的營收成長放緩。就 Paramount+ 而言，你認為目前在訂戶滲透率與定價方面處於什麼位置？

Do you believe that double-digit top-line growth, which is both Netflix's target and Disney's for their DTC service, is sustainable over the medium term?

你是否認為雙位數的營收成長（這也是 Netflix 的目標以及 Disney 對其 DTC 服務的目標）在中期是可持續的？

David, maybe, you can take that one?

David，也許你可以回答這題？

Yeah. No, Kevin, absolutely. Look, the short answer is yes, in terms of the double-digit growth.

是的。不，Kevin，當然可以。你看，簡短的答案是：是的，就雙位數成長而言。

I think we just demonstrated that with 16% revenue growth, year over year. But, again, to just level-set, let's take a step back in terms of where we are as a standalone company, which is, our business is very much in transition of a majority of our revenue and EBITDA coming from the linear business to transitioning to Studios and streaming.

我想我們剛剛已用年增 16% 的營收成長證明了這點。不過，為了先校準一下背景，讓我們退一步看我們作為一家獨立公司的現況：我們的業務正處於轉型期，過去大部分營收與 EBITDA 來自線性業務，現在正轉向影業（Studios）與串流。

We're making really significant progress, as we work towards those goals. Everything we're seeing on the streaming side of our business is accelerating throughout the year.

在朝這些目標前進的過程中，我們取得了非常顯著的進展。我們在串流業務端看到的一切，都在全年持續加速。

We've got great momentum. We're seeing top-line revenue grow. We're seeing improved profitability and ARPU, also, continue to improve.

我們動能很強。我們看到營收端持續成長。我們也看到獲利能力改善，ARPU 也持續提升。

I think it's worth noting that we're not yet at scale today. A lot of the competitors that we're competing with are a significant multiple of our size, which means that we have a tremendous amount of, basically, runway in terms of how we can continue to grow and scale Paramount+.

我認為值得一提的是，我們目前尚未達到規模化。許多我們競爭的對手，其規模是我們的數倍，這意味著我們在持續成長並擴大 Paramount+ 規模方面，基本上還有非常長的跑道。

To do that, we really believe in this theme of art and technology working hand in hand, together, to really deliver a superior experience for users, where, if you look at the performance that we obviously had in Q2 with Dutton Ranch, the UFC, as well as the World Cup in the select territories we had it in -- all improved incredibly well for us.

為了做到這點，我們非常相信「內容藝術與科技」必須相輔相成、攜手合作，才能真正為用戶提供更優質的體驗；你看我們在第二季的表現，無論是 Dutton Ranch、UFC，以及我們在部分地區播出的世界盃——都為我們帶來非常顯著的提升。

We have a remarkable technology and product team that are continuing to iterate to deliver the best possible experience to users.

我們擁有出色的技術與產品團隊，持續迭代，為用戶提供最佳可能的體驗。

And so, from that standpoint, we feel like we're very well positioned to continue to grow and scale the business.

因此，從這個角度來看，我們認為自己非常有利於持續成長並擴大這項業務。

With that, let me hand it over to Dennis to dive into some of the numbers from the quarter.

接下來我把時間交給 Dennis，請他深入說明本季的一些數字。

Yeah. Thanks, David.

好的。謝謝你，David。

It's worth reminding us of how we -- our investment philosophy in this business, right? We've talked about our owner/operator's mindset in the streaming business.

值得提醒大家我們在這項業務上的投資理念，對吧？我們談過在串流業務上的「所有者／經營者」心態。

We are investing in the long term to combine content and technology that will drive growth. We still have a lot of room to run.

我們著眼長期投資，把內容與科技結合以驅動成長。我們仍然有很大的成長空間。

We have room to grow subscribers, both domestically and internationally. We have room to deepen engagement. You're seeing this come through in the quarter we had.

我們在國內與國際市場都有空間增加訂戶。我們也有空間加深用戶參與度。你可以從本季的表現看到這些成果。

A couple of the numbers: Revenue, up 16% for Paramount+. Roughly a third of that was from subscriber growth; two thirds from our ARPU increase. This is really flowing through some of the pricing actions but, also, the continued improvement in our mix of subscribers.

幾個數字：Paramount+ 的營收年增 16%。其中約三分之一來自訂戶成長；三分之二來自 ARPU 提升。這主要反映在部分定價措施上，同時也反映我們訂戶組合的持續改善。

Overall, we added 2 million subscribers in the quarter, reaching 81.6 million, globally. This was ahead of our expectations.

整體而言，我們本季新增 200 萬名訂戶，全球達到 8,160 萬。這高於我們的預期。

I think the thing to note here is the strong underlying growth. We added 4 million underlying subs before you exit the hard bundles. That's nearly double the amount of underlying subs we added in Q1.

我認為這裡要注意的是強勁的底層成長。在退出那些硬性綁定方案之前，我們的底層訂戶新增了 400 萬。這幾乎是我們第一季底層訂戶新增量的兩倍。

This was driven, as David talked about -- the performance in our content; Dutton Ranch, the biggest series in Paramount+ history; UFC; the World Cup.

這主要由 David 提到的內容表現所帶動：Dutton Ranch，是 Paramount+ 史上最大的影集；以及 UFC；世界盃。

And then, really encouraging is the input metrics, right? The best retention quarter in Paramount+ history. We had a double-digit year-on-year growth in total engagement. And so we really see the business and the platform accelerating from here.

另外非常令人鼓舞的是投入端指標，對吧？這是 Paramount+ 史上留存表現最佳的一季。我們的總觀看／互動量年增達到雙位數。因此我們確實看到業務與平台從這裡開始加速。

As we talked about in prior letters, we expect DTC revenue to accelerate in the back half. This is driven by both subscription and advertising, both at Paramount+ and the re-acceleration of Pluto, as we relaunch that platform.

正如我們在先前的信中所談到的，我們預期 DTC 營收在下半年會加速。這將由訂閱與廣告共同驅動，涵蓋 Paramount+，以及我們重新推出 Pluto 平台後帶來的再加速。

And then, in terms of 2027, it's a bit too early to guide on 2027. But I think the thing to note is, we will keep investing behind this business. We believe the opportunity will be multiples of where we are in terms of engagement, revenue, and profit.

至於 2027 年，現在要對 2027 年提供指引還稍早。但我認為要注意的是，我們會持續加大對這項業務的投資。我們相信在參與度、營收與獲利方面的機會，將是我們目前水準的數倍。

We really believe winning here comes down to having the best stories and the best technology to deliver that. We're going to invest in both.

我們非常相信，要在這裡勝出，關鍵在於擁有最好的故事，以及能把它們呈現出來的最佳技術。我們會在兩者上都持續投資。

All right. Great. Thanks, Dennis and David. All right.

好的。很好。謝謝你，Dennis 和 David。好的。

Our next question comes from Rich Greenfield at LightShed. This one is an overarching question on platforms.

我們的下一個問題來自 LightShed 的 Rich Greenfield。這是一個關於平台的宏觀問題。

The question is: Netflix is ingesting TF1; Peacock is ingesting Stars; YouTube Premium and Peacock; and on and on.

問題是：Netflix 正在納入 TF1；Peacock 正在納入 Stars；YouTube Premium 和 Peacock；等等。

Do you foresee Paramount+ becoming a platform? Or have you consciously decided to remain a standalone service?

你是否預見 Paramount+ 會成為一個平台？還是你們有意識地決定維持為一個獨立服務？

By the way, Rich, thank you so much for the question.

順帶一提，Rich，非常感謝你的提問。

I think important to note we're in the middle of a transaction which would not keep us at a standalone service. One of the core thematics behind the WBD transaction is really getting us to scale in streaming.

我認為重要的是要指出，我們正處於一項交易的進行中，而該交易不會讓我們維持為一個獨立服務。WBD 交易背後的核心主題之一，確實是讓我們在串流領域達到規模化。

We'd be over 200 million, basically, gross subscribers, at close. I think, from a competitive standpoint, it's worth noting that that just puts us right around Disney. Still, obviously, not at the scale of Amazon or Netflix.

在交割時，我們基本上將超過 2 億名（總計）訂戶。我認為，從競爭角度來看，值得注意的是，這會讓我們大致與 Disney 處於相近水準。但顯然仍未達到 Amazon 或 Netflix 的規模。

This is, still, an incredibly pro-competitive transaction. It accelerates our goals of getting to scale in DTC. It also strengthens our content offering between what we can offer between the two services, which we think positions us incredibly well to be able to grow and scale all aspects of our business in the future.

這仍然是一筆極具促進競爭的交易。它加速了我們在 DTC（直面消費者）達到規模化的目標。它也強化了我們的內容供給，因為兩個服務之間可提供的內容組合更強；我們認為這讓我們具備非常好的定位，能在未來推動並擴大我們業務的各個面向。

Then, let's talk about what we're doing today, as we obviously prepare for that transaction, which is, we're working on building a world-class experience for Paramount+ . We're building an industry best-in-class product and technology team; and incredibly compelling content offerings across films, series, sports, and news.

接著，談談我們今天正在做的事：在我們明顯為該交易做準備的同時，我們正致力於為 Paramount+ 打造世界級的體驗。我們正在建立業界一流的產品與技術團隊；並在電影、影集、體育與新聞等領域提供極具吸引力的內容。

We're on track to basically converge our tech stacks by the end of summer, as we've guided towards. We think the combination of that will position us incredibly well to be able to be successful and grow our Direct-To-Consumer business.

如同我們先前所指引的，我們正按計畫在夏末前基本完成技術堆疊的整合。我們認為，這些結合將使我們具備非常好的條件，能成功並成長我們的直面消費者業務。

As it relates to the platform question, I think the right way to address that is really looking at, what is the consumer looking for that is not currently being delivered by the marketplace?

至於平台這個問題，我認為正確的切入方式，是去看消費者正在尋找什麼，而市場目前尚未提供什麼。

I think, if you look at the trends across the tech businesses over the last, call it, 10 years, they've really been in the business of eliminating friction to improve convenience to drive value. That has not been the trend in media.

我認為，如果你觀察過去大約 10 年科技企業的趨勢，它們的核心其實是在消除摩擦、提升便利性，以創造價值。但媒體產業並沒有呈現這樣的趨勢。

I think a lot of us probably would like the convenience, where everything is in one place, which we used to get with the cable bundle. Having the breadth of selection all be centralized, I think, is things that users are asking for.

我想我們很多人可能都希望有那種便利性——所有內容都在同一個地方——這是我們過去透過有線電視綑綁方案所享有的。把廣泛的選擇集中在一起，我認為這是使用者正在要求的事情。

And so I think you'll see us work to want to solve those problems, really, for, how do we deliver the best possible experience for the consumer? We're very consumer-focused in terms of how we're approaching this.

因此，我認為你會看到我們努力去解決這些問題：也就是我們如何為消費者提供最佳可能的體驗？在我們的做法上，我們非常以消費者為中心。

And then, that turns into, well, what will really differentiate your service from your competitors? We continue to believe that the quality of the content, the quality of the storytelling -- which, again, the combination of WBD and Paramount really speaks to.

接著就會變成：那麼，究竟什麼能讓你們的服務與競爭對手真正區隔？我們仍然相信內容品質、敘事品質——而 WBD 與 Paramount 的結合，再次印證了這一點。

I also really want to give a tremendous amount of credit to our, basically, studio teams who consistently punch above their weight, if you look at the series that have obviously been delivered this quarter.

我也非常想高度肯定我們的製片廠團隊；如果你看本季明顯推出的影集，他們一貫能以小搏大、超出自身量級地交出成果。

From a technology standpoint, we are going to take an iterate test-and-learn approach in terms of how we roll these things out.

從技術角度來看，我們將以反覆迭代、測試並從中學習的方式來推進這些功能的推出。

We feel good about where we're going. We're going to work really hard to make sure that we are delivering the best possible experience to users, as consumer focus is really a big driver for us.

我們對前進方向感到樂觀。我們會非常努力，確保為使用者提供最佳可能的體驗，因為以消費者為中心確實是我們的重要驅動力。

Great. Thank you, David.

很好。謝謝你，David。

Our next question comes from Robert Fishman at MoffettNathanson. This one's regarding a broader bundling strategy.

我們的下一個問題來自 MoffettNathanson 的 Robert Fishman。這題與更廣泛的綑綁策略有關。

His question is: Any updated views on how you weigh investing behind Paramount+ to accelerate its growth versus partnering with other streaming platforms to leverage their distribution, similar to Peacock's deal with YouTube Premium? Can you do both?

他的問題是：對於如何權衡——一方面加大對 Paramount+ 的投資以加速成長，另一方面與其他串流平台合作以利用其分發能力（類似 Peacock 與 YouTube Premium 的合作）——你們是否有更新的看法？你們能兩者並行嗎？

Maybe, Andy, we'll go ahead and give that one to you?

也許，Andy，我們把這題交給你？

Yeah. Thanks, Robert.

好的。謝謝你，Robert。

Look, this is really a follow-on to what David just talked about, which is, how we basically create the right distribution partnership that really lights up our consumers.

你看，這其實是延續 David 剛才談到的內容：也就是我們如何建立合適的分發合作夥伴關係，真正點亮我們的消費者體驗。

And so, when you step back, like, we look at each partnership independent and separate; large or small, against, literally, the same criteria:

因此，當你退一步看，我們會把每一個合作都視為獨立且分開的評估；不論規模大小，都依據完全相同的標準：

One, does it expand our reach to new audiences? Two, does it enhance our ability to own the direct relationship with the consumer? Three, do the economics work for us, relative to our owned and operated direct franchise?

第一，它是否擴大我們觸及新受眾的範圍？第二，它是否提升我們擁有與消費者直接關係的能力？第三，相較於我們自有自營的直營業務（direct franchise），其經濟效益是否對我們有利？

There are other components that we also look like that are more technical. Is it a better customer experience? Can that customer experience be enhanced by what the partner can offer? Are we going to get shared data? Will the partners share their data in a way that helps them and, also, helps us?

另外還有一些我們也會看的要素，偏技術面。它是否帶來更好的客戶體驗？該客戶體驗是否能透過合作夥伴所能提供的能力而進一步提升？我們是否能取得共享數據？合作夥伴是否會以一種既能幫助他們、也能幫助我們的方式分享其數據？

Lastly, we also think about -- on our ad tiers, will that partnership essentially scale our own ad business and allow us to have the ad signal from that partner that will benefit us, as well as them?

最後，我們也會思考——在我們的廣告方案（ad tiers）上，該合作是否能實質擴大我們自有的廣告業務規模，並讓我們取得來自合作夥伴的廣告訊號（ad signal），從而讓我們與他們都受益？

It's a high bar for us to really consider some of these very large bundles. It really has to fit in that framework that I just mentioned on all those different criteria.

對我們而言，要真正考慮某些非常大型的綑綁方案，門檻很高。它必須在我剛提到的所有不同標準上都符合那個框架。

When you think about what we're trying to do and what David mentioned -- is, we really want to scale our Direct-To-Consumer businesses.

當你思考我們想做的事，以及 David 提到的——我們確實希望擴大我們的直面消費者業務規模。

Putting Paramount+ with the assets of Warner Bros., once we close, it's important that we literally put that into a combined, globally scaled standalone service, where we have the direct relationship with the customer, the control of the data, and the monetization strategy.

一旦完成交割，把 Paramount+ 與華納兄弟的資產結合起來後，重要的是我們要把它打造為一個合併後、具全球規模、且獨立運作的服務；在其中我們擁有與客戶的直接關係、掌控數據，以及變現策略。

That's really how we think about it. That's how we're going to, essentially, grow the business, as we move forward.

這就是我們的思考方式。這也將是我們在未來推進時，基本上用來成長業務的方法。

Look, we have great relationships with the likes of Amazon, Roku, YouTube, and Apple. We'll continue to work with them on a variety of opportunities and things that are both enhancing for them, as well as enhancing for us.

你看，我們與 Amazon、Roku、YouTube 和 Apple 等夥伴都有很好的關係。我們會持續在各種機會上與他們合作，做一些對他們有加分、同時也對我們有加分的事情。

Right back over to you, Kevin.

交回給你，Kevin。

All right. Great. Thanks, Andy.

好的。很好。謝謝你，Andy。

Our next question is on the tech convergence. I think we may have touched on this a bit up in prior questions.

我們的下一個問題是關於技術整合。我想我們在前面的問題中可能已稍微觸及。

But, from Mike Morris at Guggenheim, question is: Is the Paramount+, Pluto, BET+ convergence still tracking to launch this summer? What will you watch in early data to know it is working? How do you think about bundle design or any changes at launch; and where you might see benefit to advertising, as well?

不過，來自 Guggenheim 的 Mike Morris 的問題是：Paramount+、Pluto、BET+ 的整合是否仍按計畫在今年夏天上線？你們會在早期數據中觀察哪些指標來判斷它是否奏效？你們如何看待綑綁方案的設計或上線時的任何變更；以及你們可能在哪些方面也會看到對廣告的助益？

Yeah. Mike, I really appreciate the question.

是的。Mike，我非常感謝這個問題。

The answer is yes. We're on track for everything that we've guided towards in terms of convergence. The web experience for Pluto has actually been live since June 30.

答案是肯定的。就整合（convergence）方面我們所給出的指引而言，一切都在按計畫推進。Pluto 的網頁端體驗其實自 6 月 30 日起就已上線。

We're on track to basically roll out the O&O completion by the end of the summer, which is what we've been working towards and our expectation.

我們正按計畫在夏季結束前基本完成自營與營運（O&O）的整合上線，這正是我們一直努力的方向，也是我們的預期。

In terms of the early signals that we'll look for, it's, really, improvements across personalization and recommendation quality; discovery and engagement left; a better ad experience; and improved monetization, as we unify the ad stacks across both Paramount+ and Pluto.

就我們會觀察的早期訊號而言，主要是個人化與推薦品質的提升；探索與互動參與的提升；更好的廣告體驗；以及在 Paramount+ 與 Pluto 之間統一廣告技術堆疊後，變現能力的提升。

And, also, improve merchandising, which was not previously possible, given connectivity between the two services, had really siloed data, where they didn't talk to one another. By bringing them together, we're going to get significant benefits.

另外，也會改善內容陳列與導購（merchandising）。過去由於兩個服務之間的連通性不足，資料高度分隔、彼此不互通，因此這在先前並不可行。把它們整合在一起後，我們將獲得顯著效益。

I also think it's worth noting that we really view that as getting us to the starting line. There was some tech debt that we inherited, when we acquired the company. This really, now, puts us in a position to be able to iterate very quickly; and, also, to make incremental investments in Pluto, as we get towards the back half of this year.

我也認為值得注意的是，我們其實把這視為讓我們站上起跑線。我們在收購該公司時承接了一些技術債。而現在這讓我們具備非常快速迭代的能力；同時，隨著我們進入今年下半年，也能對 Pluto 進行循序的增量投資。

Because, as we'll have an improved VOD experience; improved user experience; improved monetization engine, you are going to see us make select content investments into Pluto in fourth quarter of this year.

因為隨著 VOD 體驗改善、使用者體驗改善、變現引擎改善，你會看到我們在今年第四季對 Pluto 進行選擇性的內容投資。

As it relates to the front end, again, what with having it be a truly unified stack, we can now iterate much quicker. And so you should look for us to obviously continue to improve the UI and UX; merchandising; as well as the, basically, ad stack across the two services.

就前端而言，再次強調，因為它會成為真正統一的技術堆疊，我們現在可以更快迭代。因此你應該會看到我們持續改善 UI 與 UX、內容陳列與導購（merchandising），以及基本上兩個服務之間的廣告技術堆疊。

As it relates to pricing-bundle design, the right way to think about convergence is, really, as a technology integration that is bringing together the code bases and unifying the data that was previously siloed between the three separate services.

就定價與組合方案設計而言，理解整合（convergence）的正確方式，其實是把它視為一項技術整合：把程式碼基礎整合在一起，並統一先前三個獨立服務之間被分隔的資料。

As it relates to the specific question around the ad-tier ARPU, should absolutely expect upside, over time. Really, the structural goal that we're working towards is to being effectively indifferent as to which plan the subscriber chooses, from a monetization perspective.

就你提到的廣告方案 ARPU 而言，隨著時間推進，絕對應該期待有上行空間。我們努力的結構性目標，是在變現角度上，讓我們對訂戶選擇哪一種方案基本上都能做到「無差別」。

We are on track. The team has been making incredible progress. We will achieve the goals that we've set out.

我們進度如期。團隊取得了令人難以置信的進展。我們將達成我們所設定的目標。

All right. Great. Thank you, David.

好的。很好。謝謝你，David。

We'll now pivot a bit to industry trends. Our next question is from Sean Diffley at Morgan Stanley. It's on AI.

接下來我們稍微轉到產業趨勢。下一題來自摩根士丹利（Morgan Stanley）的 Sean Diffley。問題關於 AI。

Question is: David, how do you envision AI and interactivity across the company? How can you nurture intellectual property; and keep it fresh and relevant for younger generations?

問題是：David，你如何看待 AI 與互動性在公司內的應用？你要如何培育智慧財產（IP），並讓它對年輕世代保持新鮮感與相關性？

Look, it's a fantastic question. I know we've talked about this a little bit on previous earnings calls.

你看，這是個很棒的問題。我知道我們在之前的財報電話會議上也稍微談過。

Look, we really do view artificial intelligence as a tool for storytellers, not a replacement for them. We are a content and storytelling company first.

你看，我們確實把人工智慧視為說故事者的工具，而不是取代他們。我們首先是一家內容與敘事公司。

I think we demonstrated that with, I'd say, some of the models that infringed on copyright. We were early to step in and fiercely defend our copyrights and, also, fiercely defend the artists that we -- create them, who we're in the business of serving.

我想我們已經用一些侵犯著作權的模型案例證明了這點。我們很早就介入，強力捍衛我們的著作權，也同樣強力捍衛我們——創作這些作品的藝術家，而我們的業務就是服務他們。

That said, we think AI is going to be a big unlock and a positive for our business and for our industry. We think it's going to be a creative unlock in terms of storytelling; again, all through the lens of being a tool for artists.

話雖如此，我們認為 AI 將為我們的業務與產業帶來重大解鎖與正面效益。我們認為它會在敘事創作上帶來創意解鎖；同樣地，一切都以「作為藝術家的工具」這個視角出發。

But, I think, if you think back to 1983, when James Cameron made the first Terminator film for a little over $4 million, that, at that time, was an original film, with a first-time director.

不過，我想如果你回想 1983 年，James Cameron 以略高於 400 萬美元的成本拍出第一部《魔鬼終結者》，在當時那是一部原創電影，而且導演也是首次執導。

When you think about what that would cost today, it would be hard for that movie to basically get made. I think, as you look at how the technology will make things more efficient, I think that will be a big unlock to creativity across the totality of our business; really driven by filmmakers and talent.

如果你想想今天要拍出那樣的作品會花多少錢，那部電影基本上會很難被拍出來。我認為，隨著科技讓製作更有效率，這將在我們整體業務中帶來巨大的創意解鎖；而真正的驅動力仍會來自電影製作人與人才。

I also think you're going to see significant efficiencies, as AI is deployed across the business. One particular area is that and computer programming.

我也認為，當 AI 在整個業務中部署後，你會看到顯著的效率提升。其中一個特別的領域是（軟體）與電腦程式設計。

The speed at which you can now iterate and complete projects is. on average, 50% more efficient in terms of what's possible. I think that this technology has really changed that for the foreseeable future.

你現在能迭代並完成專案的速度，平均而言，在可達成的效率上提升了 50%。我認為這項技術在可預見的未來，確實已經改變了這一點。

I also think there are some things, as it relates to the Seedance launch and the Sora launch, that I don't think have been talked about enough, which was, what did you see created on those days?

我也認為，關於 Seedance 上線與 Sora 上線，有些事情其實談得還不夠多，也就是：你在那些日子看到了什麼被創造出來？

You saw people wanting to interact with intellectual property; with characters and universes that they love, that they don't actually have the access to be able to do, which, again, speaks to the power of intellectual property and new avenues that can be created to be able to interact with it with fans of the next generation but I think, also, pretty much across the board, right?

你看到人們想要與他們喜愛的智慧財產（IP）互動；與他們喜愛的角色與宇宙互動，但他們其實沒有管道能做到——這再次說明了 IP 的力量，以及可以為下一代粉絲創造出與之互動的新途徑；而且我想，基本上是全面性的，對吧？

Like, we're going to live in a world to where -- look, my daughter's a huge fan of PAW Patrol, right? We have the movie coming out in just under two weeks. We couldn't be more excited about it.

例如，我們將生活在一個世界裡——你看，我女兒是《汪汪隊立大功》（PAW Patrol）的超級粉絲，對吧？我們的電影再不到兩週就要上映了。我們對此感到無比興奮。

But her favorite character is Skye, for anyone who was interested.

順帶一提，她最喜歡的角色是 Skye，給有興趣的人參考。

You're going to live in a world to where, if she wants to have a 10-minute conversation with Skye, powered by an LLM, she can do that. That will deepen fandom, deepen engagement. That's all possible.

你將生活在一個世界裡：如果她想要和 Skye 進行一段由大型語言模型（LLM）驅動的 10 分鐘對話，她可以做到。那會加深粉絲黏著度、加深互動參與。這些都做得到。

If you're a diehard Star Trek fan and you want to basically create a five-minute clip on the bridge of the Enterprise, that's going to be possible.

如果你是《星際爭霸戰》（Star Trek）的死忠粉絲，想要在企業號（Enterprise）的艦橋上做出一段五分鐘的片段，那也將成為可能。

Again, I think there's going to be really significant unlocks across the totality of the business that's really generated and propelled by artificial intelligence.

再說一次，我認為人工智慧將在整體業務範圍內帶來非常顯著的解鎖，並真正推動與加速這些可能性。

But, with that said, in a world of AI slop and user-generated content, I continue to believe there will be a premium for handcrafted filmmaker; high-quality, artist-driven storytelling.

但話說回來，在充斥 AI 低質內容（AI slop）與使用者生成內容的世界裡，我仍然相信：由電影人手工打造的高品質、以藝術家為核心驅動的敘事，會有其溢價。

You're seeing that take place in the marketplace, right now. You're seeing The Odyssey break records. You're seeing one of the biggest opening weekends of all time with Spider-Man.

你現在就能在市場上看到這正在發生，對吧？你看到《奧德賽》（The Odyssey）打破紀錄。你看到《蜘蛛人》（Spider-Man）創下史上最大開片週末之一。

From that standpoint, we are bullish on high-quality content that is handcrafted by storytellers. And so, from that standpoint, we really believe that there are areas where AI will be great for our business.

從這個角度來看，我們看好由說故事者手工打造的高品質內容。因此，就這一點而言，我們確實相信 AI 在某些領域會對我們的業務非常有幫助。

We believe in high-quality, handcrafted storytelling. You'll see us basically pursue both across the company.

我們相信高品質、手工打造的敘事。你會看到我們基本上在公司內同時推進這兩條路線。

All right. Great. Thank you, David.

好的。很好。謝謝你，David。

Now, we'll go ahead and turn to Studios. Our question comes from Peter Supino at Wolfe Research.

現在，我們接著把焦點轉到影業（Studios）。我們的問題來自 Wolfe Research 的 Peter Supino。

His question is: Could you talk about the progress you've made rebuilding Studios? What have been the most valuable advances? What remains to be done that's controllable?

他的問題是：你能談談你們在重建影業（Studios）方面取得的進展嗎？最有價值的進展是什麼？還有哪些在可控範圍內、仍有待完成的工作？

Peter, I really appreciate the question.

Peter，我非常感謝這個問題。

Look, we're really proud of the work that we've made, basically, in one year across the Studios business, right?

你看，我們對於基本上在一年內於影業業務所完成的工作感到非常自豪，對吧？

From a measurable standpoint, we've obviously -- Q2, we delivered a profitable quarter for our Studios business, coming off of a loss.

從可衡量的角度來看，很明顯——在第二季（Q2），我們的影業業務交出了一個獲利的季度，從先前的虧損轉為獲利。

We really do view our Studios business as a long-term growth driver for the business. We really are just getting started.

我們確實把影業業務視為公司長期成長的驅動引擎。我們真的才剛剛開始。

I think, if you look at where we were, basically, a year ago, when we bought the company across Paramount Pictures, there were eight films released that year. Literally, a year later, we have 15 films that we're releasing in 2026, which we're incredibly proud of.

我想，如果你回頭看我們大約一年前的狀況，當我們收購這家公司、涵蓋派拉蒙影業（Paramount Pictures）時，那一年上映了八部電影。而就在一年後，我們在 2026 年將推出 15 部電影，這點我們非常自豪。

Across our Television Studios, we're on track to deliver 90 series this year and 800 episodes of television. That is absolutely durable and growing.

在我們的電視製作公司（Television Studios）方面，我們今年可望交付 90 部影集、800 集電視內容。這是非常具韌性且持續成長的。

We've also -- in credit to [Josh] and [Dana] and Josh Goldstine -- they've been doing a lot of work to, obviously, improve the marketing and distribution business in terms of using more data and analytics to make marketing more efficient; and, also to target in a way that is much more effective.

另外——也要歸功於 [Josh]、[Dana] 以及 Josh Goldstine——他們做了大量工作，顯著改善行銷與發行業務：透過更多數據與分析讓行銷更有效率；同時也以更有效的方式進行精準投放。

I think Scary Movie's outperformance is a great reflection of that.

我認為《驚聲尖笑》（Scary Movie）的超預期表現，就是很好的反映。

And then, as you look forward into 2027 and beyond, we really are building our slate in a way that we're really excited about.

接著展望 2027 年及之後，我們確實正在以一種讓我們非常興奮的方式打造片單。

We have Children of Blood and Bone coming from Gina Prince-Bythewood, who's a phenomenal filmmaker. I was fortunate enough to get to produce The Old Guard with her.

我們有由 Gina Prince-Bythewood 執導的《血與骨之子》（Children of Blood and Bone），她是一位非常傑出的電影人。我很幸運曾與她合作製作《不死軍團》（The Old Guard）。

We have the next installment in the Sonic the Hedgehog franchise.

我們也有《音速小子》（Sonic the Hedgehog）系列的下一部作品。

John Krasinski has obviously returned to A Quiet Place, with Emily Blunt.

John Krasinski 顯然也回歸《噤界》（A Quiet Place），並與 Emily Blunt 一同參與。

We have a new Teenage Mutant Ninja Turtles movie coming.

我們還有一部新的《忍者龜》（Teenage Mutant Ninja Turtles）電影即將推出。

We have Teyana Taylor's Get Lite.

我們有 Teyana Taylor 的《Get Lite》。

We couldn't be more excited about our Days of Thunder sequel, with Tom Cruise and Jerry Bruckheimer, as well as what we're doing on Call of Duty with Pete Berg and Taylor Sheridan, just to name a few.

我們對《霹靂男兒》（Days of Thunder）續集感到無比興奮，由 Tom Cruise 與 Jerry Bruckheimer 合作；此外，我們在《決勝時刻》（Call of Duty）方面與 Pete Berg、Taylor Sheridan 的合作也同樣令人期待——這裡僅舉幾例。

Another thing you'll see us do is, we really do believe in the philosophy of betting on people and betting on talent. That's something you will continue to see us do. We have an incredible group of artists that we're very fortunate to have call Paramount home.

你們也會看到我們做的另一件事是：我們確實相信「押注在人、押注在人才」的理念。這也是你們將持續看到我們去做的事。我們非常幸運，能讓一群傑出的藝術家把派拉蒙視為他們的家。

We're thrilled that the Duffer Brothers are now here. They're hard at work on their first feature film that we're really excited about.

我們很高興 Duffer 兄弟現在加入了我們。他們正全力投入他們的第一部劇情長片，我們對此非常期待。

Matt and Trey Parker have been doing unbelievable work.

Matt 和 Trey Parker 也一直在做令人難以置信的作品。

Jon Chu; Issa Rae; James Mangold; and then, of course, basically, Taylor Sheridan.

Jon Chu、Issa Rae、James Mangold，當然還有——基本上——Taylor Sheridan。

We just released season three of Lioness. He's working on the next season of Landman, as well as writing Call of Duty, literally, as we speak. I think he is a singular artist, whose track record more than speaks for itself.

我們剛推出《母獅》（Lioness）第三季。他正在製作《Landman》的下一季，同時也正在撰寫《決勝時刻》（Call of Duty），就在我們說話的此刻。我認為他是一位獨一無二的創作者，他的成績單已充分說明一切。

And so all of those are things that are controllable; that we've been working hard towards; that we're excited about.

因此，這些都是可控的事項；也是我們一直努力推進、並且感到興奮的方向。

Also, I would say, one of the other things that we've been seeing really big improvements over is from our licensing group.

另外我也想說，我們看到另一個大幅改善的領域，是我們的授權團隊。

When we got here, we made improvements to our Pay 1 deals that have really been performing well for us.

我們剛接手時，就改善了我們的 Pay 1 合約，而這些合約對我們的表現確實非常好。

Recent success from Skydance Animation: Swapped just joined the top 10 of Netflix's most-watched original films; will actually be the number 2 most-watched animated movie behind K-Pop Demon Hunters; and really joins The Adam Project.

Skydance Animation 近期的成功：《Swapped》剛進入 Netflix 最受觀看原創電影前 10 名；實際上將成為觀看量第 2 的動畫電影，僅次於《K-Pop Demon Hunters》；並且與《亞當計畫》（The Adam Project）並列。

We're proud that, basically, the legacy Skydance business now has two of Netflix's top 10.

我們很自豪，基本上 Skydance 的既有業務如今在 Netflix 前 10 名中占了兩部作品。

What we're going to continue to do is obviously continue to invest in content; continue to grow our Studios business. You will only see that accelerate in the future.

我們接下來會持續做的，當然是持續投資內容、持續擴大我們的影業業務。你們只會看到這在未來進一步加速。

Great. Maybe, Dennis, you want to briefly touch on financials of that?

很好。Dennis，也許你可以簡要談一下這部分的財務表現？

Yeah. I can run through the Studios results.

好的。我可以快速帶大家看一下影業（Studios）的業績。

Studios continued its run of improving adjusted EBITDA, year on year. Adjusted EBITDA was $36 million in the quarter, up from a loss last year. Revenue was up 16%.

影業持續呈現調整後 EBITDA 年對年改善的趨勢。本季調整後 EBITDA 為 3,600 萬美元，較去年同期的虧損轉為正數。營收成長 16%。

A few of the areas that drove the results.:

有幾個推動成果的領域：

As Dave mentioned, theatrical beat our plan. Scary Movie really delivered -- franchise-best opening. This year on year, partially, is offset by the lapping of Mission: Impossible.

如 Dave 所提到，院線表現優於我們的計畫。《驚聲尖笑》（Scary Movie）確實交出——該系列史上最佳的開片成績。年對年的比較，部分被《不可能的任務》（Mission: Impossible）去年同期的高基期所抵銷。

Our film slate profitability improved, year on year. This was a bit better than our expectation.

我們的電影片單獲利能力年對年提升。這比我們原先的預期略好一些。

One of the things that's interesting -- I'd like to add a metric to look under the hood in that performance. We've implemented a more disciplined data-driven approach to greenlighting, marketing, distribution.

有一點很有意思——我想補充一個指標，讓大家更深入理解這項表現。我們在立項核准、行銷與發行上，導入了更嚴謹、以數據驅動的方法。

And so each dollar of marketing spend is doing more for us; each dollar of marketing spend is generating 11% more box office in '26 versus '25.

因此，我們每一美元的行銷支出都能帶來更高效益；在 2026 年相較 2025 年，每一美元行銷支出所帶來的票房高出 11%。

Across our TV Studios, we saw double-digit licensing growth. This was driven by third-party deliveries at Paramount Television Studios, as well as the consolidation of Skydance licensing.

在我們的電視製作公司方面，我們看到授權收入出現雙位數成長。這主要由派拉蒙電視製作公司（Paramount Television Studios）的第三方交付，以及 Skydance 授權業務的併入所帶動。

And then, in terms of our outlook, we expect studio performance, as we've talked about, to continue to be a growth engine for us. We expect this to be durable.

接著就展望而言，我們預期影業表現——如同我們所談到的——將持續成為我們的成長引擎。我們預期這將具有持續性與韌性。

We have eight films that remain in the back half of 2026. This includes PAW Patrol: The Dino Movie; Street Fighter; Mr. Irrelevant, with the NFL.

在 2026 年下半年，我們還有 8 部電影將上映。包括《汪汪隊立大功：恐龍大電影》（PAW Patrol: The Dino Movie）、《快打旋風》（Street Fighter）、以及與 NFL 合作的《Mr. Irrelevant》。

Between the higher output volume; our improved marketing discipline; our licensing momentum that David talked about; and then, the visibility into our slates for '27, we feel good about Studios sustaining its profitable path and being not just sa one-quarter pop but a growth driver for us, as well as a profitability driver.

在更高的產出量、我們改善後的行銷紀律、David 提到的授權動能，以及我們對 2027 年片單的能見度之下，我們對影業維持獲利軌道感到有信心；這不只是單一季度的短暫跳升，而是我們的成長驅動因素，同時也是獲利驅動因素。

And so, overall, you'll see Studios, the segment, grow profitability, '26 versus '25.

因此整體而言，你們會看到影業這個部門在 2026 年相較 2025 年獲利能力提升。

All right. Great. Thank you.

好。很好。謝謝。

We'll now go ahead and pivot to TV Media. We have a couple of questions on that.

接下來我們把焦點轉到電視媒體（TV Media）。我們有幾個相關問題。

The first one comes from John Hodulik at UBS, on cord cutting. The question Is: cord cutting seems to be slowing, driven by the proliferation of skinny bundles.

第一個問題來自 UBS 的 John Hodulik，關於剪線（cord cutting）。問題是：剪線似乎正在放緩，主要是由於精簡型綑綁方案（skinny bundles）的普及所帶動。

How is Paramount positioned with the linear ecosystem? Is this dynamic a net positive or a negative for the company?

派拉蒙在傳統線性生態系中處於什麼樣的定位？這種動態對公司而言整體是淨正面還是淨負面？

Andy, maybe, I'll turn that one over to you?

Andy，也許我把這題交給你來回答？

Sure. John, thanks for the question.

當然。John，謝謝你的提問。

I think I'll take the second part, first, and just talk about where we're positioned in the ecosystem. I would say, the relationship with our affiliate partners has never been better.

我想我先回答第二個部分，談談我們在生態系中的定位。我會說，我們與有線系統合作夥伴（affiliate partners）的關係從未如此良好。

The content that we provide through both CBS, our cable channels; and our [P+] credentials are very important to their consumer base.

我們透過 CBS、我們的有線頻道，以及我們的 [P+] 授權所提供的內容，對他們的消費者基礎非常重要。

Whether it's our CBS primetime line-up; whether it's our sports offering; whether it's some of the great program we have on our cable channels, as well as all the things that we serve on the original side of Paramount+, the affiliate wants to have us in the ecosystem.

不論是 CBS 的黃金時段節目表、不論是我們的體育內容、不論是我們在有線頻道上的一些優質節目，以及我們在 Paramount+ 原創端所提供的一切，合作夥伴都希望我們留在這個生態系中。

I will say that we've noticed the affiliate revenue declines have slowed somewhat, based on the following, which is:

我會說，我們注意到合作夥伴收入（affiliate revenue）的下滑已有所放緩，原因如下：

Subscriber declines are slowing in terms of their rate of growth of slowing down; meaning, that they're not shrinking as much as quickly. The rates we're getting are essentially resilient, on a business-as-usual basis.

訂戶下滑正在放緩，就其放緩的增速而言正在減速；也就是說，萎縮的速度沒有那麼快。我們拿到的費率基本上相當有韌性，在照常營運（business-as-usual）的情況下亦然。

Having said that, we're very conservative about how we look at the future and how we look at those declines. We're managing the business very effectively around that.

話雖如此，我們在看待未來以及看待這些下滑時非常保守。我們也在此基礎上非常有效地管理這項業務。

In fact, the team's done a great job in making sure that, as revenue declines, actually, margins are improving in terms of being more efficient in going after that business, which we find to be incredibly attractive to the overall ecosystem at Paramount.

事實上，團隊做得非常好，確保在收入下滑時，利潤率反而在改善，因為我們在爭取這項業務時更有效率；而我們認為這對派拉蒙整體生態系極具吸引力。

I do want to call out that there is a lot of innovation that's happening with our MVPDs, as well as our virtual MVPDs.

我也想特別指出，我們的 MVPD 以及虛擬 MVPD 正在進行大量創新。

YouTube and Charter are very large relationships of ours. In particular, Charter has really cared about the video product. They've done a very good job in packaging both as a bundle, relative to our cable channel, CBS, and our P+ credentials, which are critical, in terms of their relationship with us and what they offer the customer.

YouTube 和 Charter 都是我們非常重要的合作關係。尤其是 Charter，對影音產品非常重視。他們在打包成套裝（bundle）方面做得很好，涵蓋我們的有線頻道、CBS，以及我們的 P+ 授權；這些對他們與我們的合作關係，以及他們提供給客戶的內容都至關重要。

They have 10 million of those. But they, also, have been very thoughtful on looking at skinny bundles in terms of where the customer may want to just have sports or just have certain general entertainment.

他們有 1,000 萬個這樣的（授權）。但他們也很審慎地在研究精簡套裝（skinny bundles），以因應客戶可能只想要體育，或只想要某些綜合娛樂內容的需求。

We're okay with that, as long as it provides a really good customer experience and it provides the right economics for us, overall.

只要能提供非常好的客戶體驗，並且在整體上為我們帶來正確的經濟效益，我們對此是可以接受的。

Kevin, that's really the answer.

Kevin，這就是答案。

All right. Great. Thanks, Andy. Appreciate it.

好的。很好。謝謝你，Andy。感謝。

Next question is from Jessica Reif Ehrlich at Bank of America. This one's on advertising in the upfront; generally, just question on the overall tone or color, regarding the advertising market for Paramount over the past quarter and as we look out.

下一題來自美國銀行（Bank of America）的 Jessica Reif Ehrlich。這題是關於前期採購（upfront）的廣告：整體而言，想請你談談過去一季派拉蒙廣告市場的整體氛圍或觀察，以及我們往前看時的情況。

Maybe, Andy, you want to take that one, as well?

也許 Andy，你也想回答這題？

Sure. Jessica, great to hear from you. Hope you're in a great place at the moment.

當然。Jessica，很高興聽到你的聲音。希望你此刻一切都好。

But let me start with the question and then, I will turn it over to Dennis for the numbers.

我先回答這個問題，然後我會把數字部分交給 Dennis。

Look, we could not be more excited. We've had a very strong upfront season: double-digit percentage increase, year over year.

你看，我們再興奮不過了。我們這一季的 upfront 非常強勁：年增達雙位數百分比。

I think we credit it not only to our content offerings and what we're offering to our advertising clients but that we have a really awesome digital-first management team and a new leadership around what we're doing in advertising.

我認為這不僅要歸功於我們的內容供給以及我們提供給廣告客戶的方案，也要歸功於我們擁有一支非常出色、以數位優先（digital-first）為核心的管理團隊，以及在廣告業務上新的領導班底。

Quite frankly, this has been the strongest upfront season since the CBS-Viacom merger. We couldn't be more thrilled to see where we're ultimately going to go into the end of the year and into next year.

坦白說，這是 CBS 與 Viacom 合併以來最強的一個 upfront 季。我們非常高興看到我們最終將如何走到今年年底以及明年。

I will say that we are very focused on making that digital transition. We've started on the sales side with our new leadership team.

我也要說，我們非常專注於推動數位轉型。我們已在銷售端由新的領導團隊開始推進。

We're also focused on the product side, where we really are investing in technology that will allow us to monetize more ad impressions across our entire digital portfolio, whether it be in Paramount+ ad tiers, Pluto, and our digital sites, across the company.

我們也專注於產品端，正在投資技術，讓我們能在整個數位產品組合上變現更多廣告曝光（ad impressions），不論是 Paramount+ 的廣告方案層級（ad tiers）、Pluto，以及公司各項數位網站。

I think you'll see more of that product innovation, as we get into the end of the year and into next year. But this is a critical component of, ultimately, where we want to be, from an ad perspective.

我想你會在今年年底到明年看到更多這類產品創新。但這是我們從廣告角度來看，最終想達成目標的一個關鍵組成。

Let me turn it over to Dennis to go through some of the numbers, relative to advertising, over this quarter.

我把時間交給 Dennis，請他說明本季與廣告相關的一些數字。

Great. Thanks, Andy.

很好。謝謝你，Andy。

In terms of advertising results, in the second quarter, organic ad revenue trends were pretty stable; and then, a little bit better than, typically, seasonal patterns.

就第二季的廣告表現而言，有機廣告營收（organic ad revenue）趨勢相當穩定；而且比一般季節性型態略好一些。

Our DTC advertising growth nearly offset continued TV Media pressure, as we make that digital transition that Andy talked about.

在我們推動 Andy 所提到的數位轉型之際，DTC 的廣告成長幾乎抵消了電視媒體（TV Media）持續承壓的影響。

Maybe, it's worth a couple of the break-outs:

也許值得拆解幾個重點：

In TV Media, Q2 advertising declined 14%, year on year. This was driven by a couple of headwinds:

在 TV Media，第二季廣告年減 14%。主要受到幾個逆風因素影響：

One is 8 percentage points impact from the NCAA, where, last year, we had the Final Four; and, this year, we did not.

其一是 NCAA 帶來的 8 個百分點影響：去年我們有轉播 Final Four（四強賽），但今年沒有。

We also have the 3 percentage points headwind from our sale of Telefe and Chilevision. This was partially offset by a 2 percentage points political benefit.

另外，我們出售 Telefe 與 Chilevision 也帶來 3 個百分點的逆風。部分被政治廣告帶來的 2 個百分點利多所抵消。

In Paramount+, we continue to have really encouraging results. We delivered double-digit ad growth. This was driven by our premium demand, including live-sports programming, UFC, World Cup; and then, really, encouraging our sell-through continuing to increase, year on year.

在 Paramount+，我們持續看到非常令人鼓舞的成果。我們實現了雙位數的廣告成長。這主要由高端需求（premium demand）所帶動，包括直播體育節目、UFC、世界盃；此外，我們的售罄率（sell-through）也持續年增，表現相當令人振奮。

On Pluto, this remained a drag. It was consistent with our Q1 results. Again, we're relaunching that platform here in the summer. And so we do expect that Pluto to return to growth in the back half of the year.

至於 Pluto，仍然是拖累因素。與我們第一季的結果一致。同樣地，我們會在今年夏天重新推出（relaunch）該平台。因此我們預期 Pluto 將在下半年恢復成長。

And then, Andy talked about the investments we've been making across the team; and the pricing; and packaging; and our technology stack. What we'll see in the back half is overall ad revenue for the company return to growth.

另外，Andy 也談到我們在團隊、定價、打包，以及技術堆疊（technology stack）上的投資。我們將在下半年看到公司整體廣告營收恢復成長。

Going back to you.

交回給你。

All right. Great. Thank you.

好的。很好。謝謝你。

We'll now go ahead and move on to our financial results and guidance. We got a question, after we printed today, from Steve Cahall at Wells Fargo.

接下來我們將進入財務結果與財測指引。我們在今天發布後收到一個問題，來自富國銀行（Wells Fargo）的 Steve Cahall。

The question is: You've raised your FY26 adjusted EBITDA and free cash flow guides. You tapped your Q2 guidance. But you didn't raise your revenue guidance.

問題是：你們上調了 2026 財年（FY26）調整後 EBITDA 與自由現金流的指引。你們也達成了第二季指引。但你們沒有上調營收指引。

Should we imply that synergies are coming through more strongly? Or are there additional operating outperformance?

我們是否應該解讀為協同效益（synergies）更強勁地落地？或者還有額外的營運表現超預期（operating outperformance）？

And then, on the free cash flow side, is $800 million still a good number for 2026 cash-restructuring costs?

然後，在自由現金流方面，對於 2026 年現金重整成本，8 億美元仍然是一個合理的數字嗎？

My step-back is just maybe, Dennis, it would be helpful to walk through some of the puts-and-takes on the quarter and the outlook.

我退一步看，Dennis，或許把本季以及展望中的一些利多利空因素梳理一下會比較有幫助。

Yeah. Sounds good. We'll talk through the pieces.

是的。聽起來不錯。我們會把各個部分講清楚。

Overall, Q2 -- and we've talked about a lot of the pieces -- was a strong quarter. We feel really good about how the company executed in the quarter. You saw it in the results.

整體而言，第二季——而且我們已經談了很多細節——是一個強勁的季度。我們對公司在本季的執行表現感到非常滿意。你也從結果中看到了。

Overall, revenue and adjusted EBITDA were at or above the high end of our prior guidance ranges. Revenue growth was led by DTC at 9%. Studios was up 16%. Adjusted EBITDA grew 27% year on year to $1.1 billion. Profitability was up across all three segments, which was a great quarter for us.

整體來看，營收與調整後 EBITDA 都達到或高於我們先前指引區間的上緣。營收成長主要由 DTC 以 9% 帶動。Studios 成長 16%。調整後 EBITDA 年增 27% 至 11 億美元。三大事業部的獲利能力全面提升，對我們來說是非常好的一季。

Given this outperformance, we are raising our full-year adjusted EBITDA outlook. We're putting a range on it, from $3.8 billion to $3.9 billion.

基於這次超預期表現，我們上調全年調整後 EBITDA 展望。我們給出的區間為 38 億至 39 億美元。

We are increasing our free cash flow conversion to be, at least, 10% from, previously, 5%. This is while keeping our $30 billion of revenue outlook in place.

我們把自由現金流轉換率上調至至少 10%，先前為 5%。同時，我們仍維持 300 億美元的營收展望不變。

And so I'll talk through some of the puts and takes here:

接下來我會說明一些利多利空因素：

On the adjusted EBITDA increase, we are making progress on our transformation. As we noted in the letter, we are taking up our synergies realized through this year to $2.7 billion. You're seeing that flow through in this guidance.

在調整後 EBITDA 上調方面，我們的轉型正在取得進展。如同我們在信中提到的，我們把今年可實現的協同效益上調至 27 億美元。你會看到這反映在本次指引中。

We're seeing upside from our cost-management efforts. We're doing this, even as we reinvest in the business. We're reinvesting in technology. We've also talked about the programming investments we're making.

我們也看到成本管理工作的上行空間。即便如此，我們仍在對業務再投資。我們在科技方面再投資。我們也談過正在進行的節目內容投資。

On revenue is pretty consistent with what we've said, previously. Our guidance is, we will have accelerating DTC revenue. Studios will continue to grow. We're managing against the linear declines. This continues our transition of revenue more towards our growth engines, streaming, and Studios, as well as our profit base.

在營收方面，基本上與我們先前所說一致。我們的指引是 DTC 營收將加速成長。Studios 將持續成長。我們也在管理線性業務的下滑。這將持續推動營收結構更偏向我們的成長引擎——串流與 Studios——同時也強化我們的獲利基礎。

We'll talk through Q3. You're going to see that revenue step-up in our Q3 guidance -- revenue growth step-up in our Q3 guidance. I'll come back to that.

我們會談到第三季。你會在我們第三季指引中看到營收的躍升——也就是營收成長的躍升。我稍後會再回到這點。

On free cash flow outlook, one of the things that I've been focused on; the teams have focused on, especially since I've been here, just making sure we are implementing a ton of discipline in free cash flow and managing the business, accordingly.

在自由現金流展望方面，我一直關注的一件事——團隊也一直關注，尤其自從我來到這裡之後——就是確保我們在自由現金流上落實高度紀律，並據此管理業務。

We're starting to see that come through. We did take up our free cash flow outlook for the year. It's 10%, excluding our transformation costs. This still reflects our elevated content spend tied to programming, right?

我們開始看到成效反映出來。我們確實上調了今年的自由現金流展望。在排除轉型成本後，轉換率為 10%。這仍反映出我們與節目編排相關的較高內容支出，對吧？

Our content investments are still in early ramp; namely, our extended film slate, as well as our broader originals line-up. Also, it carries in some of our -- this will moderate.

我們的內容投資仍處於早期爬坡階段；主要是我們擴大的電影片單，以及更廣泛的原創內容陣容。此外，這也包含了我們的一些——這部分將會趨於緩和。

Given this is an investment year, our investment in content will moderate, as we become -- to our steadier profile.

鑑於今年是投資年，隨著我們回到更穩定的型態，我們在內容上的投資將會放緩。

We still see -- I think the thing to call out is 10% free cash flow conversion is not our end goal. As we've talked a lot about, we do see a clear multi-year opportunity over the midterm to deliver sustainable top-line growth; and to close the gap in our profit margin and free cash flow conversion to our relevant peer companies.

我們仍然認為——我想需要強調的是，10% 的自由現金流轉換率並不是我們的最終目標。如同我們多次談到的，我們清楚看到在中期的多年機會，可以實現可持續的營收成長；並縮小我們的利潤率與自由現金流轉換率相較於相關同業公司的差距。

In terms of Q3, just to state the guidance, we expect revenue of $6.95 billion to $7.15 billion. This is growth from 4% to 7%, year on year. This is an acceleration of business, as we see our investments pay off.

就第三季而言，先直接說明指引：我們預期營收為 69.5 億至 71.5 億美元。這相當於年增 4% 至 7%。隨著我們的投資開始見效，業務將加速成長。

Our adjusted EBITDA is $875 million to $975 million in guidance. This is really driven by the accelerating growth in DTC and Studios, as well as moderating declines in TV Media.

我們的調整後 EBITDA 指引為 8.75 億至 9.75 億美元。這主要由 DTC 與 Studios 的加速成長所帶動，同時 TV Media 的下滑幅度趨緩。

In terms of Paramount+ subscribers, we do expect subscribers to be relatively flat, quarter on quarter.

就 Paramount+ 訂戶而言，我們預期訂戶數將大致與上一季持平。

In terms of the Q2 revenue growth, we've talked a little bit about this, right? We will see accelerating growth in DTC. This includes improving both advertising trends, as well as subscription strength.

關於第二季的營收成長，我們已稍微談過，對吧？我們將看到 DTC 加速成長。這包括廣告趨勢改善，以及訂閱表現強勁。

We'll see accelerating Studios growth, which includes our strong slate in the back half of the year, as well as our delivery on licensing, both first-run licensing, as well as our library.

我們也會看到 Studios 加速成長，其中包括我們在下半年強勁的片單，以及我們在授權交付上的表現，包含首輪授權以及片庫授權。

A thing to call out is our library revenue is growing double digits.

需要特別指出的是，我們的片庫營收正以雙位數成長。

And then, TV Media will see less of a decline year on year versus Q2, just given we don't have that NCAA comp.

另外，TV Media 的年減幅度將比第二季更小，主要是因為我們沒有 NCAA 的比較基期影響。

On Q3 adjusted EBITDA, as we noted in the last call, our profitability is going to be more heavily weighted to first half. This is driven by the step-down year on year in DTC in the second half.

關於第三季調整後 EBITDA，如同我們在上次電話會議提到的，我們的獲利將更偏重於上半年。這是由於下半年 DTC 的年比表現出現下滑所致。

It really comes out in Q3, where the timing of content amortization, which is really our sports portfolio, as well as some of the new originals, hits us more in Q3 and starts to moderate in Q4. However, Studios and TV Media profitability will continue to improve.

這在第三季特別明顯，因為內容攤銷的時點——主要是我們的體育內容組合，以及部分新的原創內容——在第三季對我們影響較大，並在第四季開始趨於緩和。不過，Studios 與 TV Media 的獲利能力將持續改善。

Overall, we feel really good about our results in Q2. We feel good about improving our adjusted EBITDA guidance and our free cash flow guidance. We look forward to continue next Q.

整體而言，我們對第二季的結果感到非常滿意。我們也對調整後 EBITDA 指引與自由現金流指引的改善感到樂觀。我們期待在下一季持續推進。

All right, great. Thanks, Dennis.

好的，非常好。謝謝你，Dennis。

Our last question before we go ahead and open it up: Andy, maybe this one's for you, on transformation. The question is from Ric Prentiss at Raymond James.

在我們接著開放提問之前的最後一個問題：Andy，這題可能要請你回答，關於轉型。問題來自 Raymond James 的 Ric Prentiss。

It's: what are the two to three biggest areas left of cost savings across PSKY?

問題是：在 PSKY 範圍內，剩下最大的兩到三個成本節省領域是哪些？

Before I get to that, let me just remind everybody that we started -- prior to closing last year, we thought we'd save $2 billion by merging Skydance and Paramount, together.

在回答之前，我先提醒大家：我們在去年完成交易之前就認為，透過合併 Skydance 與 Paramount，我們可以節省 20 億美元。

During our first-quarter earnings call, after we closed, we raised that to $3 billion-plus, basically based on understanding what we could do by reorganizing the businesses. That was a 50% increase over what we thought we could do, prior to closing.

在完成交易後的第一季財報電話會議上，我們把這個數字上調到 30 億美元以上，基本上是基於我們了解透過重組業務可以做到什麼。這比我們在完成交易之前所認為能做到的，增加了 50%。

And then, when you think about what we did in reorganizing, we put cable and broadcast into the same group and used the management team running CBS; essentially, reduced redundancies, centralized shared services, and instituted best practices.

接著，談到我們在重組上做了什麼：我們把有線與無線廣播放在同一個事業群，並使用負責營運 CBS 的管理團隊；本質上是降低重複、集中共享服務，並導入最佳實務。

We did the same thing in Studios, where we put the film studios of both Skydance and Paramount together with all the television studios of Skydance and Paramount, with the exception of CBS, into one business unit.

我們在 Studios 也做了同樣的事：把 Skydance 與 Paramount 的電影製片廠整合在一起，並將 Skydance 與 Paramount 的所有電視製片廠（CBS 除外）整合到同一個事業單位。

We got the same type of efficiencies there. We've also improved the ROI on the content spend for every dollar of production that we've put into motion since we've closed.

我們在那裡也取得了同類型的效率提升。自完成交割以來，我們在內容支出方面也提升了投資報酬率（ROI），也就是我們每投入一美元製作所帶來的回報。

Some of the big step-functions that we've noticed over this year that's gotten us to an incremental $200 million in run rate by the end of the year and into next year, really, are technology and what we're spending in technology, relative to our running of the company on the [ERP] side.

今年我們注意到的一些重大躍升因素，使我們在年底以及延伸到明年，年化運行率（run rate）額外增加了2億美元，主要來自科技，以及我們在科技上的投入，相對於公司在[ERP]端的營運方式。

Our migration to Oracle Fusion will essentially be complete by the end of next year. That will save us a ton of money.

我們向 Oracle Fusion 的遷移，基本上將在明年年底前完成。那將為我們節省一大筆成本。

In addition from that, on the product side, David already talked about integrating Paramount+, BET+, and Pluto into the same tech stacks. We look at the combination of all that together and also economizing on our third-party spend with cloud providers. That's roughly a $200 million savings, overall, in our program.

此外，在產品端，David 已經談到把 Paramount+、BET+ 與 Pluto 整合到同一套技術堆疊中。我們把這些因素合併來看，同時也在與雲端供應商合作時，對第三方支出進行更有效的成本控管。整體而言，這大約可為我們的計畫節省2億美元。

And then, there's another $100 million across consolidating facilities management; other procurement efficiencies, such as professional services and marketing -- all of which will be part of this year but also flow into next year, as we get into that $3 billion-plus synergy target.

接著，還有另外1億美元，來自於整合設施管理；以及其他採購效率，例如專業服務與行銷——這些都會在今年納入，但也會延續到明年，因為我們正朝著30億美元以上的協同效益目標邁進。

Thanks, Kevin.

謝謝你，Kevin。

All right, great. Thanks, Andy.

好的，很好。謝謝你，Andy。

We'll now go ahead and transition to taking any final questions live.

我們現在將轉入現場最後提問。

Before we do, just a quick note, before we open up the line: Given the pending transaction, we would not be taking any questions on the deal today beyond what we've already discussed.

在開始之前先簡短提醒一下，在我們開放電話線之前：鑑於交易仍在進行中，今天我們不會就該交易回答任何超出我們已討論內容的問題。

Please keep any final questions focused on the business or the industry but not on the transaction.

請將最後的問題聚焦在業務或產業上，而非交易本身。

With that, Krista, can we go ahead and open up the line for final questions?

那麼，Krista，我們可以開放電話線進行最後提問嗎？

Thank you.

謝謝。

(Operator Instructions)

(接線員指示)

Robert Fishman, MoffettNathanson.

Robert Fishman，MoffettNathanson。

Hi. Good afternoon.

嗨。下午好。

You guys called out in the letter how premium live sports is improving the engagement, strengthening retention, and increasing the value to your service.

你們在信中提到，高端的現場體育賽事正在提升互動度、強化留存，並提高你們服務的價值。

Does that push you to add even more sports rights in the years ahead? Clearly, there's some bigger ones coming in the next few years, including the success of World Cup.

這是否會促使你們在未來幾年增加更多體育轉播權？顯然，接下來幾年會有一些更大型的權利釋出，包括世界盃的成功。

And then, if you can touch on, maybe, how you think about the broader portfolio, when you do include Warner Bros., whether that's a rebalancing or prioritizing of the different rights that you do have in the portfolio.

另外，如果你能談談你們如何看待更廣泛的權利組合——當你把華納兄弟（Warner Bros.）也納入考量時——是否會對你們現有的不同權利做再平衡或重新排序優先順序。

Thank you.

謝謝。

Yeah. We'll take the first part. As I mentioned, we're not going to address anything on the transaction side.

好的。我們先回答第一部分。如我提到的，我們不會就交易相關的任何內容作出回應。

But, David, do you want to touch on the first piece, maybe?

不過，David，你要不要先談談第一部分？

Yeah. No. No. Absolutely.

好的。不。不。當然。

Look, we're a big believer in live sports. I think you should look for us to obviously continue to expand in terms of how we look at the portfolio there.

你看，我們非常看好現場體育。我認為你們可以期待我們顯然會持續擴大我們在那個權利組合上的布局方式。

And then, look, I'd say, our confidence, based on the UFC's performance on Paramount+, has only really reaffirmed, basically, that position.

而且我想說，基於 UFC 在 Paramount+ 上的表現，我們的信心只會更加確認我們的立場。

I think, if you go all the way back to where we started with UFC 324, that delivered the largest live exclusive event in the history of Paramount+.

如果你回到我們從 UFC 324 開始的時候，那場賽事帶來了 Paramount+ 歷史上最大的現場獨家活動。

We then beat that record with, basically, UFC 250, which did 17 million viewers across the US and LatAm; and, as TKO announced on their earnings call, 45 million, globally, which I think really speaks to the power of that sport.

之後我們又以 UFC 250 打破該紀錄，在美國與拉丁美洲合計有1,700萬名觀眾；而且如 TKO 在其財報電話會議上所宣布，全球達到4,500萬，我認為這充分說明了這項運動的影響力。

And then, in July, with the McGregor fight, we obviously, again, set a new high watermark for Paramount+ in terms of peak concurrent streams.

接著在7月的 McGregor 之戰，我們顯然又一次在 Paramount+ 的同時在線串流峰值方面創下新高水位。

From that standpoint, I think you should definitely look at us as a buyer of sports rights. That, obviously, is a category we believe in a great deal.

從這個角度來看，我認為你們絕對可以把我們視為體育轉播權的買方。這顯然是我們非常看重的一個類別。

I look forward to when we can answer the WBD question later on.

我期待之後我們能夠回答關於 WBD 的問題。

I would just sort of add to what David said, which is the Champions League has been something we've had in the US. We've been able to secure that, both in the UK and Germany; and other territories that have come up that we'll announce shortly that are, also, very attractive to us, too.

我只是補充 David 所說的：歐洲冠軍聯賽（Champions League）一直是我們在美國持有的內容。我們也已在英國與德國拿下該權利；另外還有其他我們即將宣布的市場，也同樣對我們非常有吸引力。

Great.

很好。

David Joyce, Seaport Research Partners.

David Joyce，Seaport Research Partners。

Thank you.

謝謝。

I was wondering what discussions you've had or have coming up with your affiliate partners, your distributors, on the linear side over the next 12 to 18 months.

我想請教，在接下來12到18個月，你們在傳統線性（linear）業務方面，與你們的聯盟合作夥伴、發行/分銷商之間有哪些討論，或即將有哪些討論？

What proportion of your portfolio does that include? Are you able to roll out the combination with your streaming services as a bundle with any more distributors from here?

這涵蓋你們內容/頻道組合的多大比例？你們是否能把串流服務的組合以套裝（bundle）的方式，與更多分銷商一起推出？

Thanks.

謝謝。

Great. Let me address that, David, if that's okay.

很好。David，如果可以的話，讓我來回答。

Let me start with the last part, which is, most of our distributors want our streaming credentials. It's critical to our offering, generally.

我先從最後一部分開始：我們的大多數分銷商都希望取得我們的串流服務授權/憑證（streaming credentials）。這通常是我們產品方案中至關重要的一環。

We continue to do that in the right way. And then, some perform better than others on their platforms. That is something that is clearly important to our affiliate relationships.

我們會持續以正確的方式推進。此外，在他們的平台上，有些表現比其他更好。這顯然是我們與聯盟夥伴關係中非常重要的一點。

I would say that, between now and the next 18 months, generally, all will come up for renewal. They're sequential.

我會說，在現在到未來18個月之間，整體而言都會陸續進入續約期。它們是依序到期的。

Every time we do this, they're usually 18 to 2 years out. We're just continuing to progress with them. So far, those discussions have been going very well this year, so far.

每次我們進行這些續約時，通常都是提前18個月到2年開始。我們只是持續與他們推進。截至目前，今年這些討論進展得非常順利。

All right. Thanks, Andy.

好的。謝謝你，Andy。

Thank you. I will now turn the conference back over to Kevin for closing comments.

謝謝。我現在把電話會議交回給 Kevin 作結語。

All right. Thanks, Krista, appreciate it.

好的。謝謝，Krista，感謝。

Thank you, all, for joining us today.

謝謝各位今天加入我們。

If you have any follow-on questions, please feel free to reach out to me or Logan on the Investor Relations team.

如果你們有任何後續問題，歡迎隨時聯絡我或投資人關係團隊的 Logan。

Thanks.

謝謝。

Ladies and gentlemen, this does conclude today's conference call.

各位女士、先生，今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝各位的參與。您現在可以掛線。