Paramount Global (PARA) Q1 2023 Earnings Call Transcript

Paramount Global (NASDAQ:PARA) Q1 2023 Earnings Conference Call May 4, 2023 8:30 AM ET

Company Participants

Kristin Southey - Executive Vice President, Investor Relations

Bob Bakish - President and Chief Executive Officer

Naveen Chopra - Chief Financial Officer

Conference Call Participants

Michael Morris - Guggenheim Securities

Brett Feldman - Goldman Sachs

Ben Swinburne - Morgan Stanley

Jessica Reif Ehrlich - Bank of America Securities

Rich Greenfield - LightShed Partners

Robert Fishman - MoffettNathanson

Doug Mitchelson - Credit Suisse

Phil Cusick - JPMorgan

Operator

Good morning. My name is Nadia, and I’ll be the conference operator today. At this time, I would like to welcome everyone to the Paramount Global’s Q1 2023 Earnings Conference Call. At this time, all lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

At this time, I would now like to turn the call over to Kristin Southey, Paramount Global’s EVP, Investor Relations. Kristin, you may now begin your conference call.

Kristin Southey

Good morning, everyone. Thank you for taking the time to join us for our first quarter 2023 earnings call. Joining me for today’s discussion are Bob Bakish, our President and CEO; and Naveen Chopra, our CFO.

Please note that in addition to our earnings release, we have trending schedules containing supplemental information available on our Web site. Before we start this morning, I want to remind you that certain statements made on this call are forward-looking statements that involve risks and uncertainties. These risks and uncertainties are discussed in more detail in our filings with the SEC. Some of today’s financial remarks will focus on adjusted results. Reconciliations of these non-GAAP financial measures can be found in our earnings release or in our trending schedules, which contain supplemental information, and in each case, can be found in the Investor Relations section of our Web site.

Now, I will turn the call over to Bob.

Bob Bakish

Good morning, everyone. Thank you for joining us. Today, my remarks will cover Q1 highlights, as well as some perspective on the balance of the year, but let me start with the big picture. The media landscape is evolving, and we are executing on our plan to transform Paramount with it. We are leveraging our traditional media base, both financially and operationally, to invest in, build, and scale, [as to have] (ph) streaming networks for the 21st century.