Paramount Skydance Corporation

Good afternoon, my name is Nadia and I'll be the conference operator today. At this time, I would like to welcome everyone to Paramount Global's Q3 2024 earnings conference call. At this time, all lines have been muted to prevent any background noise. After the speaker's remarks, there'll be a Q&A session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, please press star followed by two. In order to get as many of your questions as possible, we ask that you please submit yourself to one question. At this time, I would like to turn the call over to Jamie Morris, Paramount Global's EVP Investor Relations. You may now begin your conference call.

Good morning, everyone. Thank you for taking the time to join us for our third quarter 2024 earnings call. Joining me for today's discussion are Paramount's co-CEOs, Brian Robbins, Chris McCarthy, and George Cheeks, and our CFO, Naveen Chopra. Please note that in addition to our earnings release, we have trending schedules containing supplemental information available on our website. 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 website. Now, I will turn the call over to Chris.

Thank you, Jamie, and good morning, everyone. I'm Chris McCarthy, and I'm joined here by my fellow co-CEOs, George Cheeks and Brian Robbins. Together, we'll share the results of another very strong quarter, demonstrating the progress we're making against our strategic plan. Then Naveen will take us through the financials. Okay, let's start with some headlines. We are pleased with our very strong performance this quarter, fueled by our hit content and our focus on execution. In D2C, we saw Pluto reach record engagement. And on Paramount+, we added 3.5 million subscribers, reinforcing our position as the number four global streaming service. Paramount+, continued its momentum with revenue growth up 25% year-over-year. This quarter marks the second quarter in a row where D2C achieved profitability, with adjusted oil beta improving more than a billion dollars over the past four quarters. And we remain on track to reach Paramount+, domestic profitability in 2025. We also made progress in streamlining our organization as we continue to successfully execute cost reductions that will result in $500 million in annual run rate savings. And at the same time, we have not slowed down on doing what we do best, continue to produce some of the biggest and broadest hit films and television series. In addition, the Skydance transaction achieved a few key milestones, including the conclusion of the go-shop period, the expiration of the HSR waiting period, and on November 4th, we filed our S4 registration statement with the SEC. We continue to expect the deal to close in the first half of 2025, subject to regulatory approvals and other customary conditions. And now, I'll pass it to George to update us on distribution and advertising.