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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number 001-09553
ViacomCBS Inc.
(Exact name of registrant as specified in its charter)
Delaware04-2949533
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
1515 BroadwayNew York,New York10036
(Address of principal executive offices)(Zip Code)
(212) 258-6000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Class A Common Stock, $0.001 par valueVIACAThe Nasdaq Stock Market LLC
Class B Common Stock, $0.001 par valueVIACThe Nasdaq Stock Market LLC
5.75% Series A Mandatory Convertible Preferred Stock, $0.001 par valueVIACPThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer 
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No 
Number of shares of common stock outstanding at November 1, 2021:
Class A Common Stock, par value $.001 per share— 40,707,517
Class B Common Stock, par value $.001 per share— 606,706,329



VIACOMCBS INC.
INDEX TO FORM 10-Q
Page
PART I – FINANCIAL INFORMATION
Item 1.
Item 1A.



PART I – FINANCIAL INFORMATION
Item 1.Financial Statements.
VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Revenues$6,610 $5,837 $20,586 $18,411 
Costs and expenses:  
Operating4,064 3,462 12,292 10,779 
Selling, general and administrative1,526 1,323 4,407 3,804 
Depreciation and amortization95 97 289 331 
Restructuring and other corporate matters46 52 81 441 
Total costs and expenses5,731 4,934 17,069 15,355 
Net gain on sales  116  
Operating income879 903 3,633 3,056 
Interest expense(243)(259)(745)(763)
Interest income11 14 37 39 
Net gains (losses) from investments(5) 47 32 
Loss on extinguishment of debt  (23)(128)(126)
Other items, net(26)(20)(55)(74)
Earnings from continuing operations before income taxes and equity
   in loss of investee companies
616 615 2,789 2,164 
Provision for income taxes(120)(26)(312)(352)
Equity in loss of investee companies, net of tax(18)(9)(80)(30)
Net earnings from continuing operations478 580 2,397 1,782 
Net earnings from discontinued operations, net of tax73 47 126 90 
Net earnings (ViacomCBS and noncontrolling interests)551 627 2,523 1,872 
Net earnings attributable to noncontrolling interests(13)(12)(38)(260)
Net earnings attributable to ViacomCBS$538 $615 $2,485 $1,612 
Amounts attributable to ViacomCBS:
Net earnings from continuing operations$465 $568 $2,359 $1,522 
Net earnings from discontinued operations, net of tax73 47 126 90 
Net earnings attributable to ViacomCBS$538 $615 $2,485 $1,612 
Basic net earnings per common share attributable to ViacomCBS:  
Net earnings from continuing operations$.70 $.92 $3.65 $2.47 
Net earnings from discontinued operations$.11 $.08 $.20 $.15 
Net earnings$.81 $1.00 $3.85 $2.62 
Diluted net earnings per common share attributable to ViacomCBS:  
Net earnings from continuing operations$.69 $.92 $3.62 $2.47 
Net earnings from discontinued operations$.11 $.08 $.20 $.15 
Net earnings$.80 $1.00 $3.81 $2.61 
Weighted average number of common shares outstanding:  
Basic646 616 638 615 
Diluted651 618 644 617 
See notes to consolidated financial statements.
-3-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; in millions)
Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Net earnings (ViacomCBS and noncontrolling interests)$551 $627 $2,523 $1,872 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments(59)68 (114)9 
Net actuarial loss and prior service costs33 17 62 52 
Other comprehensive income (loss) from continuing operations,
net of tax (ViacomCBS and noncontrolling interests)
(26)85 (52)61 
Other comprehensive income (loss) from discontinued operations(5)4  (4)
Comprehensive income520 716 2,471 1,929 
Less: Comprehensive income attributable to noncontrolling interests12 12 37 257 
Comprehensive income attributable to ViacomCBS$508 $704 $2,434 $1,672 
See notes to consolidated financial statements.

-4-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except per share amounts)
AtAt
September 30, 2021December 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents$4,823 $2,984 
Receivables, net6,560 7,017 
Programming and other inventory1,563 1,757 
Prepaid expenses and other current assets1,230 1,391 
Current assets of discontinued operations622 630 
Total current assets14,798 13,779 
Property and equipment, net1,809 1,994 
Programming and other inventory12,564 10,363 
Goodwill16,582 16,612 
Intangible assets, net2,790 2,826 
Operating lease assets1,511 1,602 
Deferred income tax assets, net1,221 993 
Other assets3,622 3,657 
Assets held for sale207 28 
Assets of discontinued operations808 809 
Total Assets$55,912 $52,663 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable$827 $571 
Accrued expenses1,878 1,714 
Participants’ share and royalties payable2,099 2,005 
Accrued programming and production costs1,397 1,141 
Deferred revenues1,074 978 
Debt15 16 
Other current liabilities1,138 1,391 
Current liabilities of discontinued operations485 480 
Total current liabilities8,913 8,296 
Long-term debt17,696 19,717 
Participants’ share and royalties payable1,228 1,317 
Pension and postretirement benefit obligations1,966 2,098 
Deferred income tax liabilities, net965 778 
Operating lease liabilities 1,525 1,583 
Program rights obligations291 243 
Other liabilities1,948 2,158 
Liabilities of discontinued operations208 220 
Redeemable noncontrolling interest103 197 
Commitments and contingencies (Note 15)
ViacomCBS stockholders’ equity:
5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share;
    25 shares authorized and 10 shares issued (2021)
  
Class A Common Stock, par value $.001 per share; 55 shares authorized;
41 (2021) and 52 (2020) shares issued
  
Class B Common Stock, par value $.001 per share; 5,000 shares authorized;
1,108 (2021) and 1,068 (2020) shares issued
1 1 
Additional paid-in capital32,943 29,785 
Treasury stock, at cost; 503 (2021 and 2020) Class B shares
(22,958)(22,958)
Retained earnings12,456 10,375 
Accumulated other comprehensive loss (1,883)(1,832)
Total ViacomCBS stockholders’ equity20,559 15,371 
Noncontrolling interests510 685 
Total Equity21,069 16,056 
Total Liabilities and Equity$55,912 $52,663 
See notes to consolidated financial statements.
-5-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Nine Months Ended
September 30,
20212020
Operating Activities:
Net earnings (ViacomCBS and noncontrolling interests)$2,523 $1,872 
Less: Net earnings from discontinued operations, net of tax126 90 
Net earnings from continuing operations2,397 1,782 
Adjustments to reconcile net earnings from continuing operations to net cash flow provided
     by operating activities:
Depreciation and amortization289 331 
Deferred tax (benefit) provision(21)187 
Stock-based compensation154 188 
Net gain on sales(116) 
Gains from investments(47)(32)
Loss on extinguishment of debt128 126 
Equity in loss of investee companies, net of tax and distributions80 34 
Change in assets and liabilities(1,336)(62)
Net cash flow provided by operating activities from continuing operations1,528 2,554 
Net cash flow provided by operating activities from discontinued operations124 11 
Net cash flow provided by operating activities1,652 2,565 
Investing Activities:
Investments (147)(60)
Capital expenditures(231)(210)
Acquisitions, net of cash acquired(27)(142)
Proceeds from dispositions418 146 
Other investing activities(26) 
Net cash flow used for investing activities from continuing operations(13)(266)
Net cash flow used for investing activities from discontinued operations(3)(3)
Net cash flow used for investing activities(16)(269)
Financing Activities:
Repayments of short-term debt borrowings, net (706)
Proceeds from issuance of long-term debt 4,365 
Repayment of long-term debt(2,220)(2,896)
Dividends paid on preferred stock(15) 
Dividends paid on common stock(458)(450)
Proceeds from issuance of preferred stock983  
Proceeds from issuance of common stock 1,672  
Purchase of Company common stock (58)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation(55)(62)
Proceeds from exercise of stock options408  
Payments to noncontrolling interests(215)(44)
Other financing activities1 (43)
Net cash flow provided by financing activities101 106 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(30)(6)
Net increase in cash, cash equivalents and restricted cash1,707 2,396 
Cash, cash equivalents and restricted cash at beginning of period
(includes $135 (2021) and $202 (2020) of restricted cash)
3,119 834 
Cash, cash equivalents and restricted cash at end of period
(includes $3 (2021) and $138 (2020) of restricted cash, and $6 (2020) of assets
 held for sale)
$4,826 $3,230 
See notes to consolidated financial statements.
-6-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited; in millions)
Three Months Ended September 30, 2021
Preferred StockClass A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal ViacomCBS Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)(Shares)
June 30, 202110  646 $1 $32,901 $(22,958)$12,007 $(1,853)$20,098 $558 $20,656 
Stock-based
compensation
activity
— — — — 42 — — — 42 — 42 
Preferred stock
dividends
— — — — — — (14)— (14)— (14)
Common stock
dividends
— — — — — — (159)— (159)— (159)
Noncontrolling
interests
— — — — — — 84 — 84 (60)24 
Net earnings— — — — — — 538 — 538 13 551 
Other comprehensive
loss
— — — — — — — (30)(30)(1)(31)
September 30, 202110 $ 646 $1 $32,943 $(22,958)$12,456 $(1,883)$20,559 $510 $21,069 
Nine Months Ended September 30, 2021
Preferred StockClass A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal ViacomCBS Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)(Shares)
December 31, 2020 $ 617 $1 $29,785 $(22,958)$10,375 $(1,832)$15,371 $685 $16,056 
Stock-based
compensation
activity
— — 9 — 503 — — — 503 — 503 
Stock issuances10 — 20 — 2,655 — — — 2,655 — 2,655 
Preferred stock
dividends
— — — — — — (30)— (30)— (30)
Common stock
dividends
— — — — — — (468)— (468)— (468)
Noncontrolling
interests
— — — — — — 94 — 94 (212)(118)
Net earnings— — — — — — 2,485 — 2,485 38 2,523 
Other comprehensive
loss
— — — — — — — (51)(51)(1)(52)
September 30, 202110 $ 646 $1 $32,943 $(22,958)$12,456 $(1,883)$20,559 $510 $21,069 
See notes to consolidated financial statements.
-7-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(Unaudited; in millions)
Three Months Ended September 30, 2020
Class A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal ViacomCBS Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)
June 30, 2020616 $1 $29,680 $(22,958)$9,150 $(1,999)$13,874 $676 $14,550 
Stock-based compensation
activity
 — 39 — — — 39 — 39 
Common stock dividends— — — — (150)— (150)— (150)
Noncontrolling interests— — — — 89 — 89 1 90 
Net earnings— — — — 615 — 615 12 627 
Other comprehensive income— — — — — 89 89 — 89 
September 30, 2020616 $1 $29,719 $(22,958)$9,704 $(1,910)$14,556 $689 $15,245 
Nine Months Ended September 30, 2020
Class A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal ViacomCBS Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)
December 31, 2019615 $1 $29,590 $(22,908)$8,494 $(1,970)$13,207 $82 $13,289 
Stock-based compensation
activity
2 — 129 — — — 129 — 129 
Class B Common Stock
purchased
(1)— — (50)— — (50)— (50)
Common stock
dividends
— — — — (450)— (450)— (450)
Noncontrolling interests— — — 48 — 48 350 
(a)
398 
Net earnings— — — — 1,612 — 1,612 260 1,872 
Other comprehensive income
(loss)
— — — — — 60 60 (3)57 
September 30, 2020616 $1 $29,719 $(22,958)$9,704 $(1,910)$14,556 $689 $15,245 
(a) Primarily reflects the acquisition of Miramax.
See notes to consolidated financial statements.

-8-



VIACOMCBS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in millions, except per share amounts)

1) BASIS OF PRESENTATION
Description of Business—ViacomCBS Inc. is comprised of the following segments: TV Entertainment (CBS Television Network; CBS Studios; CBS Media Ventures; streaming services, including Paramount+ and CBSN; CBS Sports Network; and CBS Television Stations), Cable Networks (premium and basic cable networks, including Showtime, BET, Nickelodeon, MTV, Comedy Central, Paramount Network, and Smithsonian Channel, among others; streaming services, including Pluto TV and Showtime Networks’ premium subscription streaming service (“Showtime OTT”); and ViacomCBS Networks International, including Channel 5, Telefe and Network 10) and Filmed Entertainment (Paramount Pictures, Paramount Players, Paramount Animation, Paramount Television Studios and Miramax). References to “ViacomCBS,” the “Company,” “we,” “us” and “our” refer to ViacomCBS Inc. and its consolidated subsidiaries, unless the context otherwise requires.

Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared on a basis consistent with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules of the Securities and Exchange Commission (“SEC”). These financial statements should be read in conjunction with the more detailed financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020.

In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. Certain previously reported amounts have been reclassified to conform to the current presentation.

Discontinued Operations—On November 25, 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, which was previously reported as the Publishing segment, to Penguin Random House LLC (“Penguin Random House”), a wholly owned subsidiary of Bertelsmann SE & Co. KGaA, for $2.175 billion in cash. As a result, Simon & Schuster has been presented as a discontinued operation in our consolidated financial statements for all periods presented (see Note 2).

Assets Held for Sale—During October 2021, we completed the sale of 51 West 52nd Street, an office tower that was formerly the headquarters of CBS Corporation (“CBS”). The assets sold were classified as held for sale on the Consolidated Balance Sheet at September 30, 2021, with the noncurrent portion of $207 million, which is principally comprised of property and equipment, presented in “Assets held for sale” and the current portion of $3 million presented within “Prepaid expenses and other current assets.” (See Note 2.)

Use of Estimates—The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may vary from these estimates under different assumptions or conditions.

Net Earnings per Common Share—Basic net earnings per share (“EPS”) is based upon net earnings available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings available to common stockholders is calculated as net earnings from continuing operations or net earnings, as applicable, adjusted to include dividends on the 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”) that was issued during the first quarter of 2021 (see Note 9).

-9-



VIACOMCBS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Weighted average shares for diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) or performance stock units (“PSUs”) only in the periods in which such effect would have been dilutive. Diluted EPS also reflects the effect of the assumed conversion of preferred stock, if dilutive, which includes the issuance of common shares in the weighted average number of shares and excludes the above-mentioned preferred stock dividend adjustment to net earnings available to common stockholders.

Excluded from the calculation of diluted EPS because their inclusion would have been antidilutive, were stock options and RSUs of 6 million and 5 million for the three and nine months ended September 30, 2021, respectively, and stock options and RSUs of 21 million and 24 million for the three and nine months ended September 30, 2020, respectively. Also excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2021, was the effect of the assumed conversion of 10 million shares of Mandatory Convertible Preferred Stock into shares of common stock because the impact would have been antidilutive. As a result, the preferred stock dividends recorded during the three and nine months ended September 30, 2021 were deducted from net earnings from continuing operations and net earnings in both our basic and diluted EPS calculations. The table below presents a reconciliation of net earnings from continuing operations and net earnings to the amounts used in the calculations of basic and diluted EPS.

Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Amounts attributable to ViacomCBS:
Net earnings from continuing operations$465 $568 $2,359 $1,522 
Preferred stock dividends(14) (30) 
Net earnings from continuing operations for basic and diluted
    EPS calculation
$451 $568 $2,329 $1,522 
Amounts attributable to ViacomCBS:
Net earnings $538 $615 $2,485 $1,612 
Preferred stock dividends(14) (30) 
Net earnings for basic and diluted EPS calculation$524 $615 $2,455 $1,612 
The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2021202020212020
Weighted average shares for basic EPS646 616 638 615 
Dilutive effect of shares issuable under stock-based
compensation plans
5 2 6 2 
Weighted average shares for diluted EPS651 618