Paramount Global – Global Tax Strategy 2024

This strategy describes Paramount Global’s (“Paramount”) approach to arranging the company’s tax affairs and applies to Paramount and all of its subsidiaries. In compliance with the U.K. legislative requirements of the relevant paragraph under Schedule 16 Finance Act 2016, which imposes a legal requirement on all large businesses operating in the U.K. to publish a U.K. tax strategy, this document sets out Paramount’s strategy and approach to conducting its U.K. tax affairs and dealings with tax risks. It is effective for the year ending December 31, 2024 and will remain in effect unless amended. It will be updated annually as required.

Paramount’s business

Paramount was formed as the result of the merger between Viacom Inc. and CBS Corporation completed in December 2019. The resulting business, ViacomCBS Inc. was subsequently renamed Paramount Global in February 2022. Paramount is a leading global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic consumer brands, its portfolio includes CBS, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and Pluto TV. The company holds one of the industry’s most extensive libraries of television and film titles. In addition to offering innovative streaming services and digital video products, Paramount provides powerful capabilities in production, distribution, and advertising solutions.

Tax strategy

Our global tax strategy as described herein is developed, owned and overseen by senior finance executives in the Tax Department, in consultation with our Chief Accounting Officer and Chief Financial Officer, and is aligned with our Global Business Conduct Statement, which is periodically reviewed and approved by the Audit Committee of Paramount’s Board of Directors. The tax implications of significant business change, changes to tax law and tax authority practice are considered by the Tax Department, Chief Accounting Officer and Chief Financial Officer. Our Strategy applies to all entities that are part of the Paramount group.

Paramount is committed to conduct its tax affairs consistent with the following principles:

1. Comply with all relevant laws and regulations (including any and all disclosure requirements) in the territories in which we operate.

This means that we adhere to all rules that are relevant with respect to determining the bases for our worldwide tax liabilities, the timing for our tax payments and disclosing all relevant facts and circumstances to applicable tax authorities. We make any required disclosures to tax authorities promptly and take a proactive approach to resolving any tax disputes with tax authorities. Paramount, on a continual basis, makes substantial investments in human capital and technology to ensure adequate controls over its tax compliance processes are in place.

2. Apply appropriate governance and diligence in the management of all risks associated with Paramount tax matters.

Given the scale and diversity of Paramount’s global operations and the complexities of international tax laws, risks inevitably arise in the interpretation of international tax law in regard of specific transactions and business operations. Paramount’s Tax Department proactively seeks to identify, evaluate and manage these risks to ensure they remain in line with Paramount’s overriding risk management policies. Where the exposures resulting from the uncertainties are deemed significant, Paramount will seek external expert advice and, where possible, eliminate or reduce the exposure through transparent dialogue and communication with the tax authorities. Paramount provides training to relevant staff to ensure that risk assessment processes are adhered to. In addition, staff is instructed to raise concerns regarding tax risk assessment mechanisms in general or in application to specific transactions.

3. Pursue an open working relationship with all tax authorities and adhere to a policy of making required disclosure and to take a proactive approach to resolving any tax disputes with relevant tax authorities.

Paramount engages in and seeks dialogue with tax authorities in all countries where it conducts major business operations on a continual basis and to resolve any tax enquiries efficiently and effectively in a professional and timely manner. We strive for an open working relationship with tax authorities worldwide based on transparency and trust, while seeking consensus and avoiding conflict.

4. Effectively manage and balance our tax affairs to deliver our business strategy and to create sustainable shareholder value, including the application of any relevant tax incentives and reliefs that are not contradictory to the legislation, to minimize overall tax costs to Paramount.

Paramount is committed to managing and balancing its tax affairs effectively to deliver the business strategy and to create sustainable shareholder value, ensuring that any tax positions that Paramount takes are based on sound commercial business reasons. We believe in paying taxes in accordance with all relevant laws and regulations in all territories in which we operate. At the same time, Paramount takes into consideration any applicable tax incentives and reliefs to minimize overall tax costs to Paramount if these are aligned with our business or operational objectives and are not contradictory to the legislation of the governments which introduced the incentives. Our tax liabilities reflect and conform to the commercial business reasons and economic substance of our business structures.