The operator introduces the conference call for Paramount Global's Q1 2024 earnings and hands it over to Jaime Morris, EVP of Investor Relations. George Cheeks, Chris McCarthy, and Brian Robbins, representing the new Office of the CEO, also make brief remarks. Jaime reminds listeners of the risks and uncertainties involved and mentions that they will not be taking questions. George thanks former CEO Bob for his support and introduces the new partnership between himself, Chris, and Brian. They express their excitement and discuss their first priority.

Paramount Global has a strong foundation of top-quality content and a collaborative team of experienced leaders. They are finalizing a strategic plan focused on maximizing hit content, strengthening their balance sheet, and optimizing their streaming strategy. The company has seen significant growth in earnings and free cash flow, as well as improved operating margins in their direct-to-consumer and TV media businesses.

In the first quarter, film entertainment adjusted OIBDA improved by $100 million, while advertising saw a 17% increase, with the Super Bowl contributing significantly to this growth. Total company affiliate and subscription revenue grew by 6%, with D2C subscription revenue increasing by 22%, driven by strong growth in Paramount+. Paramount+ added 3.7 million subscribers in the quarter, reaching a total of 71.2 million, thanks to the NFL and the Super Bowl. D2C revenue grew by 24%, with Paramount+ revenue increasing by 51% and global ARPU expanding by 26%, due to a domestic price increase and the addition of international subscribers in higher ARPU markets.

In the fourth paragraph, the impact of last year's strikes on domestic ARPU is discussed, as well as the improvement in D2C adjusted OIBDA and a decrease in content marketing and overhead costs. The company also saw an improvement in free cash flow and a reduction in leverage. The sale of their equity interest in Viacom18 is expected to further benefit leverage, and the company's mandatory convertible preferred stock was converted to common shares. The company remains focused on execution and thanks their former leader, Bob, for his leadership during a period of change.

The speaker expresses their pride in working with Bob and the accomplishments they have achieved together. They also express excitement to work with George, Brian, and Chris, who will be leading the office of the CEO. The new leaders are experienced and well-equipped to guide Paramount in the future. The speaker concludes the first quarter earnings call and thanks those who joined.

This summary was generated with AI and may contain some inaccuracies.