So really exciting to be in Vegas. The city is electric. And it's going to be a great weekend.

BRIAN SOZZI: It sounds like electric, Bob. Looks like they're still putting stuff together behind you with that construction. They better finish, the game is only a couple days away. So when you talk to advertisers, why do you think they've really stepped up here and spent, what, $7 million for a 30-second ad? Why have they opened up their pocketbooks?

BOB BAKISH: Look, the NFL is extraordinary product. It really captures the American and for that matter global viewer. People love the sportsmanship and track their teams, et cetera. And it's a great way-- it's a great environment for messaging for advertisers. So we see very strong demand.

By the way, we're doing the first ever Nickelodeon alternate telecast of a Super Bowl. That product too is sold out. So the ad business around sports is very strong. The ad business around the NFL as part of sports is obviously the top side of that. And it's a product people want to be part of because viewers want to experience it.

BRIAN SOZZI: When I hear you say record breaking ad demand for the Super Bowl, I can't help but to think, Bob, Taylor Swift has some role in this. How do you view it?

BOB BAKISH: Look, Taylor, it's a phenomenon as we all know. She's a force in the music industry. Her tour has been massive.

And she's captured the imagination of fans, including NFL fans and is definitely bringing some incremental audience to the game. And we're fortunate that she'll be part of it this weekend as well. So yeah, that's a plus.

BRIAN SOZZI: Pretty fascinating week this week, Bob. Of course, you had that Disney, Warner Brothers, and Fox Sports bundle. A little unclear how that will ultimately shake out, what exactly or precisely that is, and what it will mean to the industry. But you're the one that led the charge in negotiating the new 11-year deal with the NFL a couple of years ago. How do you think that new entrant from some of your competitors impacts the value of your deal?

BOB BAKISH: So look, there's a lot of questions about the sports, call it, joint venture that was announced this week. However, our focus continues to be on a broad offering, particularly in digital. I mean, we've looked at sports-only plays on a standalone basis and with partners and we continue to see the significant value of a broader play, Paramount+ news, sports, and a mountain of entertainment.

If you look at it, the average sports viewer on Paramount+ fully 90% of their engagement, i.e., time spent, is with non-sports programming. So sports is great for bringing people in and certainly our audience engages with that. But key to it satisfying the viewer and building the economic model, quite frankly, is broadening that beyond sports.

And so that is the strategy we've had really since out of the gate. And that is the strategy we continue to pursue because it is clearly working for us. So again, we'll see what happens with the sports joint venture. But we like Paramount+ as a broad service offering where sports is a part of it just like it is on CBS.

BRIAN SOZZI: So it doesn't sound-- it doesn't sound like you're being or you're forced to respond to an initiative like this.

BOB BAKISH: We're executing our strategy. Our strategy is working. We're very comfortable with the development.

And by the way, if you go back to our third quarter call where we talked about Paramount+, Paramount continues to grow. And on that call, we noted that we now see 2022 as our peak investment year in streaming versus the 2023 we had guided towards. I'm choosing my words carefully because we have our fourth quarter call in roughly two weeks and we'll have more to say. But suffice to say, we are very excited about 2024 and we're continuing to build Paramount+ into an important business for us.

BRIAN SOZZI: Bob, the last time I talked to you was at the Goldman Sachs tech conference out in sunny California. We talked a lot about the headwinds that the legacy media is facing. And since then, it wasn't that long ago, these headwinds seem to be getting even stronger. The streamers continue to get even stronger. Do you feel the industry is at some form of tipping point?

BOB BAKISH: Look, we're dealing with an ecosystem and we're dealing with consumer change. But you go back to your NFL, you talk to the NFL, and I believe Brian remarked on this earlier this week when he spoke in Vegas, broadcast is key. Broadcast provides you wide reach and you see the numbers on CBS this year. And I think all leagues are looking at the power of broadcast and wanting to be part of that.

But we do illuminate. We use broadcast and the fastest growing streaming service in terms of net ads since launch, Paramount+, to provide that choice for consumers. And that is the route and that is success in today's media landscape. Frankly, both parts are important to serving audiences.

BRIAN SOZZI: Of course, there's been a lot of speculation about Paramount, Bob, and over the past, I would say, month and a half or so. Nothing new to you as someone who's been around this industry for a while. What's your bar to entertaining some of the deals or doing some form of transaction? What do you need to see?

BOB BAKISH: So I say a couple of things. One, is as a management team and as a board of directors, we are focused on shareholder value and creating shareholder value. The most predictable route to doing that is through execution and that's why we are laser focused on execution, including, by the way, maximizing the value of this weekend here in Vegas at the Super Bowl for Paramount Global.

You see us showcasing a lot of our products. You see us introducing a new brand campaign for Pluto. You see us launching the fall slate on CBS. You see us launching Halo on Paramount+.

So we're really using this as a fundamental part of our execution. That said, in parallel, we're always looking at alternate ways of creating shareholder value, including potentially through transactions. So we'll have to see if anything happens in that regard, but our focus is on shareholder value creation.

BRIAN SOZZI: Just lastly, Bob, a quick clarification. Have you received expressions of interest from parties, or firm bids, or both?

BOB BAKISH: I'm not going to comment on the speculation that's been in the press other than to say we're focused on shareholder value creation. And we will look at any opportunity that we deem potentially interesting.

BRIAN SOZZI: Do you have a pick for the big game?

BOB BAKISH: I don't other than to say we are very happy with this two-team configuration for the game. It's looking like it will be a close game. Certainly, there are fans on both sides.

I was remarking with one of my team members before we came on air. We were debating, did we see more Niners or Chiefs fans out there? It's a little confusing because it's red involved with both. But it should be a phenomenal game. And we're privileged to have it as part of Paramount Global.

BRIAN SOZZI: Well, I'll share my winner, Bob. I think it's going to be Taylor Swift. She's not on the field, but I think it's just going to be a Taylor Swift Bowl.

I mean, I figured why not lay it out on the field for you literally because I know our time is brief. Always appreciate your time, Bob Bakish, Paramount CEO. Enjoy the big game. Enjoy your time out there and we'll catch up soon.

BOB BAKISH: I'd close it differently, Brian. I'd say the big winners are CBS, Paramount Global, and the NFL.

BRIAN SOZZI: Gee, I'm surprised!

BOB BAKISH: And Taylor Swift will be part of it, but we're the winners here.

BRIAN SOZZI: I'm not surprised you would say that. All right, Bob, thanks so much. Enjoy the big game. We appreciate you.

BOB BAKISH: All right, man, take care.

BRIAN SOZZI: Thanks.

BOB BAKISH: Have a good one.