☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 99-3917985 | |||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||
1515 Broadway | New York, | New York | 10036 | |
(Address of principal executive offices) | (Zip Code) | |||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Class B Common Stock, $0.001 par value | PSKY | The Nasdaq Stock Market LLC | ||||||
Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
Emerging growth company | ☐ |
Page | ||
PART I – FINANCIAL INFORMATION | ||
Item 1. | ||
Item 1A. | ||
Item 1. | Financial Statements. |
Successor | Predecessor | Successor | Predecessor | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||
Revenues | $6,913 | $6,849 | $14,260 | $14,041 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Operating | 4,443 | 4,624 | 9,298 | 9,585 | |||||||||||||
Selling, general and administrative | 1,443 | 1,401 | 2,854 | 2,944 | |||||||||||||
Depreciation and amortization | 364 | 87 | 726 | 175 | |||||||||||||
Impairment charges | — | 157 | — | 157 | |||||||||||||
Restructuring and transaction-related items | 188 | 181 | 291 | 266 | |||||||||||||
Total costs and expenses | 6,438 | 6,450 | 13,169 | 13,127 | |||||||||||||
Gain on dispositions | — | — | — | 35 | |||||||||||||
Operating income | 475 | 399 | 1,091 | 949 | |||||||||||||
Interest expense | (255) | (214) | (493) | (431) | |||||||||||||
Interest income | 29 | 32 | 67 | 70 | |||||||||||||
Other items, net | (34) | (39) | (58) | (76) | |||||||||||||
Earnings before income taxes and equity in loss of investee companies | 215 | 178 | 607 | 512 | |||||||||||||
Provision for income taxes | (120) | (50) | (275) | (150) | |||||||||||||
Equity in loss of investee companies, net of tax | (54) | (67) | (116) | (140) | |||||||||||||
Net earnings (Parent and noncontrolling interests) | 41 | 61 | 216 | 222 | |||||||||||||
Net earnings attributable to noncontrolling interests | — | (4) | (7) | (13) | |||||||||||||
Net earnings attributable to Parent | $41 | $57 | $209 | $209 | |||||||||||||
Basic net earnings per common share attributable to Parent | $.04 | $.08 | $.19 | $.31 | |||||||||||||
Diluted net earnings per common share attributable to Parent | $.04 | $.08 | $.19 | $.31 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 1,117 | 675 | 1,113 | 673 | |||||||||||||
Diluted | 1,120 | 680 | 1,119 | 679 | |||||||||||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||||
Net earnings (Parent and noncontrolling interests) | $41 | $61 | $216 | $222 | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||
Cumulative translation adjustments | 27 | 84 | (23) | 152 | |||||||||||||||
Cash flow hedges | 8 | 8 | (28) | 14 | |||||||||||||||
Decrease to net actuarial loss and prior service costs | — | 11 | — | 21 | |||||||||||||||
Other comprehensive income (loss), net of tax (Parent and noncontrolling interests) | 35 | 103 | (51) | 187 | |||||||||||||||
Comprehensive income | 76 | 164 | 165 | 409 | |||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | 1 | 5 | 8 | 15 | |||||||||||||||
Comprehensive income attributable to Parent | $75 | $159 | $157 | $394 | |||||||||||||||
At | At | ||||||
June 30, 2026 | December 31, 2025 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $1,627 | $3,274 | |||||
Receivables, net | 6,178 | 6,615 | |||||
Programming and other inventory | 1,655 | 1,461 | |||||
Prepaid expenses and other current assets | 1,560 | 1,970 | |||||
Total current assets | 11,020 | 13,320 | |||||
Property and equipment, net | 2,216 | 2,195 | |||||
Programming and other inventory | 15,641 | 15,028 | |||||
Goodwill | 2,034 | 1,600 | |||||
Intangible assets, net | 5,649 | 6,238 | |||||
Operating lease assets | 1,033 | 1,126 | |||||
Deferred income tax assets, net | 1,347 | 1,282 | |||||
Advance consideration for WBD acquisition | 2,800 | — | |||||
Other assets | 2,671 | 2,553 | |||||
Total Assets | $44,411 | $43,342 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable | $511 | $906 | |||||
Accrued expenses | 2,158 | 2,077 | |||||
Participants’ share and royalties payable | 2,606 | 2,646 | |||||
Accrued programming and production costs | 1,801 | 1,832 | |||||
Deferred revenues | 1,486 | 1,355 | |||||
Debt | 665 | 433 | |||||
Other current liabilities | 1,373 | 1,350 | |||||
Total current liabilities | 10,600 | 10,599 | |||||
Long-term debt | 14,491 | 13,225 | |||||
Participants’ share and royalties payable | 1,437 | 1,361 | |||||
Pension and postretirement benefit obligations | 1,169 | 1,185 | |||||
Deferred income tax liabilities, net | 68 | 85 | |||||
Operating lease liabilities | 1,046 | 1,150 | |||||
Programming obligations | 581 | 400 | |||||
Other liabilities | 2,209 | 2,450 | |||||
Commitments and contingencies (Note 14) | |||||||
Parent stockholders’ equity: | |||||||
Class A Common Stock, par value $.001 per share; 55 shares authorized; 32 (2026 and 2025) shares issued | — | — | |||||
Class B Common Stock, par value $.001 per share; 7,000 (2026) and 5,500 (2025) shares authorized; 1,089 (2026) and 1,076 (2025) shares issued | 1 | 1 | |||||
Additional paid-in capital | 13,307 | 13,386 | |||||
Accumulated deficit | (1,544) | (1,753) | |||||
Accumulated other comprehensive income | 7 | 59 | |||||
Total Parent stockholders’ equity | 11,771 | 11,693 | |||||
Noncontrolling interests | 1,039 | 1,194 | |||||
Total Equity | 12,810 | 12,887 | |||||
Total Liabilities and Equity | $44,411 | $43,342 | |||||
Successor | Predecessor | ||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||
2026 | 2025 | ||||||||
Operating Activities: | |||||||||
Net earnings (Parent and noncontrolling interests) | $216 | $222 | |||||||
Adjustments to reconcile net earnings to net cash flow provided by operating activities: | |||||||||
Depreciation and amortization | 726 | 175 | |||||||
Impairment charges | — | 157 | |||||||
Deferred tax provision | 50 | 21 | |||||||
Stock-based compensation | 161 | 87 | |||||||
Gain on dispositions | — | (35) | |||||||
Equity in loss of investee companies, net of tax and distributions | 118 | 141 | |||||||
Change in assets and liabilities | (767) | (429) | |||||||
Net cash flow provided by operating activities | 504 | 339 | |||||||
Investing Activities: | |||||||||
Investments | (172) | (148) | |||||||
Capital expenditures | (150) | (102) | |||||||
Advance consideration for WBD acquisition | (2,800) | — | |||||||
Proceeds from dispositions | 13 | 66 | |||||||
Other investing activities | (6) | — | |||||||
Net cash flow used for investing activities | (3,115) | (184) | |||||||
Financing Activities: | |||||||||
Borrowings under credit facility | 2,700 | — | |||||||
Repayment of credit facility borrowings | (900) | — | |||||||
Repayment of notes and debentures | (347) | — | |||||||
Dividends paid on common stock | (117) | (70) | |||||||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (104) | (26) | |||||||
Payments to noncontrolling interests | (189) | (65) | |||||||
Other financing activities | (51) | — | |||||||
Net cash flow provided by (used for) financing activities | 992 | (161) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (28) | 84 | |||||||
Net (decrease) increase in cash and cash equivalents | (1,647) | 78 | |||||||
Cash and cash equivalents at beginning of year | 3,274 | 2,661 | |||||||
Cash and cash equivalents at end of period | $1,627 | $2,739 | |||||||
Three Months Ended June 30, 2026 | |||||||||||||||||||||||
Class A and B Common Stock Outstanding | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Parent Stockholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||
(Successor) | (Shares) | ||||||||||||||||||||||
March 31, 2026 | 1,118 | $1 | $13,316 | $(1,585) | $(27) | $11,705 | $1,044 | $12,749 | |||||||||||||||
Stock-based compensation activity | 3 | — | 50 | — | — | 50 | — | 50 | |||||||||||||||
Common stock dividends | — | — | (59) | — | — | (59) | — | (59) | |||||||||||||||
Noncontrolling interests | — | — | — | — | — | — | (6) | (6) | |||||||||||||||
Net earnings | — | — | — | 41 | — | 41 | — | 41 | |||||||||||||||
Other comprehensive income | — | — | — | — | 34 | 34 | 1 | 35 | |||||||||||||||
June 30, 2026 | 1,121 | $1 | $13,307 | $(1,544) | $7 | $11,771 | $1,039 | $12,810 | |||||||||||||||
Six Months Ended June 30, 2026 | ||||||||||||||||||||||||
Class A and B Common Stock Outstanding | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Parent Stockholders’ Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||
(Successor) | (Shares) | |||||||||||||||||||||||
December 31, 2025 | 1,108 | $1 | $13,386 | $(1,753) | $59 | $11,693 | $1,194 | $12,887 | ||||||||||||||||
Stock-based compensation activity and other | 13 | — | 57 | — | — | 57 | — | 57 | ||||||||||||||||
Common stock dividends | — | — | (119) | — | — | (119) | — | (119) | ||||||||||||||||
Noncontrolling interests | — | — | (17) | — | — | (17) | (163) | (180) | ||||||||||||||||
Net earnings | — | — | — | 209 | — | 209 | 7 | 216 | ||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (52) | (52) | 1 | (51) | ||||||||||||||||
June 30, 2026 | 1,121 | $1 | $13,307 | $(1,544) | $7 | $11,771 | $1,039 | $12,810 | ||||||||||||||||
Three Months Ended June 30, 2025 | |||||||||||||||||||||||||
Class A and B Common Stock Outstanding | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Parent Stockholders’ Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||
(Predecessor) | (Shares) | ||||||||||||||||||||||||
March 31, 2025 | 674 | $1 | $33,412 | $(22,958) | $7,604 | $(1,521) | $16,538 | $390 | $16,928 | ||||||||||||||||
Stock-based compensation activity | — | — | 43 | — | — | — | 43 | — | 43 | ||||||||||||||||
Common stock dividends | — | — | — | — | (35) | — | (35) | — | (35) | ||||||||||||||||
Noncontrolling interests | — | — | — | — | — | — | — | 11 | 11 | ||||||||||||||||
Net earnings | — | — | — | — | 57 | — | 57 | 4 | 61 | ||||||||||||||||
Other comprehensive income | — | — | — | — | — | 102 | 102 | 1 | 103 | ||||||||||||||||
June 30, 2025 | 674 | $1 | $33,455 | $(22,958) | $7,626 | $(1,419) | $16,705 | $406 | $17,111 | ||||||||||||||||
Six Months Ended June 30, 2025 | |||||||||||||||||||||||||
Class A and B Common Stock Outstanding | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Parent Stockholders’ Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||
(Predecessor) | (Shares) | ||||||||||||||||||||||||
December 31, 2024 | 671 | $1 | $33,394 | $(22,958) | $7,487 | $(1,604) | $16,320 | $462 | $16,782 | ||||||||||||||||
Stock-based compensation activity | 3 | — | 61 | — | — | — | 61 | — | 61 | ||||||||||||||||
Common stock dividends | — | — | — | — | (70) | — | (70) | — | (70) | ||||||||||||||||
Noncontrolling interests | — | — | — | — | — | — | — | (71) | (71) | ||||||||||||||||
Net earnings | — | — | — | — | 209 | — | 209 | 13 | 222 | ||||||||||||||||
Other comprehensive income | — | — | — | — | — | 185 | 185 | 2 | 187 | ||||||||||||||||
June 30, 2025 | 674 | $1 | $33,455 | $(22,958) | $7,626 | $(1,419) | $16,705 | $406 | $17,111 | ||||||||||||||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||
Stock options and RSUs | 56 | 5 | 60 | 5 | |||||||||||||
Warrants | 200 | — | 200 | — | |||||||||||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||
Weighted average shares for basic EPS | 1,117 | 675 | 1,113 | 673 | |||||||||||||
Dilutive effect of shares issuable under stock-based compensation plans | 3 | 5 | 6 | 6 | |||||||||||||
Weighted average shares for diluted EPS | 1,120 | 680 | 1,119 | 679 | |||||||||||||
Estimated value of NAI Transaction consideration attributable to Paramount Global common stock | $2,124 | (a) | |
Cash paid to stockholders (see Note 10) | 4,454 | (b) | |
Proceeds from PIPE Transaction, net of subscription discount | 1,517 | ||
Outstanding Paramount Global RSU Awards and Paramount Global PSU Awards | 80 | (c) | |
Remaining shares of Paramount Skydance Corporation Class B Common Stock | 3,520 | (d) | |
Paramount Global basis at August 7, 2025 | $11,695 |
Allocation of Ultimate Parent’s Basis | ||||||
Preliminary | Measurement Period Adjustments | Preliminary, Revised | ||||
Assets: | ||||||
Cash and cash equivalents | $3,977 | $— | $3,977 | |||
Receivables, net | 5,980 | (19) | 5,961 | |||
Programming and other inventory, current | 1,970 | (66) | 1,904 | |||
Prepaid expenses and other current assets | 1,641 | — | 1,641 | |||
Property and equipment, net (a) | 2,118 | (2) | 2,116 | |||
Programming and other inventory, noncurrent (b) | 13,599 | (456) | 13,143 | |||
Goodwill (c) | 947 | 863 | 1,810 | |||
Intangible assets, net (d) | 6,748 | 11 | 6,759 | |||
Operating lease assets | 875 | 39 | 914 | |||
Deferred income tax assets, net | 1,200 | 48 | 1,248 | |||
Other noncurrent assets | 2,470 | 14 | 2,484 | |||
Total assets | $41,525 | $432 | $41,957 | |||
Liabilities: | ||||||
Long-term debt (e) | $13,619 | $— | $13,619 | |||
Pension and postretirement benefit obligations (f) | 1,390 | — | 1,390 | |||
Deferred income tax liabilities, net | 306 | (186) | 120 | |||
Operating lease liabilities | 1,219 | (3) | 1,216 | |||
Programming obligations (g) | 2,017 | 209 | 2,226 | |||
Other liabilities (h) | 10,137 | 378 | 10,515 | |||
Total liabilities | $28,688 | $398 | $29,086 | |||
Noncontrolling interests (i) | 1,249 | (73) | 1,176 | |||
Paramount Global basis at August 7, 2025 | $11,588 | $107 | $11,695 | |||
Intangible assets | Values | Valuation Method | Estimated weighted average straight-line amortization period | ||||
FCC and other broadcasting licenses | $2,558 | Greenfield discounted cash flow method | 30 years | ||||
Trade names | $1,521 | Relief from Royalty | 17.3 years | ||||
Affiliate relationships | $1,005 | Multi-period excess earnings | 2.6 years | ||||
Subscriber relationships | $1,080 | Replacement cost | 2 years | ||||
Franchises | $337 | Discounted cash flow | 10 years | ||||
Developed technology | $258 | Replacement cost | 3 years |
At | At | ||||||
June 30, 2026 | December 31, 2025 | ||||||
Film Group Monetization: | |||||||
Licensed program rights, including prepaid sports rights | $3,123 | $2,877 | |||||
Produced television and film programming: | |||||||
Released | 9,112 | 9,107 | |||||
In process and other | 2,273 | 1,935 | |||||
Individual Monetization: | |||||||
Produced television and film programming: | |||||||
Released | 853 | 1,005 | |||||
Completed, not yet released | 92 | 27 | |||||
In process and other | 1,804 | 1,526 | |||||
Home entertainment | 4 | 5 | |||||
Game development | 35 | 7 | |||||
Total programming and other inventory | 17,296 | 16,489 | |||||
Less current portion | 1,655 | 1,461 | |||||
Total noncurrent programming and other inventory | $15,641 | $15,028 | |||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||
Licensed program rights | $1,000 | $1,117 | $2,681 | $2,628 | |||||||||||||
Produced television and film programming, and acquired libraries: | |||||||||||||||||
Individual monetization | $405 | $316 | $805 | $685 | |||||||||||||
Film group monetization | $1,171 | $1,371 | $2,208 | $2,670 | |||||||||||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||
Severance (a) | $35 | $177 | $35 | $177 | |||||||||||||
Exit costs | — | — | — | 65 | |||||||||||||
Restructuring charges | 35 | 177 | 35 | 242 | |||||||||||||
Transaction-related items | 153 | 4 | 256 | 24 | |||||||||||||
Restructuring and transaction-related items | $188 | $181 | $291 | $266 | |||||||||||||
Successor | |||||||||||||
2026 Activity | |||||||||||||
Balance at December 31, 2025 | Charges (a) | Payments and other | Balance at June 30, 2026 | ||||||||||
Studios | $133 | $6 | $(44) | $95 | |||||||||
Direct-to-Consumer | 53 | — | (20) | 33 | |||||||||
TV Media | 384 | 15 | (168) | 231 | |||||||||
Corporate | 135 | 5 | (29) | 111 | |||||||||
Total | $705 | $26 | $(261) | $470 | |||||||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||
Revenues by Type: | |||||||||||||||||
Advertising | $1,959 | $2,152 | $4,401 | $4,665 | |||||||||||||
Affiliate and subscription | 3,520 | 3,445 | 7,021 | 6,842 | |||||||||||||
Theatrical | 138 | 254 | 290 | 402 | |||||||||||||
Licensing and other | 1,296 | 998 | 2,548 | 2,132 | |||||||||||||
Total Revenues | $6,913 | $6,849 | $14,260 | $14,041 | |||||||||||||
At | At | |||||||
June 30, 2026 | December 31, 2025 | |||||||
4.0% Senior Notes due 2026 | $— | $347 | ||||||
3.70% Senior Notes due 2026 | 86 | 85 | ||||||
2.90% Senior Notes due 2027 | 578 | 573 | ||||||
3.375% Senior Notes due 2028 | 490 | 487 | ||||||
3.70% Senior Notes due 2028 | 492 | 489 | ||||||
4.20% Senior Notes due 2029 | 491 | 489 | ||||||
7.875% Senior Debentures due 2030 | 905 | 915 | ||||||
4.95% Senior Notes due 2031 | 1,224 | 1,221 | ||||||
4.20% Senior Notes due 2032 | 927 | 921 | ||||||
5.50% Senior Debentures due 2033 | 418 | 417 | ||||||
4.85% Senior Debentures due 2034 | 76 | 76 | ||||||
6.875% Senior Debentures due 2036 | 1,117 | 1,119 | ||||||
6.75% Senior Debentures due 2037 | 75 | 75 | ||||||
5.90% Senior Notes due 2040 | 273 | 272 | ||||||
4.50% Senior Debentures due 2042 | 34 | 34 | ||||||
4.85% Senior Notes due 2042 | 404 | 400 | ||||||
4.375% Senior Debentures due 2043 | 1,090 | 1,079 | ||||||
4.875% Senior Debentures due 2043 | 14 | 14 | ||||||
5.85% Senior Debentures due 2043 | 1,107 | 1,103 | ||||||
5.25% Senior Debentures due 2044 | 277 | 275 | ||||||
4.90% Senior Notes due 2044 | 435 | 432 | ||||||
4.60% Senior Notes due 2045 | 456 | 452 | ||||||
4.95% Senior Notes due 2050 | 768 | 763 | ||||||
6.25% Junior Subordinated Debentures due 2057 | 628 | 628 | ||||||
6.375% Junior Subordinated Debentures due 2062 | 989 | 989 | ||||||
Borrowings under credit facility | 1,800 | — | ||||||
Obligations under finance leases | 2 | 3 | ||||||
Total debt (a) | 15,156 | 13,658 | ||||||
Less current portion | 665 | 433 | ||||||
Total long-term debt, net of current portion | $14,491 | $13,225 | ||||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||
Cash flow hedges | |||||||||||||||||
Foreign exchange contracts | $12 | $11 | $(36) | $19 | |||||||||||||
Interest rate contracts | (2) | — | (2) | — | |||||||||||||
Total | $10 | $11 | $(38) | $19 | |||||||||||||
Non-designated hedges | |||||||||||||||||
Foreign exchange contracts | $(2) | $(20) | $3 | $(29) | |||||||||||||
Interest rate contracts | (12) | — | (12) | — | |||||||||||||
Total | $(14) | $(20) | $(9) | $(29) | |||||||||||||
At | At | ||||||
June 30, 2026 | December 31, 2025 | ||||||
Assets: | |||||||
Foreign exchange contracts | $44 | $38 | |||||
Interest rate contracts | 20 | — | |||||
Total Assets | $64 | $38 | |||||
Liabilities: | |||||||
Deferred compensation | $286 | $312 | |||||
Foreign exchange contracts | 68 | 28 | |||||
Interest rate contracts | 34 | — | |||||
Total Liabilities | $388 | $340 | |||||
At | At | ||||||
June 30, 2026 | December 31, 2025 | ||||||
Total assets | $829 | $1,193 | |||||
Total liabilities | $149 | $311 | |||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||
Revenues | $127 | $117 | $221 | $242 | |||||||||||||
Operating income (loss) | $13 | $(40) | $37 | $(87) | |||||||||||||
(in millions) | Class A | Class B | ||
Each share of Paramount Global Class A Common Stock converted to one share of Paramount Skydance Corporation Class A Common Stock | 40.7 | |||
Each share of Paramount Global Class B Common Stock converted to one share of Paramount Skydance Corporation Class B Common Stock | 633.6 | |||
Issuance of Paramount Skydance Corporation Class B Common Stock to the NAI Equity Investors and certain other affiliates of investors in Skydance in exchange for proceeds from the PIPE Transaction | 400.0 | |||
Cancellation of cash-settled Class A Common Stock | (7.2) | |||
Cancellation of cash-settled Class B Common Stock | (285.9) | |||
Conversion of one share of stock-settled Class A Common Stock to 1.5333 shares of Class B Common Stock | (2.0) | 3.1 | ||
Issuance of Paramount Skydance Corporation Class B Common Stock to holders of Skydance Membership Units and Skydance Phantom Unit awards | 313.8 | |||
Total share issuance, net of cancellations | (9.2) | 431.0 | ||
Total shares of Paramount Skydance Corporation Class A and Class B Common Stock issued and outstanding after the Skydance Transactions on August 7, 2025 | 31.5 | 1,064.6 |
Successor | Predecessor | Successor | Predecessor | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||
Class A and Class B Common Stock | |||||||||||||||||
Dividends declared per common share | $.05 | $.05 | $.10 | $.10 | |||||||||||||
Total common stock dividends | $59 | $35 | $119 | $70 | |||||||||||||
(Successor) | Cumulative Translation Adjustments | Net Actuarial Gain and Prior Service Cost | Cash Flow Hedges | Accumulated Other Comprehensive Income (Loss) | |||||||||||
At December 31, 2025 | $40 | $19 | $— | $59 | |||||||||||
Other comprehensive loss before reclassifications | (24) | — | (28) | (52) | |||||||||||
At June 30, 2026 | $16 | $19 | $(28) | $7 | |||||||||||
(Predecessor) | Cumulative Translation Adjustments | Net Actuarial Loss and Prior Service Cost | Cash Flow Hedges | Accumulated Other Comprehensive Income (Loss) | |||||||||||
At December 31, 2024 | $(670) | $(947) | $13 | $(1,604) | |||||||||||
Other comprehensive income before reclassifications | 150 | — | 14 | 164 | |||||||||||
Reclassifications to net earnings | — | 21 | (a) | — | 21 | ||||||||||
Other comprehensive income | 150 | 21 | 14 | 185 | |||||||||||
At June 30, 2025 | $(520) | $(926) | $27 | $(1,419) | |||||||||||
Impact from Items Affecting Comparability | ||||||||||||||||
Successor | ||||||||||||||||
Three Months Ended June 30, 2026 | Six Months Ended June 30, 2026 | |||||||||||||||
Earnings (Loss) Before Income Taxes | Benefit from (Provision for) Income Taxes | Earnings (Loss) Before Income Taxes | Benefit from (Provision for) Income Taxes | |||||||||||||
Restructuring charges (Note 4) | $(35) | $5 | $(35) | $5 | ||||||||||||
Transaction-related items (Note 4) | $(153) | $15 | $(256) | $21 | ||||||||||||
Net discrete tax benefit | n/a | $4 | n/a | $8 | ||||||||||||
Impact from Items Affecting Comparability | |||||||||||||||
Predecessor | |||||||||||||||
Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | ||||||||||||||
Earnings (Loss) Before Income Taxes | Benefit from (Provision for) Income Taxes | Earnings (Loss) Before Income Taxes | Benefit from (Provision for) Income Taxes | ||||||||||||
Impairment charges (Note 15) | $(157) | $39 | $(157) | $39 | |||||||||||
Restructuring charges (Note 4) | $(177) | $42 | $(242) | $58 | |||||||||||
Transaction-related items (Note 4) | $(4) | $1 | $(24) | $1 | |||||||||||
Gain from dispositions | $— | $— | $35 | $(2) | |||||||||||
Net discrete tax provision | n/a | $(2) | n/a | $(9) | |||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||
Components of net periodic cost (a): | |||||||||||||||||
Interest cost | $50 | $49 | $2 | $3 | |||||||||||||
Expected return on plan assets | (35) | (32) | — | — | |||||||||||||
Amortization of actuarial loss (gain) (b) | — | 19 | — | (5) | |||||||||||||
Net periodic cost | $15 | $36 | $2 | $(2) | |||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||
Components of net periodic cost (a): | |||||||||||||||||
Interest cost | $100 | $99 | $4 | $5 | |||||||||||||
Expected return on plan assets | (70) | (64) | — | — | |||||||||||||
Amortization of actuarial loss (gain) (b) | — | 37 | — | (9) | |||||||||||||
Net periodic cost | $30 | $72 | $4 | $(4) | |||||||||||||
Successor | Predecessor | ||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||
2026 | 2025 | ||||||||
Revenues: | Revenues: | ||||||||
Studios | Filmed Entertainment | ||||||||
Theatrical | $138 | Theatrical | $254 | ||||||
Licensing and other | 1,172 | Licensing and other | 434 | ||||||
Advertising | 4 | Advertising | 2 | ||||||
Studios | 1,314 | Filmed Entertainment | 690 | ||||||
Direct-to-Consumer | Direct-to-Consumer | ||||||||
Advertising | 535 | Advertising | 494 | ||||||
Affiliate and subscription | 1,939 | Subscription | 1,665 | ||||||
Licensing | — | Licensing | 1 | ||||||
Direct-to-Consumer | 2,474 | Direct-to-Consumer | 2,160 | ||||||
TV Media | TV Media | ||||||||
Advertising | 1,420 | Advertising | 1,657 | ||||||
Affiliate and subscription | 1,581 | Affiliate and subscription | 1,780 | ||||||
Licensing and other | 127 | Licensing and other | 574 | ||||||
TV Media | 3,128 | TV Media | 4,011 | ||||||
Eliminations | (3) | Eliminations | (12) | ||||||
Total Revenues | $6,913 | Total Revenues | $6,849 | ||||||
Successor | Predecessor | ||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||
2026 | 2025 | ||||||||
Revenues: | Revenues: | ||||||||
Studios | Filmed Entertainment | ||||||||
Theatrical | $290 | Theatrical | $402 | ||||||
Licensing and other | 2,299 | Licensing and other | 910 | ||||||
Advertising | 8 | Advertising | 5 | ||||||
Studios | 2,597 | Filmed Entertainment | 1,317 | ||||||
Direct-to-Consumer | Direct-to-Consumer | ||||||||
Advertising | 1,052 | Advertising | 967 | ||||||
Affiliate and subscription | 3,820 | Subscription | 3,236 | ||||||
Licensing | — | Licensing | 1 | ||||||
Direct-to-Consumer | 4,872 | Direct-to-Consumer | 4,204 | ||||||
TV Media | TV Media | ||||||||
Advertising | 3,341 | Advertising | 3,695 | ||||||
Affiliate and subscription | 3,201 | Affiliate and subscription | 3,606 | ||||||
Licensing and other | 252 | Licensing and other | 1,248 | ||||||
TV Media | 6,794 | TV Media | 8,549 | ||||||
Eliminations | (3) | Eliminations | (29) | ||||||
Total Revenues | $14,260 | Total Revenues | $14,041 | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2025 | 2025 | ||||||
Intercompany Revenues: | |||||||
TV Media | $6 | $17 | |||||
Filmed Entertainment | 6 | 12 | |||||
Total Intercompany Revenues | $12 | $29 | |||||
Successor | Predecessor | ||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||
2026 | 2025 | ||||||||
Studios | Filmed Entertainment | ||||||||
Revenues | $1,314 | Revenues | $690 | ||||||
Content costs | 926 | Content costs | 394 | ||||||
Advertising and marketing | 143 | Advertising and marketing | 195 | ||||||
Other (a) | 209 | Other (a) | 185 | ||||||
Total segment expenses | 1,278 | Total segment expenses | 774 | ||||||
Studios Adjusted EBITDA | 36 | Filmed Entertainment Adjusted OIBDA | (84) | ||||||
Direct-to-Consumer | Direct-to-Consumer | ||||||||
Revenues | 2,474 | Revenues | 2,160 | ||||||
Content costs | 1,161 | Content costs | 1,085 | ||||||
Advertising and marketing | 316 | Advertising and marketing | 294 | ||||||
Other (b) | 631 | Other (b) | 624 | ||||||
Total segment expenses | 2,108 | Total segment expenses | 2,003 | ||||||
Direct-to-Consumer Adjusted EBITDA | 366 | Direct-to-Consumer Adjusted OIBDA | 157 | ||||||
TV Media | TV Media | ||||||||
Revenues | 3,128 | Revenues | 4,011 | ||||||
Content costs | 1,185 | Content costs | 1,956 | ||||||
Advertising and marketing | 66 | Advertising and marketing | 116 | ||||||
Other (c) | 814 | Other (c) | 1,076 | ||||||
Total segment expenses | 2,065 | Total segment expenses | 3,148 | ||||||
TV Media Adjusted EBITDA | 1,063 | TV Media Adjusted OIBDA | 863 | ||||||
Corporate/Eliminations | (366) | Corporate/Eliminations | (73) | ||||||
Stock-based compensation (d) | (72) | Stock-based compensation (d) | (39) | ||||||
Depreciation and amortization | (364) | Depreciation and amortization | (87) | ||||||
Impairment charges | — | Impairment charges | (157) | ||||||
Restructuring and transaction-related items (d) | (188) | Restructuring and transaction-related items (d) | (181) | ||||||
Operating income | 475 | Operating income | 399 | ||||||
Interest expense | (255) | Interest expense | (214) | ||||||
Interest income | 29 | Interest income | 32 | ||||||
Other items, net | (34) | Other items, net | (39) | ||||||
Earnings before income taxes and equity in loss of investee companies | 215 | Earnings before income taxes and equity in loss of investee companies | 178 | ||||||
Provision for income taxes | (120) | Provision for income taxes | (50) | ||||||
Equity in loss of investee companies, net of tax | (54) | Equity in loss of investee companies, net of tax | (67) | ||||||
Net earnings (Parent and noncontrolling interests) | 41 | Net earnings (Parent and noncontrolling interests) | 61 | ||||||
Net earnings attributable to noncontrolling interests | — | Net earnings attributable to noncontrolling interests | (4) | ||||||
Net earnings attributable to Parent | $41 | Net earnings attributable to Parent | $57 | ||||||
Successor | Predecessor | ||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||
2026 | 2025 | ||||||||
Studios | Filmed Entertainment | ||||||||
Revenues | $2,597 | Revenues | $1,317 | ||||||
Content costs | 1,742 | Content costs | 715 | ||||||
Advertising and marketing | 243 | Advertising and marketing | 311 | ||||||
Other (a) | 412 | Other (a) | 355 | ||||||
Total segment expenses | 2,397 | Total segment expenses | 1,381 | ||||||
Studios Adjusted EBITDA | 200 | Filmed Entertainment Adjusted OIBDA | (64) | ||||||
Direct-to-Consumer | Direct-to-Consumer | ||||||||
Revenues | 4,872 | Revenues | 4,204 | ||||||
Content costs | 2,407 | Content costs | 2,300 | ||||||
Advertising and marketing | 631 | Advertising and marketing | 635 | ||||||
Other (b) | 1,217 | Other (b) | 1,221 | ||||||
Total segment expenses | 4,255 | Total segment expenses | 4,156 | ||||||
Direct-to-Consumer Adjusted EBITDA | 617 | Direct-to-Consumer Adjusted OIBDA | 48 | ||||||
TV Media | TV Media | ||||||||
Revenues | 6,794 | Revenues | 8,549 | ||||||
Content costs | 2,904 | Content costs | 4,299 | ||||||
Advertising and marketing | 146 | Advertising and marketing | 269 | ||||||
Other (c) | 1,626 | Other (c) | 2,196 | ||||||
Total segment expenses | 4,676 | Total segment expenses | 6,764 | ||||||
TV Media Adjusted EBITDA | 2,118 | TV Media Adjusted OIBDA | 1,785 | ||||||
Corporate/Eliminations | (675) | Corporate/Eliminations | (174) | ||||||
Stock-based compensation (d) | (152) | Stock-based compensation (d) | (83) | ||||||
Depreciation and amortization | (726) | Depreciation and amortization | (175) | ||||||
Impairment charges | — | Impairment charges | (157) | ||||||
Restructuring and transaction-related items (d) | (291) | Restructuring and transaction-related items (d) | (266) | ||||||
Gain on dispositions | — | Gain on dispositions | 35 | ||||||
Operating income | 1,091 | Operating income | 949 | ||||||
Interest expense | (493) | Interest expense | (431) | ||||||
Interest income | 67 | Interest income | 70 | ||||||
Other items, net | (58) | Other items, net | (76) | ||||||
Earnings before income taxes and equity in loss of investee companies | 607 | Earnings before income taxes and equity in loss of investee companies | 512 | ||||||
Provision for income taxes | (275) | Provision for income taxes | (150) | ||||||
Equity in loss of investee companies, net of tax | (116) | Equity in loss of investee companies, net of tax | (140) | ||||||
Net earnings (Parent and noncontrolling interests) | 216 | Net earnings (Parent and noncontrolling interests) | 222 | ||||||
Net earnings attributable to noncontrolling interests | (7) | Net earnings attributable to noncontrolling interests | (13) | ||||||
Net earnings attributable to Parent | $209 | Net earnings attributable to Parent | $209 | ||||||
Successor | Predecessor | |||||||
Six Months Ended June 30, | Six Months Ended June 30, | |||||||
2026 | 2025 | |||||||
Cash paid for interest | $448 | $411 | ||||||
Cash (received) paid for income taxes | $(32) | $180 | ||||||
Noncash additions to operating lease assets | $38 | $76 | ||||||
Item 2. | Management’s Discussion and Analysis of Results of Operations and Financial Condition. |
(Tabular dollars in millions, except per share amounts) |
Successor | Predecessor | ||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Increase/(Decrease) | |||||||||||
Consolidated Results of Operations | 2026 | 2025 | $ | % | |||||||||
GAAP: | |||||||||||||
Revenues | $6,913 | $6,849 | $64 | 1% | |||||||||
Operating income | $475 | $399 | $76 | 19% | |||||||||
Net earnings attributable to Parent | $41 | $57 | $(16) | (28)% | |||||||||
Diluted EPS | $.04 | $.08 | $(.04) | (50)% | |||||||||
Non-GAAP: (a) | |||||||||||||
Adjusted EBITDA | $1,099 | $863 | $236 | 27% | |||||||||
Adjusted net earnings attributable to Parent | $205 | $315 | $(110) | (35)% | |||||||||
Adjusted diluted EPS | $.18 | $.46 | $(.28) | (61)% | |||||||||
Successor | Predecessor | ||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Increase/(Decrease) | |||||||||||
Consolidated Results of Operations | 2026 | 2025 | $ | % | |||||||||
GAAP: | |||||||||||||
Revenues | $14,260 | $14,041 | $219 | 2% | |||||||||
Operating income | $1,091 | $949 | $142 | 15% | |||||||||
Net earnings attributable to Parent | $209 | $209 | $— | —% | |||||||||
Diluted EPS | $.19 | $.31 | $(.12) | (39)% | |||||||||
Non-GAAP: (a) | |||||||||||||
Adjusted EBITDA | $2,260 | $1,595 | $665 | 42% | |||||||||
Adjusted net earnings attributable to Parent | $466 | $510 | $(44) | (9)% | |||||||||
Adjusted diluted EPS | $.42 | $.75 | $(.33) | (44)% | |||||||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||
Net earnings attributable to Parent (GAAP) | $41 | $57 | $209 | $209 | |||||||||||||
Net earnings attributable to noncontrolling interests | — | 4 | 7 | 13 | |||||||||||||
Equity in loss of investee companies, net of tax | 54 | 67 | 116 | 140 | |||||||||||||
Provision for income taxes | 120 | 50 | 275 | 150 | |||||||||||||
Other items, net | 34 | 39 | 58 | 76 | |||||||||||||
Interest expense, net | 226 | 182 | 426 | 361 | |||||||||||||
Gain on dispositions (a) | — | — | — | (35) | |||||||||||||
Transaction-related items (a) | 153 | 4 | 256 | 24 | |||||||||||||
Restructuring charges (a) | 35 | 177 | 35 | 242 | |||||||||||||
Impairment charges (a) | — | 157 | — | 157 | |||||||||||||
Stock-based compensation | 72 | 39 | 152 | 83 | |||||||||||||
Depreciation and amortization | 364 | 87 | 726 | 175 | |||||||||||||
Adjusted EBITDA (Non-GAAP) | $1,099 | $863 | $2,260 | $1,595 | |||||||||||||
Successor | |||||||||||||||
Three Months Ended June 30, 2026 | |||||||||||||||
Earnings Before Income Taxes | Provision for Income Taxes | Net Earnings Attributable to Parent | Diluted EPS | ||||||||||||
Reported (GAAP) | $215 | $(120) | (c) | $41 | $.04 | ||||||||||
Items affecting comparability: | |||||||||||||||
Restructuring charges (a) | 35 | (5) | 30 | .02 | |||||||||||
Transaction-related items (b) | 153 | (15) | 138 | .12 | |||||||||||
Discrete tax items | — | (4) | (4) | — | |||||||||||
Adjusted (Non-GAAP) | $403 | $(144) | (c) | $205 | $.18 | ||||||||||
Predecessor | |||||||||||||||
Three Months Ended June 30, 2025 | |||||||||||||||
Earnings Before Income Taxes | Provision for Income Taxes | Net Earnings Attributable to Parent | Diluted EPS | ||||||||||||
Reported (GAAP) | $178 | $(50) | (d) | $57 | $.08 | ||||||||||
Items affecting comparability: | |||||||||||||||
Impairment charges (a) | 157 | (39) | 118 | .17 | |||||||||||
Restructuring charges (b) | 177 | (42) | 135 | .20 | |||||||||||
Transaction-related items (c) | 4 | (1) | 3 | .01 | |||||||||||
Discrete tax items | — | 2 | 2 | — | |||||||||||
Adjusted (Non-GAAP) | $516 | $(130) | (d) | $315 | $.46 | ||||||||||
Successor | |||||||||||||||
Six Months Ended June 30, 2026 | |||||||||||||||
Earnings Before Income Taxes | Provision for Income Taxes | Net Earnings Attributable to Parent | Diluted EPS | ||||||||||||
Reported (GAAP) | $607 | $(275) | (c) | $209 | $.19 | ||||||||||
Items affecting comparability: | |||||||||||||||
Restructuring charges (a) | 35 | (5) | 30 | .03 | |||||||||||
Transaction-related items (b) | 256 | (21) | 235 | .21 | |||||||||||
Discrete tax items | — | (8) | (8) | (.01) | |||||||||||
Adjusted (Non-GAAP) | $898 | $(309) | (c) | $466 | $.42 | ||||||||||
Predecessor | |||||||||||||||
Six Months Ended June 30, 2025 | |||||||||||||||
Earnings Before Income Taxes | Provision for Income Taxes | Net Earnings Attributable to Parent | Diluted EPS | ||||||||||||
Reported (GAAP) | $512 | $(150) | (e) | $209 | $.31 | ||||||||||
Items affecting comparability: | |||||||||||||||
Impairment charges (a) | 157 | (39) | 118 | .17 | |||||||||||
Restructuring charges (b) | 242 | (58) | 184 | .27 | |||||||||||
Transaction-related items (c) | 24 | (1) | 23 | .04 | |||||||||||
Gain on dispositions (d) | (35) | 2 | (33) | (.05) | |||||||||||
Discrete tax items | — | 9 | 9 | .01 | |||||||||||
Adjusted (Non-GAAP) | $900 | $(237) | (e) | $510 | $.75 | ||||||||||
Successor | Predecessor | |||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Increase/(Decrease) | ||||||||||||
2026 | 2025 | $ | % | |||||||||||
Selling, general and administrative expenses | $1,443 | $1,401 | $42 | 3% | ||||||||||
Successor | Predecessor | |||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Increase/(Decrease) | ||||||||||||
2026 | 2025 | $ | % | |||||||||||
Selling, general and administrative expenses | $2,854 | $2,944 | $(90) | (3)% | ||||||||||
Successor | Predecessor | ||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Increase/(Decrease) | |||||||||||
2026 | 2025 | $ | % | ||||||||||
Depreciation and amortization | $364 | $87 | $277 | 318% | |||||||||
Successor | Predecessor | ||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Increase/(Decrease) | |||||||||||
2026 | 2025 | $ | % | ||||||||||
Depreciation and amortization | $726 | $175 | $551 | 315% | |||||||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||
Severance (a) | $35 | $177 | $35 | $177 | |||||||||||||
Exit costs | — | — | — | 65 | |||||||||||||
Restructuring charges | 35 | 177 | 35 | 242 | |||||||||||||
Transaction-related items | 153 | 4 | 256 | 24 | |||||||||||||
Restructuring and transaction-related items | $188 | $181 | $291 | $266 | |||||||||||||
Successor | Predecessor | ||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Increase/(Decrease) | |||||||||||
2026 | 2025 | $ | % | ||||||||||
Interest expense | $255 | $214 | $41 | 19% | |||||||||
Interest income | $29 | $32 | $(3) | (9)% | |||||||||
Successor | Predecessor | ||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Increase/(Decrease) | |||||||||||
2026 | 2025 | $ | % | ||||||||||
Interest expense | $493 | $431 | $62 | 14% | |||||||||
Interest income | $67 | $70 | $(3) | (4)% | |||||||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||
Pension and postretirement benefit costs | $17 | $34 | $35 | $68 | |||||||||||||
Foreign exchange loss | 2 | 5 | 6 | 8 | |||||||||||||
Loss on non-designated interest rate hedges (a) | 12 | — | 12 | — | |||||||||||||
Other | 3 | — | 5 | — | |||||||||||||
Other items, net | $34 | $39 | $58 | $76 | |||||||||||||
Impact from Items Affecting Comparability | ||||||||||||||||
Successor | ||||||||||||||||
Three Months Ended June 30, 2026 | Six Months Ended June 30, 2026 | |||||||||||||||
Earnings (Loss) Before Income Taxes | Benefit from (Provision for) Income Taxes | Earnings (Loss) Before Income Taxes | Benefit from (Provision for) Income Taxes | |||||||||||||
Restructuring charges (Note 4) | $(35) | $5 | $(35) | $5 | ||||||||||||
Transaction-related items (Note 4) | $(153) | $15 | $(256) | $21 | ||||||||||||
Net discrete tax benefit | n/a | $4 | n/a | $8 | ||||||||||||
Impact from Items Affecting Comparability | |||||||||||||||
Predecessor | |||||||||||||||
Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | ||||||||||||||
Earnings (Loss) Before Income Taxes | Benefit from (Provision for) Income Taxes | Earnings (Loss) Before Income Taxes | Benefit from (Provision for) Income Taxes | ||||||||||||
Impairment charges (Note 15) | $(157) | $39 | $(157) | $39 | |||||||||||
Restructuring charges (Note 4) | $(177) | $42 | $(242) | $58 | |||||||||||
Transaction-related items (Note 4) | $(4) | $1 | $(24) | $1 | |||||||||||
Gain from dispositions | $— | $— | $35 | $(2) | |||||||||||
Net discrete tax provision | n/a | $(2) | n/a | $(9) | |||||||||||
Successor | Predecessor | ||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Increase/(Decrease) | |||||||||||
2026 | 2025 | $ | % | ||||||||||
Equity in loss of investee companies | $(52) | $(64) | $(12) | (19)% | |||||||||
Tax provision | (2) | (3) | (1) | (33) | |||||||||
Equity in loss of investee companies, net of tax | $(54) | $(67) | $(13) | (19)% | |||||||||
Successor | Predecessor | ||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Increase/(Decrease) | |||||||||||
2026 | 2025 | $ | % | ||||||||||
Equity in loss of investee companies | $(114) | $(138) | $(24) | (17)% | |||||||||
Tax provision | (2) | (2) | — | — | |||||||||
Equity in loss of investee companies, net of tax | $(116) | $(140) | $(24) | (17)% | |||||||||
Successor | Predecessor | ||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Increase/(Decrease) | |||||||||||
2026 | 2025 | $ | % | ||||||||||
Net earnings attributable to Parent | $41 | $57 | $(16) | (28)% | |||||||||
Diluted EPS | $.04 | $.08 | $(.04) | (50)% | |||||||||
Successor | Predecessor | ||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Increase/(Decrease) | |||||||||||
2026 | 2025 | $ | % | ||||||||||
Net earnings attributable to Parent | $209 | $209 | $— | —% | |||||||||
Diluted EPS | $.19 | $.31 | $(.12) | (39)% | |||||||||
GAAP | Non-GAAP (a) | |||||||||||
Successor | Predecessor | Predecessor | ||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||
2026 | 2025 | 2025 | ||||||||||
Revenues: | ||||||||||||
Studios | Filmed Entertainment | Studios | ||||||||||
Theatrical | $138 | $254 | $254 | |||||||||
Licensing and other | 1,172 | 434 | 877 | |||||||||
Advertising | 4 | 2 | 4 | |||||||||
Total | 1,314 | 690 | 1,135 | |||||||||
Direct-to-Consumer | Direct-to-Consumer (b) | Direct-to-Consumer | ||||||||||
Advertising | 535 | 494 | 494 | |||||||||
Affiliate and subscription | 1,939 | 1,665 | 1,769 | |||||||||
Licensing | — | 1 | 1 | |||||||||
Total | 2,474 | 2,160 | 2,264 | |||||||||
TV Media | TV Media (b) | TV Media | ||||||||||
Advertising | 1,420 | 1,657 | 1,655 | |||||||||
Affiliate and subscription | 1,581 | 1,780 | 1,676 | |||||||||
Licensing and other | 127 | 574 | 123 | |||||||||
Total | 3,128 | 4,011 | 3,454 | |||||||||
Eliminations | Eliminations | Eliminations | ||||||||||
(3) | (12) | (4) | ||||||||||
Total Revenues | $6,913 | $6,849 | $6,849 | |||||||||
GAAP | Non-GAAP (a) | |||||||||||||
Successor | Predecessor | Predecessor | ||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||
2026 | 2025 | 2025 | ||||||||||||
Adjusted EBITDA: | Adjusted OIBDA(c): | Adjusted EBITDA: | ||||||||||||
Studios | $36 | Filmed Entertainment | $(84) | Studios | $(31) | |||||||||
Direct-to-Consumer | 366 | Direct-to-Consumer (b) | 157 | Direct-to-Consumer | 254 | |||||||||
TV Media | 1,063 | TV Media (b) | 863 | TV Media | 912 | |||||||||
Corporate/ Eliminations (d) | (366) | Corporate/ Eliminations (d) | (73) | Corporate/ Eliminations (d) | (272) | |||||||||
Stock-based compensation (e) | (72) | Stock-based compensation (e) | (39) | Stock-based compensation (e) | (39) | |||||||||
Depreciation and amortization | (364) | Depreciation and amortization | (87) | Depreciation and amortization | (87) | |||||||||
Impairment charges | — | Impairment charges | (157) | Impairment charges | (157) | |||||||||
Restructuring and transaction-related items (e) | (188) | Restructuring and transaction-related items (e) | (181) | Restructuring and transaction-related items (e) | (181) | |||||||||
Operating income | 475 | Operating income | 399 | Operating income | 399 | |||||||||
Interest expense, net | (226) | Interest expense, net | (182) | Interest expense, net | (182) | |||||||||
Other items, net | (34) | Other items, net | (39) | Other items, net | (39) | |||||||||
Earnings before income taxes and equity in loss of investee companies | 215 | Earnings before income taxes and equity in loss of investee companies | 178 | Earnings before income taxes and equity in loss of investee companies | 178 | |||||||||
Provision for income taxes | (120) | Provision for income taxes | (50) | Provision for income taxes | (50) | |||||||||
Equity in loss of investee companies, net of tax | (54) | Equity in loss of investee companies, net of tax | (67) | Equity in loss of investee companies, net of tax | (67) | |||||||||
Net earnings (Parent and noncontrolling interests) | 41 | Net earnings (Parent and noncontrolling interests) | 61 | Net earnings (Parent and noncontrolling interests) | 61 | |||||||||
Net earnings attributable to noncontrolling interests | — | Net earnings attributable to noncontrolling interests | (4) | Net earnings attributable to noncontrolling interests | (4) | |||||||||
Net earnings attributable to Parent | $41 | Net earnings attributable to Parent | $57 | Net earnings attributable to Parent | $57 | |||||||||
GAAP | Non-GAAP (a) | |||||||||||
Successor | Predecessor | Predecessor | ||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2026 | 2025 | 2025 | ||||||||||
Revenues: | ||||||||||||
Studios | Filmed Entertainment | Studios | ||||||||||
Theatrical | $290 | $402 | $402 | |||||||||
Licensing and other | 2,299 | 910 | 1,883 | |||||||||
Advertising | 8 | 5 | 9 | |||||||||
Total | 2,597 | 1,317 | 2,294 | |||||||||
Direct-to-Consumer | Direct-to-Consumer (b) | Direct-to-Consumer | ||||||||||
Advertising | 1,052 | 967 | 967 | |||||||||
Affiliate and subscription | 3,820 | 3,236 | 3,447 | |||||||||
Licensing | — | 1 | 1 | |||||||||
Total | 4,872 | 4,204 | 4,415 | |||||||||
TV Media | TV Media (b) | TV Media | ||||||||||
Advertising | 3,341 | 3,695 | 3,691 | |||||||||
Affiliate and subscription | 3,201 | 3,606 | 3,395 | |||||||||
Licensing and other | 252 | 1,248 | 252 | |||||||||
Total | 6,794 | 8,549 | 7,338 | |||||||||
Eliminations | Eliminations | Eliminations | ||||||||||
(3) | (29) | (6) | ||||||||||
Total Revenues | $14,260 | $14,041 | $14,041 | |||||||||
GAAP | Non-GAAP (a) | |||||||||||||
Successor | Predecessor | Predecessor | ||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2026 | 2025 | 2025 | ||||||||||||
Adjusted EBITDA: | Adjusted OIBDA(c): | Adjusted EBITDA: | ||||||||||||
Studios | $200 | Filmed Entertainment | $(64) | Studios | $51 | |||||||||
Direct-to-Consumer | 617 | Direct-to-Consumer (b) | 48 | Direct-to-Consumer | 250 | |||||||||
TV Media | 2,118 | TV Media (b) | 1,785 | TV Media | 1,863 | |||||||||
Corporate/ Eliminations (d) | (675) | Corporate/ Eliminations (d) | (174) | Corporate/ Eliminations (d) | (569) | |||||||||
Stock-based compensation (e) | (152) | Stock-based compensation (e) | (83) | Stock-based compensation (e) | (83) | |||||||||
Depreciation and amortization | (726) | Depreciation and amortization | (175) | Depreciation and amortization | (175) | |||||||||
Impairment charges | — | Impairment charges | (157) | Impairment charges | (157) | |||||||||
Restructuring and transaction-related items (e) | (291) | Restructuring and transaction-related items (e) | (266) | Restructuring and transaction-related items (e) | (266) | |||||||||
Gain on dispositions | — | Gain on dispositions | 35 | Gain on dispositions | 35 | |||||||||
Operating income | 1,091 | Operating income | 949 | Operating income | 949 | |||||||||
Interest expense, net | (426) | Interest expense, net | (361) | Interest expense, net | (361) | |||||||||
Other items, net | (58) | Other items, net | (76) | Other items, net | (76) | |||||||||
Earnings before income taxes and equity in loss of investee companies | 607 | Earnings before income taxes and equity in loss of investee companies | 512 | Earnings before income taxes and equity in loss of investee companies | 512 | |||||||||
Provision for income taxes | (275) | Provision for income taxes | (150) | Provision for income taxes | (150) | |||||||||
Equity in loss of investee companies, net of tax | (116) | Equity in loss of investee companies, net of tax | (140) | Equity in loss of investee companies, net of tax | (140) | |||||||||
Net earnings (Parent and noncontrolling interests) | 216 | Net earnings (Parent and noncontrolling interests) | 222 | Net earnings (Parent and noncontrolling interests) | 222 | |||||||||
Net earnings attributable to noncontrolling interests | (7) | Net earnings attributable to noncontrolling interests | (13) | Net earnings attributable to noncontrolling interests | (13) | |||||||||
Net earnings attributable to Parent | $209 | Net earnings attributable to Parent | $209 | Net earnings attributable to Parent | $209 | |||||||||
GAAP | Non-GAAP | |||||||||||||||||||
Successor | Predecessor | Predecessor | ||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Increase/(Decrease) (e) | |||||||||||||||||
2026 | 2025 | 2025 | $ | % | ||||||||||||||||
Studios | Filmed Entertainment | Adjustments (d) | Studios | |||||||||||||||||
Theatrical | $138 | $254 | $— | $254 | $(116) | (46)% | ||||||||||||||
Licensing and other | 1,172 | 434 | 443 | 877 | 295 | 34 | ||||||||||||||
Advertising (a) | 4 | 2 | 2 | 4 | — | — | ||||||||||||||
Revenues | 1,314 | 690 | 445 | 1,135 | 179 | 16 | ||||||||||||||
Content costs | 926 | 394 | 343 | 737 | 189 | 26 | ||||||||||||||
Advertising and marketing | 143 | 195 | 5 | 200 | (57) | (29) | ||||||||||||||
Other (b) | 209 | 185 | 44 | 229 | (20) | (9) | ||||||||||||||
Expenses | 1,278 | 774 | 392 | 1,166 | 112 | 10 | ||||||||||||||
Adjusted EBITDA/ Adjusted OIBDA (c) | $36 | $(84) | $53 | $(31) | $67 | n/m | ||||||||||||||
GAAP | Non-GAAP | |||||||||||||||||||
Successor | Predecessor | Predecessor | ||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Increase/(Decrease) (e) | |||||||||||||||||
2026 | 2025 | 2025 | $ | % | ||||||||||||||||
Studios | Filmed Entertainment | Adjustments (d) | Studios | |||||||||||||||||
Theatrical | $290 | $402 | $— | $402 | $(112) | (28)% | ||||||||||||||
Licensing and other | 2,299 | 910 | 973 | 1,883 | 416 | 22 | ||||||||||||||
Advertising (a) | 8 | 5 | 4 | 9 | (1) | (11) | ||||||||||||||
Revenues | 2,597 | 1,317 | 977 | 2,294 | 303 | 13 | ||||||||||||||
Content costs | 1,742 | 715 | 760 | 1,475 | 267 | 18 | ||||||||||||||
Advertising and marketing | 243 | 311 | 6 | 317 | (74) | (23) | ||||||||||||||
Other (b) | 412 | 355 | 96 | 451 | (39) | (9) | ||||||||||||||
Expenses | 2,397 | 1,381 | 862 | 2,243 | 154 | 7 | ||||||||||||||
Adjusted EBITDA/ Adjusted OIBDA (c) | $200 | $(64) | $115 | $51 | $149 | 292% | ||||||||||||||
GAAP | Non-GAAP | |||||||||||||||||||
Successor | Predecessor | Predecessor | ||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Increase /(Decrease) (e) | |||||||||||||||||
2026 | 2025 | 2025 | $ | % | ||||||||||||||||
Direct-to- Consumer | Direct-to- Consumer | Adjustments (d) | Direct-to- Consumer | |||||||||||||||||
Advertising | $535 | $494 | $— | $494 | $41 | 8% | ||||||||||||||
Affiliate and subscription | 1,939 | 1,665 | 104 | 1,769 | 170 | 10 | ||||||||||||||
Licensing (a) | — | 1 | — | 1 | (1) | n/m | ||||||||||||||
Revenues | 2,474 | 2,160 | 104 | 2,264 | 210 | 9 | ||||||||||||||
Content costs | 1,161 | 1,085 | 29 | 1,114 | 47 | 4 | ||||||||||||||
Advertising and marketing | 316 | 294 | 11 | 305 | 11 | 4 | ||||||||||||||
Other (b) | 631 | 624 | (33) | 591 | 40 | 7 | ||||||||||||||
Expenses | 2,108 | 2,003 | 7 | 2,010 | 98 | 5 | ||||||||||||||
Adjusted EBITDA/ Adjusted OIBDA (c) | $366 | $157 | $97 | $254 | $112 | 44% | ||||||||||||||
Successor | Predecessor | |||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Increase /(Decrease) | ||||||||||
Paramount+ (Global) | 2026 | 2025 | $ | % | ||||||||
Revenues | $2,061 | $1,771 | $290 | 16% | ||||||||
Subscribers (in millions) (a) | 81.6 | 76.8 | 4.8 | 6% | ||||||||
ARPU (in dollars) (b) | $8.52 | $7.64 | $.88 | 12% | ||||||||
GAAP | Non-GAAP | |||||||||||||||||||
Successor | Predecessor | Predecessor | ||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Increase /(Decrease) (e) | |||||||||||||||||
2026 | 2025 | 2025 | $ | % | ||||||||||||||||
Direct-to- Consumer | Direct-to- Consumer | Adjustments (d) | Direct-to- Consumer | |||||||||||||||||
Advertising | $1,052 | $967 | $— | $967 | $85 | 9% | ||||||||||||||
Affiliate and subscription | 3,820 | 3,236 | 211 | 3,447 | 373 | 11 | ||||||||||||||
Licensing (a) | — | 1 | — | 1 | (1) | n/m | ||||||||||||||
Revenues | 4,872 | 4,204 | 211 | 4,415 | 457 | 10 | ||||||||||||||
Content costs | 2,407 | 2,300 | 44 | 2,344 | 63 | 3 | ||||||||||||||
Advertising and marketing | 631 | 635 | 29 | 664 | (33) | (5) | ||||||||||||||
Other (b) | 1,217 | 1,221 | (64) | 1,157 | 60 | 5 | ||||||||||||||
Expenses | 4,255 | 4,156 | 9 | 4,165 | 90 | 2 | ||||||||||||||
Adjusted EBITDA/ Adjusted OIBDA (c) | $617 | $48 | $202 | $250 | $367 | 147% | ||||||||||||||
Successor | Predecessor | |||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Increase /(Decrease) | ||||||||||
Paramount+ (Global) | 2026 | 2025 | $ | % | ||||||||
Revenues | $4,035 | $3,457 | $578 | 17% | ||||||||
GAAP | Non-GAAP | ||||||||||||||||||||
Successor | Predecessor | Predecessor | |||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Increase/(Decrease) (d) | ||||||||||||||||||
2026 | 2025 | 2025 | $ | % | |||||||||||||||||
TV Media | TV Media | Adjustments (c) | TV Media | ||||||||||||||||||
Advertising | $1,420 | $1,657 | $(2) | $1,655 | $(235) | (14)% | |||||||||||||||
Affiliate and subscription | 1,581 | 1,780 | (104) | 1,676 | (95) | (6) | |||||||||||||||
Licensing and other | 127 | 574 | (451) | 123 | 4 | 3 | |||||||||||||||
Revenues | 3,128 | 4,011 | (557) | 3,454 | (326) | (9) | |||||||||||||||
Content costs | 1,185 | 1,956 | (380) | 1,576 | (391) | (25) | |||||||||||||||
Advertising and marketing | 66 | 116 | (16) | 100 | (34) | (34) | |||||||||||||||
Other (a) | 814 | 1,076 | (210) | 866 | (52) | (6) | |||||||||||||||
Expenses | 2,065 | 3,148 | (606) | 2,542 | (477) | (19) | |||||||||||||||
Adjusted EBITDA/ Adjusted OIBDA (b) | $1,063 | $863 | $49 | $912 | $151 | 17% | |||||||||||||||
GAAP | Non-GAAP | ||||||||||||||||||||
Successor | Predecessor | Predecessor | |||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Increase/(Decrease) (d) | ||||||||||||||||||
2026 | 2025 | 2025 | $ | % | |||||||||||||||||
Advertising revenues | TV Media | TV Media | Adjustments (c) | TV Media | |||||||||||||||||
Domestic | $1,235 | $1,392 | $(2) | $1,390 | $(155) | (11)% | |||||||||||||||
International | 185 | 265 | — | 265 | (80) | (30) | |||||||||||||||
Total | $1,420 | $1,657 | $(2) | $1,655 | $(235) | (14)% | |||||||||||||||
GAAP | Non-GAAP | ||||||||||||||||||||
Successor | Predecessor | Predecessor | |||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Increase/(Decrease) (d) | ||||||||||||||||||
2026 | 2025 | 2025 | $ | % | |||||||||||||||||
TV Media | TV Media | Adjustments (c) | TV Media | ||||||||||||||||||
Advertising | $3,341 | $3,695 | $(4) | $3,691 | $(350) | (9)% | |||||||||||||||
Affiliate and subscription | 3,201 | 3,606 | (211) | 3,395 | (194) | (6) | |||||||||||||||
Licensing and other | 252 | 1,248 | (996) | 252 | — | — | |||||||||||||||
Revenues | 6,794 | 8,549 | (1,211) | 7,338 | (544) | (7) | |||||||||||||||
Content costs | 2,904 | 4,299 | (827) | 3,472 | (568) | (16) | |||||||||||||||
Advertising and marketing | 146 | 269 | (36) | 233 | (87) | (37) | |||||||||||||||
Other (a) | 1,626 | 2,196 | (426) | 1,770 | (144) | (8) | |||||||||||||||
Expenses | 4,676 | 6,764 | (1,289) | 5,475 | (799) | (15) | |||||||||||||||
Adjusted EBITDA/ Adjusted OIBDA (b) | $2,118 | $1,785 | $78 | $1,863 | $255 | 14% | |||||||||||||||
GAAP | Non-GAAP | ||||||||||||||||||||
Successor | Predecessor | Predecessor | |||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Increase/(Decrease) (d) | ||||||||||||||||||
2026 | 2025 | 2025 | $ | % | |||||||||||||||||
Advertising revenues | TV Media | TV Media | Adjustments (c) | TV Media | |||||||||||||||||
Domestic | $2,972 | $3,190 | $(4) | $3,186 | $(214) | (7)% | |||||||||||||||
International | 369 | 505 | — | 505 | (136) | (27) | |||||||||||||||
Total | $3,341 | $3,695 | $(4) | $3,691 | $(350) | (9)% | |||||||||||||||
Successor | Predecessor | |||||||
Six Months Ended June 30, | Six Months Ended June 30, | |||||||
2026 | 2025 | |||||||
Net cash flow provided by operating activities | $504 | $339 | ||||||
Net cash flow used for investing activities | (3,115) | (184) | ||||||
Net cash flow provided by (used for) financing activities | 992 | (161) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (28) | 84 | ||||||
Net (decrease) increase in cash and cash equivalents | $(1,647) | $78 | ||||||
Successor | Predecessor | |||||||
Six Months Ended June 30, | Six Months Ended June 30, | |||||||
2026 | 2025 | |||||||
Investments | $(172) | $(148) | ||||||
Capital expenditures (a) | (150) | (102) | ||||||
Advance consideration for WBD acquisition (b) | (2,800) | — | ||||||
Proceeds from dispositions (c) | 13 | 66 | ||||||
Other investing activities | (6) | — | ||||||
Net cash flow used for investing activities | $(3,115) | $(184) | ||||||
Successor | Predecessor | |||||||
Six Months Ended June 30, | Six Months Ended June 30, | |||||||
2026 | 2025 | |||||||
Borrowings under credit facility | $2,700 | $— | ||||||
Repayment of credit facility borrowings | (900) | — | ||||||
Repayment of notes and debentures | (347) | — | ||||||
Dividends paid on common stock | (117) | (70) | ||||||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (104) | (26) | ||||||
Payments to noncontrolling interests | (189) | (65) | ||||||
Other financing activities | (51) | — | ||||||
Net cash flow provided by (used for) financing activities | $992 | $(161) | ||||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||
Class A and Class B Common Stock | |||||||||||||||||
Dividends declared per common share | $.05 | $.05 | $.10 | $.10 | |||||||||||||
Total common stock dividends | $59 | $35 | $119 | $70 | |||||||||||||
At | At | ||||||
June 30, 2026 | December 31, 2025 | ||||||
Senior debt | $11,737 | $12,038 | |||||
Junior debt | 1,617 | 1,617 | |||||
Borrowings under credit facility | 1,800 | — | |||||
Obligations under finance leases | 2 | 3 | |||||
Total debt (a) | 15,156 | 13,658 | |||||
Less current portion | 665 | 433 | |||||
Total long-term debt, net of current portion | $14,491 | $13,225 | |||||
Summarized Balance Sheets | |||||||
At | At | ||||||
June 30, 2026 | December 31, 2025 | ||||||
Current assets | $398 | $1,350 | |||||
Noncurrent assets | $298 | $293 | |||||
Debt, current | $664 | $432 | |||||
Current liabilities | $791 | $664 | |||||
Long-term debt | $14,490 | $13,223 | |||||
Noncurrent liabilities | $2,182 | $2,222 | |||||
Notes payable to nonguarantor subsidiaries | $1,690 | $975 | |||||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk. |
Item 4. | Controls and Procedures. |
Item 1. | Legal Proceedings. |
Item 1A. | Risk Factors. |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
Item 6. | Exhibits. |
Exhibit No. | Description of Document | |
(3) | Articles of Incorporation and Bylaws | |
(a) | Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Paramount of Paramount Skydance Corporation filed April 7, 2026) (File No. 001-42791). | |
(10) | Material Contracts | |
(a) | Pro Rata Credit Agreement, dated as of April 7, 2026, by and among the parties listed therein Skydance Corporation filed April 9, 2026) (File No. 001-42791). | |
(b) | Amendment No. 7 to the Revolving Credit Agreement, dated as of April 7, 2026, by and among the of Paramount Skydance Corporation filed April 9, 2026) (File No. 001-42791). | |
(c) | Separation Agreement, dated as of April 8, 2026, by and among Paramount Skydance Corporation, on Form 8-K of Paramount Skydance Corporation filed April 9, 2026) (File No. 001-42791). | |
(31) | Rule 13a-14(a)/15d-14(a) Certifications | |
(a) | Certification of the principal executive officer of Paramount Skydance Corporation pursuant to Rule 13a-14(a), or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002 | |
(b) | Certification of the principal financial officer of Paramount Skydance Corporation pursuant to Rule 13a-14(a), or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002 | |
(32) | Section 1350 Certifications | |
(a) | Certification of the principal executive officer of Paramount Skydance Corporation furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act | |
(b) | Certification of the principal financial officer of Paramount Skydance Corporation furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act | |
(101) | Interactive Data File | |
101. INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||
101. SCH Inline XBRL Taxonomy Extension Schema. | ||
101. CAL Inline XBRL Taxonomy Extension Calculation Linkbase. | ||
101. DEF Inline XBRL Taxonomy Extension Definition Linkbase. | ||
101. LAB Inline XBRL Taxonomy Extension Label Linkbase. | ||
101. PRE Inline XBRL Taxonomy Extension Presentation Linkbase. | ||
(104) | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |
PARAMOUNT SKYDANCE CORPORATION (Registrant) | |
Date: August 4, 2026 | /s/ Dennis Cinelli |
Dennis Cinelli Chief Financial Officer | |
Date: August 4, 2026 | /s/ Katherine Gill-Charest |
Katherine Gill-Charest Executive Vice President, Controller and Chief Accounting Officer |
| /s/ David Ellison | |||||
| David Ellison | |||||
| Chairman and Chief Executive Officer | |||||
| /s/ Dennis Cinelli | |||||
| Dennis Cinelli | |||||
| Chief Financial Officer | |||||
| /s/ David Ellison | |||||
| David Ellison | |||||
August 4, 2026 | |||||
| /s/ Dennis Cinelli | |||||
| Dennis Cinelli | |||||
August 4, 2026 | |||||