3 unchanged sentences
References to “Paramount,” the “Company,” “we,” “us” and “our” refer to Paramount Skydance Corporation and its consolidated subsidiaries, unless the context otherwise requires.
−Removed: The NAI Transaction —On August 7, 2025, pursuant to a purchase and sale agreement dated July 7, 2024, certain affiliates of investors in Skydance Media, LLC (“Skydance”), comprised of entities controlled by the Ellison Family (as defined below), and affiliates of RedBird Capital Partners (collectively the “NAI Equity Investors”), purchased all of the outstanding equity interests of National Amusements, Inc.
−Removed: (“NAI”), which had previously been the controlling stockholder of Paramount Global, from the shareholders of NAI (the “NAI Transaction”).
−Removed: The Transactions —Also on August 7, 2025 (the “Closing Date”), following the completion of the NAI Transaction and pursuant to the Transaction Agreement dated as of July 7, 2024, Paramount Global and Skydance became wholly-owned subsidiaries of Paramount Skydance Corporation (the transactions contemplated by the Transaction Agreement, the “Transactions”).
−Removed: Paramount Skydance Corporation was formerly known as New Pluto Global, Inc., which was formed on June 3, 2024 for purposes of consummating the Transactions and was a wholly-owned direct subsidiary of Paramount Global prior to the closing of the Transactions when, through a series of mergers contemplated by the Transaction Agreement, it became the holding company of Paramount Global and Skydance.
−Removed: Concurrent with the NAI Transaction, the NAI Equity Investors and certain other affiliates of investors in Skydance made an investment of $6.0 billion into Paramount Skydance Corporation (the “PIPE Transaction”) in exchange for 400 million newly issued shares of Class B common stock of Paramount Skydance Corporation (“Paramount Skydance Corporation Class B Common Stock”) for a purchase price of $15.00 per share, and the NAI Equity Investors also received warrants to purchase 200 million shares of Paramount Skydance Corporation Class B Common Stock at an initial exercise price of $30.50 per share (subject to customary anti-dilution adjustments), which expire five years after issuance.
+Added: Discovery Merger —On February 27, 2026, Paramount and Warner Bros.
+Added: Discovery, Inc.
+Added: (“WBD”) announced a definitive merger agreement (the “WBD Merger Agreement”) under which Paramount will acquire WBD (the “WBD Merger”).
+Added: The WBD Merger is expected to close by the end of the third quarter of 2026, subject to customary closing conditions, including regulatory clearances.
+Added: Under the terms of the WBD Merger Agreement, Paramount will pay $31.00 per WBD share to acquire all outstanding shares of WBD, which at the time of the WBD Merger Agreement represented an equity value of $80.9 billion, and will assume WBD’s net debt.
+Added: At December 31, 2025, WBD’s debt (excluding finance leases) was comprised of $17.8 billion of senior notes and $15.0 billion of borrowings from a bridge facility, which we expect to refinance with the debt commitments discussed below.
+Added: Furthermore, a per share “ticking fee” of $0.00277778 will be paid upon closing by Paramount to WBD stockholders for every day the WBD Merger is not closed past September 30, 2026, up to a maximum of $0.25 per WBD share per 90 calendar day period.
+Added: Also under the terms of the WBD Merger Agreement, in the first quarter of 2026 Paramount paid a termination fee of $2.8 billion to Netflix, Inc.
+Added: (“Netflix”) on behalf of WBD in connection with the termination of a prior merger agreement between Netflix and WBD.
+Added: This payment was initially funded with cash on hand and a $2.15 billion borrowing from our credit facility (see Capital Structure ) and, in accordance with the Subscription Agreements described below, entered into by the Ellison Parties (as defined below), such amount will ultimately be funded by the $46.7 billion to be received from the Ellison Parties.
+Added: Concurrent with the execution of the WBD Merger Agreement (i) The Lawrence J.
+Added: Ellison Revocable Trust, u/a/d 1/22/88, as amended (the “Trust”), and Lawrence J.
+Added: Ellison (together with the Trust, the “Ellison Parties”) and (ii) RedBird Capital Partners Fund IV (Master), L.P.
+Added: (“RedBird” and, together with the Trust, the “Equity Investors”) entered into subscription agreements (collectively, the “Subscription Agreements”) providing for a private placement investment in Class B common stock of Paramount Skydance Corporation (“Paramount Skydance Corporation Class B Common Stock”), for an aggregate amount of up to $46.7 billion (subject to increase if the Ticking Consideration, as defined in the WBD Merger Agreement or certain other additional amounts as defined in the WBD Merger Agreement are required) from the Trust and $250 million from RedBird pursuant to the terms of the Subscription Agreements.
+Added: In April 2026, we announced that the Equity Investors had determined, as permitted under the Subscription Agreements, to assign their subscription rights thereunder (the “Equity Syndication”) to a group of institutional investors (each, an "Equity Syndication Party"), comprising affiliates of the Ellison Parties and RedBird, The Public Investment Fund, L'Imad 1st SPV 2 Exempt RSC LTD (an investment vehicle of L'Imad Holding, an Abu Dhabi sovereign wealth fund), QIA TMT Holding LLC (an investment vehicle of the Qatar Investment Authority), and LionTree Investment Fund, L.P.
+Added: The aggregate allocations cover the full amount committed by the Equity Investors.
+Added: At closing, Paramount will issue to each Equity Syndication Party a number of newly issued nonvoting Paramount Skydance Corporation Class B shares (or securities convertible into shares) equal to its allocated amount divided by the Syndication Purchase Price, defined as the 20-trading-day daily volume-weighted average price of Paramount Skydance Corporation Class B Common Stock determined as of the third business day prior to the closing of the WBD Merger, subject to a ceiling of $16.02 per share and a floor of $12.00 per share.
+Added: This syndication does not relieve the Equity Investors of their contractual commitments made to the Company.
+Added: Following the closing, the Ellison Family (as defined below) and RedBird will remain the sole holders of Paramount Class A Common Stock, representing 100% of the voting shares of Paramount.
+Added: For the purpose of
+Added: Management’s Discussion and Analysis of
+Added: Results of Operations and Financial Condition (Continued)
+Added: (Tabular dollars in millions, except per share amounts)
+Added: determining the controlling ownership of Paramount, the Ellison family is comprised of Lawrence J.
+Added: Ellison and David Ellison (the “Ellison Family”).
+Added: David Ellison is the son of Lawrence J.
+Added: Ellison, and Lawrence J.
+Added: Ellison and David Ellison are accordingly considered immediate family members.
+Added: We have also secured commitments for debt financing totaling $54 billion, which include a $49 billion 364-day senior secured bridge loan facility, which we plan to reduce or replace with permanent financing (which may include issuance of debt securities) on or prior to the closing of the WBD Merger and, in connection with a credit agreement entered into in April 2026 (the “Pro Rata Credit Agreement”), $2.50 billion three-year senior secured term A loans and $2.50 billion five-year senior secured term A loans.
+Added: The term A loans will be made in a single borrowing on the closing date of the WBD Merger.
+Added: We expect to use the committed financing to refinance the $15.0 billion WBD bridge facility.
+Added: The Pro Rata Credit Agreement also provides for a $5.00 billion five-year senior secured revolving credit facility, which will be used for general corporate purposes, and will replace our existing revolving credit facility (see Capital Structure ).
+Added: The availability and initial funding of the facilities under the Pro Rata Credit Agreement and the bridge loan facility (if not replaced by permanent financing) are subject to the satisfaction or waiver of customary conditions set forth in the Pro Rata Credit Agreement and the bridge commitment papers, including the closing of the WBD Merger.
+Added: Also in April 2026, we announced that, in lieu of a previously planned rights offering at $16.02 per share, each holder of Paramount Skydance Corporation Class B Common Stock (excluding any Equity Investor or affiliate thereof) as of a record date to be determined will receive, without payment of any consideration, one 10-year warrant (each, a "Warrant") for each share held, exercisable at any initial exercise price per share equal to the Syndication Purchase Price and subject to customary anti-dilution and fundamental change make-whole adjustments.
+Added: Beginning on the third anniversary of issuance, we may call the Warrants if the closing price of our Class B Common Stock equals or exceeds $30.00 for at least 20 trading days in any 30 consecutive trading day period.
+Added: Paramount intends to apply to list the Warrants for trading on Nasdaq separately from the Class B Common Stock, subject to applicable approvals.
+Added: If antitrust or regulatory approval for the WBD Merger is not received, Paramount will owe WBD a $7.0 billion termination fee.
+Added: In accordance with the Subscription Agreements, this termination fee and the previously paid $2.8 billion Netflix termination fee described above would be funded by the Ellison Parties in exchange for shares of Paramount Skydance Corporation Class B Common Stock at $16.02 per share.
+Added: WBD will owe Paramount a $3.0 billion termination fee under certain circumstances, including if WBD terminates the WBD Merger Agreement to enter into a definitive agreement for an alternative acquisition proposal.
+Added: The NAI Transaction —On August 7, 2025, pursuant to a purchase and sale agreement dated July 7, 2024, certain affiliates of investors in Skydance Media, LLC (“Skydance”), comprised of entities controlled by the Ellison Family and affiliates of RedBird Capital Partners (collectively the “NAI Equity Investors”), purchased all of the outstanding equity interests of Paramount Global’s controlling stockholder, National Amusements, Inc.
+Added: (“NAI”) from the shareholders of NAI (the “NAI Transaction”).
+Added: The Skydance Transactions —Also on August 7, 2025, following the completion of the NAI Transaction and pursuant to the Transaction Agreement dated as of July 7, 2024, Paramount Global and Skydance became wholly-owned subsidiaries of Paramount Skydance Corporation (the transactions contemplated by the Transaction Agreement, the “Skydance Transactions”).
+Added: Paramount Skydance Corporation, formerly known as New Pluto Global, Inc., was formed on June 3, 2024 to consummate the Transactions and was a wholly-owned direct subsidiary of Paramount Global until, through a series of mergers, it became the holding company of Paramount Global and Skydance as part of the Skydance Transactions.
+Added: Management’s Discussion and Analysis of
+Added: Results of Operations and Financial Condition (Continued)
+Added: (Tabular dollars in millions, except per share amounts)
+Added: Concurrent with the NAI Transaction, the NAI Equity Investors and certain other affiliates of investors in Skydance made an investment of $6.0 billion into Paramount Skydance Corporation (the “PIPE Transaction”) in exchange for 400 million newly issued shares of Paramount Skydance Corporation Class B Common Stock for a purchase price of $15.00 per share, and the NAI Equity Investors also received warrants to purchase 200 million shares of Paramount Skydance Corporation Class B Common Stock at an initial exercise price of $30.50 per share (subject to customary anti-dilution adjustments), which expire five years after issuance.
$4.45 billion of the PIPE Transaction investment was used to fund the cash-stock election discussed below and $1.52 billion of cash was provided to the Company.
−Removed: The Transactions also included:
+Added: The Skydance Transactions also included:
(1) a transaction pursuant to which each outstanding Skydance membership unit held by Skydance investors and each Skydance Phantom Unit was converted into the right to receive the applicable portion of 316.7 million shares of Paramount Skydance Corporation Class B Common Stock (313.8 million shares after reduction in connection with certain tax withholding requirements), and (2) a cash-stock election offered to holders of Paramount Global common stock pursuant to which (a) shares of Paramount Global Class A Common Stock held by stockholders other than NAI or its subsidiaries were converted, at the stockholders’ election, into the right to receive either $23.00 in cash (“Class A Cash Consideration”) or 1.5333 shares of Paramount Skydance Corporation Class B Common Stock (“Class A Stock Consideration”), and (b) shares of Paramount Global Class B Common Stock held by stockholders other than NAI or its subsidiaries, the NAI Equity Investors and certain other affiliates of investors in Skydance referred to above were converted, at the stockholders’ election, into the right to receive either $15.00 in cash (“Class B Cash Consideration”), subject to proration, or one share of Paramount Skydance Corporation Class B Common Stock (“Class B Stock Consideration”).
2 unchanged sentences
Shares of Paramount Global Class B Common Stock for which elections to receive Class B Cash Consideration were not made or were validly revoked were converted automatically into one share of Paramount Skydance Corporation Class B Common Stock.
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: Shares of Paramount Skydance Corporation Class B Common Stock now trade on the Nasdaq Stock Market LLC (“Nasdaq”) under the ticker symbol “PSKY”.
−Removed: All shares of Paramount Global Class A Common Stock and Class B Common Stock have been delisted from Nasdaq and have been cancelled and ceased to exist.
Holders of shares of Class A common stock of Paramount Skydance Corporation (“Paramount Skydance Corporation Class A Common Stock”) are entitled to one vote per share with respect to all matters on which the holders of Paramount Skydance Corporation common stock are entitled to vote.
Holders of Paramount Skydance Corporation Class B Common Stock do not have voting rights.
−Removed: Following the closing of the Transactions and the NAI Transaction, NAI, which was renamed Harbor Lights Entertainment, Inc., and its subsidiaries held 100.0% of the Paramount Skydance Corporation Class A Common Stock.
−Removed: Accordingly, entities controlled by the Ellison Family (as defined below) indirectly hold approximately 77.5% of the Paramount Skydance Corporation Class A Common Stock through their collective approximate 77.5% ownership interest in Harbor Lights Entertainment, Inc., and as a result the Ellison Family is the controlling stockholder of Paramount.
−Removed: For the purpose of determining the controlling ownership of Paramount, the Ellison family is comprised of Lawrence Ellison and David Ellison (the “Ellison Family”).
−Removed: David Ellison is the son of Lawrence Ellison, and Lawrence Ellison and David Ellison are accordingly considered immediate family members.
−Removed: The Ellison Family either individually or through ownership of various entities are collectively the ultimate parent of Paramount (“Ultimate Parent”).
+Added: Following the closing of the Skydance Transactions and the NAI Transaction, NAI, which was renamed Harbor Lights Entertainment, Inc., and its subsidiaries held 100.0% of the Paramount Skydance Corporation Class A Common Stock.
+Added: Accordingly, entities controlled by the Ellison Family indirectly hold approximately 77.5% of the Paramount Skydance Corporation Class A Common Stock through their collective approximate 77.5% ownership interest in Harbor Lights Entertainment, Inc., and as a result the Ellison Family is the controlling stockholder and the ultimate parent of Paramount (“Ultimate Parent”).
Pushdown of Ultimate Parent’s Basis —At the time Paramount Global and Skydance became subsidiaries of Paramount Skydance Corporation, the Ellison Family controlled both Paramount Global and Skydance, and as a result, this transaction has been accounted for as a transaction between entities under common control.
As a transaction between entities under common control, the net assets were combined at the Ultimate Parent’s basis, which for Paramount Global was deemed to be the estimated fair value as of August 7, 2025, the date of the closing of the NAI Transaction, which was the point at which the Ellison Family obtained control of Paramount Global.
−Removed: As a result, the net assets of Paramount Global were recorded at their fair value as of this date.
+Added: As a result, the net assets of Paramount Global were recorded at their fair values as of this date.
Since the net assets of Skydance were already at the Ultimate Parent’s basis, no adjustment to the fair value of net assets was necessary, and Skydance was combined with Paramount Global’s net assets at the Ultimate Parent’s basis as of this date.
−Removed: Our consolidated financial statements and footnote disclosures are presented in two distinct periods to indicate the pushdown of the Ultimate Parent’s basis, which resulted in a new basis of accounting.
−Removed: The periods prior to the closing of the Transactions include only Paramount Global and are identified as “Predecessor”, and the periods beginning on August 7, 2025 reflect Paramount Skydance Corporation and are identified as “Successor”.
−Removed: Due to the application of pushdown accounting, the results of operations, financial position and cash flows are not comparable between the Successor and Predecessor periods.
−Removed: Paramount Global has been identified as the predecessor entity to Paramount Skydance Corporation based on the relative size and fair value of Paramount Global and Skydance, and the fact that Paramount Global was an existing publicly traded company prior to the completion of the Transactions.
−Removed: No single factor was the sole determinant in the overall conclusion that Paramount Global is the predecessor;
−Removed: rather all factors were considered in arriving at such conclusion.
−Removed: We have certain contracts that may require us to obtain consents from other parties in connection with the Transactions.
−Removed: If these consents cannot be obtained, the counterparties to these contracts (and, as a result, other third parties with which we have contractual agreements) may have the right to terminate, reduce the scope of or otherwise alter their relationships with us following the Transactions.
−Removed: Accordingly, the failure to obtain such consents could have a material adverse effect on our business, financial condition and results of operations.
Management’s Discussion and Analysis of
1 unchanged sentence
(Tabular dollars in millions, except per share amounts)
+Added: Due to the pushdown of the Ultimate Parent’s basis, which resulted in a new basis of accounting, the results of operations, financial position and cash flows are not comparable between the Successor and Predecessor periods.
+Added: Accordingly, our consolidated financial statements and footnote disclosures are presented in distinct periods.
+Added: The periods prior to the closing of the Skydance Transactions and the NAI Transaction include only Paramount Global and are identified as “Predecessor,” and the periods beginning on August 7, 2025 reflect Paramount Skydance Corporation and are identified as “Successor.” In addition, we are required to present segment information for the Predecessor period based on our previous segments, Filmed Entertainment, Direct-to-Consumer, and TV Media.
+Added: We have certain contracts that require us to obtain consents from other parties in connection with the NAI Transaction and the Skydance Transactions.
+Added: If these consents cannot be obtained, the counterparties to these contracts (and, as a result, other third parties with which we have contractual agreements) may have the right to terminate, reduce the scope of or otherwise alter their relationships with us.
+Added: Accordingly, the failure to obtain such consents could have a material adverse effect on our business, financial condition and results of operations.
Significant components of management’s discussion and analysis of results of operations and financial condition include:
• Overview —Summary of our business and operational highlights.
−Removed: • Consolidated Results of Operations —Analysis of our results on a consolidated basis for the period from August 7 - September 30, 2025 (Successor) and for the periods from July 1 - August 6, 2025, January 1 - August 6, 2025, and the three and nine months ended September 30, 2024 (Predecessor).
−Removed: • Segment Results of Operations —Analysis of our results on a reportable segment basis for the period from August 7 - September 30, 2025 (Successor) and for the periods from July 1 - August 6, 2025, January 1 - August 6, 2025, and the three and nine months ended September 30, 2024 (Predecessor).
−Removed: • Liquidity and Capital Resources —Discussion of our cash flows, including sources and uses of cash, for the period from August 7 - September 30, 2025 (Successor) and for the period from January 1 - August 6, 2025, and the nine months ended September 30, 2024 (Predecessor), and of our outstanding debt as of September 30, 2025 (Successor), including Supplemental Guarantor Financial Information .
+Added: • Consolidated Results of Operations —Analysis of our results on a consolidated basis for the three months ended March 31, 2026 (Successor), including a comparison to the three months ended March 31, 2025 (Predecessor).
+Added: • Segment Results of Operations —Analysis of our results on a reportable segment basis for the three months ended March 31, 2026 (Successor).
+Added: • Liquidity and Capital Resources —Discussion of our cash flows, including sources and uses of cash, for the three months ended March 31, 2026 (Successor), including a comparison to the three months ended March 31, 2025 (Predecessor), and of our outstanding debt as of March 31, 2026 (Successor), including Supplemental Guarantor Financial Information .
• Legal Matters —Discussion of legal matters to which we are involved.
−Removed: Operational Highlights - Three Months Ended September 30, 2025 and 2024
+Added: Management’s Discussion and Analysis of
+Added: Results of Operations and Financial Condition (Continued)
+Added: (Tabular dollars in millions, except per share amounts)
+Added: Operational Highlights - Three Months Ended March 31, 2026 and 2025
Successor Predecessor
−Removed: Period From August 7 - September 30, Period From July 1 - August 6, Three Months Ended September 30,
+Added: Three Months Ended March 31, Three Months Ended March 31, Increase/(Decrease)
Consolidated Results of Operations 2026 2025 $ %
1 unchanged sentence
Operating income $ 616 $ 550 $ 66 12 %
−Removed: Net loss from continuing operations
−Removed: attributable to Parent $ (13) $ (244) $ (4)
−Removed: Diluted EPS from continuing operations $ (.01) $ (.36) $ (.01)
−Removed: Adjusted OIBDA $ 655 $ 297 $ 858
−Removed: Adjusted net earnings (loss) from continuing
−Removed: operations attributable to Parent $ 138 $ (162) $ 327
−Removed: Adjusted diluted EPS from continuing operations $ .12 $ (.24) $ .49
+Added: Net earnings attributable to Parent $ 168 $ 152 $ 16 11 %
+Added: Diluted EPS $ .15 $ .22 $ (.07) (32) %
+Added: Adjusted EBITDA $ 1,161 $ 732 $ 429 59 %
+Added: Adjusted net earnings attributable to Parent $ 261 $ 195 $ 66 34 %
+Added: Adjusted diluted EPS $ .23 $ .29 $ (.06) (21) %
(a) See “ Reconciliation of Non-GAAP Measures ” for reconciliations of these non-GAAP measures to the most directly comparable financial measures in accordance with accounting principles generally accepted in the United States (“U.S.
GAAP” or “GAAP”).
−Removed: These non-GAAP measures exclude certain items identified as affecting comparability that are not part of our normal operations.
−Removed: As a result of the pushdown of the Ultimate Parent’s basis, operating income, net loss from continuing operations attributable to Parent, and diluted EPS in the Successor period include amortization associated with the establishment of intangible assets and also reflect the net decrease in programming assets.
−Removed: Net loss from continuing operations and diluted EPS also include interest expense associated with the adjustment of our debt to its fair value.
−Removed: In addition, the Successor period includes the results of Skydance.
+Added: Revenues increased 2% to $7.35 billion, principally reflecting growth at Paramount+ and higher licensing revenues, reflecting the inclusion of Skydance in the current year, partially offset by lower revenues from our linear networks.
+Added: Skydance is included in our results in periods following the close of the Skydance Transactions.
+Added: In addition, as a result of the pushdown of the Ultimate Parent’s basis, operating income, net earnings attributable to Parent, and diluted EPS in 2026 include amortization associated with the establishment of intangible assets and also reflect the net decrease in programming assets.
+Added: Net earnings and diluted EPS also include interest expense associated with the adjustment of our debt to its fair value.
+Added: See Note 2 to the consolidated financial statements for details relating to the pushdown of the Ultimate Parent’s basis.
+Added: Operating income of $616 million for the three months ended March 31, 2026 increased 12%, driven by the impact from cost savings initiatives and lower content costs, including from reductions in programming assets resulting from the pushdown of the Ultimate Parent’s basis, partially offset by amortization of intangible assets.
+Added: Operating income in 2026 also includes transaction-related costs of $103 million while 2025 includes restructuring charges and transaction-related items totaling $85 million and gain on dispositions totaling $35 million.
+Added: Net earnings attributable to Parent of $168 million, or $.15 per diluted share increased 11% compared with net earnings attributable to Parent of $152 million, or $.22 per diluted share, for the same prior-year period.
+Added: Adjusted net earnings attributable to Parent increased 34% to $261 million, or $.23 per diluted share from $195 million, or $.29 per diluted share, reflecting higher tax-effected operating income.
+Added: The decrease in diluted EPS and adjusted diluted EPS reflects shares issued in connection with the Skydance Transactions and the NAI Transaction.
+Added: See Reconciliation of Non-GAAP Measures for the definition of adjusted net earnings attributable to Parent and a reconciliation to net earnings attributable to Parent.
+Added: Adjusted EBITDA grew 59% primarily reflecting lower compensation and marketing costs as a result of cost savings initiatives, and lower content costs, including from reductions in programming assets resulting from the pushdown of the Ultimate Parent’s basis.
+Added: See Reconciliation of Non-GAAP Measures for the definition of adjusted
Management’s Discussion and Analysis of
1 unchanged sentence
(Tabular dollars in millions, except per share amounts)
−Removed: Adjusted operating income before depreciation and amortization (“Adjusted OIBDA”) for the Successor period in 2025 excludes the impact of restructuring charges.
−Removed: The Predecessor periods in 2025 and 2024 exclude the impacts from transaction-related items and restructuring charges.
−Removed: See Reconciliation of Non-GAAP Measures .
−Removed: Adjusted net earnings (loss) from continuing operations attributable to Parent and adjusted diluted EPS during the Successor and Predecessor periods in 2025 and 2024 exclude the items noted above, as well as discrete tax items and other items described under Reconciliation of Non-GAAP Measures .
−Removed: Operational Highlights - Nine Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30,
−Removed: Consolidated Results of Operations 2025 2025 2024
−Removed: Revenues $ 4,121 $ 16,622 $ 21,229
−Removed: Operating income (loss) $ 244 $ 1,029 $ (5,398)
−Removed: Net loss from continuing operations
−Removed: attributable to Parent $ (13) $ (35) $ (5,980)
−Removed: Diluted EPS from continuing operations $ (.01) $ (.05) $ (9.04)
−Removed: Adjusted OIBDA
−Removed: $ 655 $ 1,809 $ 2,712
−Removed: Adjusted net earnings from continuing operations
−Removed: attributable to Parent
−Removed: $ 138 $ 348 $ 1,112
−Removed: Adjusted diluted EPS from continuing operations $ .12 $ .51 $ 1.65
−Removed: (a) See “ Reconciliation of Non-GAAP Measures ” for reconciliations of these non-GAAP measures to the most directly comparable financial measures in accordance with U.S.
−Removed: These non-GAAP measures exclude certain items identified as affecting comparability that are not part of our normal operations.
−Removed: Revenues during the Predecessor period in 2024 benefited from advertising revenues associated with the broadcast of Super Bowl LVIII on CBS and Paramount+ in the first quarter of 2024.
−Removed: We have the rights to broadcast the Super Bowl on a rotational basis with other networks, and therefore did not have a comparable broadcast in 2025.
−Removed: As noted above, the Successor period operating income, net loss from continuing operations attributable to Parent, and diluted EPS reflect the pushdown of the Ultimate Parent’s basis, and include the results of Skydance.
−Removed: Adjusted OIBDA for the Successor period in 2025 excludes the impact of restructuring charges.
−Removed: The Predecessor periods in 2025 and 2024 exclude the impacts from transaction-related items and restructuring charges and 2024 also excludes impairment and programming charges.
−Removed: See Reconciliation of Non-GAAP Measures .
−Removed: Adjusted net earnings from continuing operations attributable to Parent and adjusted diluted EPS from continuing operations during the Successor and Predecessor periods in 2025 and 2024 exclude the items noted above, as well as discrete tax items and other items described under Reconciliation of Non-GAAP Measures .
+Added: EBITDA and a reconciliation to net earnings attributable to Parent, the most directly comparable financial measure in accordance with U.S.
We are exposed to political risks inherent in conducting a global business such as retaliatory actions by governments reacting to changes in the U.S.
−Removed: and other countries, including in connection with the imposition of tariffs and other changes in trade policies.
−Removed: Growing macroeconomic uncertainty relating to the imposition of tariffs
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: and other changes in trade policies may negatively affect our results, in particular from potential impacts on the advertising market.
+Added: and other countries, including in connection with the imposition of tariffs and other changes in trade policies, as well as from the conflict involving the U.S., Israel and Iran.
+Added: Growing macroeconomic uncertainty may negatively affect our results, in particular from potential impacts on the advertising market.
Reconciliation of Non-GAAP Measures
−Removed: Adjusted OIBDA, adjusted earnings from continuing operations before income taxes, adjusted provision for income taxes, adjusted net earnings from continuing operations attributable to Parent, adjusted diluted EPS from continuing operations, and adjusted effective income tax rate, which are measures of performance not calculated in accordance with U.S.
−Removed: GAAP (together, the “adjusted measures”), exclude certain items identified as affecting comparability that are not part of our normal operations, including impairment charges, restructuring charges, transaction-related items, programming charges, gain on dispositions, loss from investment, and discrete tax items, each where applicable.
−Removed: Programming charges consist only of charges related to major strategic changes, which are further described under Programming Charges , and do not include impairment charges that occur as part of our normal operations, which are recorded within “Operating expenses” on the Consolidated Statements of Operations, and are not excluded in our adjusted measures.
−Removed: We use these measures to, among other things, evaluate our operating performance.
+Added: In the first quarter of 2026 we transitioned our non-GAAP profitability measure from Adjusted operating income before depreciation and amortization (Adjusted OIBDA) to Adjusted EBITDA, which we define as net earnings (loss) attributable to Parent before interest expense and income;
+Added: (provision for) benefit from income taxes;
+Added: equity in earnings (loss) of investee companies, net of tax;
+Added: and depreciation and amortization, adjusted to exclude stock-based compensation expense and certain items identified as affecting comparability that are not part of our normal operations.
+Added: This change was made to align with how management began measuring the Company’s ongoing operating performance in 2026.
+Added: While both adjusted measures exclude items identified as affecting comparability that are not part of our normal operations, including programming charges, impairment charges, restructuring charges, transaction-related items, other corporate matters, and gain (loss) on dispositions, each where applicable, Adjusted EBITDA, as we define it, also excludes stock-based compensation, which is a noncash expense that management does not consider to be part of our underlying operating performance.
+Added: Net earnings (loss) attributable to Parent is the most directly comparable financial measure in accordance with U.S.
+Added: Adjusted earnings before income taxes, adjusted provision for income taxes, adjusted net earnings attributable to Parent, adjusted diluted EPS, and adjusted effective income tax rate are also measures of performance not calculated in accordance with U.S.
+Added: GAAP (together with Adjusted EBITDA, the “adjusted measures”), and exclude certain items identified as affecting comparability that are not part of our normal operations, including the items described above, as well as gain (loss) from investments and discrete tax items, each where applicable.
+Added: We use these adjusted measures to, among other things, evaluate our operating performance.
These measures are among the primary measures used by management for planning and forecasting of future periods, and they are important indicators of our operational strength and business performance.
−Removed: In addition, we use Adjusted OIBDA to, among other things, value prospective acquisitions.
−Removed: We believe these measures are relevant and useful for investors because they allow investors to view performance in a manner similar to the method used by our management;
−Removed: and because they exclude items that are not representative of our normal, recurring operations, they provide a clearer perspective on our underlying performance;
−Removed: and make it easier for investors, analysts and peers to compare our operating performance to other companies in our industry and to compare our year-over-year results.
+Added: In addition, we use Adjusted EBITDA to, among other things, value prospective acquisitions.
+Added: We believe these measures are relevant and useful for investors because they allows investors to view our performance in a manner consistent with the method used by our management;
+Added: and because they exclude items that are not representative of our normal operations, they provide a clearer perspective on underlying performance, and make it easier for investors, analysts and peers to compare our operating performance to other companies in the industry and to compare our results across reporting periods.
Because the adjusted measures are measures of performance not calculated in accordance with U.S.
−Removed: GAAP, they should not be considered in isolation of, or as a substitute for, operating income (loss), earnings (loss) from continuing operations before income taxes, (provision for) benefit from income taxes, net earnings (loss) from continuing operations attributable to Parent, diluted EPS from continuing operations, and effective income tax rate, as applicable, as indicators of operating performance.
−Removed: These measures, as we calculate them, may not be comparable to similarly titled measures employed by other companies.
+Added: GAAP, they should not be considered in isolation of, or as a substitute for, our results as reported under U.S.
+Added: GAAP, including net earnings (loss), (provision for) benefit from income taxes, net earnings (loss) attributable to Parent, diluted EPS, and effective income tax rate, as applicable, as indicators of operating performance and undue reliance should not be placed on these adjusted measures.
+Added: Other companies may define these measures, including Adjusted EBITDA, differently and, as a result, our adjusted measures may not be directly comparable to similarly titled measures of other companies.
Management’s Discussion and Analysis of
3 unchanged sentences
The tax impacts on the items identified as affecting comparability in the tables below have been calculated using the tax rate applicable to each item.
−Removed: Three Months Ended September 30, 2025 and 2024
Successor Predecessor
−Removed: Period From August 7 - September 30, Period From July 1 - August 6, Three Months Ended September 30,
−Removed: 2025 2025 2024
−Removed: Operating income (GAAP) $ 244 $ 80 $ 337
−Removed: Depreciation and amortization 226 29 96
−Removed: Impairment charges (a)
−Removed: Restructuring charges (a)
+Added: Three Months Ended March 31, Three Months Ended March 31,
+Added: Net earnings attributable to Parent (GAAP) $ 168 $ 152
+Added: Net earnings attributable to noncontrolling interests 7 9
+Added: Equity in loss of investee companies, net of tax 62 73
+Added: Provision for income taxes 155 100
+Added: Other items, net 24 37
+Added: Interest expense, net 200 179
+Added: Gain on dispositions — (35)
Transaction-related items (a)
−Removed: Adjusted OIBDA (Non-GAAP) $ 655 $ 297 $ 858
−Removed: Nine Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30,
−Removed: 2025 2025 2024
−Removed: Operating income (loss) (GAAP) $ 244 $ 1,029 $ (5,398)
−Removed: Depreciation and amortization 226 204 297
−Removed: Programming charges (a)
−Removed: Impairment charges (a)
Restructuring charges (a)
−Removed: Transaction-related items (a)
−Removed: Gain on dispositions (a)
−Removed: Adjusted OIBDA (Non-GAAP) $ 655 $ 1,809 $ 2,712
+Added: Stock-based compensation 80 44
+Added: Depreciation and amortization 362 88
+Added: Adjusted EBITDA (Non-GAAP) $ 1,161 $ 732
(a) See notes on the following tables for additional information on items affecting comparability.
2 unchanged sentences
(Tabular dollars in millions, except per share amounts)
−Removed: Three Months Ended September 30, 2025
−Removed: Period From August 7 - September 30, 2025
−Removed: Earnings from Continuing Operations Before Income Taxes Benefit from (Provision for) Income Taxes Net Earnings (Loss) from Continuing Operations Attributable to Parent Diluted EPS from Continuing Operations
−Removed: Reported (GAAP) $ 122 $ (85) (d)
−Removed: $ (13) $ (.01)
+Added: Three Months Ended March 31, 2026
+Added: Earnings Before Income Taxes Provision for Income Taxes Net Earnings Attributable to Parent Diluted EPS
+Added: Reported (GAAP) $ 392 $ (155) (b)
Items affecting comparability:
−Removed: Restructuring charges (a)
+Added: Transaction-related items (a)
103 (6) 97 .08
Discrete tax items — (4) (4) —
−Removed: Adjusted (Non-GAAP) $ 307 $ (119) (d)
−Removed: Period From July 1 - August 6, 2025
−Removed: Earnings (loss) from Continuing Operations Before Income Taxes Benefit from (Provision for) Income Taxes Net Loss from Continuing Operations Attributable to Parent Diluted EPS from Continuing Operations
−Removed: Reported (GAAP) $ (8) $ 229 (e)
−Removed: $ (244) $ (.36)
−Removed: Items affecting comparability:
−Removed: Restructuring charges (a)
−Removed: 13 (3) 10 .02
−Removed: Transaction-related items (b)
−Removed: 175 (30) 145 .21
−Removed: Discrete tax items (c)
−Removed: — (73) (73) (.11)
−Removed: Adjusted (Non-GAAP) $ 180 $ 123 (e)
−Removed: $ (162) $ (.24)
−Removed: (a) Reflects severance charges, as further described under Restructuring and Transaction-Related Items .
−Removed: (b) Reflects banking, legal, advisory, and other professional fees relating to the Transactions, and transaction awards that became payable to eligible employees upon closing of the Transactions.
−Removed: (c) Reflects the reversal of the valuation allowance on our interest limitation carryforward deferred tax asset, partially offset by the establishment of a reserve for uncertain tax positions.
−Removed: (d) The reported effective income tax rate for the period from August 7 - September 30, 2025 was 69.7%, primarily reflecting the timing of foreign inclusions and foreign-derived intangible income deductions between the Successor and Predecessor periods.
−Removed: The adjusted effective income tax rate, which is calculated as the adjusted provision for income taxes of $119 million divided by adjusted earnings from continuing operations before income taxes of $307 million, was 38.8%.
+Added: Adjusted (Non-GAAP) $ 495 $ (165) (b)
+Added: (a) Reflects legal, advisory and other professional fees associated with the planned WBD Merger.
+Added: (b) The reported effective income tax rate for the three months ended March 31, 2026 was 39.5% and the adjusted effective income tax rate, which is calculated as the adjusted provision for income taxes of $165 million divided by adjusted earnings before income taxes of $495 million, was 33.3%.
These adjusted measures exclude the items affecting comparability detailed above.
−Removed: (e) For the period from July 1 - August 6, 2025, we recorded a tax benefit of $229 million, primarily reflecting the reversal of valuation allowances on deferred tax assets related to interest deduction limitations as a result of recent U.S.
−Removed: tax legislation.
−Removed: The reported benefit, as well as the adjusted income tax benefit of $123 million, also reflect the tax impact of earnings attributable to noncontrolling interests, the timing of foreign inclusions between the Successor and Predecessor periods, and the tax benefit on the foreign-derived intangible income deduction.
−Removed: The adjusted benefit from income taxes excludes the tax impacts from the items affecting comparability detailed in the table above.
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: Three Months Ended September 30, 2024
−Removed: Three Months Ended September 30, 2024
−Removed: Earnings from Continuing Operations Before Income Taxes Benefit from (Provision for) Income Taxes Net Earnings (Loss) from Continuing Operations Attributable to Parent Diluted EPS from Continuing Operations
+Added: Three Months Ended March 31, 2025
+Added: Earnings Before Income Taxes Provision for Income Taxes Net Earnings Attributable to Parent Diluted EPS
Reported (GAAP) $ 334 $ (100) (d)
−Removed: $ (4) $ (.01)
Items affecting comparability:
−Removed: Impairment charges (a)
−Removed: 104 (26) 78 .12
−Removed: Restructuring charges (b)
−Removed: 288 (66) 222 .33
−Removed: Transaction-related costs (c)
−Removed: Discrete tax items — (2) (2) —
−Removed: Adjusted (Non-GAAP) $ 545 $ (139) (d)
−Removed: (a) Reflects a charge to reduce the carrying values of FCC licenses in certain markets to their estimated fair values.
−Removed: (b) Reflects severance charges, as further described under Restructuring and Transaction-Related Items .
−Removed: (c) Reflects legal and advisory fees relating to the Transactions.
−Removed: (d) The reported effective income tax rate for the three months ended September 30, 2024 was 37.5% and the adjusted effective income tax rate, which is calculated as the adjusted provision for income taxes of $139 million divided by adjusted earnings from continuing operations before income taxes of $545 million, was 25.5%.
−Removed: These adjusted measures exclude the items affecting comparability detailed above.
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: Nine Months Ended September 30, 2025
−Removed: Period From August 7 - September 30, 2025
−Removed: Earnings from Continuing Operations Before Income Taxes Benefit from (Provision for) Income Taxes Net Earnings (Loss) from Continuing Operations Attributable to Parent Diluted EPS from Continuing Operations
−Removed: Reported (GAAP) $ 122 $ (85) (e)
−Removed: Items affecting comparability:
Restructuring charges (a)
65 (16) 49 .08
−Removed: Discrete tax items — (4) (4) —
−Removed: Adjusted (Non-GAAP) $ 307 $ (119) (e)
−Removed: Period From January 1 - August 6, 2025
−Removed: Earnings from Continuing Operations Before Income Taxes Benefit from (Provision for) Income Taxes Net Earnings (Loss) from Continuing Operations Attributable to Parent Diluted EPS from Continuing Operations
−Removed: Reported (GAAP) $ 504 $ 79 (f)
−Removed: $ (35) $ (.05)
−Removed: Items affecting comparability:
−Removed: Impairment charges (b)
−Removed: 157 (39) 118 .17
−Removed: Restructuring charges (a)
−Removed: 255 (61) 194 .29
−Removed: Transaction-related items (c)
−Removed: 199 (31) 168 .25
−Removed: Gain on dispositions (d)
+Added: Transaction-related items (b)
+Added: Gain on dispositions (c)
(35) 2 (33) (.05)
Discrete tax items — 7 7 .01
−Removed: Adjusted (Non-GAAP) $ 1,080 $ (114) (f)
−Removed: (a) Both periods reflect severance charges and also included in the period from January 1 - August 6, 2025 are charges for the impairment of lease assets, as further described under Restructuring and Transaction-Related Items .
−Removed: (b) Reflects a charge to reduce the carrying values of FCC licenses in certain markets to their estimated fair values.
−Removed: (c) Reflects banking, legal, advisory, and other professional fees relating to the Transactions, and transaction awards that became payable to eligible employees upon closing of the Transactions.
−Removed: (d) Principally reflects a gain associated with the disposition of a noncore business.
−Removed: (e) Refer to the table above for a discussion of the reported and adjusted tax rates for the period from August 7 - September 30, 2025.
−Removed: (f) The reported effective income tax rate for the period from January 1 - August 6, 2025 was 15.7%, which primarily reflects the reversal of valuation allowances on deferred tax assets related to interest deduction limitations as a result of recent U.S.
−Removed: tax legislation.
−Removed: The reported effective income tax rate also reflects the tax impact of earnings attributable to noncontrolling interests, the timing of foreign inclusions between the Successor and Predecessor periods, and the tax benefit on the foreign-derived intangible income deduction.
−Removed: The adjusted provision for income taxes of $114 million divided by adjusted earnings from continuing operations before income taxes of $1.08 billion, was 10.6%.
−Removed: These adjusted measures exclude the items affecting comparability detailed above.
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: Nine Months Ended September 30, 2024
−Removed: Nine Months Ended September 30, 2024
−Removed: Earnings (Loss) from Continuing Operations Before Income Taxes Benefit from (Provision for) Income Taxes Net Earnings (Loss) from Continuing Operations Attributable to Parent Diluted EPS from Continuing Operations
−Removed: Reported (GAAP) $ (6,062) $ 342 (f)
−Removed: $ (5,980) $ (9.04) (g)
−Removed: Items affecting comparability:
−Removed: Programming charges (a)
−Removed: 1,118 (275) 843 1.27
−Removed: Impairment charges (b)
−Removed: 6,100 (375) 5,725 8.61
−Removed: Restructuring charges (c)
−Removed: 544 (118) 426 .64
−Removed: Transaction-related items (d)
−Removed: 51 (3) 48 .07
−Removed: Loss from investment
−Removed: Discrete tax items (e)
−Removed: Impact of antidilution — — — .03
−Removed: Adjusted (Non-GAAP) $ 1,755 $ (383) (f)
−Removed: $ 1,112 $ 1.65 (g)
−Removed: (a) Reflects programming charges associated with major changes in content strategy, which are further described under Programming Charges .
−Removed: (b) Reflects a goodwill impairment charge for our Cable Networks reporting unit of $5.98 billion, as well as charges totaling $119 million to reduce the carrying values of FCC licenses to their estimated fair values.
−Removed: (c) Consists of severance costs associated with strategic changes in our global workforce and the impairment of lease assets, as further described under Restructuring and Transaction-Related Items .
−Removed: (d) Reflects legal and advisory fees relating to the Transactions.
−Removed: (e) Primarily attributable to the establishment of a valuation allowance on a deferred tax asset that was not expected to be realized because of a reduction in our deferred tax liabilities caused by the goodwill impairment charge in the second quarter of 2024.
−Removed: This impact was partially offset by amounts realized in connection with the filing of our tax returns in certain international jurisdictions.
−Removed: (f) The reported effective income tax rate for the nine months ended September 30, 2024 was 5.6% and the adjusted effective income tax rate, which is calculated as the adjusted provision for income taxes of $383 million divided by adjusted earnings from continuing operations before income taxes of $1.76 billion, was 21.8%.
+Added: Adjusted (Non-GAAP) $ 384 $ (107) (d)
+Added: (a) Primarily reflects charges for the impairment of lease assets, as further described under Restructuring and Transaction-Related Items .
+Added: (b) Reflects legal, advisory, and other professional fees relating to the Skydance Transactions.
+Added: (c) Principally reflects a gain associated with the disposition of a noncore business.
+Added: (d) The reported effective income tax rate for the three months ended March 31, 2025 was 29.9% and the adjusted effective income tax rate, which is calculated as the adjusted provision for income taxes of $107 million divided by adjusted earnings before income taxes of $384 million, was 27.9%.
These adjusted measures exclude the items affecting comparability detailed above.
−Removed: (g) For the nine months ended September 30, 2024, the weighted average number of common shares outstanding used in the calculation of reported diluted EPS from continuing operations is 663 million and in the calculation of adjusted diluted EPS from continuing operations is 665 million.
−Removed: The dilutive impact was excluded in the calculation of reported diluted EPS from continuing operations because it would have been antidilutive since we reported a net loss from continuing operations.
Management’s Discussion and Analysis of
2 unchanged sentences
Consolidated Results of Operations
−Removed: Three Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor Supplemental Pro Forma Revenues (a)
−Removed: Period From August 7 - September 30, Period From July 1 - August 6, Three Months Ended September 30, Three Months Ended September 30, Pro forma Increase/(Decrease)
−Removed: 2025 2025 2024 2025 2024 $ %
−Removed: Revenues by Type:
−Removed: Advertising $ 1,280 $ 664 $ 2,174 $ 1,944 $ 2,174 $ (230) (11) %
−Removed: Affiliate and subscription 2,027 1,400 3,215 3,427 3,215 212 7
−Removed: Theatrical 39 73 108 112 108 4 4
−Removed: Licensing and other 775 444 1,234 1,231 1,443 (212) (15)
−Removed: Total Revenues $ 4,121 $ 2,581 $ 6,731 $ 6,714 $ 6,940 $ (226) (3) %
−Removed: Nine Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor Supplemental Pro Forma Revenues (a)
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30, Nine Months Ended September 30, Pro forma Increase/(Decrease)
+Added: Three Months Ended March 31,
+Added: Successor Predecessor Increase/(Decrease)
+Added: % of Total Revenues % of Total
2026 2025 $ %
1 unchanged sentence
Advertising $ 2,442 33 % $ 2,513 35 % $ (71) (3) %
−Removed: Affiliate and subscription 2,027 8,242 9,847 10,269 9,847 422 4
+Added: Affiliate and
+Added: subscription 3,501 48 3,397 47 104 3
Theatrical 152 2 148 2 4 3
1 unchanged sentence
Total Revenues $ 7,347 100 % $ 7,192 100 % $ 155 2 %
−Removed: (a) Supplemental Pro Forma Revenues for the three and nine months ended September 30, 2025 reflect the combination of the Successor period with the Predecessor period from July 1-August 6, 2025 and January 1-August 6, 2025, respectively, and for Licensing and other and Total Revenues also include pro forma adjustments to include Skydance revenues after the elimination of intercompany revenues from Paramount Global during the Predecessor period.
−Removed: While the Successor and Predecessor periods are distinct reporting periods, revenues were not impacted by the pushdown of the Ultimate Parent’s basis and are supplementally presented on a pro forma combined basis to help investors view these revenues in a manner consistent with our management.
−Removed: See Supplemental Pro Forma Revenues for calculations of these pro forma revenue amounts.
−Removed: Advertising revenues during the Successor and Predecessor periods in 2025 and 2024 were impacted by declines in the linear advertising market and in the 2025 periods also included the impact on pricing from new entrants to the digital advertising market.
−Removed: The Predecessor periods for the three and nine months ended September 30, 2024 benefited from amounts recognized in each applicable period relating to the underreporting of revenue by an international sales partner in previous periods and political advertising revenue associated with the 2024 U.S.
−Removed: Presidential election.
−Removed: The nine-month period also included revenues associated with the broadcast of Super Bowl LVIII on CBS and Paramount+ in the first quarter of 2024.
−Removed: We have the rights to broadcast the Super Bowl on a rotational basis with other networks, and therefore did not have a comparable broadcast in 2025.
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: On a pro forma basis, the decreases in advertising revenues of 11% and 12% for the three and nine months ended September 30, 2025, respectively, include decreases of 4% and 1% from lower political advertising and 4% and 2% from the comparison against amounts recognized in the applicable period in 2024 relating to the underreporting of revenue by an international sales partner in previous periods.
−Removed: The comparison for the nine-month period also reflects a decrease of 8% from the benefit to the first quarter of 2024 from our broadcast of the Super Bowl, reflecting the rotational nature of the rights to this broadcast discussed above.
+Added: Advertising revenues are generated primarily from the sale of advertising spots on our global broadcast and cable networks, television stations, and streaming services.
+Added: The 3% decrease in advertising revenue reflects declines in the linear advertising market, partially offset by growth for Paramount+.
Affiliate and subscription
Affiliate and subscription revenues are principally comprised of affiliate fees we receive from distributors for their carriage of our cable networks (cable affiliate fees) and television stations (retransmission fees), as well as fees received from third-party television stations for their affiliation with the CBS Television Network (reverse compensation), and subscription fees for our streaming services.
−Removed: Affiliate and subscription revenues during each of the Successor and Predecessor periods in 2025 and 2024 reflect the benefit from subscriber growth and pricing increases for Paramount+ but were negatively impacted by linear subscriber declines.
−Removed: Paramount+ had 79.1 million subscribers at September 30, 2025 and 71.9 million subscribers at September 30, 2024.
−Removed: On a pro forma basis, the growth of 7% and 4% in affiliate and subscription revenues for the three and nine months ended September 30, 2025, respectively, reflects increases of 11% and 9% from higher streaming subscription fees, driven by subscriber growth and pricing increases for Paramount+, partially offset by decreases from lower linear affiliate fees.
−Removed: In the third quarter of 2025, we released The Naked Gun and Smurfs.
−Removed: Theatrical revenues for the Successor period and each of the Predecessor periods in 2025 benefited from these releases.
−Removed: Theatrical revenues during the Predecessor period from January 1, 2025 - August 6, 2025 also benefited from the second quarter 2025 release of Mission:
−Removed: Impossible-The Final Reckoning and the fourth quarter 2024 release of Sonic the Hedgehog 3 .
−Removed: Theatrical revenues during the Predecessor periods for the three and nine months ended September 30, 2024 included revenues from the releases of A Quiet Place:
−Removed: Day One and Transformers One.
−Removed: The nine-month period also benefited from the first quarter 2024 releases of Bob Marley:
−Removed: One Love , Mean Girls and Miramax’s The Beekeeper and the second quarter 2024 release of IF .
+Added: Affiliate and subscription revenues grew 3%, reflecting an increase of 7% from pricing increases and subscriber growth for Paramount+, partially offset by a decrease of 4% from lower linear affiliate revenues.
+Added: Paramount+ had 79.6 million subscribers at March 31, 2026 and 77.8 million subscribers at March 31, 2025.
+Added: Theatrical revenues increased 3%, driven by the success of the first quarter 2026 release of Scream 7 and the fourth quarter 2025 release of The SpongeBob Movie:
+Added: Search for SquarePants.
+Added: The first quarter of 2025 benefited from the fourth quarter 2024 releases of Sonic the Hedgehog 3 and Gladiator II.
Licensing and other
1 unchanged sentence
license fees from content produced or distributed for third parties;
−Removed: home entertainment revenues, which include the viewing of our content on a transactional basis through transactional video-on-demand (TVOD) and electronic sell-through services and the sale and distribution of our content through DVDs and Blu-ray discs to wholesale and retail partners;
+Added: home entertainment revenues, which primarily include revenues from the viewing of our content on a transactional basis through transactional video-on-demand (TVOD) and electronic sell-through services;
fees from the use of our trademarks and brands for consumer products, recreation and live events;
revenues from games and other interactive content;
−Removed: and revenues from the rental of production facilities.
−Removed: Content licensing and other revenues include Skydance revenue in the Successor period.
−Removed: On a pro forma basis, the 15% decrease in licensing and other revenues for the third quarter of 2025 primarily reflects lower revenues from content produced for third parties, partly due to timing, and licensing in the secondary market.
+Added: and revenues from studio rentals and production services.
Management’s Discussion and Analysis of
1 unchanged sentence
(Tabular dollars in millions, except per share amounts)
+Added: Licensing and other revenues increased 10%, driven by the inclusion of Skydance following the Skydance Transactions in August 2025.
Operating Expenses
−Removed: Three Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor
−Removed: Period From August 7 - September 30, Period From July 1 - August 6, Three Months Ended September 30,
−Removed: 2025 2025 2024
−Removed: Operating expenses by Type:
−Removed: Content costs $ 1,987 $ 1,209 $ 3,277
−Removed: Distribution and other 654 493 1,065
−Removed: Total Operating Expenses $ 2,641 $ 1,702 $ 4,342
−Removed: Nine Months Ended September 30, 2025 and 2024
+Added: Three Months Ended March 31,
Successor Predecessor
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30,
+Added: % of Operating Expenses % of Operating Expenses Increase/(Decrease)
2026 2025 $ %
8 unchanged sentences
and participation and residuals expenses, which reflect amounts owed to talent and other participants in our content pursuant to contractual and collective bargaining arrangements.
−Removed: Content costs for the Successor period reflect reductions in programming assets resulting from the pushdown of the Ultimate Parent’s basis, as well as the addition of costs associated with Skydance’s content.
−Removed: Programming assets decreased for our Direct-to-Consumer and TV Media segments and increased for our Filmed Entertainment segment as a result of the pushdown.
−Removed: Content costs for the Predecessor period for the nine months ended September 30, 2024 include costs associated with the Super Bowl broadcast in 2024.
+Added: Content costs decreased 2%, primarily reflecting reductions in programming assets resulting from the pushdown of the Ultimate Parent’s basis and other cost reductions for cable programming, partially offset by the inclusion of Skydance in the current-year period and higher sports costs for Paramount+.
Distribution and Other
3 unchanged sentences
and other costs associated with our operations.
−Removed: Distribution and other operating expenses in each period reflect revenue sharing costs related to revenues for our streaming services, which increased on a pro forma basis in the three- and nine-month periods.
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: Programming Charges (Predecessor)
−Removed: Programming charges totaling $1.12 billion recorded during the first quarter of 2024 were the result of major changes in content strategy.
−Removed: These changes, which were made in connection with a shift to a global programming strategy, resulted in the removal of significant levels of content from our platforms, abandonment of development projects, and termination of programming agreements, particularly internationally, including locally-produced content and domestic titles that no longer aligned with a shift to a global programming strategy.
−Removed: The removal of this content from our platforms was a triggering event that required an assessment of whether the affected programming assets were impaired.
−Removed: This impairment review compared the current carrying value of each title with its fair value, which considered (1) that the titles were no longer being utilized on our platforms and there was no intention to use the titles on our platforms in the future and (2) the estimated future cash flows associated with any anticipated licensing of the titles to third parties, which was minimal.
−Removed: The programming charges were comprised of $909 million for the impairment of content to its estimated fair value, as well as $209 million for development cost write-offs and contract termination costs.
+Added: Distribution and other operating expenses decreased 2%, driven by lower employee costs.
Selling, General and Administrative Expenses
−Removed: Three Months Ended September 30, 2025 and 2024
Successor Predecessor
−Removed: Period From August 7 - September 30, Period From July 1 - August 6, Three Months Ended September 30,
−Removed: 2025 2025 2024
−Removed: Selling, general and
−Removed: administrative expenses $ 825 $ 582 $ 1,531
−Removed: Nine Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30,
+Added: Three Months Ended March 31, Three Months Ended March 31, Increase/(Decrease)
2026 2025 $ %
2 unchanged sentences
Selling, general and administrative (“SG&A”) expenses include costs incurred for advertising and marketing for our linear networks and streaming services, research, occupancy, professional service fees, and back office support, including employee compensation and technology.
−Removed: SG&A in all periods benefited from restructuring activities and other cost savings initiatives.
+Added: SG&A expenses decreased 9%, principally reflecting lower marketing costs and lower compensation costs resulting from our workforce restructuring activities.
Management’s Discussion and Analysis of
2 unchanged sentences
Depreciation and Amortization
−Removed: Three Months Ended September 30, 2025 and 2024
Successor Predecessor
−Removed: Period From August 7 - September 30, Period From July 1 - August 6, Three Months Ended September 30,
−Removed: 2025 2025 2024
−Removed: Depreciation and amortization $ 226 $ 29 $ 96
−Removed: Nine Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30,
+Added: Three Months Ended March 31, Three Months Ended March 31, Increase/(Decrease)
2026 2025 $ %
1 unchanged sentence
Depreciation and amortization expense reflects depreciation of fixed assets and amortization of finite-lived intangible assets.
−Removed: Depreciation and amortization for the Successor period includes amortization of intangible assets established in connection with the change in accounting basis (See Note 2 to the consolidated financial statements).
−Removed: In addition, we began amortizing FCC licenses over a 30-year period during the third quarter of 2025 (see Critical Accounting Estimates ).
−Removed: Impairment Charges
−Removed: The impairment charge of $157 million in the second quarter of 2025 reflects a charge to reduce the carrying values of FCC licenses in certain markets to their estimated fair values at June 30, 2025.
−Removed: During the second quarter of 2024 (Predecessor), a goodwill impairment charge of $5.98 billion was recorded for the Cable Networks reporting unit.
−Removed: In addition, charges of $15 million and $104 million were recorded during the second and third quarters of 2024, respectively, to write down the carrying values of FCC licenses in certain markets to their estimated fair values.
−Removed: The goodwill impairment charge resulted from a downward adjustment to the reporting unit’s expected cash flows, primarily as a result of indicators in the linear affiliate marketplace, and the estimated total company market value indicated by the Transactions and the NAI Transaction.
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
+Added: The increase primarily reflects amortization of intangible assets established in connection with the pushdown of the Ultimate Parent’s basis (See Note 2 to the consolidated financial statements).
Restructuring and Transaction-Related Items
−Removed: During the periods presented we recorded the following restructuring charges and transaction-related items.
−Removed: Three Months Ended September 30, 2025 and 2024
+Added: During the three months ended March 31, 2026 and 2025, we recorded the following restructuring charges and transaction-related items.
Successor Predecessor
−Removed: Period From August 7 - September 30, Period From July 1 - August 6, Three Months Ended September 30,
−Removed: 2025 2025 2024
−Removed: Restructuring charges (a)
−Removed: $ 185 $ 13 $ 288
+Added: Three Months Ended March 31, Three Months Ended March 31,
+Added: Restructuring charges $ — $ 65
Transaction-related items 103 20
Restructuring and transaction-related items $ 103 $ 85
−Removed: Nine Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30,
−Removed: 2025 2025 2024
−Removed: Severance (a)
−Removed: $ 185 $ 190 $ 513
−Removed: Exit costs — 65 31
Restructuring Charges
+Added: During the three months ended March 31, 2025, we recorded exit costs of $65 million, primarily for the impairment of lease assets that we ceased use of in connection with initiatives to reduce our real estate footprint and create cost synergies.
Transaction-Related Items
−Removed: Restructuring and transaction-related items $ 185 $ 454 $ 595
−Removed: (a) Severance costs include the accelerated vesting of stock-based compensation.
−Removed: Restructuring charges for the period from August 7 - September 30, 2025 (Successor) were comprised of severance costs of $185 million, principally associated with actions to align the business around our strategic priorities following the Transactions, including costs related to a plan under which severance payments are being provided to certain eligible employees who voluntarily elected to participate.
−Removed: During the fourth quarter of 2025, we expect to incur additional restructuring charges for severance of approximately $500 million in connection with our realignment process and transformation initiatives.
−Removed: Restructuring charges for the Predecessor periods from July 1 - August 6, 2025 and January 1 - August 6, 2025 included severance costs of $13 million and $190 million, respectively, primarily associated with strategic changes in the global workforce in order to streamline the organization.
−Removed: Restructuring charges for the three and nine months ended September 30, 2024 included severance costs of $288 million and $513 million, respectively, associated with strategic changes in our global workforce, and for the nine-month period also related to the exit of Paramount Global’s former CEO and other management changes.
−Removed: Additionally, during the Predecessor periods from January 1 - August 6, 2025 and the nine months ended September 30, 2024, we recorded exit costs of $65 million and $31 million, respectively, primarily for the impairment of lease assets that we ceased use of in connection with initiatives to reduce our real estate footprint and create cost synergies.
−Removed: During the Predecessor periods from July 1 - August 6, 2025 and January 1 - August 6, 2025, we recorded $175 million and $199 million, respectively principally for banking, legal, advisory, and other professional fees relating
+Added: During the three months ended March 31, 2026, we recorded $103 million of transaction-related costs, principally for legal, advisory, and other professional fees associated with the planned WBD Merger.
+Added: During the three months ended March 31, 2025, we recorded legal, advisory, and other professional fees relating to the Skydance Transactions of $20 million.
+Added: Gain on Dispositions
+Added: During the first quarter of 2025, we recorded a gain on dispositions totaling $35 million, principally associated with the disposition of a noncore business.
Management’s Discussion and Analysis of
1 unchanged sentence
(Tabular dollars in millions, except per share amounts)
−Removed: to the Transactions, and transaction awards that became payable to eligible employees upon closing.
−Removed: During the three and nine months ended September 30, 2024, we recorded transaction-related costs of $33 million and $51 million, respectively associated with legal and advisory fees related to the Transactions.
−Removed: Gain on Dispositions
−Removed: During the first quarter of 2025 (Predecessor), we recorded gains totaling $35 million, principally associated with the disposition of a noncore business.
Interest Expense/Income
−Removed: Three Months Ended September 30, 2025 and 2024
Successor Predecessor
−Removed: Period From August 7 - September 30, Period From July 1 - August 6, Three Months Ended September 30,
−Removed: 2025 2025 2024
−Removed: Interest expense $ 138 $ 85 $ 209
−Removed: Interest income $ 24 $ 13 $ 31
−Removed: Nine Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30,
+Added: Three Months Ended March 31, Three Months Ended March 31, Increase/(Decrease)
2026 2025 $ %
2 unchanged sentences
In connection with the pushdown of the Ultimate Parent’s basis, our debt was recorded at fair value, which resulted in a decrease to our total debt balance of $898 million.
−Removed: The adjustments to fair value for each of our senior and junior debt issuances is being amortized over the remaining term of the applicable issuance within interest expense.
−Removed: The weighted average interest rate on our senior and junior debt was 5.17% at September 30, 2025 and December 31, 2024.
−Removed: Loss from Investment
−Removed: During the first quarter of 2024, we recorded a loss of $4 million associated with the sale of an investment.
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: Other Items, Net
−Removed: The following tables present the components of “Other items, net.”
−Removed: Three Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor
−Removed: Period From August 7 - September 30, Period From July 1 - August 6, Three Months Ended September 30,
−Removed: 2025 2025 2024
−Removed: Pension and postretirement benefit costs $ (14) $ (12) $ (34)
−Removed: Foreign exchange loss 4 (3) (7)
−Removed: Other 2 (1) 2
+Added: The adjustments to fair value for each of our senior and junior debt issuances are being amortized over the remaining term of the applicable issuance within interest expense.
+Added: The weighted average interest rate on our senior and junior debt was 5.20% at March 31, 2026 (Successor) and 5.17% at March 31, 2025 (Predecessor).
+Added: In addition, during the first quarter of 2026 we incurred $11 million of interest expense associated with a $2.15 billion borrowing under our Credit Facility at an interest rate of 5.39% (see Capital Structure ).
+Added: Credit facility borrowings outstanding at the closing of the WBD Merger are expected to be repaid with the funding from the private placement described in Note 1 to the consolidated financial statements.
Other Items, Net
−Removed: Nine Months Ended September 30, 2025 and 2024
+Added: The following table presents the components of “Other items, net.”
Successor Predecessor
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30,
−Removed: 2025 2025 2024
+Added: Three Months Ended March 31, Three Months Ended March 31,
Pension and postretirement benefit costs $ 18 $ 34
Foreign exchange loss 4 3
−Removed: Other 2 (1) 3
Other items, net $ 24 $ 37
−Removed: Provision for/Benefit from Income Taxes
−Removed: The provision for/benefit from income taxes represents federal, state and local, and foreign taxes on earnings (loss) from continuing operations before income taxes and equity in loss of investee companies.
−Removed: For the period from August 7 - September 30, 2025 (Successor), we recorded a provision for income taxes of $85 million and for the periods from July 1 - August 6, 2025 and January 1 - August 6, 2025 (Predecessor), we recorded a benefit from income taxes of $229 million and $79 million, respectively.
−Removed: Refer to Reconciliation of Non-GAAP Measures for reported and adjusted effective income tax rates and the related income tax effects of the adjustments.
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: Three Months Ended September 30, 2025
−Removed: Impact from Items Affecting Comparability
−Removed: Successor Predecessor
−Removed: Period From August 7 - September 30, Period From July 1 - August 6,
−Removed: Earnings (Loss) Before Income Taxes Benefit from (Provision for) Income Taxes Earnings (Loss) Before Income Taxes Benefit from (Provision for) Income Taxes
−Removed: Restructuring charges (Note 4)
−Removed: $ (185) $ 30 $ (13) $ 3
−Removed: Transaction-related items (Note 4)
−Removed: $ — $ — $ (175) $ 30
−Removed: Net discrete tax benefit (a)
−Removed: n/a $ 4 n/a $ 73
−Removed: Nine Months Ended September 30, 2025
+Added: Provision for Income Taxes
+Added: The provision for income taxes represents federal, state and local, and foreign taxes on earnings (loss) before income taxes and equity in loss of investee companies.
+Added: For the three months ended March 31, 2026 (Successor), we recorded a provision for income taxes of $155 million, reflecting an effective income tax rate of 39.5%.
+Added: Included in the provision for income taxes are the following items identified as affecting the comparability of our results, which in aggregate increased our effective income tax rate by 6.2 percentage points, reflecting an adjusted effective income tax rate of 33.3%.
Impact from Items Affecting Comparability
−Removed: Successor Predecessor
−Removed: Period From August 7 - September 30, Period From January 1 - August 6,
−Removed: Earnings (Loss) Before Income Taxes Benefit from (Provision for) Income Taxes Earnings (Loss) Before Income Taxes Benefit from (Provision for) Income Taxes
−Removed: Restructuring charges (Note 4)
−Removed: $ (185) $ 30 $ (255) $ 61
−Removed: Transaction-related items (Note 4)
−Removed: $ — $ — $ (199) $ 31
−Removed: Impairment charges $ — $ — $ (157) $ 39
−Removed: Gain from dispositions $ — $ — $ 35 $ (2)
−Removed: Net discrete tax benefit (a)
−Removed: n/a $ 4 n/a $ 64
+Added: Three Months Ended March 31, 2026
+Added: Earnings Before Income Taxes Benefit from
+Added: Transaction-related items $ (103) $ 6
+Added: Net discrete tax benefit
n/a - not applicable
−Removed: (a) On July 4, 2025, the U.S.
−Removed: government enacted tax legislation, which includes the extension of certain expired or expiring tax provisions, including a favorable change to the interest deduction limitation, and modifications to certain international tax provisions.
−Removed: The legislation has multiple effective dates with certain provisions effective in 2025.
−Removed: A favorable change to the interest deduction limitation resulted in the reversal of the valuation allowance on our interest limitation carryforward deferred tax asset of $114 million.
−Removed: The net discrete tax benefits for the 2025 Predecessor periods reflect this reversal, partially offset by a reserve for uncertain tax positions.
−Removed: For the three and nine months ended September 30, 2024 (Predecessor), we recorded a provision for income taxes of $45 million and a benefit from income taxes of $342 million, reflecting an effective income tax rate of 37.5% and 5.6%, respectively.
−Removed: Included in the provision for/benefit from income taxes are the following items identified as affecting the comparability of our results, which in aggregate increased our effective income tax rate by 12.0 percentage points and decreased our effective income tax rate by 16.2 percentage points for their respective periods.
Management’s Discussion and Analysis of
1 unchanged sentence
(Tabular dollars in millions, except per share amounts)
−Removed: Three and Nine Months Ended September 30, 2024
+Added: For the three months ended March 31, 2025 (Predecessor), we recorded a provision for income taxes of $100 million, reflecting an effective income tax rate of 29.9%.
+Added: Included in the provision for income taxes are the following items identified as affecting the comparability of our results, which in aggregate increased our effective income tax rate by 2.0 percentage points.
Impact from Items Affecting Comparability
−Removed: Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024
−Removed: Earnings (Loss) Before Income Taxes Benefit from (Provision for) Income Taxes Earnings (Loss) Before Income Taxes Benefit from (Provision for) Income Taxes
−Removed: Programming charges (Note 3)
−Removed: $ — $ — $ (1,118) $ 275
−Removed: Impairment charges (Note 4) $ (104) $ 26 $ (6,100) $ 375
−Removed: Restructuring charges (Note 4 )
−Removed: $ (288) $ 65 $ (544) $ 117
−Removed: Transaction-related items (Note 4) $ (33) $ 1 $ (51) $ 4
−Removed: Loss from investment $ — $ — $ (4) $ 1
−Removed: Net discrete tax benefit (provision) (a)
−Removed: n/a $ 2 n/a $ (47)
+Added: Three Months Ended March 31, 2025
+Added: Earnings (Loss) Before Income Taxes Benefit from (Provision for) Income Taxes
+Added: Restructuring charges $ (65) $ 16
+Added: Transaction-related items $ (20) $ —
+Added: Gain from dispositions $ 35 $ (2)
+Added: Net discrete tax provision n/a $ (7)
n/a - not applicable
−Removed: (a) The net discrete tax provision for the nine months ended September 30, 2024 is primarily attributable to the establishment of a valuation allowance on our interest limitation carryforward deferred tax asset that was not expected to be realized because of a reduction in our deferred tax liabilities caused by the goodwill impairment charge in the second quarter of 2024.
−Removed: This impact was partially offset by amounts realized in connection with the filing of our tax returns in certain international jurisdictions.
Equity in Loss of Investee Companies, Net of Tax
−Removed: The following tables present equity in loss of investee companies for our equity-method investments.
−Removed: Three Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor
−Removed: Period From August 7 - September 30, Period From July 1 - August 6, Three Months Ended September 30,
−Removed: 2025 2025 2024
−Removed: Equity in loss of investee companies $ (33) $ (31) $ (60)
−Removed: Tax benefit — — 1
−Removed: Equity in loss of investee companies,
−Removed: net of tax $ (33) $ (31) $ (59)
−Removed: Nine Months Ended September 30, 2025 and 2024
+Added: The following table presents equity in loss of investee companies for our equity-method investments.
Successor Predecessor
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30,
+Added: Three Months Ended March 31, Three Months Ended March 31, Increase/(Decrease)
2026 2025 $ %
Equity in loss of investee companies $ (62) $ (74) $ (12) (16) %
−Removed: Tax (provision) benefit — (2) 1
+Added: Tax benefit — 1 (1) n/m
Equity in loss of investee companies,
net of tax $ (62) $ (73) $ (11) (15) %
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: Net Loss from Continuing Operations Attributable to Parent and Diluted EPS from Continuing Operations
−Removed: Three Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor
−Removed: Period From August 7 - September 30, Period From July 1 - August 6, Three Months Ended September 30,
−Removed: 2025 2025 2024
−Removed: Net loss from continuing
−Removed: operations attributable to Parent $ (13) $ (244) $ (4)
−Removed: Diluted EPS from continuing
−Removed: operations $ (.01) $ (.36) $ (.01)
−Removed: Nine Months Ended September 30, 2025 and 2024
+Added: n/m - not meaningful
+Added: Net Earnings Attributable to Parent and Diluted EPS
Successor Predecessor
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30,
+Added: Three Months Ended March 31, Three Months Ended March 31, Increase/(Decrease)
2026 2025 $ %
−Removed: Net loss from continuing
−Removed: operations attributable to Parent $ (13) $ (35) $ (5,980)
−Removed: Diluted EPS from continuing
−Removed: operations $ (.01) $ (.05) $ (9.04)
−Removed: As a result of the pushdown of the Ultimate Parent’s basis, net loss from continuing operations attributable to Parent and diluted EPS during the Successor period include amortization associated with intangible assets that were established and also reflect the decrease in programming assets and interest expense associated with the adjustment to fair value our debt.
−Removed: Net loss from continuing operations attributable to Parent and diluted EPS during the nine months ended September 30, 2024 (Predecessor) were impacted by a goodwill impairment charge during the second quarter of $5.98 billion ($5.64 billion, net of tax) and programming charges during the first quarter of $1.12 billion ($843 million, net of tax).
−Removed: Net Earnings from Discontinued Operations
−Removed: On October 30, 2023, we completed the sale of Simon & Schuster to affiliates of Kohlberg Kravis Roberts & Co.
−Removed: During the first quarter of 2024 (Predecessor), we recorded an additional pretax gain of $12 million on the sale as a result of a working capital adjustment.
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: Supplemental Pro Forma Revenues — Consolidated
−Removed: Supplemental Pro Forma Revenues for the three and nine months ended September 30, 2025 reflect the combination of the Successor period with the Predecessor period from July 1-August 6, 2025 and January 1-August 6, 2025, respectively, and for Licensing and other and Total Revenues also include pro forma adjustments to include Skydance revenues after the elimination of intercompany revenues from Paramount Global during the Predecessor period.
−Removed: While the Successor and Predecessor periods are distinct reporting periods, revenues were not impacted by the pushdown of the Ultimate Parent’s basis and are supplementally presented on a pro forma combined basis to help investors view these amounts in a manner consistent with our management.
−Removed: The tables below present the calculations of Supplemental Pro Forma Revenues on a consolidated basis.
−Removed: Three and Nine Months Ended September 30, 2025 versus Three and Nine Months Ended September 30, 2024
−Removed: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024
−Removed: Period From August 7 - September 30 Period From July 1 - August 6 Pro forma (b)
−Removed: Predecessor Adjustments (a)
−Removed: Pro forma (b)
−Removed: Pro forma Increase/(Decrease)
−Removed: Successor Predecessor Adjustments (a)
−Removed: Advertising $ 1,280 $ 664 $ — $ 1,944 $ 2,174 $ — $ 2,174 $ (230) (11) %
−Removed: Affiliate and
−Removed: subscription 2,027 1,400 — 3,427 3,215 — 3,215 212 7
−Removed: Theatrical 39 73 — 112 108 — 108 4 4
−Removed: Licensing and
−Removed: other 775 444 12 1,231 1,234 209 1,443 (212) (15)
−Removed: Revenues $ 4,121 $ 2,581 $ 12 $ 6,714 $ 6,731 $ 209 $ 6,940 $ (226) (3) %
−Removed: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024
−Removed: Period From August 7 - September 30 Period From January 1 - August 6 Pro forma (b)
−Removed: Predecessor Adjustments (a)
−Removed: Pro forma (b)
−Removed: Pro forma Increase/(Decrease)
−Removed: Successor Predecessor Adjustments (a)
−Removed: Advertising $ 1,280 $ 5,329 $ — $ 6,609 $ 7,521 $ — $ 7,521 $ (912) (12) %
−Removed: Affiliate and
−Removed: subscription 2,027 8,242 — 10,269 9,847 — 9,847 422 4
−Removed: Theatrical 39 475 — 514 399 — 399 115 29
−Removed: Licensing and
−Removed: other 775 2,576 503 3,854 3,462 455 3,917 (63) (2)
−Removed: Revenues $ 4,121 $ 16,622 $ 503 $ 21,246 $ 21,229 $ 455 $ 21,684 $ (438) (2) %
−Removed: (a) Reflects Skydance revenues during the period noted after the elimination of intercompany revenues from Paramount Global.
−Removed: (b) Pro forma revenues for the three and nine months ended September 30, 2025 represent the sum of the Successor and Predecessor periods comprising the applicable periods adjusted to include the historical revenue of Skydance after the elimination of intercompany revenues from Paramount Global, during the period prior to the close of the Transactions.
+Added: Net earnings attributable to Parent $ 168 $ 152 $ 16 11 %
+Added: Diluted EPS $ .15 $ .22 $ (.07) (32) %
+Added: For the three months ended March 31, 2026 (Successor), we reported net earnings attributable to Parent of $168 million, or $.15 per diluted share, compared with a net earnings attributable to Parent of $152 million, or $.22 per diluted share, for three months ended March 31, 2025 (Predecessor).
+Added: The decrease in diluted EPS reflects shares issued in connection with the Skydance Transactions and the NAI Transaction (see Note 10 to the consolidated financial statements).
Management’s Discussion and Analysis of
2 unchanged sentences
Segment Results of Operations
−Removed: The Company is comprised of the below segments.
−Removed: We are in the process of transitioning our reporting structure into three new segments:
−Removed: Studios, Direct-to-Consumer, and TV Media, which will be completed and reflected in our Quarterly Report on Form 10-Q for the first quarter of 2026.
−Removed: • TV Media— Our TV Media segment consists of our (1) broadcast operations — the CBS Television Network, our domestic broadcast television network;
−Removed: CBS Stations, our owned television stations;
−Removed: and our international free-to-air networks, Network 10, Channel 5, and Chilevisión;
−Removed: (2) domestic premium and basic cable networks, including Paramount+ with Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, CBS Sports Network, and international extensions of certain of these brands;
−Removed: and (3) domestic and international television studio operations, including CBS Studios and Paramount Television Studios, as well as CBS Media Ventures, which produces and distributes first-run syndicated programming.
−Removed: TV Media also includes a number of digital properties such as CBS News Streaming for 24 hour news and CBS Sports HQ for sports news and analysis.
−Removed: • Direct-to-Consumer— Our Direct-to-Consumer segment includes our portfolio of domestic and international pay and free streaming services, including Paramount+, Pluto TV, and BET+.
−Removed: • Filmed Entertainment — Our Filmed Entertainment segment consists of Paramount Pictures, Skydance’s Animation, Film, Television, Interactive/Games, and Sports divisions, Paramount Players, Paramount Animation, Nickelodeon Studio, Awesomeness, and Miramax .
+Added: Beginning in 2026, we transitioned our reporting structure into three new segments:
+Added: Studios , Direct-to-Consumer , and TV Media .
+Added: Under the new segment structure, our Studios segment reflects the combination of the historical Filmed Entertainment segment with the historical TV Media studio operations, consolidating our content creation activities.
+Added: Additionally, our premium cable channel, Paramount+ with Showtime, which was previously under the TV Media segment, is now managed under the Direct-to-Consumer segment.
+Added: Concurrent with the change to our segments, we updated our segment expense allocations to better reflect how we operate and make cost decisions across the business (together with the segment change, the “new segment presentation”).
+Added: Certain centralized costs that were previously allocated at the segment level are now reported within corporate expenses.
The tables below set forth our financial information by reportable segment.
−Removed: We present operating income excluding depreciation and amortization, stock-based compensation, restructuring charges, transaction-related items, programming charges, and gain on dispositions, each where applicable (“Adjusted OIBDA”), as the primary measure of profit and loss for our operating segments in accordance with Financial Accounting Standards Board (“FASB”) guidance for segment reporting.
−Removed: Programming charges consist only of charges related to major strategic changes, which are further described under Programming Charges , and do not include impairment charges that occur as part of our normal operations, which are recorded within content costs in the tables below, where applicable, and are not excluded in Adjusted OIBDA.
−Removed: Stock-based compensation is excluded from our segment measure of profit and loss because it is set and approved by our Board of Directors in consultation with corporate executive management.
−Removed: See Reconciliation of Non-GAAP Measures for a reconciliation of total Adjusted OIBDA to Operating Income, the most directly comparable financial measure in accordance with U.S.
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: Three Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor
−Removed: Period From August 7 - September 30, Period From July 1 - August 6, Three Months Ended September 30,
+Added: As a result of the new accounting basis established in connection with the Skydance Transactions and NAI Transaction, which makes our results of operations not comparable between the Successor and Predecessor periods, we are required to present segment information for the Predecessor for the first quarter of 2025 based on our previous segments, Filmed Entertainment , Direct-to-Consumer, and TV Media .
+Added: In addition, in order to provide useful information for investors that is consistent with the manner in which our management reviews our results, on the following pages we have provided supplemental non-GAAP presentations reflecting the Predecessor amounts for the first quarter of 2025 recast under the new segment presentation, as well as the related reconciliations from the GAAP presentation.
+Added: GAAP Non-GAAP (a)
+Added: Successor Predecessor Predecessor
+Added: Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31,
2026 2025 2025
−Removed: Advertising $ 980 $ 485 $ 1,666
−Removed: Affiliate and subscription 1,044 696 1,872
−Removed: Licensing and other 344 247 760
−Removed: TV Media 2,368 1,428 4,298
−Removed: Advertising 300 179 507
−Removed: Subscription 983 704 1,343
−Removed: Licensing 1 — 10
−Removed: Direct-to-Consumer 1,284 883 1,860
+Added: Studios Filmed Entertainment Studios
Theatrical $ 152 $ 148 $ 148
1 unchanged sentence
Advertising 4 3 5
−Removed: Filmed Entertainment 480 276 590
−Removed: Eliminations (11) (6) (17)
−Removed: Total Revenues $ 4,121 $ 2,581 $ 6,731
−Removed: Successor Predecessor
−Removed: Period From August 7 - September 30, Period From July 1 - August 6, Three Months Ended September 30,
−Removed: 2025 2025 2024
−Removed: Adjusted OIBDA:
−Removed: TV Media $ 540 $ 282 $ 936
+Added: Total 1,283 627 1,159
+Added: Direct-to-Consumer Direct-to-Consumer (b)
Direct-to-Consumer
−Removed: Filmed Entertainment (13) (36) 3
−Removed: Corporate/Eliminations (78) (38) (84)
−Removed: Stock-based compensation (a)
−Removed: (29) (16) (46)
−Removed: Total Adjusted OIBDA 655 297 858
−Removed: Depreciation and amortization (226) (29) (96)
−Removed: Impairment charges — — (104)
−Removed: Restructuring and transaction-related items (a)
−Removed: (185) (188) (321)
−Removed: Total Operating Income $ 244 $ 80 $ 337
−Removed: (a) For the Successor and Predecessor periods in 2025, stock-based compensation expense of $30 million and $10 million, respectively, is included in “Restructuring and transaction-related items.” For the Predecessor period in 2024, stock-based compensation expense of $20 million is included in “Restructuring and transaction-related items.”
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: Nine Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30,
−Removed: 2025 2025 2024
Advertising 517 473 473
Affiliate and subscription 1,881 1,571 1,678
−Removed: Licensing and other 344 1,495 2,041
−Removed: TV Media 2,368 9,977 13,800
−Removed: Advertising 300 1,146 1,540
−Removed: Subscription 983 3,940 4,069
−Removed: Licensing 1 1 10
−Removed: Direct-to-Consumer 1,284 5,087 5,619
−Removed: Theatrical 39 475 399
−Removed: Licensing and other 440 1,112 1,465
−Removed: Advertising 1 6 10
−Removed: Filmed Entertainment 480 1,593 1,874
−Removed: Eliminations (11) (35) (64)
−Removed: Total Revenues $ 4,121 $ 16,622 $ 21,229
−Removed: Successor Predecessor
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30,
−Removed: 2025 2025 2024
−Removed: Adjusted OIBDA:
−Removed: TV Media $ 540 $ 2,067 $ 3,399
−Removed: Direct-to-Consumer 235 153 (211)
−Removed: Filmed Entertainment (13) (100) (54)
−Removed: Corporate/Eliminations (78) (212) (281)
−Removed: Stock-based compensation (a)
−Removed: (29) (99) (141)
−Removed: Total Adjusted OIBDA 655 1,809 2,712
−Removed: Depreciation and amortization (226) (204) (297)
−Removed: Programming charges — — (1,118)
−Removed: Impairment charges — (157) (6,100)
−Removed: Restructuring and transaction-related items (a)
−Removed: (185) (454) (595)
−Removed: Gain on dispositions — 35 —
−Removed: Total Operating Income (Loss) $ 244 $ 1,029 $ (5,398)
−Removed: (a) For the Successor and Predecessor periods in 2025, stock-based compensation expense of $30 million and $14 million, respectively, is included in “Restructuring and transaction-related items.” For the Predecessor period in 2024, stock-based compensation expense of $34 million is included in “Restructuring and transaction-related items.”
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: Three Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor Supplemental Pro Forma Revenues (a)
−Removed: Period From August 7 - September 30, Period From July 1 - August 6, Three Months Ended September 30, Three Months Ended September 30, Pro forma Increase/(Decrease)
−Removed: TV Media 2025 2025 2024 2025 2024 $ %
+Added: Total 2,398 2,044 2,151
+Added: TV Media TV Media (b)
Advertising 1,921 2,038 2,036
1 unchanged sentence
Licensing and other 125 674 129
−Removed: Revenues 2,368 1,428 4,298 $ 3,796 $ 4,298 $ (502) (12) %
−Removed: Content costs 1,109 657 2,066
−Removed: Advertising and marketing 62 59 164
−Removed: 657 430 1,132
−Removed: Expenses 1,828 1,146 3,362
−Removed: Adjusted OIBDA $ 540 $ 282 $ 936
−Removed: Successor Predecessor Supplemental Pro Forma Revenues (a)
−Removed: Period From August 7 - September 30, Period From July 1 - August 6, Three Months Ended September 30, Three Months Ended September 30, Pro forma Increase/(Decrease)
−Removed: Advertising revenues 2025 2025 2024 2025 2024 $ %
−Removed: Domestic $ 821 $ 395 $ 1,327 $ 1,216 $ 1,327 $ (111) (8) %
−Removed: International 159 90 339 249 339 (90) (27)
Total 3,666 4,538 3,884
−Removed: (a) Supplemental Pro Forma Revenues for the three months ended September 30, 2025 reflect the combination of the Successor period and the Predecessor period from July 1 - August 6, 2025.
−Removed: While the Successor and Predecessor periods are distinct reporting periods, revenues were not impacted by the pushdown of the Ultimate Parent’s basis and are supplementally presented on a combined basis to help investors view these amounts in a manner consistent with our management.
−Removed: (b) Other segment expenses for our TV Media segment include employee compensation;
−Removed: revenue-sharing costs to television stations affiliated with the CBS Television Network;
−Removed: costs relating to the distribution of our content;
−Removed: costs for research, occupancy, technology, and professional services;
−Removed: and other costs associated with our operations.
−Removed: Advertising revenues during the Successor and Predecessor periods in 2025 and 2024 were impacted by declines in the linear advertising market.
−Removed: The 2024 Predecessor period benefited from amounts recognized relating to the underreporting of revenue by an international sales partner in previous periods and political advertising revenue associated with the 2024 U.S.
−Removed: Presidential election.
−Removed: On a pro forma basis, the 12% decrease in advertising revenues includes a negative impact of 5% from the comparison to amounts recognized in 2024 relating to the underreporting of revenue by an international sales partner and a 3% decrease from lower political advertising.
−Removed: Pro forma domestic advertising revenues decreased 8% and pro forma international advertising revenues decreased 27%.
+Added: Eliminations Eliminations Eliminations
+Added: Total Revenues $ 7,347 $ 7,192 $ 7,192
Management’s Discussion and Analysis of
1 unchanged sentence
(Tabular dollars in millions, except per share amounts)
−Removed: Affiliate and Subscription
−Removed: Affiliate and subscription revenues during the Successor and Predecessor periods in 2025 and 2024 were impacted by linear subscriber declines.
−Removed: On a pro forma basis, affiliate and subscription revenues decreased 7% for the three months ended September 30, 2025, reflecting the impact from linear subscriber declines.
−Removed: Licensing and Other
−Removed: Licensing and other revenues in the Predecessor period in 2024 included revenues from the licensing of Before and Emily in Paris .
−Removed: On a pro forma basis, licensing and other revenues decreased 22%, driven by lower revenues from content produced for third parties, partly due to timing, and licensing in the secondary market.
−Removed: Content costs for the Successor period reflect a net reduction in programming assets resulting from the pushdown of the Ultimate Parent’s basis.
−Removed: Advertising and marketing, and other expenses for the Successor and Predecessor periods in 2025, reflect the impact from cost-savings initiatives.
−Removed: Adjusted OIBDA
−Removed: Adjusted OIBDA in each of the periods reflects the impact of declines in the linear advertising and affiliate markets, and during the Successor period also reflects the pushdown of the Ultimate Parent’s basis.
+Added: GAAP Non-GAAP (a)
+Added: Successor Predecessor Predecessor
+Added: Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31,
+Added: 2026 2025 2025
+Added: Adjusted EBITDA:
+Added: Adjusted OIBDA (b) :
+Added: Adjusted EBITDA:
+Added: Studios $ 164 Filmed Entertainment $ 20 Studios $ 82
+Added: Direct-to-Consumer 251 Direct-to-Consumer (c)
+Added: (109) Direct-to-Consumer (4)
+Added: TV Media 1,055 TV Media (c)
+Added: 922 TV Media 951
+Added: Eliminations (309) Corporate/
+Added: Eliminations (101) Corporate/
+Added: Eliminations (297)
+Added: compensation (80) Stock-based
+Added: compensation (44) Stock-based
+Added: compensation (44)
+Added: Depreciation and
+Added: amortization (362) Depreciation and
+Added: amortization (88) Depreciation and
+Added: amortization (88)
+Added: Transaction-related
+Added: items (103) Restructuring and
+Added: transaction-related
+Added: items (85) Restructuring and
+Added: transaction-related
+Added: Gain on dispositions — Gain on dispositions 35 Gain on dispositions 35
+Added: Operating income 616 Operating income 550 Operating income 550
+Added: Interest expense, net (200) Interest expense, net (179) Interest expense, net (179)
+Added: Other items, net (24) Other items, net (37) Other items, net (37)
+Added: Earnings before
+Added: income taxes and
+Added: equity in loss of
+Added: investee companies 392 Earnings before
+Added: income taxes and
+Added: equity in loss of
+Added: investee companies 334 Earnings before
+Added: income taxes and
+Added: equity in loss of
+Added: investee companies 334
+Added: Provision for income
+Added: taxes (155) Provision for income
+Added: taxes (100) Provision for income
+Added: Equity in loss of
+Added: investee companies,
+Added: net of tax (62) Equity in loss of
+Added: investee companies,
+Added: net of tax (73) Equity in loss of
+Added: investee companies,
+Added: net of tax (73)
+Added: Net earnings (Parent
+Added: and noncontrolling
+Added: interests) 175 Net earnings (Parent
+Added: and noncontrolling
+Added: interests) 161 Net earnings (Parent
+Added: and noncontrolling
+Added: interests) 161
+Added: Net earnings attributable to noncontrolling
+Added: interests (7) Net earnings attributable to noncontrolling
+Added: interests (9) Net earnings attributable to noncontrolling
+Added: interests (9)
+Added: attributable to Parent $ 168 Net earnings
+Added: attributable to Parent $ 152 Net earnings
+Added: attributable to Parent $ 152
+Added: (a) As discussed above, Adjusted EBITDA by segment recast under our new segment presentation is non-GAAP.
+Added: See Studios , Direct-to-Consumer , and TV Media on the following pages for reconciliations from the GAAP segment presentation for the first quarter of 2025 to the non-GAAP recast amounts.
+Added: All other amounts in this table are presented on a GAAP basis.
+Added: (b) In the first quarter of 2026, we renamed our primary measure of profit and loss for our operating segments from Adjusted OIBDA to Adjusted EBITDA.
+Added: See Note 13 to the consolidated financial statements for further discussion.
+Added: (c) Reflects the historical segment composition for Direct-to-Consumer and TV Media .
Management’s Discussion and Analysis of
1 unchanged sentence
(Tabular dollars in millions, except per share amounts)
−Removed: Nine Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor Supplemental Pro Forma Revenues (a)
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30, Nine Months Ended September 30, Pro forma Increase/(Decrease)
−Removed: TV Media 2025 2025 2024 2025 2024 $ %
+Added: Studios/Filmed Entertainment
+Added: Our Studios segment consists of our television and film studio operations, including CBS Studios, Paramount Television Studios, Nickelodeon Animation, Paramount Pictures, Paramount Animation, and Miramax, as well as Skydance Animation, Film, Television, and Interactive/Games, and Paramount Sports Entertainment.
+Added: For the Predecessor period, our Filmed Entertainment segment was most comparable to our new Studios segment and excluded studio operations related to our TV Media businesses, including CBS Studios and Paramount Television Studios .
+Added: Three Months Ended March 31, 2026 and 2025
+Added: GAAP Non-GAAP
+Added: Successor Predecessor Predecessor
+Added: Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, Increase/(Decrease) (e)
2026 2025 2025 $ %
−Removed: Affiliate and subscription 1,044 4,302 5,778 5,346 5,778 (432) (7)
−Removed: Licensing and other 344 1,495 2,041 1,839 2,041 (202) (10)
+Added: Studios Filmed Entertainment Adjustments (d)
+Added: Theatrical $ 152 $ 148 $ — $ 148 $ 4 3 %
+Added: Licensing and
+Added: other 1,127 476 530 1,006 121 12
+Added: Advertising (a)
+Added: 4 3 2 5 (1) (20)
Revenues 1,283 627 532 1,159 124 11
Content costs 816 321 417 738 78 11
−Removed: Advertising and marketing 62 328 444
+Added: Advertising and
+Added: marketing 100 116 1 117 (17) (15)
203 170 52 222 (19) (9)
Expenses 1,119 607 470 1,077 42 4
−Removed: Adjusted OIBDA $ 540 $ 2,067 $ 3,399
−Removed: Successor Predecessor Supplemental Pro Forma Revenues (a)
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30, Nine Months Ended September 30, Pro forma Increase/(Decrease)
−Removed: Advertising revenues 2025 2025 2024 2025 2024 $ %
−Removed: Domestic $ 821 $ 3,585 $ 5,069 $ 4,406 $ 5,069 $ (663) (13) %
−Removed: International 159 595 912 754 912 (158) (17)
−Removed: Total $ 980 $ 4,180 $ 5,981 $ 5,160 $ 5,981 $ (821) (14) %
−Removed: (a) Supplemental Pro Forma Revenues for the nine months ended September 30, 2025 reflect the combination of the Successor period and the Predecessor period from January 1 - August 6, 2025.
−Removed: While the Successor and Predecessor periods are distinct reporting periods, revenues were not impacted by the pushdown of the Ultimate Parent’s basis and are supplementally presented on a combined basis to help investors view these revenues in a manner consistent with our management.
−Removed: (b) Other segment expenses for our TV Media segment include employee compensation;
−Removed: revenue-sharing costs to television stations affiliated with the CBS Television Network;
+Added: Adjusted EBITDA/
+Added: Adjusted OIBDA (c)
+Added: $ 164 $ 20 $ 62 $ 82 $ 82 100 %
+Added: (a) Primarily reflects advertising revenues earned from the use of Studios content on third-party digital platforms.
+Added: (b) Other segment expenses for our Studios segment include employee compensation;
costs relating to the distribution of our content;
−Removed: costs for research, occupancy, technology, and professional services;
+Added: costs for occupancy, technology, and professional services;
and other costs associated with our operations.
−Removed: Advertising revenues during the Successor and Predecessor periods in 2025 and 2024 were impacted by declines in the linear advertising market.
−Removed: The Predecessor period for the nine months ended September 30, 2024 benefited from CBS’s broadcast of Super Bowl LVIII in the first quarter of 2024, amounts recognized relating to the underreporting of revenue by an international sales partner in previous periods, and political advertising associated with the 2024 U.S.
−Removed: Presidential election.
−Removed: We have the rights to broadcast the Super Bowl on a rotational basis with other networks, and therefore did not have a comparable broadcast in 2025.
−Removed: On a pro forma basis, advertising revenues decreased 14%, which includes decreases from the comparisons to the Super Bowl and amounts recognized in 2024 relating to the underreporting of revenue by an international sales partner in previous periods of 9% and 2%, respectively.
−Removed: Pro forma domestic advertising revenues decreased 13% and pro forma international advertising revenues decreased 17%.
+Added: (c) In the first quarter of 2026, we renamed our primary measure of profit and loss for our operating segments from Adjusted OIBDA to Adjusted EBITDA.
+Added: See note 13 to the consolidated financial statements.
+Added: (d) Reflects the inclusion of the historical TV Media studio operations and updates to our segment expense allocations to better reflect how we operate and make cost decisions across the business.
+Added: (e) Reflects the comparison between the Successor results for the three months ended March 31, 2026 to the non-GAAP Predecessor results for the three months ended March 31, 2025.
+Added: Theatrical revenues for the first quarter of 2026 benefited from the success of Scream 7 and the fourth quarter 2025 release of The SpongeBob Movie:
+Added: Search for SquarePants.
+Added: The first quarter of 2025 benefited from the fourth quarter 2024 releases of Sonic the Hedgehog 3 and Gladiator II.
+Added: Licensing and Other
+Added: Licensing and other revenues include Skydance revenues in 2026.
Management’s Discussion and Analysis of
1 unchanged sentence
(Tabular dollars in millions, except per share amounts)
−Removed: Affiliate and Subscription
−Removed: Affiliate and subscription revenues during the Successor and Predecessor periods in 2025 and 2024 were impacted by declines in linear subscribers.
−Removed: On a pro forma basis, affiliate and subscription revenues decreased 7%, reflecting the impact from linear subscriber declines.
−Removed: Licensing and Other
−Removed: Licensing and other revenues in the Predecessor period in 2025 included the licensing of Murderbots and Cross and in 2024 included Time Bandits , Before , and Emily in Paris .
−Removed: On a pro forma basis, licensing and other revenues decreased 10%, driven by lower revenues from content produced for third parties, partly due to timing, and licensing in the secondary market.
Content Costs
−Removed: Content costs for the Successor period reflect a net reduction in programming assets resulting from the pushdown of the Ultimate Parent’s basis.
−Removed: Content costs for the nine months ended September 30, 2024 include costs associated with the Super Bowl broadcast in 2024.
−Removed: Advertising and marketing, and other expenses for the Successor and Predecessor periods in 2025 reflect the impact from cost savings initiatives.
−Removed: The Predecessor period in 2024 also included advertising and marketing costs related to the Super Bowl broadcast.
−Removed: Adjusted OIBDA
−Removed: Adjusted OIBDA in each of the periods reflects the impact of declines in the linear advertising and affiliate markets and during the Successor period also reflects the pushdown of the Ultimate Parent’s basis.
+Added: Content costs in 2026 include costs for Skydance and our television studio operations, which were not in the Predecessor segment results.
+Added: In addition, content costs associated with films in theaters during the period were lower in 2026.
+Added: Advertising and Marketing
+Added: Advertising and marketing expenses in each quarter reflect the mix of films in theaters.
+Added: Other expenses in the first quarter of 2026 include costs for Skydance and our television studio operations, which were not in the Predecessor segment results.
+Added: The 9% decrease on a non-GAAP basis was driven by lower costs associated with the distribution of theatrical library titles.
+Added: Adjusted EBITDA
+Added: Adjusted EBITDA in the first quarter of 2026 benefited from the mix of titles licensed.
Management’s Discussion and Analysis of
2 unchanged sentences
Direct-to-Consumer
−Removed: Three Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor Supplemental Pro Forma Revenues (a)
−Removed: Period From August 7 - September 30, Period From July 1 - August 6, Three Months Ended September 30, Three Months Ended September 30, Pro forma Increase/(Decrease)
−Removed: Direct-to-Consumer 2025 2025 2024 2025 2024 $ %
+Added: Our Direct-to-Consumer segment consists of our portfolio of domestic and international pay and free streaming services, including Paramount+, Pluto TV, and BET+, as well as our domestic premium cable network, Paramount+ with Showtime.
+Added: For the Predecessor period, the Direct-to Consumer segment excluded Paramount+ with Showtime.
+Added: Three Months Ended March 31, 2026 and 2025
+Added: GAAP Non-GAAP
+Added: Successor Predecessor Predecessor
+Added: Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, Increase /(Decrease) (d)
2026 2025 2025 $ %
+Added: Direct-to-Consumer Direct-to-Consumer Adjustments (c)
+Added: Direct-to-Consumer
+Added: Advertising $ 517 $ 473 $ — $ 473 $ 44 9 %
+Added: Affiliate and
subscription 1,881 1,571 107 1,678 203 12
−Removed: Licensing (b)
−Removed: 1 — 10 1 10 (9) (90)
Revenues 2,398 2,044 107 2,151 247 11
Content costs 1,246 1,215 15 1,230 16 1
−Removed: Advertising and marketing 153 114 259
+Added: Advertising and
+Added: marketing 315 341 18 359 (44) (12)
+Added: 586 597 (31) 566 20 4
Expenses 2,147 2,153 2 2,155 (8) —
−Removed: Adjusted OIBDA $ 235 $ 105 $ 49
−Removed: Successor Predecessor Supplemental Pro Forma Revenues (a)
−Removed: Period From August 7 - September 30, Period From July 1 - August 6, Three Months Ended September 30, Three Months Ended September 30, Pro forma Increase/(Decrease)
−Removed: Paramount+ (Global) 2025 2025 2024 2025 2024 $ %
−Removed: Revenues $ 1,060 $ 709 $ 1,428 $ 1,769 $ 1,428 $ 341 24%
−Removed: (a) Supplemental Pro Forma Revenues for the three months ended September 30, 2025 reflect the combination of the Successor period and the Predecessor period from July 1 - August 6, 2025.
−Removed: While the Successor and Predecessor periods are distinct reporting periods, revenues were not impacted by the pushdown of the Ultimate Parent’s basis and are supplementally presented on a combined basis to help investors view these amounts in a manner consistent with our management.
−Removed: (b) Primarily reflects revenues from the licensing of content rights acquired by BET+.
−Removed: (c) Other segment expenses for our Direct-to-Consumer segment include employee compensation;
+Added: Adjusted EBITDA/
+Added: Adjusted OIBDA (b)
+Added: $ 251 $ (109) $ 105 $ (4) $ 255 n/m
+Added: n/m - not meaningful
+Added: (a) Other segment expenses for our Direct-to-Consumer segment include employee compensation;
revenue-sharing costs, including for third-party distribution;
1 unchanged sentence
and other costs associated with our operations.
+Added: (b) In the first quarter of 2026, we renamed our primary measure of profit and loss for our operating segments from Adjusted OIBDA to Adjusted EBITDA.
+Added: See Note 13 to the consolidated financial statements.
+Added: (c) Reflects the inclusion of our premium cable channel, Paramount+ with Showtime, which was included in the TV Media segment in 2025, and updates to our segment expense allocations to better reflect how we operate and make cost decisions across the business.
+Added: (d) Reflects the comparison between the Successor results for the three months ended March 31, 2026 to the Non-GAAP Predecessor results for the three months ended March 31, 2025.
+Added: Management’s Discussion and Analysis of
+Added: Results of Operations and Financial Condition (Continued)
+Added: (Tabular dollars in millions, except per share amounts)
Successor Predecessor
−Removed: Three Months Ended September 30, Three Months Ended September 30,
−Removed: (in millions) 2025 2024 Increase/(Decrease)
+Added: Three Months Ended March 31, Three Months Ended March 31, Increase /(Decrease)
Paramount+ (Global) 2026 2025 $ %
−Removed: Subscribers (a)
+Added: Revenues $ 1,974 $ 1,686 $ 288 17 %
+Added: Subscribers (in millions) (a)
79.6 77.8 1.8 2 %
+Added: ARPU (in dollars) (b)
+Added: $ 8.30 $ 7.30 $ 1.00 14 %
(a) Subscribers include customers who are registered for Paramount+, either directly through our owned and operated apps and websites, or through third-party distributors.
Subscribers also include customers who are provided with access through a subscription bundle with a domestic linear video streaming service (vMVPD) or an international third-party distributor.
−Removed: Our subscribers include paid subscriptions and those customers registered in a free trial.
−Removed: For the periods above, subscriber counts reflect the number of subscribers as of the applicable period-end date.
−Removed: Beginning in the fourth quarter of 2025, the subscriber numbers we report for Paramount+ will no longer include customers registered in a free trial.
−Removed: Such subscribers totaled 1.2 million as of September 30, 2025.
+Added: Our subscriber count includes only paid subscriptions and reflects the number of subscribers as of the applicable period-end date.
+Added: (b) We calculate average revenue per subscriber (“ARPU”) as total Paramount+ revenues during the applicable period divided by the average of Paramount+ subscribers at the beginning and end of the period, further divided by the number of months in the period.
+Added: The increase in advertising revenues reflects growth in impressions for Paramount+.
+Added: Advertising revenues in 2026 benefited from the streaming of UFC events on Paramount+ under our new rights agreement that began in January 2026.
+Added: Affiliate and Subscription
+Added: Affiliate and subscription revenues for the first quarter of 2026 benefited from pricing increases and growth in Paramount+ subscribers.
+Added: Subscriber growth of 0.7 million from December 31, 2025 benefited from the UFC on Paramount+ and the continued success of Landman in the first quarter of 2026.
+Added: The increase in subscribers was partially offset by a decrease of 1.2 million subscribers from the nonrenewal of an international distribution agreement.
+Added: Compared with March 31, 2025, subscribers increased 1.8 million, or 2%, driven by growth in domestic subscribers, partially offset by a decline in international subscribers, primarily due to the nonrenewal of international distribution agreements.
Management’s Discussion and Analysis of
1 unchanged sentence
(Tabular dollars in millions, except per share amounts)
−Removed: Advertising revenues during the 2025 periods include the impact from new digital advertising entrants in the marketplace and in 2024 benefited from political revenues associated with the 2024 U.S.
−Removed: Presidential election.
−Removed: On a pro forma basis, the 6% decrease in advertising revenues reflects these factors.
−Removed: Subscription revenues during the Successor and Predecessor periods in 2025 and 2024 benefited from growth in Paramount+ subscribers and pricing.
−Removed: On a pro forma basis, the 26% increase in subscription revenues was driven by growth in Paramount+ subscribers and pricing increases.
−Removed: Paramount+ subscribers increased 7.2 million, or 10%, compared with September 30, 2024, reflecting growth in both domestic and international subscribers.
−Removed: During the third quarter of 2025, global Paramount+ subscribers increased 1.4 million, or 2%, to 79.1 million, compared with 77.7 million at June 30, 2025.
Content Costs
−Removed: Content costs for the Successor period reflect a net reduction in programming assets resulting from the pushdown of the Ultimate Parent’s basis and ongoing investment in original programming.
−Removed: Adjusted OIBDA
−Removed: Adjusted OIBDA during the 2025 periods benefited from the pro forma revenue increase.
+Added: Content costs during the first quarter of 2026 include costs associated with the streaming of UFC on Paramount+, as well as the impact from a net reduction in programming assets resulting from the pushdown of the Ultimate Parent’s basis.
+Added: Advertising and Marketing
+Added: Advertising and marketing expenses for the first quarter of 2026 include the impact from cost savings initiatives, which led to the 12% decrease compared with the non-GAAP Predecessor presentation.
+Added: Other expenses for the first quarter of 2026 reflect the impact from higher revenue sharing costs, mainly for third-party distribution.
+Added: Adjusted EBITDA
+Added: Adjusted EBITDA in the first quarter of 2026 benefited from increases in pricing and subscribers for Paramount+.
Management’s Discussion and Analysis of
1 unchanged sentence
(Tabular dollars in millions, except per share amounts)
−Removed: Direct-to-Consumer
−Removed: Nine Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor Supplemental Pro Forma Revenues (a)
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30, Nine Months Ended September 30, Pro forma Increase/(Decrease)
−Removed: Direct-to-Consumer 2025 2025 2024 2025 2024 $ %
+Added: Our TV Media segment consists of our (1) broadcast operations—the CBS Television Network, our domestic broadcast television network;
+Added: CBS Stations, our owned television stations;
+Added: and our international free-to-air networks, including Network 10 and Channel 5;
+Added: (2) domestic basic cable networks, including MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, CBS Sports Network, and international extensions of certain of these brands;
+Added: and (3) CBS Media Ventures, which produces and distributes first-run syndicated programming.
+Added: TV Media also includes a number of digital properties such as CBS News 24/7 for 24-hour news and CBS Sports HQ for sports news and analysis.
+Added: For the Predecessor period, the TV Media segment also included television studio operations and the premium cable network, Paramount+ with Showtime.
+Added: Three Months Ended March 31, 2026 and 2025
+Added: GAAP Non-GAAP
+Added: Successor Predecessor Predecessor
+Added: Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, Increase/(Decrease) (d)
+Added: 2026 2025 2025 $ %
+Added: TV Media TV Media Adjustments (c)
Advertising $ 1,921 $ 2,038 $ (2) $ 2,036 $ (115) (6) %
+Added: Affiliate and
subscription 1,620 1,826 (107) 1,719 (99) (6)
−Removed: Licensing (b)
−Removed: 1 1 10 2 10 (8) (80)
+Added: Licensing and
+Added: other 125 674 (545) 129 (4) (3)
Revenues 3,666 4,538 (654) 3,884 (218) (6)
Content costs 1,719 2,343 (447) 1,896 (177) (9)
−Removed: Advertising and marketing 153 749 871
+Added: Advertising and
+Added: marketing 80 153 (20) 133 (53) (40)
812 1,120 (216) 904 (92) (10)
Expenses 2,611 3,616 (683) 2,933 (322) (11)
−Removed: Adjusted OIBDA $ 235 $ 153 $ (211)
−Removed: Successor Predecessor Supplemental Pro Forma Revenues (a)
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30, Nine Months Ended September 30, Pro forma Increase/(Decrease)
−Removed: Paramount+ (Global) 2025 2025 2024 2025 2024 $ %
−Removed: Revenues $ 1,060 $ 4,166 $ 4,332 $ 5,226 $ 4,332 $ 894 21%
−Removed: (a) Supplemental Pro Forma Revenues for the nine months ended September 30, 2025 reflect the combination of the Successor period and the Predecessor period from January 1 - August 6, 2025.
−Removed: While the Successor and Predecessor periods are distinct reporting periods, revenues were not impacted by the pushdown of the Ultimate Parent’s basis and are supplementally presented on a combined basis to help investors view these revenues in a manner consistent with our management.
−Removed: (b) Primarily reflects revenues from the licensing of content rights acquired by BET+.
−Removed: (c) Other segment expenses for our Direct-to-Consumer segment include employee compensation;
−Removed: revenue-sharing costs, including for third-party distribution;
−Removed: costs for occupancy, technology, and professional services;
−Removed: and other costs associated with our operations.
−Removed: Advertising revenues during the 2025 periods include the impact from new digital advertising entrants in the marketplace and in 2024 benefited from the broadcast of Super Bowl LVIII in the first quarter of 2024.
−Removed: On a pro forma basis, the 6% decrease in advertising revenues includes the impact from new entrants to the digital market and a decrease of 3% from the comparison against revenues from Super Bowl LVIII in the first quarter of 2024.
−Removed: Subscription revenues during the Successor and Predecessor periods in 2025 and 2024 benefited from growth in subscribers and pricing for Paramount+.
−Removed: The 21% growth on a pro forma basis reflects these factors.
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: Content Costs
−Removed: Content costs for the Successor period reflect ongoing investment in original programming and a net reduction in programming assets resulting from the pushdown of the Ultimate Parent’s basis.
−Removed: The 2024 Predecessor period includes costs associated with our broadcast of Super Bowl LVIII in the first quarter of 2024.
−Removed: Advertising and Marketing
−Removed: Advertising and marketing expenses for the Successor and Predecessor periods in 2025 include costs to promote Paramount+ original series.
−Removed: Other expenses for the Successor and Predecessor periods in 2025 include revenue sharing costs related to revenues for our streaming services, which increased on a pro forma basis.
−Removed: Adjusted OIBDA
−Removed: Adjusted OIBDA during the 2025 periods benefited from the pro forma revenue growth.
−Removed: Filmed Entertainment
−Removed: Three Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor Supplemental Pro Forma Revenues (a)
−Removed: Period From August 7 - September 30, Period From July 1 - August 6, Three Months Ended September 30, Three Months Ended September 30, Pro forma Increase/(Decrease)
−Removed: Filmed Entertainment 2025 2025 2024 2025 2024 $ %
−Removed: Theatrical $ 39 $ 73 $ 108 $ 112 $ 108 $ 4 4 %
−Removed: Licensing and other 440 202 480 654 689 (35) (5)
−Removed: Advertising (b)
+Added: Adjusted EBITDA/
+Added: Adjusted OIBDA (b)
$ 1,055 $ 922 $ 29 $ 951 $ 104 11 %
−Removed: Revenues 480 276 590 $ 768 $ 799 $ (31) (4) %
−Removed: Content costs 337 131 274
−Removed: Advertising and marketing 54 106 145
−Removed: Expenses 493 312 587
−Removed: Adjusted OIBDA $ (13) $ (36) $ 3
−Removed: (a) Supplemental Pro Forma Revenues for the three months ended September 30, 2025 reflect the combination of the Successor period with the Predecessor period from July 1 - August 6, 2025, and for Licensing and other and total Revenues also include pro forma adjustments to include Skydance revenues after the elimination of intercompany revenues from Paramount Global during the Predecessor period.
−Removed: While the Successor and Predecessor periods are distinct reporting periods, revenues were not impacted by the pushdown of the Ultimate Parent’s basis and are supplementally presented on a pro forma combined basis to help investors view revenues in a manner consistent with our management.
−Removed: See Supplemental Pro Forma Revenues for calculations of these pro forma revenue amounts.
−Removed: (b) Primarily reflects advertising revenues earned from the use of Filmed Entertainment content on third-party digital platforms.
−Removed: (c) Other segment expenses for our Filmed Entertainment segment include employee compensation;
+Added: (a) Other segment expenses for our TV Media segment include employee compensation;
+Added: revenue-sharing costs to television stations affiliated with the CBS Television Network;
costs relating to the distribution of our content;
−Removed: costs for occupancy, technology, and professional services;
+Added: costs for research, occupancy, technology, and professional services;
and other costs associated with our operations.
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: Theatrical revenues in the 2025 periods benefited from the third quarter 2025 releases of The Naked Gun and Smurfs , and for the 2025 Predecessor period also benefited from the second quarter 2025 release of Mission:
−Removed: Impossible-The Final Reckoning .
−Removed: Theatrical revenues during the three months ended September 30, 2024 included revenues from the releases of A Quiet Place:
−Removed: Day One and Transformers One.
−Removed: Licensing and Other
−Removed: Licensing and other revenues during the Successor period include Skydance revenues.
−Removed: Content Costs
−Removed: Content costs for the Successor period include costs associated with Skydance’s content and reflect the pushdown of the Ultimate Parent’s basis, which resulted in an increase in the value of library content.
−Removed: Advertising and Marketing
−Removed: Advertising and marketing expenses for the 2025 Successor period primarily reflects marketing costs for fourth quarter releases, and for the 2025 Predecessor period primarily reflect marketing costs associated with the releases of Smurfs and The Naked Gun in 2025.
−Removed: Advertising and marketing expenses for the three months ended September 30, 2024 primarily reflected costs associated with the third quarter release of Transformers One and for fourth quarter 2024 releases.
−Removed: Adjusted OIBDA
−Removed: Adjusted OIBDA for the Successor period reflects the impacts from the addition of Skydance and the pushdown of the Ultimate Parent’s basis, and for the Predecessor period in 2025 reflects the impact from recent theatrical releases .
−Removed: Fluctuations in results for the Filmed Entertainment segment may occur as a result of the timing of the recognition of distribution costs, including marketing costs, which are generally incurred before and throughout the theatrical release of a film, while the revenues for the respective film are recognized as earned through the film’s theatrical exhibition and distribution to other platforms.
+Added: (b) In the first quarter of 2026, we renamed our primary measure of profit and loss for our operating segments from Adjusted OIBDA to Adjusted EBITDA.
+Added: See Note 13 to the consolidated financial statements.
+Added: (c) Reflects the transfer of the historical TV Media studio operations to the Studios segment and our premium cable channel, Paramount+ with Showtime, to the Direct-to-Consumer segment, and updates to our segment expense allocations to better reflect how we operate and make cost decisions across the business.
+Added: (d) Reflects the comparison between the Successor results for the three months ended March 31, 2026 to the Non-GAAP Predecessor results for the three months ended March 31, 2025.
Management’s Discussion and Analysis of
1 unchanged sentence
(Tabular dollars in millions, except per share amounts)
−Removed: Filmed Entertainment
−Removed: Nine Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor Supplemental Pro Forma Revenues (a)
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30, Nine Months Ended September 30, Pro forma Increase/(Decrease)
−Removed: Filmed Entertainment 2025 2025 2024 2025 2024 $ %
−Removed: Theatrical $ 39 $ 475 $ 399 $ 514 $ 399 $ 115 29 %
−Removed: Licensing and other 440 1,112 1,465 2,055 1,920 135 7
−Removed: Advertising (b)
+Added: GAAP Non-GAAP
+Added: Successor Predecessor Predecessor
+Added: Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, Increase/(Decrease)
2026 2025 2025 $ %
−Removed: Revenues 480 1,593 1,874 $ 2,576 $ 2,329 $ 247 11 %
−Removed: Content costs 337 846 905
−Removed: Advertising and marketing 54 417 470
−Removed: Expenses 493 1,693 1,928
−Removed: Adjusted OIBDA $ (13) $ (100) $ (54)
−Removed: (a) Supplemental Pro Forma Revenues for the nine months ended September 30, 2025 reflect the combination of the Successor period with the Predecessor period from January 1 - August 6, 2025, and for Licensing and other and total Revenues also include pro forma adjustments to include Skydance revenues after the elimination of intercompany revenues from Paramount Global during the Predecessor period.
−Removed: While the Successor and Predecessor periods are distinct reporting periods, revenues were not impacted by the pushdown of the Ultimate Parent’s basis and are supplementally presented on a pro forma combined basis to help investors view revenues in a manner consistent with our management.
−Removed: See Supplemental Pro Forma Revenues-Filmed Entertainment for calculations of these pro forma revenue amounts.
−Removed: (b) Primarily reflects advertising revenues earned from the use of Filmed Entertainment content on third-party digital platforms.
−Removed: (c) Other segment expenses for our Filmed Entertainment segment include employee compensation;
−Removed: costs relating to the distribution of our content;
−Removed: costs for occupancy, technology, and professional services;
−Removed: and other costs associated with our operations.
−Removed: Theatrical revenues in 2025 benefited from the third quarter 2025 releases discussed above, and during the Predecessor period from January 1, 2025 - August 6, 2025 also benefited from the second quarter 2025 release of Mission:
−Removed: Impossible-The Final Reckoning and the fourth quarter 2024 release of Sonic the Hedgehog 3 .
−Removed: Theatrical revenues during the 2024 Predecessor period primarily benefited from the releases of A Quiet Place:
−Removed: Day One , IF and Bob Marley:
+Added: Advertising revenues TV Media TV Media Adjustments TV Media
+Added: Domestic $ 1,737 $ 1,798 $ (2) $ 1,796 $ (59) (3) %
+Added: International 184 240 — 240 (56) (23)
+Added: Total $ 1,921 $ 2,038 $ (2) $ 2,036 $ (115) (6) %
+Added: Advertising revenues in the first quarter of 2026 were impacted by declines in the linear advertising market, and a 2% impact from the absence of advertising revenues from Telefe and Chilevisión, which were sold in October 2025 and January 2026, respectively.
+Added: These decreases were partially offset by a 1% increase from higher political advertising revenues.
+Added: Affiliate and Subscription
+Added: Affiliate and subscription revenues in the first quarter of 2026 were impacted by declines in linear subscribers.
Licensing and Other
−Removed: Licensing and other revenues during the Successor period include Skydance revenues.
−Removed: On a pro forma basis the 7% increase primarily reflects the licensing of Skydance’s The Family Plan 2 during the Successor period.
−Removed: Content Costs
−Removed: Content costs for the Successor period include costs associated with Skydance’s content and reflect the pushdown of the Ultimate Parent’s basis, which resulted in an increase in the value of library content.
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: Other expenses for the Successor and Predecessor periods in 2025 reflect the impact from cost savings initiatives.
−Removed: Adjusted OIBDA
−Removed: Adjusted OIBDA for the Predecessor period in 2025 primarily reflects the impact from recent theatrical releases.
−Removed: Supplemental Pro Forma Revenues — Filmed Entertainment
−Removed: Supplemental Pro Forma Revenues for the three and nine months ended September 30, 2025 reflect the combination of the Successor period with the Predecessor period from July 1-August 6, 2025 and January 1-August 6, 2025, respectively, and for Licensing and other and Total Revenues also include pro forma adjustments to include Skydance revenues after the elimination of intercompany revenues from Paramount Global during the Predecessor period.
−Removed: While the Successor and Predecessor periods are distinct reporting periods, revenues were not impacted by the pushdown of the Ultimate Parent’s basis and are supplementally presented on a pro forma combined basis to help investors view these revenues in a manner consistent with our management.
−Removed: The tables below present the calculations of Supplemental Pro Forma Revenues for the Filmed Entertainment segment.
−Removed: Three and Nine Months Ended September 30, 2025 versus Three and Nine Months Ended September 30, 2024
−Removed: Filmed Entertainment
−Removed: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024
−Removed: Period From August 7 - September 30 Period From July 1 - August 6 Pro forma (b)
−Removed: Predecessor Adjustments (a)
−Removed: Pro forma (b)
−Removed: Pro forma Increase/(Decrease)
−Removed: Successor Predecessor Adjustments (a)
−Removed: Theatrical $ 39 $ 73 $ — $ 112 $ 108 $ — $ 108 $ 4 4 %
−Removed: Licensing and
−Removed: other 440 202 12 654 480 209 689 (35) (5)
−Removed: Advertising 1 1 — 2 2 — 2 — —
−Removed: Revenues $ 480 $ 276 $ 12 $ 768 $ 590 $ 209 $ 799 $ (31) (4) %
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024
−Removed: Period From August 7 - September 30 Period From January 1 - August 6 Pro forma (b)
−Removed: Predecessor Adjustments (a)
−Removed: Pro forma (b)
−Removed: Pro forma Increase/(Decrease)
−Removed: Successor Predecessor Adjustments (a)
−Removed: Theatrical $ 39 $ 475 $ — $ 514 $ 399 $ — $ 399 $ 115 29 %
−Removed: Licensing and
−Removed: other 440 1,112 503 2,055 1,465 455 1,920 135 7
−Removed: Advertising 1 6 — 7 10 — 10 (3) (30)
−Removed: Revenues $ 480 $ 1,593 $ 503 $ 2,576 $ 1,874 $ 455 $ 2,329 $ 247 11 %
−Removed: (a) Reflects Skydance revenues during the period noted after the elimination of intercompany revenues from Paramount Global.
−Removed: (b) Pro forma revenues for the three and nine months ended September 30, 2025 represent the sum of the Successor and Predecessor periods comprising the applicable periods adjusted to include the historical revenue of Skydance after the elimination of intercompany revenues from Paramount Global, during the period prior to the close of the Transactions.
+Added: Licensing and other revenues in 2026 primarily include revenues from the licensing of first-run syndicated programming.
+Added: Content costs, advertising and marketing expenses, and other expenses in the first quarter of 2026 benefited from cost savings initiatives.
+Added: Content costs in the first quarter of 2026 also reflect the impact from a net reduction in programming assets resulting from the pushdown of the Ultimate Parent’s basis.
+Added: Adjusted EBITDA
+Added: Adjusted EBITDA in the first quarter of 2026 reflects the impact of cost savings initiatives.
Liquidity and Capital Resources
9 unchanged sentences
and principal payments on our outstanding indebtedness.
−Removed: Our long-term debt obligations due over the next five years were $3.34 billion as of September 30, 2025.
+Added: Our long-term debt obligations due over the next five years, which includes the
+Added: Management’s Discussion and Analysis of
+Added: Results of Operations and Financial Condition (Continued)
+Added: (Tabular dollars in millions, except per share amounts)
+Added: borrowings under our Credit Facility described below, were $6.40 billion as of March 31, 2026.
We routinely assess our capital structure and opportunistically enter into transactions to manage our outstanding debt maturities, which could result in a charge from the early extinguishment of debt.
−Removed: Funding for both our short-term and long-term operating, investing and financing needs will come primarily from cash flows from operating activities, cash and cash equivalents, which were $3.26 billion as of September 30, 2025, and our ability to refinance our debt.
+Added: Funding for both our short-term and long-term operating, investing and financing needs will come primarily from cash flows from operating activities, cash and cash equivalents, which were $1.94 billion as of March 31, 2026, and our ability to refinance our debt.
Any additional cash funding requirements are financed with short-term borrowings, including commercial paper, and long-term debt.
−Removed: To the extent that commercial paper is not available to us, the borrowing capacity under our $3.50 billion Credit Facility described below is sufficient to satisfy short-term borrowing needs.
−Removed: In addition, if necessary, we can increase our liquidity position by reducing non-committed spending.
−Removed: In connection with the Transactions, $1.52 billion of cash from the PIPE Transaction was provided to the Company, which was used to pay Paramount Global’s transaction-related costs and to pay down borrowings of $720 million outstanding under Skydance’s revolving credit facility.
+Added: To the extent that commercial paper is not available to us, the borrowing capacity under our Credit Facility, which increased from $3.5 billion to $5.0 billion in April 2026 (see Capital Structure ) is sufficient to satisfy short-term borrowing needs.
+Added: In the first quarter of 2026, in connection with the payment of the $2.8 billion termination fee to Netflix, we borrowed $2.15 billion under the Credit Facility.
+Added: As of May 1, 2026, the remaining availability under the Credit Facility was $2.85 billion.
+Added: Credit facility borrowings outstanding at the closing of the WBD Merger are expected to be repaid with the funding from the private placement described in Note 1 to the consolidated financial statements.
Our access to capital markets and the cost of any new borrowings are impacted by factors outside our control, including economic and market conditions, as well as by ratings assigned by independent rating agencies.
As a result, there can be no assurance that we will be able to access capital markets on terms and conditions favorable to us.
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
The changes in cash and cash equivalents were as follows:
−Removed: Nine Months Ended September 30, 2025 and 2024
Successor Predecessor
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30,
−Removed: 2025 2025 2024
+Added: Three Months Ended March 31, Three Months Ended March 31,
Net cash flow provided by operating activities $ 185 $ 180
−Removed: Net cash flow (used for) provided by investing activities from:
−Removed: Continuing operations (42) (276) (365)
−Removed: Discontinued operations — — 48
Net cash flow used for investing activities (2,976) (69)
−Removed: Net cash flow used for financing activities (821) (159) (298)
+Added: Net cash flow provided by (used for) financing activities 1,484 (139)
Effect of exchange rate changes on cash and cash equivalents (26) 40
−Removed: Net decrease in cash and cash equivalents $ (588) $ (201) $ (17)
+Added: Net (decrease) increase in cash and cash equivalents $ (1,333) $ 12
Operating Activities
−Removed: Net cash flow provided by operating activities during the Predecessor period in 2025 includes payments of $111 million to fund the Company’s qualified pension plans.
−Removed: Additionally, net cash flow provided by operating activities includes payments of $80 million for the period from August 7 - September 30, 2025 (Successor), $226 million for the period from January 1 - August 6, 2025 (Predecessor), and $198 million for the nine months ended September 30, 2024 (Predecessor), associated with restructuring, transaction-related costs and transformation initiatives, and for the 2024 period is net of insurance recoveries received related to litigation associated with the 2019 merger of Viacom Inc.
−Removed: and CBS Corporation.
+Added: Net cash flow provided by operating activities includes payments of $172 million for the three months ended March 31, 2026 (Successor) and $108 million for the three months ended March 31, 2025 (Predecessor) associated with restructuring, transaction-related items and transformation initiatives.
Our transformation initiatives are related to advancing our technology, including the unification and evolution of systems and platforms, and migration to the cloud.
3 unchanged sentences
Investing Activities
−Removed: Nine Months Ended September 30, 2025 and 2024
Successor Predecessor
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30,
−Removed: 2025 2025 2024
+Added: Three Months Ended March 31, Three Months Ended March 31,
Investments $ (92) $ (73)
Capital expenditures (a)
−Removed: (46) (134) (151)
−Removed: Proceeds from dispositions (b)
+Added: Advance consideration for WBD acquisition (b)
+Added: Proceeds from dispositions (c)
Other investing activities (6) —
−Removed: Net cash flow used for investing activities from continuing
−Removed: operations (42) (276) (365)
−Removed: Net cash flow provided by investing activities from
−Removed: discontinued operations (c)
Net cash flow used for investing activities $ (2,976) $ (69)
−Removed: (a) Includes payments associated with the implementation of our transformation initiatives of $1 million for the 2025 Successor period, $2 million for the 2025 Predecessor period, and $9 million for the 2024 Predecessor period.
−Removed: (b) 2025 Predecessor period primarily reflects proceeds received from the disposition of a noncore business, and all periods include the collection of receivables associated with the 2022 sale of a 37.5% interest in The CW.
−Removed: (c) 2024 Predecessor period reflects additional proceeds received from a working capital adjustment related to the sale of Simon & Schuster in 2023.
+Added: (a) Includes payments associated with the implementation of our transformation initiatives of $9 million for the 2026 period.
+Added: (b) Reflects the termination fee paid to Netflix, on behalf of WBD (See Note 15 to the consolidated financial statements).
+Added: (c) 2025 primarily reflects proceeds received from the disposition of a noncore business, and both periods include the collection of receivables associated with the 2022 sale of a 37.5% interest in The CW.
Financing Activities
−Removed: Nine Months Ended September 30, 2025 and 2024
Successor Predecessor
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30,
−Removed: 2025 2025 2024
−Removed: Repayment of Skydance credit facility $ (720) $ — $ —
−Removed: Dividends paid on preferred stock — — (29)
+Added: Three Months Ended March 31, Three Months Ended March 31,
+Added: Borrowings under credit facility $ 2,150 $ —
+Added: Repayment of debt (347) —
Dividends paid on common stock (61) (36)
−Removed: Payment of payroll taxes in lieu of issuing shares for
−Removed: stock-based compensation (63) (26) (21)
+Added: Payment of payroll taxes in lieu of issuing shares for stock-based
+Added: compensation (74) (26)
Payments to noncontrolling interests (183) (77)
Other financing activities (1) —
−Removed: Net cash flow used for financing activities $ (821) $ (159) $ (298)
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
+Added: Net cash flow provided by (used for) financing activities $ 1,484 $ (139)
Common Stock Dividends
−Removed: The following tables present dividends declared per share and total dividends for Paramount Skydance Corporation Class B Common Stock for the Successor period and Paramount Global’s Class A and Class B Common Stock for the Predecessor periods.
−Removed: Three Months Ended September 30, 2025 and 2024
−Removed: Successor Predecessor
−Removed: Period From August 7 - September 30, Period From July 1 - August 6, Three Months Ended September 30,
−Removed: 2025 2025 2024
−Removed: Class A and Class B Common Stock
−Removed: Dividends declared per common share $ .05 n/a $ .05
−Removed: Total common stock dividends $ 58 n/a $ 35
−Removed: n/a - not applicable
−Removed: Nine Months Ended September 30, 2025 and 2024
+Added: The following table presents dividends declared per share and total dividends for Paramount Skydance Corporation Class B Common Stock for the Successor period and Paramount Global’s Class A and Class B Common Stock for the Predecessor period.
Successor Predecessor
−Removed: Period From August 7 - September 30, Period From January 1 - August 6, Nine Months Ended September 30,
−Removed: 2025 2025 2024
+Added: Three Months Ended March 31, Three Months Ended March 31,
Class A and Class B Common Stock
1 unchanged sentence
Total common stock dividends $ 60 $ 35
−Removed: Mandatory Convertible Preferred Stock
−Removed: During the first quarter of 2024, the final dividend on the Mandatory Convertible Preferred Stock was declared, at a rate of $1.4375 per share, resulting in total dividends of $14 million, which were paid on April 1, 2024 (Predecessor).
Management’s Discussion and Analysis of
2 unchanged sentences
Capital Structure
−Removed: The following table sets forth our debt, which was recorded at its fair value as of the closing date of the Transactions and the NAI Transaction on August 7, 2025.
−Removed: Successor (a)
−Removed: September 30, 2025 December 31, 2024
+Added: The following table sets forth our debt.
+Added: March 31, 2026 December 31, 2025
Senior debt $ 11,714 $ 12,038
Junior debt 1,617 1,617
+Added: Borrowings under credit facility 2,150 —
Obligations under finance leases 2 3
−Removed: Total debt (b)
+Added: Total debt (a)
15,483 13,658
1 unchanged sentence
Total long-term debt, net of current portion $ 14,821 $ 13,225
−Removed: (a) In connection with the Pushdown of the Ultimate Parent’s basis, our debt was recorded at fair value, which resulted in a decrease to our total debt balance of $898 million, reflecting the reversal of a net unamortized discount of $390 million and unamortized deferred financing fees of $71 million, and a reduction of $1.36 billion to adjust our debt to its fair value.
−Removed: The adjustments to fair value for each of our senior and junior debt issuances will be amortized over the remaining term of the applicable issuance within interest expense.
−Removed: (b) At September 30, 2025 (Successor), our senior and junior debt balances were net of unamortized fair value adjustments totaling $1.35 billion.
−Removed: At December 31, 2024 (Predecessor), the senior and junior debt balances included a net unamortized discount of $401 million and unamortized deferred financing costs of $74 million.
−Removed: The face value of our total debt at both September 30, 2025 (Successor) and December 31, 2024 (Predecessor) was $14.98 billion.
−Removed: At September 30, 2025 (Successor), our senior debt was comprised of senior notes and debentures due between 2026 and 2050 with interest rates ranging from 2.90% to 7.875%.
−Removed: At September 30, 2025 (Successor), our junior debt was comprised of $627 million 6.25% junior subordinated debentures due 2057 and $989 million 6.375% junior subordinated debentures due 2062.
+Added: (a) At March 31, 2026 and December 31, 2025, our total senior and junior debt was net of unamortized fair value adjustments of $1.30 billion and $1.32 billion, respectively, recorded in connection with the pushdown of the Ultimate Parent’s basis (see Note 2 to the consolidated financial statements).
+Added: The face value of our total debt at March 31, 2026 and December 31, 2025 was $16.78 billion and $14.98 billion , respectively.
+Added: At March 31, 2026, our senior debt was comprised of senior notes and debentures due between 2026 and 2050 with interest rates ranging from 2.90% to 7.875%.
+Added: In January 2026, we repaid our $347 million of 4.0% senior notes at maturity.
+Added: At March 31, 2026, our junior debt was comprised of $628 million 6.25% junior subordinated debentures due 2057 and $989 million 6.375% junior subordinated debentures due 2062.
The subordination and extended term, as well as an interest deferral option of our junior subordinated debentures, provide significant credit protection measures for senior creditors and, as a result of these features, the debentures received a 50% equity credit by Standard & Poor’s Rating Services, Fitch Ratings Inc., and Moody’s Investors Service, Inc.
4 unchanged sentences
Paramount Global is a 100% owned subsidiary of Paramount Skydance Corporation.
−Removed: Upon the closing of the Transactions, Paramount Skydance Corporation provided a full and unconditional parent guarantee of Paramount Global’s senior and junior debt.
+Added: Upon the closing of the Skydance Transactions, Paramount Skydance Corporation provided a full and unconditional parent guarantee of Paramount Global’s senior and junior debt.
None of Paramount Skydance Corporation’s other subsidiaries are guarantors of Paramount Global’s debt.
−Removed: The tables below present summarized financial information for Paramount Skydance Corporation, the parent guarantor, and Paramount Global, the issuer (jointly the “Obligor Group”) on a combined basis after elimination of intercompany transactions and balances, and do not include nonguarantor and nonissuer subsidiaries.
+Added: The tables below present combined summarized financial information for Paramount Skydance Corporation, the parent guarantor, and Paramount Global, the issuer (jointly the “Obligor Group”) as standalone companies after elimination of intercompany transactions and balances, and do not include nonguarantor and nonissuer subsidiaries.
This summarized financial information has been prepared and presented pursuant to the Securities and Exchange Commission Regulation S-X Rule 13-01, “Financial Disclosures about Guarantors and Issuers of Guaranteed Securities” and is not intended to present the financial position or results of operations of the Obligor Group in accordance with U.S.
Summarized Statement of Operations
−Removed: Period From August 7 - September 30,
+Added: Three Months Ended March 31, Period From August 7, - December 31,
Operating loss $ (104) $ (82)
2 unchanged sentences
Net loss $ (414) $ (546)
−Removed: Summarized Balance Sheet
−Removed: September 30, 2025
+Added: Summarized Balance Sheets
+Added: March 31, 2026 December 31, 2025
Current assets $ 565 $ 1,350
6 unchanged sentences
Commercial Paper
−Removed: At both September 30, 2025 (Successor) and December 31, 2024 (Predecessor), we had no outstanding commercial paper borrowings.
+Added: At both March 31, 2026 and December 31, 2025, we had no outstanding commercial paper borrowings.
Credit Facility
−Removed: On August 7, 2025, in connection with the closing of the Transactions and pursuant to the August 2024 amendment to the Credit Facility (which is further described below), Paramount Skydance Corporation entered into a joinder agreement pursuant to which it joined Paramount Global’s $3.50 billion revolving credit facility, which matures in January 2027 (the “Credit Facility”).
−Removed: The Credit Facility is used for general corporate purposes
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: and to support commercial paper borrowings, if any.
+Added: In April 2026, we entered into an amendment to our revolving credit facility (the “Credit Facility”), increasing the commitments from $3.50 billion to $5.00 billion, which will be reduced to $4.94 billion in January 2027 through maturity in January 2028.
+Added: The Credit Facility is used for general corporate purposes and to support commercial paper borrowings, if any.
We may, at our option, also borrow in certain foreign currencies up to specified limits under the Credit Facility.
1 unchanged sentence
or an applicable benchmark rate plus a margin (based on our senior unsecured debt rating), depending on the type and tenor of the loans entered into.
−Removed: The benchmark rate for loans denominated in U.S.
−Removed: dollars is Term SOFR, and for loans denominated in euros, sterling and yen is based on EURIBOR, SONIA and TIBOR, respectively.
−Removed: At September 30, 2025, we had no borrowings outstanding under the Credit Facility and the availability under the Credit Facility was $3.50 billion.
−Removed: The Credit Facility has one principal financial covenant which sets a maximum Consolidated Total Leverage Ratio (“Leverage Ratio”) at the end of each quarter.
−Removed: The maximum Leverage Ratio was 5.00x for the quarter ended September 30, 2025 (Successor) and will decrease 0.25x for each subsequent quarter until the quarter ending March 31, 2026 when it will be 4.5x, and will remain at this level until maturity.
−Removed: The Leverage Ratio reflects the ratio of our Consolidated Indebtedness, net of unrestricted cash and cash equivalents at the end of a quarter, to our Consolidated EBITDA (each as defined in the credit agreement) for the trailing twelve-month period.
−Removed: In May 2025, Paramount Global entered into an amendment to the Credit Facility which increased the maximum amount of unrestricted cash and cash equivalents that can be netted against Consolidated Indebtedness in the calculation of the Leverage Ratio, from $1.50 billion to $3.0 billion, effective immediately, and amended the definition of Consolidated EBITDA to include an additional add-back (which is capped at 15% of Consolidated EBITDA after giving effect to such add-back) for cash items associated with provisions for restructuring or other business optimization programs, litigation and environmental reserves and losses on the disposition of businesses.
−Removed: We met the covenant as of September 30, 2025 (Successor).
−Removed: The Credit Facility also includes a provision that the occurrence of a change of control will be an event of default that would give the lenders the right to accelerate any outstanding loans and terminate their commitments.
−Removed: In August 2024, Paramount Global entered into amendments to the Credit Facility and the $1.9 billion standby letter of credit facility (see Note 14), which, among other things, revised the change of control provision and related definitions to reflect the ownership structure of Paramount after giving effect to the Transactions and the NAI Transaction.
−Removed: These amendments became operative upon closing of the Transactions.
−Removed: Upon the closing of the Transactions, Paramount Skydance Corporation entered into guarantee agreements providing for a full and unconditional parent guarantee of Paramount Global’s obligations with respect to any commercial paper borrowings incurred, and in accordance with the August 2024 amendment to the Credit Facility, a full and unconditional parent guarantee of Paramount Global’s obligations under the Credit Agreement went into effect.
−Removed: Other Bank Borrowings
−Removed: At both September 30, 2025 (Successor) and December 31, 2024 (Predecessor), we had no outstanding bank borrowings under Miramax’s $50 million credit facility that matures in November 2027.
+Added: The benchmark rate
Management’s Discussion and Analysis of
1 unchanged sentence
(Tabular dollars in millions, except per share amounts)
+Added: for loans denominated in U.S.
+Added: dollars is Term SOFR, and for loans denominated in euros, sterling and yen is based on EURIBOR, SONIA and TIBOR, respectively.
+Added: In the first quarter of 2026, in connection with the $2.8 billion termination fee paid to Netflix, we borrowed $2.15 billion under the Credit Facility, which remained outstanding at March 31, 2026, at an interest rate of 5.39% based on SOFR on the borrowing date plus 1.625%.
+Added: The remaining availability under the Credit Facility at March 31, 2026 was $1.35 billion and at May 1, 2026 was $2.85 billion.
+Added: Credit facility borrowings outstanding at the closing of the WBD Merger are expected to be repaid with the funding from the private placement described in Note 1 to the consolidated financial statements.
+Added: The Credit Facility has one principal financial covenant which sets a maximum Consolidated Total Leverage Ratio (“Leverage Ratio”) at the end of each quarter.
+Added: The maximum Leverage Ratio was 4.50x for the quarter ended March 31, 2026 and will remain at this level until maturity.
+Added: The Leverage Ratio reflects the ratio of our Consolidated Indebtedness, net of a maximum of $3.0 billion of unrestricted cash and cash equivalents at the end of a quarter, to our Consolidated EBITDA (each as defined in the credit agreement) for the trailing twelve-month period.
+Added: We met the covenant as of March 31, 2026.
+Added: Other Bank Borrowings
+Added: At both March 31, 2026 and December 31, 2025, there were no outstanding bank borrowings under Miramax’s $50 million credit facility that matures in November 2027.
Letters of Credit and Surety Bonds
−Removed: At September 30, 2025 (Successor), we had outstanding letters of credit and surety bonds of $673 million that were not recorded on the Consolidated Balance Sheet, including $436 million issued under a $1.9 billion standby letter of credit facility in accordance with the contractual requirements of one of our commitments.
−Removed: The amount outstanding under the letter of credit decreases throughout 2025 as we make payments under the related contractual commitment.
+Added: At March 31, 2026, we had outstanding letters of credit and surety bonds of $2.06 billion that were not recorded on the Consolidated Balance Sheet, including $1.82 billion issued under a $1.9 billion standby letter of credit facility.
+Added: In accordance with the contractual requirements of one of our commitments, the letter of credit outstanding under this facility increases and decreases consistent with the related contractual commitment.
Letters of credit and surety bonds are primarily used as security against non-performance in the normal course of business under contractual requirements of certain of our commitments.
−Removed: The standby letter of credit facility, which matures in May 2026, is subject to provisions similar to the Credit Facility, including the same principal financial covenant (see Note 7).
+Added: The standby letter of credit facility, which matures in May 2027, is subject to provisions similar to the Credit Facility, including the same principal financial covenant (see Note 7 to the consolidated financial statements).
In the course of our business, we both provide and receive indemnities that are intended to allocate certain risks associated with business transactions.
1 unchanged sentence
We record a liability for our indemnification obligations and other contingent liabilities when probable and reasonably estimable.
−Removed: Critical Accounting Estimates
−Removed: See “Critical Accounting Estimates” in Item 7, “Management's Discussion and Analysis of Results of Operations and Financial Condition” in the Annual Report on Form 10-K of our Predecessor, Paramount Global, for the year ended December 31, 2024 for a discussion of accounting policies that are considered by management to require significant judgment and use of estimates and that could have a material impact on our financial statements.
−Removed: Goodwill and Intangible Assets Impairment Tests — FCC Licenses—Change in Accounting Estimate
−Removed: FCC licenses have historically been classified as indefinite-lived intangible assets.
−Removed: However, as a result of sustained declines in industry projections, including in long-term growth rate assumptions, we reassessed this classification and determined that FCC licenses would be classified as finite-lived intangible assets.
−Removed: Accordingly, during the third quarter of 2025, we began amortizing FCC licenses on a straight-line basis over a period of 30 years.
−Removed: As of September 30, 2025, the unamortized FCC licenses balance was $2.49 billion, which was included within “Intangible assets, net” on the Consolidated Balance Sheet.
−Removed: Pushdown of Ultimate Parent’s Basis
−Removed: At the time Paramount Global and Skydance became subsidiaries of Paramount Skydance Corporation, the Ellison Family controlled both Paramount Global and Skydance, and as a result, this transaction has been accounted for as a transaction between entities under common control.
−Removed: As a transaction between entities under common control, the net assets were combined at the Ultimate Parent’s basis, which for Paramount Global was deemed to be the estimated fair value as of August 7, 2025, the date of the closing of the NAI Transaction, which was the point at which the Ellison Family obtained control of Paramount Global.
−Removed: As a result, the net assets of Paramount Global were recorded at their estimated fair value as of this date.
−Removed: Since the net assets of Skydance were already at the Ultimate Parent’s basis, no adjustment to the fair value of net assets was necessary, and Skydance was combined with Paramount Global’s net assets at the Ultimate Parent’s basis as of this date.
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: The allocation of the Ultimate Parent’s basis as of August 7, 2025 to Paramount Global’s assets, liabilities and noncontrolling interests requires the use of significant judgments to determine the inputs used to calculate the estimated fair values, including long-term projections, discount rates, royalty rates, and decay rates.
−Removed: These fair value estimates may differ materially based upon the finalization of appraisals and other valuation analyses, which are expected no later than one year from the Closing Date.
−Removed: Refer to Note 2 to the Consolidated Financial Statements for additional discussion of the valuation methodologies used to calculate the preliminary estimated fair values.
−Removed: Legal Matters
−Removed: On an ongoing basis, we vigorously defend ourselves in numerous lawsuits and proceedings and respond to various investigations and inquiries from federal, state, local and international authorities (collectively, “Litigation”).
−Removed: Litigation may be brought against us without merit, is inherently uncertain and always difficult to predict.
−Removed: However, based on our understanding and evaluation of the relevant facts and circumstances, we believe that the following matters are not likely, in the aggregate, to result in a material adverse effect on our business, financial condition and results of operations.
−Removed: Litigation Relating to the Transactions
−Removed: In connection with the Transactions, on July 24, 2024, Scott Baker, a purported holder of Paramount Global Class B Common Stock, filed a putative class action lawsuit in the Court of Chancery of the State of Delaware (the “Court”) against NAI, Shari E.
−Removed: Redstone, Barbara M.
−Removed: Byrne, Linda M.
−Removed: Griego, Judith A.
−Removed: McHale, Charles E.
−Removed: Phillips, Jr., Susan Schuman, Skydance and David Ellison (the “Baker Action”).
−Removed: The complaint alleges breaches of fiduciary duties to Class B stockholders in connection with the negotiation and approval of the Transaction Agreement, among other claims, and seeks unspecified damages, costs and expenses, as well as other relief.
−Removed: On November 4, 2024, the Court granted the parties’ stipulation in the Baker Action agreeing to (i) postpone briefing on motions to dismiss until the filing or designation of an operative complaint following resolution of the plaintiff’s motion to appoint him and the Baerlocher Family Trust, a purported holder of Paramount Global Class B Common Stock, as co-lead plaintiffs and Berger Montague PC as interim class counsel (the “Baker Leadership Motion”), and (ii) stay discovery until resolution of any motions to dismiss any operative complaint following resolution of the Baker Leadership Motion.
−Removed: Throughout October 2024, various purported stockholders filed motions for intervention to oppose the Baker Leadership Motion.
−Removed: On December 31, 2024, the plaintiff, along with Mark Baerlocher, as trustee for the Baerlocher Family Trust, filed an amended complaint alleging the same breaches of fiduciary duties against the same defendants as in the original complaint.
−Removed: On June 27, 2025, counsel for Mr.
−Removed: Baker informed the Court that the Baker Leadership Motion would be withdrawn without prejudice and that the group of purported stockholders seeking lead plaintiff status would meet and confer to propose a schedule for resolving lead plaintiff applications.
−Removed: On April 30, 2024, the State of Rhode Island Office of the General Treasurer, on behalf of the Employees’ Retirement System of Rhode Island, a purported holder of Paramount Global Class B Common Stock filed a verified complaint for the inspection of books and records under Section 220 of the General Corporation Law of the State of Delaware (the “DGCL”) in the Court against us, seeking the inspection of our books and records in order to investigate whether our Board of Directors, NAI, Shari E.
−Removed: Redstone and/or our executive officers may have breached their fiduciary duties to our stockholders for alleged diversion of corporate opportunities (the “220 Action”).
−Removed: The magistrate judge held a trial on July 24, 2024, and denied the request for inspection.
−Removed: The plaintiff noticed an exception to the Court, and on January 29, 2025, the Court ruled that the plaintiff is entitled to obtain books and records that are both necessary and sufficient to fulfill the purpose of its request.
−Removed: On February 25, 2025,
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: the Court granted an implementing order returning the 220 Action to the magistrate judge for further proceedings on the scope of production.
−Removed: On March 24, 2025, the Court granted our application for certification of interlocutory appeal to the Delaware Supreme Court, which was accepted on April 30, 2025.
−Removed: Briefing on the appeal is complete.
−Removed: Certain other purported holders of Paramount Global Class B Common Stock and Class A Common Stock have delivered demand letters to investigate similar alleged breaches of fiduciary duties in connection with the Transactions and requested the inspection of books and records.
−Removed: We have also received demand letters from purported holders of Paramount Global Class B Common Stock related to alleged omissions in New Paramount’s registration statement on Form S-4.
−Removed: Additionally, on August 20, 2024, LiveVideo.AI Corp.
−Removed: filed a lawsuit in the U.S.
−Removed: District Court for the Southern District of New York against Shari E.
−Removed: Redstone, NAI, Christine Varney and Monica Seligman, alleging that defendants did not fairly consider its offer to purchase Paramount.
−Removed: The complaint asserts claims for unfair competition, tortious interference, unjust enrichment and aiding and abetting breach of fiduciary duty, among others, and seeks unspecified monetary damages, costs and other relief.
−Removed: The defendants were never served.
−Removed: The parties exchanged several filings related to service and default.
−Removed: On August 12, 2025, the magistrate judge issued a Report and Recommendation recommending that the case be dismissed and the court impose $10,000 in monetary sanctions against LiveVideo.AI Corp.
−Removed: The district judge adopted the report in full on September 30, 2025, dismissing the case, imposing the sanctions, and enjoining LiveVideo.AI Corp.
−Removed: from filing any further lawsuits in any federal district court arising out of the Transactions.
−Removed: On August 13, 2025, Gabelli Value 25 Fund Inc.
−Removed: (“Gabelli”) filed a putative class action complaint against Barbara M.
−Removed: Byrne, Linda M.
−Removed: Griego, Judith A.
−Removed: McHale, Charles E.
−Removed: Phillips, Jr., Susan Schuman (the “Special Committee Defendants”), Harbor Lights Entertainment, Inc.
−Removed: (f/k/a National Amusements, Inc.) and Shari Redstone (the “NAI Defendants”), and Skydance Media, LLC and RB Tentpole LP (the “Skydance Defendants”), alleging causes of action for breach of fiduciary duty against all defendants and unjust enrichment against the NAI Defendants.
−Removed: Gabelli seeks a declaratory judgment, damages, including rescissory damages and/or quasi-appraisal damages, disgorgement of NAI’s profits, fees and costs, and pre- and post-judgment interest.
−Removed: On September 16, 2025, the Skydance Defendants filed placeholder motions to dismiss, and Gabelli filed a motion to be appointed as interim lead plaintiff representing former minority holders of Class A shares of pre-Transaction Paramount (the “Gabelli Class A Leadership Motion”).
−Removed: On October 16, 2025, counsel for Gabelli filed a letter with the Court indicating that no competing motions or objections to the Gabelli Class A Leadership Motion were filed and proposed that the Court appoint Gabelli as lead plaintiff.
−Removed: On February 4, 2025, New York City Employees’ Retirement System, the New York City Fire Department Pension Fund, the New York City Police Pension Fund, the New York City Board of Education Retirement System, and the Teachers’ Retirement System of the City of New York, purported holders of Paramount Global Class B Common Stock and Class A Common Stock, filed a putative class action lawsuit in the Court against Barbara M.
−Removed: Byrne, Linda M.
−Removed: Griego, Judith A.
−Removed: McHale and Susan Schuman, which alleges breaches of fiduciary duties for their alleged failure to sufficiently consider an alternate offer that the plaintiffs claimed was superior to the Transactions (the “NYCERS Action”).
−Removed: The plaintiffs argue that the no-shop provision in the Transaction Agreement should be declared invalid and unenforceable because it prevented the parties from engaging in further deal discussions and negotiations with companies other than Skydance, including, specifically, Project Rise Partners, after the no-shop period began.
−Removed: The plaintiffs further assert that the Court has the power to invalidate this provision because Skydance allegedly aided and abetted NAI’s and Shari E.
−Removed: Redstone’s breach of fiduciary duties, including by agreeing to indemnify Shari E.
−Removed: Redstone (through Skydance’s separate agreement with NAI) for any breach of fiduciary duty claims arising out of the Transactions up to a certain amount.
−Removed: Skydance, NAI, Shari E.
−Removed: Redstone and Paramount were not named as defendants in the original complaint.
−Removed: The NYCERS Action originally sought, among other forms of relief, an order from the Court enjoining the closing of the Transactions until the
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: Court reached a final resolution on the plaintiffs’ claims and an order compelling the Special Committee to evaluate Project Rise Partners’ alternative offer to, among other things, acquire Paramount Global Class A Common Stock for $23.00 per share and Paramount Global Class B Common Stock for $19.00 per share.
−Removed: The Project Rise Partners’ offer was made after the go-shop period in the Transaction Agreement had ended.
−Removed: The complaint does not seek compensatory damages.
−Removed: The plaintiffs filed a motion for expedited proceedings along with their complaint.
−Removed: On February 18, 2025, the plaintiffs moved to join Paramount and Skydance (and various other entities named in the Transaction Agreement) as necessary parties to the litigation and moved for a temporary restraining order preventing the closing of the Transactions until the Court considered the plaintiffs’ anticipated motion for injunctive relief following expedited discovery.
−Removed: The parties reached agreement to withdraw plaintiffs’ request for expedition and their application for injunctive relief in exchange for targeted discovery from certain of the defendants and third parties.
−Removed: The matter is in discovery.
−Removed: On April 8, 2025, Metropolitan Water Reclamation District Retirement Fund, Laborers’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago, Gary Mendelsohn, and Park Employees’ Annuity and Benefit Fund of Chicago, purported holders of Class B Common Stock, filed a complaint for the inspection of books and records under Section 220 of the DGCL in the Court against us to maintain standing to enforce their statutory inspection rights and seek an order that Paramount produce all the books and records identified in their Section 220 demands to investigate possible breaches of fiduciary duties in connection with the Transactions.
−Removed: The complaint alleges that the documents produced to such purported stockholders thus far pursuant to their Section 220 demands are insufficient.
−Removed: The complaint seeks an order requiring us to produce the documents identified in their Section 220 demands, among other relief.
−Removed: On April 21, 2025, the Court approved a stipulation by the parties to stay all proceedings in the action in an effort to resolve the dispute.
−Removed: Litigation Related to Distribution Agreements
−Removed: In October 2024, Sony Pictures Television Inc., along with Jeopardy Productions, Inc.
−Removed: and Califon Productions, Inc.
−Removed: (collectively, “Sony”), filed a civil complaint for damages against CBS Studios Inc.
−Removed: in the Superior Court of the State of California, for Los Angeles County, asserting a breach of contract claim against us relating to our exclusive right to distribute Wheel of Fortune and Jeopardy!
−Removed: (the “Distribution Agreements”).
−Removed: In December 2024, we filed a cross-complaint against Sony seeking, among other things, a declaration that the Distribution Agreements remain in full force and effect.
−Removed: On February 3, 2025, Sony purported to assume our distribution functions, and on February 4, 2025, we filed an ex parte application, seeking a temporary restraining order preventing Sony from assuming these distribution functions, which the trial court granted on February 5, 2025.
−Removed: On April 10, 2025, the trial court declined to issue a preliminary injunction preventing Sony from assuming these distribution functions for the duration of the litigation.
−Removed: On April 11, 2025, we appealed the trial court’s ruling and requested a stay of the order denying the preliminary injunction, which was granted on April 16, 2025.
−Removed: The parties have reached a settlement of this matter.
−Removed: Claims Related to Former Businesses
−Removed: We are a defendant in lawsuits claiming various personal injuries related to asbestos and other materials, which allegedly occurred as a result of exposure caused by various products manufactured by Westinghouse, a predecessor, generally prior to the early 1970s.
−Removed: Westinghouse was neither a producer nor a manufacturer of asbestos.
−Removed: We are typically named as one of a large number of defendants in both state and federal cases.
−Removed: In the majority of asbestos lawsuits, the plaintiffs have not identified which of our products is the basis of a claim.
−Removed: Claims against us in which a product has been identified most commonly relate to allegations of exposure to asbestos-containing insulating material used in conjunction with turbines and electrical equipment.
−Removed: Management’s Discussion and Analysis of
−Removed: Results of Operations and Financial Condition (Continued)
−Removed: (Tabular dollars in millions, except per share amounts)
−Removed: Claims are frequently filed and/or settled in groups, which may make the amount and timing of settlements, and the number of pending claims, subject to significant fluctuation from period to period.
−Removed: We do not report as pending those claims on inactive, stayed, deferred or similar dockets that some jurisdictions have established for claimants who allege minimal or no impairment.
−Removed: As of September 30, 2025 (Successor), we had pending approximately 17,540 asbestos claims, as compared with approximately 18,310 as of December 31, 2024 (Predecessor).
−Removed: For the period from August 7 - September 30, 2025 (Successor) and for the period from July 1 - August 6, 2025 (Predecessor) we received approximately 450 and 330 new claims, respectively, and closed or moved to an inactive docket approximately 910 and 120 claims, respectively.
−Removed: We report claims as closed when we become aware that a dismissal order has been entered by a court or when we have reached agreement with the claimants on the material terms of a settlement.
−Removed: Settlement costs depend on the seriousness of the injuries that form the basis of the claims, the quality of evidence supporting the claims and other factors.
−Removed: Our total costs for the years 2024 (Predecessor) and 2023 (Predecessor) for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $34 million and $54 million, respectively.
−Removed: Our costs for settlement and defense of asbestos claims may vary year to year and insurance proceeds are not always recovered in the same period as the insured portion of the expenses.
−Removed: Filings include claims for individuals suffering from mesothelioma, a rare cancer, the risk of which is allegedly increased by exposure to asbestos;
−Removed: lung cancer, a cancer which may be caused by various factors, one of which is alleged to be asbestos exposure;
−Removed: other cancers, and conditions that are substantially less serious, including claims brought on behalf of individuals who are asymptomatic as to an allegedly asbestos-related disease.
−Removed: A significant number of pending claims against us are non-cancer claims.
−Removed: It is difficult to predict long-term future asbestos liabilities, as events and circumstances may impact the estimate.
−Removed: From time to time, we receive claims from federal and state environmental regulatory agencies and other entities asserting that we are or may be liable for environmental cleanup costs and related damages principally relating to our historical and predecessor operations.
−Removed: In addition, from time to time we receive personal injury claims including toxic tort and product liability claims (other than asbestos) arising from our historical operations and predecessors.
−Removed: In connection with recording Paramount Global’s net assets at the Ultimate Parent’s basis, “Other liabilities” was increased to reflect the fair value of Paramount Global’s estimated contingent liabilities for the defense and settlement of asbestos lawsuits as well as claims from federal and state environmental regulatory agencies and other entities asserting liability for environmental cleanup costs and related damages (See Note 2).
−Removed: The estimated fair value of the asbestos-related liability was determined in consultation with a third-party firm with expertise in estimating asbestos liability and represents the estimate of the amount a third party would pay to take on the risk of any asbestos-related future losses.
−Removed: While we believe that our accruals for these matters are adequate, there can be no assurance that circumstances will not change in future periods and, as a result, our actual liabilities may be higher or lower than our accrual.
Accounting Pronouncements Not Yet Adopted
See Note 1 to the consolidated financial statements.
+Added: Legal Matters
+Added: See Legal Matters section in Note 14 to the consolidated financial statements.
Management’s Discussion and Analysis of
2 unchanged sentences
Cautionary Note Concerning Forward-Looking Statements
−Removed: This Quarterly Report on Form 10-Q contains both historical and forward-looking statements, including statements related to our future financial results and performance, potential achievements, anticipated reporting segments and industry changes and developments.
+Added: This Quarterly Report on Form 10-Q contains both historical and forward-looking statements, including statements related to our future financial results and performance, potential achievements and transactions (including in connection with our pending merger with Warner Bros.
+Added: Discovery, Inc.) and their expected benefits, and industry trends and developments.
All statements that are not statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
1 unchanged sentence
These forward-looking statements reflect our current expectations concerning future results and events;
−Removed: generally can be identified by the use of statements that include phrases such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” “likely,” “will,” “may,” “could,” “estimate” or other similar words or phrases;
+Added: can generally be identified by the use of statements that include phrases such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” “likely,” “will,” “may,” “could,” “estimate” or other similar words or phrases;
and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause our actual results, performance or achievements to be different from any future results, performance or achievements expressed or implied by these statements.
2 unchanged sentences
the adverse impact on our advertising revenues as a result of changes in consumer behavior, advertising market conditions and deficiencies in audience measurement;
−Removed: risks related to operating in highly competitive and dynamic industries, including cost increases;
+Added: risks related to operating in highly competitive and dynamic industries;
the unpredictable nature of consumer behavior, as well as evolving technologies and distribution models;
−Removed: risks related to our decisions to make investments in new businesses, products, services and technologies, and the evolution of our business strategy;
+Added: risks related to our decisions to invest in new businesses, products, services and technologies, and the evolution of our business strategy;
the potential for loss of carriage or other reduction in or the impact of negotiations for the distribution of our content;
damage to our reputation or brands;
−Removed: losses due to asset impairment charges for goodwill, intangible assets, FCC licenses and content;
+Added: losses due to asset impairment charges for goodwill, content and long-lived assets, including finite-lived intangible assets;
liabilities related to discontinued operations and former businesses;
1 unchanged sentence
evolving business continuity, cybersecurity, privacy and data protection and similar risks;
−Removed: content infringement;
−Removed: domestic and global political, economic and regulatory factors affecting our businesses generally, including tariffs and other changes in trade policies;
+Added: challenges in protecting and maintaining our intellectual property rights;
+Added: domestic and global political, economic and regulatory factors affecting our businesses generally;
the inability to hire or retain key employees or secure creative talent;
disruptions to our operations as a result of labor disputes;
−Removed: the risks and costs associated with the integration of, and our ability to integrate, the businesses of Paramount Global and Skydance Media, LLC successfully and to achieve anticipated synergies;
−Removed: volatility in the prices of our Class B Common Stock;
−Removed: potential conflicts of interest arising from our ownership structure with a controlling stockholder;
−Removed: and other factors described in our news releases and filings with the Securities and Exchange Commission, including but not limited to Paramount Global’s most recent Annual Report on Form 10-K and their and our reports on Form 10-Q and Form 8-K.
+Added: risks and costs associated with the integration of, and our ability to integrate, the businesses of Paramount Global and Skydance Media, LLC successfully and to achieve anticipated synergies;
+Added: litigation relating to the Skydance Transactions potentially resulting in substantial costs;
+Added: volatility in the price of our Class B common stock;
+Added: the effect our dual-class capital structure and the concentrated ownership may have on the price of our Class B common stock or business;
+Added: risks related to a private sale of a controlling interest in our Company, including that our stockholders may not realize any change of control premium on shares of our Class B common stock and that we may become subject to the control of a presently unknown third party;
+Added: risks associated with our status as a “controlled company” under Nasdaq rules, including our exemption from certain corporate governance requirements;
+Added: risks associated with the lack of voting rights of our Class B common stock;
+Added: risks that anti-takeover provisions in our amended and restated certificate of incorporation (“Charter”) and amended and restated bylaws, and under Delaware law could deter, delay, or prevent a change of control;
+Added: risks that exclusive forum provisions in our Charter could limit a stockholder’s choice of forum for certain claims and discourage lawsuits against our directors and officers;
+Added: risks that corporate opportunity provisions in our Charter could permit certain persons to pursue competitive opportunities that might otherwise be available to us;
+Added: risks associated with our holding company structure, including our dependence on distributions from our subsidiaries to meet our tax obligations and other cash requirements;
+Added: disruptions the WBD Merger may cause to our and WBD’s business and commercial relationships;
+Added: the negative impact that a failure to consummate the WBD Merger could have on our business, financial condition, results of operations and stock price;
+Added: the risk that the WBD Merger may be prevented or delayed or the anticipated benefits reduced if we do not obtain certain regulatory approvals;
+Added: the risk that the WBD Merger Agreement may be terminated in accordance with its terms, including if any conditions to the closing of the WBD Merger are not satisfied;
+Added: the risk that litigation relating to the WBD Merger could prevent or delay the closing of the WBD Merger or result in the payment of damages after closing;
+Added: challenges realizing synergies and other anticipated benefits expected from the WBD Merger, including integrating WBD’s business successfully;
+Added: Management’s Discussion and Analysis of
+Added: Results of Operations and Financial Condition (Continued)
+Added: (Tabular dollars in millions, except per share amounts)
+Added: risks to our business, financial condition or results of operations as a result of the incurrence of substantial costs and indebtedness in connection with the WBD Merger;
+Added: risks of reduced ownership and economic interest by our existing stockholders as a result of the WBD Merger;
+Added: and other factors described in our news releases and filings with the Securities and Exchange Commission, including but not limited to our most recent Annual Report on Form 10-K and our reports on Form 10-Q and Form 8-K.
There may be additional risks, uncertainties and factors that we do not currently view as material or that are not necessarily known.
−Removed: The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date of this report, and we do not undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.
+Added: The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date hereof, and we do not undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.
Quantitative and Qualitative Disclosures About Market Risk.
−Removed: There have been no significant changes to market risk since reported in Annual Report on Form 10-K of our Predecessor, Paramount Global, for the year ended December 31, 2024.
+Added: There have been no significant changes to market risk since reported in our Annual Report on Form 10-K for the year ended December 31, 2025.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.