{ "id": "paramount-skydance", "title": "Paramount Skydance", "lang": "en", "source_lang": "en", "summary": "American media and entertainment corporation formed in 2025 and renamed Skydance Corporation after acquiring Warner Bros. Discovery in 2026.", "category": "economics", "subcategory": "business", "type": "organization", "aliases": [ "Paramount Skydance Corporation", "Paramount, a Skydance Corporation", "Paramount", "New Paramount" ], "generated_at": "2026-10-14", "model": "pro/gpt-6.1-sol", "url": "https://aiwiki.page/en/paramount-skydance/", "translations": { "zh-Hans": { "url": "https://aiwiki.page/zh/paramount-skydance/", "json": "https://aiwiki.page/zh/paramount-skydance.json" } }, "sections": [ { "heading": "", "text": "Paramount Skydance Corporation was the name adopted by the American media and entertainment holding company formed through the combination of Paramount Global and Skydance Media on August 7, 2025. Marketed as “Paramount, a Skydance Corporation,” it brought together motion-picture and television production, broadcasting, cable networks, streaming services, and related entertainment businesses under leadership headed by David Ellison. Its Class B shares initially traded on Nasdaq under the symbol PSKY. (paramount.com)\n\nThe combination joined Paramount’s established studios, television networks, and distribution infrastructure with Skydance’s production operations. Its businesses included Paramount Pictures, CBS, Nickelodeon, Paramount+, and Pluto TV, connecting the production and licensing of films and television programming with broadcast, subscription, and advertising-supported distribution. The company’s formation represented a change in control of a major American entertainment group and a reorganization of businesses spanning traditional television and online media. (sec.gov)\n\nOn October 6, 2026, the corporation completed its acquisition of Warner Bros. Discovery and changed its legal name to Skydance Corporation, with its Class B listing moving to the New York Stock Exchange under SKYD. Paramount Skydance therefore denotes both the company’s 2025–2026 corporate identity and the institutional foundation of the enlarged Skydance group. Its history encompasses the original merger, ownership and governance, entertainment operations, financial restructuring, and the subsequent acquisition and renaming. (sec.gov)" }, { "heading": "Corporate identity and institutional boundaries", "text": "Paramount Skydance Corporation was the legal name of the Delaware-incorporated parent company that brought Paramount Global and Skydance Media under common ownership on August 7, 2025. Its public-facing designation was “Paramount, a Skydance Corporation,” frequently shortened to “Paramount” in corporate communications. These names identified the wider media and entertainment group, not merely Paramount Pictures, the film-studio subsidiary within its portfolio. The closing announcement identified David Ellison as chairman and chief executive officer of the combined company and stated that its Class B shares would begin trading on Nasdaq that day under the symbol PSKY. (paramount.com)\n\nThe combination established a holding-company structure rather than simply giving two studios a shared name. Paramount Skydance Corporation, previously named New Pluto Global, Inc., acquired both predecessor businesses through transactions involving specially formed merger subsidiaries. An August 7, 2025, securities filing recorded that Paramount Global survived its merger and became a direct, wholly owned subsidiary of Paramount Skydance Corporation. Skydance Media likewise survived its merger with the acquisition subsidiary established for that business. The resulting arrangement therefore distinguished the parent corporation from the continuing legal entities through which the predecessor operations were held. (ir.paramount.com)\n\nThis distinction also separates corporate succession from brand continuity. Paramount Global did not simply change its own name to Paramount Skydance Corporation: it moved beneath a different parent. Its August 7 filing, still submitted in the name of Paramount Global, removed unsold securities from specified existing registration statements following completion of the transaction. The document thus provides a concrete example of the predecessor corporation continuing to exist while its position in the ownership structure changed. “Paramount Global,” “Paramount Skydance Corporation,” and “Paramount Pictures” consequently denote different institutional levels, rather than interchangeable versions of one studio’s name. (ir.paramount.com)\n\nThe group’s institutional boundary extended beyond theatrical film production. At closing, its announced portfolio included CBS and CBS News, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, and Pluto TV, alongside Paramount Pictures and Skydance’s film, television, animation, games, and sports operations. The announcement described three business segments—Studios, Direct-to-Consumer, and TV Media. These were organizational categories within the group, not alternative legal names for the parent or its predecessor subsidiaries. (paramount.com)\n\nThe chronological scope of the Paramount Skydance identity runs from August 7, 2025, to the legal renaming on October 6, 2026. On the latter date, the company completed its acquisition of Warner Bros. Discovery, which survived as its wholly owned subsidiary, and then amended its certificate of incorporation to become Skydance Corporation. The accompanying securities disclosure explicitly treats the names before and after that amendment as references to the continuing corporation. The renaming therefore marks the endpoint of this article’s principal corporate identity, rather than the dissolution of its legal subject or the retroactive inclusion of Warner Bros. Discovery in its 2025 portfolio. (sec.gov)" }, { "heading": "Predecessors and the 2024–2025 combination", "text": "Paramount Global’s immediate predecessor was ViacomCBS, formed on December 4, 2019, when Viacom merged into CBS Corporation; the surviving company adopted the Paramount Global name on February 16, 2022. It brought together the Paramount film business, CBS broadcasting operations and Viacom’s television networks. Skydance Media, founded by David Ellison in 2010, was already a substantial production partner rather than an unrelated buyer: by June 30, 2024, it had produced or co-financed 35 live-action and animated feature films, including 24 co-financed with Paramount. Their collaborations included Mission: Impossible films and Top Gun: Maverick. The proposed corporate combination therefore extended an established production and financing relationship. (ir.paramount.com)\n\nNational Amusements was central because it held approximately 77% of Paramount’s voting Class A shares. Acquiring that controlling shareholder provided a route to control of Paramount without purchasing every publicly held share. On July 7, 2024, Skydance and Paramount announced a definitive agreement with two principal commercial stages: the Skydance investor group, comprising the Ellison family and RedBird Capital Partners, would acquire National Amusements, followed by the combination of Skydance and Paramount. National Amusements delivered written consent approving the transaction. Paramount’s board approval followed the unanimous recommendation of a special committee composed entirely of independent directors. (ir.paramount.com)\n\nThe announced financing comprised distinct payments with different recipients and purposes. The investors agreed to pay $2.4 billion for National Amusements on a cash-free, debt-free basis. Another $4.5 billion was allocated to cash consideration for Paramount’s public shareholders under the merger’s cash-or-stock election arrangements. A further $1.5 billion represented new primary capital for Paramount’s balance sheet, rather than payment to selling shareholders. Separately, the all-stock acquisition of Skydance valued that business at $4.75 billion, with its equity holders to receive approximately 317 million new Class B shares valued at $15 each. The Skydance valuation was therefore not another cash payment within the three announced funding components. (ir.paramount.com)\n\nThe legal implementation used a new holding company and several merger subsidiaries, rather than a simple purchase of a studio name. Paramount and Skydance were to survive as wholly owned subsidiaries of the new parent. Eligible public Class A shareholders could elect $23 in cash or 1.5333 new Class B shares for each share held; eligible Class B shareholders could elect $15 in cash, subject to proration, or retain one new Class B share per existing share. These alternatives distinguished the acquisition of the controlling shareholder from the treatment of outside investors and allowed public shareholders to retain an economic interest in the combined business. (sec.gov)\n\nOn July 24, 2025, the Federal Communications Commission approved the relevant broadcast-license transfers by a 2–1 vote. That regulatory authorization did not itself complete the corporate transactions. On July 25, Paramount and Skydance announced August 7 as the anticipated closing date, expressly subject to customary closing conditions. Completion was subsequently announced on August 7, 2025, when Paramount Global and Skydance became subsidiaries of Paramount Skydance Corporation. The new parent’s Class B shares began trading that day on Nasdaq under “PSKY,” marking the transition from an agreed and authorized transaction to the completed combination. (docs.fcc.gov)" }, { "heading": "Ownership, governance, and management", "text": "The Ellison family and RedBird Capital Partners supplied the principal investor backing for the combination, but their investment roles were distinct from executive responsibility for the operating business. The July 7, 2024 agreement identified them together as the Skydance Investor Group, financing the acquisition of National Amusements, payments to Paramount shareholders, and new capital for the combined company. RedBird founder and managing partner Gerry Cardinale described the firm at the August 7, 2025 closing as a long-term investment partner of the Ellison family; RedBird had first invested in Skydance in 2019. David Ellison, Skydance’s founder, became chairman and chief executive officer of the combined company at closing. The family’s controlling investment and his executive appointment were therefore related but institutionally separate sources of authority. (ir.paramount.com)\n\nThe company’s dual-class share structure separated economic participation from shareholder voting power. Class A common stock carried one vote per share on matters submitted to shareholders, whereas Class B common stock carried no ordinary voting rights. National Amusements, subsequently renamed Harbor Lights Entertainment, and its subsidiaries held all Class A shares; these shares were not exchange-listed. Class B shares began trading on Nasdaq under “PSKY.” The closing disclosure attributed approximately 77.5% of voting power to Ellison-family-controlled entities through their ownership of National Amusements, compared with approximately 47% of outstanding Class B shares held directly and indirectly. Other former Paramount shareholders held approximately 30% of Class B shares but no voting power. Consequently, the percentage of publicly traded stock owned did not measure authority over shareholder decisions. (ir.paramount.com)\n\nSkydance announced its proposed leadership team on August 4, 2025, expressly conditional on completion of the merger. Under that initial allocation, Jeff Shell was president, overseeing day-to-day media operations under Ellison’s strategic leadership. Andy Gordon became chief strategy officer and chief operating officer, responsible for translating corporate strategy into operating plans. George Cheeks was designated chair of TV Media, and Cindy Holland chair of Direct-to-Consumer, overseeing Paramount+ and Pluto TV. Dana Goldberg and Josh Greenstein were named co-chairs of Paramount Pictures; Goldberg also chaired Paramount Television, while Greenstein was vice chair of Platforms. These were the announced launch assignments, not permanent descriptions of the company’s leadership. (globenewswire.com)\n\nThe same announcement assigned corporate functions to Stephanie Kyoko McKinnon as general counsel and acting chief legal officer, Jim Sterner as chief people officer, and Melissa Zukerman as chief communications officer, while Andrew Warren continued as interim chief financial officer. These centralized functions supported the three intended operating groupings—Studios, Direct-to-Consumer, and TV Media—rather than constituting additional business segments. In its third-quarter 2025 shareholder letter, management explained that consolidating production and most licensing revenue within Studios would make the scale and performance of content creation more visible, leaving broadcasting and cable operations principally within TV Media. (globenewswire.com)\n\nThe organizational announcement preceded its implementation in financial reporting. The company introduced the new reportable segments beginning in 2026, combining the former Filmed Entertainment segment with television-production operations previously included in TV Media. It also placed the premium cable channel Paramount+ with Showtime within Direct-to-Consumer, a specific change from the November 2025 expectation that DTC reporting would remain unaffected. The first-quarter 2026 filing identified Gordon as the chief operating decision maker for segment-reporting purposes: the executive whose review of operating results informed performance assessment and resource allocation. This accounting designation described a management function, not ownership of the company or a separate grant of shareholder control. (ir.paramount.com)" }, { "heading": "Film, television, and animation production", "text": "The production portfolio combined Paramount Pictures and Paramount’s television and children’s businesses with Skydance’s film, television, and animation operations. Beginning in 2026, the Studios reporting segment brought together Paramount Pictures, CBS Studios, Paramount Television Studios, Paramount Animation, Nickelodeon Animation, Miramax, and the inherited Skydance businesses. This was broader than the former Filmed Entertainment segment: CBS Studios and other television-production operations had previously been reported within TV Media. The grouping therefore joined suppliers of programming for theatrical exhibition, affiliated networks and streaming services, and outside distributors; it did not turn every production label into a single studio. (ir.paramount.com)\n\nOrganizational integration also changed the television labels. In its November 2025 shareholder letter, the company reported that Showtime/MTV Entertainment Studios, Nickelodeon Live Action, and Skydance Television had been combined into a revitalized Paramount Television Studios. CBS Studios remained another production operation. The distinction between producing a series and operating its outlet was visible in the February 25, 2026, shareholder letter: Paramount Television Studios’ slate included Emily in Paris for Netflix, Cross for Prime Video, and School Spirits for Paramount+. The same letter identified an overall agreement with Yellowjackets creators Ashley Lyle and Bart Nickerson, illustrating how contractual relationships with writers and producers supported the production pipeline. (ir.paramount.com)\n\nProduction, financing, distribution, and licensing were separate commercial functions. Production created the finished work; financing supplied capital and allocated financial exposure; distribution brought a title to particular markets; and licensing authorized specified uses of its copyrighted content. Paramount’s annual report distinguished theatrical distribution from licensing to television, streaming, and home-entertainment outlets. Its consolidated accounts also removed internal transactions rather than treating them as outside sales. For content licensed between segments, costs were allocated according to the relative value of distribution windows, without recording intersegment licensing revenue or profit for the supplying segment. (ir.paramount.com)\n\nAnimation and children’s production included several distinct activities. Paramount Animation developed original and franchise-based features, while Nickelodeon Studios produced animated and live-action series, films, and short-form programming for children and families. These production labels were distinct from the Nickelodeon television channel and Paramount+ streaming service. (ir.paramount.com) Skydance Animation also supplied outside platforms: on October 18, 2023, Netflix announced a multiyear agreement covering the development and production of animated features for direct release on its service, beginning with Spellbound in 2024. That agreement predated the corporate combination and was not a new Paramount Skydance commissioning decision. (about.netflix.com)\n\nRelease dates likewise require separation from production origins. The SpongeBob Movie: Search for SquarePants opened on December 19, 2025, during the combined company’s operation, but Nickelodeon and Paramount Pictures had publicly presented the project, including Mark Hamill’s casting as the Flying Dutchman, in July 2024. Its post-merger release therefore represented the exploitation of an inherited production pipeline rather than evidence that the new corporation had originated it. (paramountglobalcontent.com) By February 25, 2026, management separately reported that eleven films and eleven new series had been greenlit since August, distinguishing post-combination approvals from productions already underway. (ir.paramount.com)" }, { "heading": "Broadcasting, cable networks, news, and sports", "text": "The CBS Television Network supplied entertainment, news, public-affairs, and sports programming to company-owned stations and independently owned affiliates. These were different institutional relationships: ownership placed a station within the consolidated company, whereas affiliation provided a contractual connection to the network without transferring ownership of the broadcaster. In its May 2026 business disclosure, Paramount reported 29 owned television stations, located in the five largest and 15 of the 20 largest United States television markets. CBS Stations also produced local news and other programming; its station portfolio was not synonymous with the entire CBS affiliate network. International free-to-air operations included Australia’s Network 10 and the United Kingdom’s Channel 5. The inherited Latin American portfolio contracted when Paramount completed the sale of Argentina’s Telefe on October 23, 2025, and Chile’s Chilevisión on January 12, 2026. (sec.gov)\n\nThe inherited cable portfolio included MTV, Nickelodeon, BET Media Group, Comedy Central, Paramount Network, Smithsonian Channel, and CBS Sports Network, together with international extensions of several brands. These were programming networks and associated brands, rather than interchangeable names for the company’s production studios. In the 2025 reporting structure, TV Media included both basic cable networks and the premium channel Paramount+ with Showtime. The latter combined the Showtime identity with a linear premium-television offering; it was not simply another name for the Paramount+ streaming service. Under the reporting structure introduced in 2026, the premium channel moved to Direct-to-Consumer, while the basic cable networks remained in TV Media. (sec.gov)\n\nThe commercial model combined advertising sales with distribution payments. Cable affiliate fees were paid by distributors for carrying the company’s cable networks; retransmission fees covered carriage of its owned broadcast stations. Separately, independently owned stations paid fees for affiliation with CBS, described in predecessor disclosures as “reverse compensation.” Cable, satellite, and internet-delivered multichannel television services therefore acted as paying distribution intermediaries, while advertisers purchased access to audiences reached through the programming. Content licensing supplied another revenue stream. These mechanisms distinguished a network’s relationship with a distributor from its relationship with a local affiliate: one concerned carriage to subscribers, the other participation in the broadcast network. (sec.gov)\n\nLinear television faced declining audiences and pay-television subscriptions, affecting both advertising demand and the subscriber base supporting distribution fees. Advertising comparisons also depended on events rather than solely on underlying market conditions. Paramount’s 2025 annual report identified the absence of a comparable Super Bowl broadcast and lower political advertising after the 2024 United States presidential election as contributors to the year’s advertising decline. CBS’s broadcasts of the NCAA men’s basketball semifinals and championship game partly offset those comparisons. Consequently, changes in advertising revenue reflected both structural pressures and the rotation of major programming events. (sec.gov)\n\nCBS News and CBS Sports were distinct programming operations within the CBS network business. CBS News supplied news and public-affairs journalism to television, radio, and digital outlets; CBS News 24/7 also provided continuous digital news, including local services associated with certain owned stations. CBS Sports’ sports broadcasting portfolio included specified NFL regular-season and playoff games, rotating Super Bowl coverage, NCAA basketball, Big Ten football, major golf events, and selected UEFA Champions League matches. These arrangements conveyed defined media rights, not ownership of the leagues or competitions. CBS Sports Network was a separate cable outlet, while CBS Sports HQ provided digital sports news and analysis. (sec.gov)" }, { "heading": "Streaming services and international distribution", "text": "Paramount+ and Pluto TV served different paid and free streaming markets. Paramount+ combined subscription revenue with advertising on its lower-priced Essential tier; Premium largely removed advertising from on-demand programming, while retaining advertisements in live television and certain other content. Its catalogue combined company-produced and third-party films and series with news and territorially licensed sports. In the United States, Premium included livestreams of local CBS stations, whereas Essential included NFL coverage but not the full local-station feed. Pluto TV required no paid subscription: it offered curated, scheduled streaming channels alongside on-demand programmes, financed through advertising rather than subscription charges. Its content and distribution partnerships extended beyond Paramount’s own libraries to outside suppliers and connected-TV platforms. (ir.paramount.com)\n\nDistribution through intermediaries was also part of Paramount+’s subscription business. Reported subscribers included customers subscribing directly through company applications and websites, customers obtained through third-party distributors, and qualifying subscriptions supplied in domestic streaming-television or international distribution bundles. Beginning in the fourth quarter of 2025, the company counted only paid subscriptions, excluding free trials and restating comparative subscriber figures accordingly. On that consistent basis, Paramount+ had 78.9 million subscribers at December 31, 2025, compared with 76.1 million a year earlier; the previously reported 2024 figure had included 1.4 million trial subscriptions. These were period-end subscription counts, not counts of individual viewers, programme audiences or free registered accounts. (ir.paramount.com)\n\nInternational distribution combined company-operated services, joint ventures and licensing to independent platforms. The European service SkyShowtime was a joint venture with Comcast, not a wholly owned Paramount+ operation: Paramount held a 50% interest, accounted for under the equity method. Its 22 markets included Spain, Portugal, the Netherlands, Poland and the Nordic countries. A different arrangement applied in New Zealand. On January 27, 2026, Sky and Paramount Global Content Distribution announced an expanded exclusive partnership supplying new Showtime, Paramount+ and CBS series to Sky and its Neon streaming service. Such agreements distributed programming through another company’s services rather than establishing a locally owned Paramount+ platform. (ir.paramount.com)\n\nPricing and bundle changes affected the interpretation of growth during 2026. On January 15, new U.S. subscribers became subject to monthly prices of $8.99 for Essential and $13.99 for Premium, with annual prices of $89.99 and $139.99 respectively; affected existing subscribers were to receive 30 days’ email notice before their increase. In its May 4 shareholder letter, Paramount also reported January increases in Canada, Australia and Latin America. Paramount+ ended March with 79.6 million paid subscribers, up 0.7 million from December. Management separately reported additions of 1.9 million excluding the exit of international “hard-bundle” subscriptions; that adjusted measure excluded a distribution-contract effect and was not the actual net increase in the reported subscriber base. (cbsi.my.salesforce-sites.com)\n\nThe May 4 disclosures described engagement measures and planned product changes separately from subscriber acquisition. Paramount was introducing enhanced mobile features and short-form clips to increase engagement and viewing frequency, while targeting a mid-year convergence of its streaming technology platforms. A Pluto TV update built on the Paramount+ platform was still described as forthcoming, not completed. Registration was intended to improve personalisation and advertising signals: registered users generated 65% of U.S. Pluto viewing minutes, a share rather than a subscriber count. The company also reported a 60% increase in on-demand television hours per user following recent updates. These indicators measured usage and account identification, not a disclosed cancellation or retention rate. (ir.paramount.com)" }, { "heading": "Intellectual property, games, and consumer experiences", "text": "Paramount Skydance’s franchise business extended screen productions into merchandise, books, promotional partnerships, games, music releases, and licensed experiences. The commercial mechanism differed from selling access to films or television programmes: outside businesses could obtain permission to use particular characters, names, or trademarks in specified products or activities. The company’s disclosures described royalties for consumer products, recreation, interactive games, and live events as generally calculated by applying contractual rates to sales reported by licensees. On October 1, 2025, Paramount announced Josh Silverman’s appointment as president of Global Products & Experiences, effective October 6, initially reporting to president Jeff Shell. His stated remit covered consumer products, live experiences, publishing, partnerships, and physical-product e-commerce, working with brands including Paramount Pictures and Nickelodeon. (ir.paramount.com)\n\nThe underlying intellectual property was not a single, uniformly owned portfolio. Copyright in a production, rights to distribute it, permission to adapt characters, and an equity interest in a rights-holding business were distinct interests. South Park illustrated the importance of these boundaries: its creators’ company held a substantial minority interest in South Park Digital Studios, while the July 23, 2025, predecessor-company announcement separately identified an exclusive licence between that studio and Paramount+. The agreement covered five years, 50 new episodes, and the existing 26-season library; streaming access therefore should not be equated with acquisition of every underlying right. Similarly, Skydance New Media’s Marvel project originated in a partnership with Marvel Entertainment, not ownership of the Marvel universe. (latimes.com)\n\nPublishing and music provided different extensions of screen properties. On April 8, 2026, Paramount announced Paramount Global Publishing, an imprint intended both to expand existing franchises and develop original intellectual property. Amy Jarashow, head of global publishing, led the venture under Silverman; its own content development complemented existing licensed publishers rather than replacing them. Music involved another layer of rights: the inherited Top Gun: Maverick soundtrack credits identified Paramount publishing entities alongside outside publishers, while individual songs had separate publishing credits. The album thus exemplified how a branded soundtrack could combine company-controlled material with third-party compositions rather than constitute an entirely owned musical catalogue. (nasdaq.com)\n\nThe inherited game-development operations also differed from merchandise licensing. Skydance brought two development teams: Skydance Interactive, associated with Archangel and The Walking Dead: Saints & Sinners, and Skydance New Media, established by Amy Hennig and Julian Beak to develop narrative-led games, including its Marvel collaboration. In June 2026, Paramount announced their inclusion in a unified Paramount Games Studio, with Skydance Games retained as a publishing label and the two development teams remaining distinct. The announced leadership included Tony Driscoll as president, Dan Prigg as head of games, and Shawn Kittelsen as head of creative and production. These were production and publishing capabilities, not simply permissions granted to unrelated developers. (ir.paramount.com)\n\nExternal game licensing continued alongside those internal operations. SpongeBob SquarePants: Titans of the Tide, released on November 18, 2025, was developed by Purple Lamp and published by THQ Nordic. Its use of Nickelodeon characters did not make either outside company a Paramount subsidiary. The distinction also affected commercial reporting: receipts from licensing brands for interactive games were described as contractual royalties based on licensee sales, whereas the internally operated games business involved developing and publishing interactive content. (store.steampowered.com)\n\nLocation-based entertainment similarly extended brands without necessarily transferring the operation of the venue to Paramount. Nickelodeon Hotels & Resorts appeared within Karisma Hotels & Resorts’ operating portfolio in 2025, providing an example of branded hospitality delivered through a specialist resort business. Paramount’s disclosures separately identified fees from the use of trademarks and brands for recreation and live events. Silverman’s October 2025 appointment placed live experiences alongside products, publishing, and partnerships within the same executive remit, linking these physical encounters with the company’s broader franchise-commercialisation activities. (karismahotels.com)" }, { "heading": "Financial reporting and operational integration", "text": "Paramount Skydance’s 2025 financial statements separate the predecessor period, January 1–August 6, from the successor period, August 7–December 31. The predecessor includes only Paramount Global; the successor includes the combined corporation. This was also an accounting discontinuity: Paramount Global’s net assets were recorded at the ultimate controlling parent’s estimated fair-value basis when control changed, whereas Skydance’s assets were already at that parent’s basis. Consequently, operating results, financial position, and cash flows across the boundary are not directly comparable, rather than simply representing consecutive portions of an unchanged business. (ir.paramount.com)\n\nThe audited statements in the Form 10-K filed on February 25, 2026, report predecessor revenue of $16.622 billion and successor revenue of $12.269 billion. GAAP operating income was $1.029 billion in the predecessor period, compared with a $95 million operating loss in the successor period; operating cash inflow was $164 million and $485 million, respectively. At December 31, 2025, cash and cash equivalents totaled $3.274 billion, while the balance-sheet carrying amount of debt was $13.658 billion, including $433 million classified as current. Debt’s $14.98 billion face value was distinct from its carrying amount, which reflected unamortized fair-value adjustments. (ir.paramount.com)\n\nThe company’s adjusted measures and supplemental presentations served different purposes from those audited GAAP statements. Adjusted OIBDA—operating income before depreciation and amortization, with additional specified exclusions—was $1.809 billion for the predecessor period and $1.267 billion for the successor period. Supplemental pro forma revenue combined the two periods and added predecessor-period Skydance revenue after eliminating transactions with Paramount Global; it did not constitute a single historical GAAP reporting period for the combined corporation. In the first quarter of 2026, the company replaced its primary segment-performance measure with Adjusted EBITDA, which also excluded stock-based compensation from underlying performance. (ir.paramount.com)\n\nReporting boundaries changed again in 2026, when Studios replaced Filmed Entertainment alongside Direct-to-Consumer and TV Media. Studios combined the former film segment with television-production operations previously reported within TV Media, including CBS Studios, Paramount Television Studios, and Nickelodeon Animation. The premium cable channel Paramount+ with Showtime moved from TV Media to Direct-to-Consumer. Certain centralized expenses previously allocated to segments were instead reported as corporate expenses. The recast presentation retained the historical segment definitions for predecessor GAAP information while presenting successor results under the new structure; supplemental schedules supplied additional comparisons. These changes therefore altered both the businesses and expenses included in individual segment totals. (sec.gov)\n\nOperational integration included measures already implemented by November 10, 2025: Showtime/MTV Entertainment Studios, Nickelodeon Live Action, and Skydance Television had been combined into a reconstituted Paramount Television Studios, and media-network operations had been placed under unified leadership. Management also described a new Global Operations function covering procurement, property and facilities, security, and shared business services. Its technology timetable remained prospective: a converged streaming back end was targeted for mid-2026 and a single enterprise-resource-planning system for early 2027. (ir.paramount.com)\n\nRecognized integration expenses were separate from anticipated efficiencies. The successor period included $650 million in restructuring charges, consisting of severance costs, including voluntary-separation arrangements, and $81 million in transaction-related items. These accounting charges were not measures of savings achieved. In November 2025, management raised its annualized run-rate efficiency target from $2 billion to at least $3 billion; that figure represented projected recurring efficiencies rather than audited profit or cash already generated. (ir.paramount.com)" }, { "heading": "Regulatory obligations and corporate risk", "text": "On July 24, 2025, the Federal Communications Commission (FCC) approved applications to transfer control of Paramount Global’s broadcast licenses in connection with the Skydance transaction. Its jurisdiction concerned the licensed broadcasting operations, rather than approval of every business within the combined group. Under section 310(d) of the Communications Act, license transfers require a determination that they serve the public interest, convenience, and necessity. That review includes competition considerations but is distinct from the Department of Justice’s independent review under competition law. Securities filings perform a separate disclosure function: Paramount Skydance’s annual, quarterly, and current reports provide investors with financial and other material information, rather than authorizing broadcast-license transfers. (docs.fcc.gov)\n\nThe FCC’s approval record incorporated written undertakings concerning CBS programming and organizational policies. Skydance committed to maintaining, for at least two years, an ombudsman reporting to the president of the combined company, responsible for receiving and evaluating complaints of bias or other concerns involving CBS. It also pledged that programming would represent viewpoints across the political and ideological spectrum and that CBS reporting would be fair, unbiased, and fact-based. These were prospective corporate commitments, not findings about the accuracy of particular broadcasts. The record additionally documented undertakings to eliminate Paramount’s diversity, equity, and inclusion programs and not establish such initiatives at the combined company. Skydance reaffirmed a commitment to local broadcasting, including cooperation with affiliates and consideration of investments in local news resources and technology. (docs.fcc.gov)\n\nThe 2025 Form 10-K identified content investment, advertising conditions, distribution, and protection of intellectual property as business risks. Successful releases and audience retention were not assured. Audience fragmentation and advertisers’ economic conditions could reduce revenue; distributor nonrenewals, less favorable terms, or carriage blackouts could reduce reach, affiliate fees, and advertising income. Piracy could weaken content monetization. (sec.gov)\n\nLabor responsibilities included collective bargaining agreements covering creative talent and production personnel. The filing cited the 2023 Writers Guild of America and SAG-AFTRA strikes as examples of production shutdowns, not as work stoppages initiated under Paramount Skydance. It warned that labor disputes could delay production and increase costs. (sec.gov)\n\nPrivacy compliance and information security were separate operational responsibilities. The annual report described exposure through company systems and third-party providers, including ransomware, service disruption, and unauthorized disclosure of employee or customer information. It disclosed an information-security program while warning that risk could not be eliminated. These forward-looking disclosures do not, by themselves, establish that any particular breach occurred during the Paramount Skydance period. (sec.gov)" }, { "heading": "Warner Bros. Discovery acquisition and the Skydance name", "text": "Paramount Skydance’s pursuit of Warner Bros. Discovery (WBD) moved from competing offers to a negotiated acquisition between December 2025 and February 2026. On December 8, 2025, Paramount launched an unsolicited tender offer for all outstanding WBD shares at $30 per share in cash, competing with WBD’s proposed transaction with Netflix. These proposals did not transfer ownership. On February 27, 2026, Paramount and WBD announced a definitive merger agreement, unanimously approved by both boards, providing for $31 per share in cash. Paramount terminated its tender offer upon entering that agreement; completion remained subject to WBD shareholder approval, regulatory clearances and other closing conditions. (paramount.com)\n\nThe February announcement valued WBD at approximately $81 billion in equity value and $110 billion in enterprise value. The latter was a debt-inclusive transaction valuation, not the cash payable to shareholders. The agreement also provided additional consideration accruing daily after September 30, 2026, at a quarterly rate of $0.25 per share. At the October 6 closing, shareholders received $31.01666668 per share. The closing-related pro forma filing estimated approximately $78 billion payable to common shareholders, using shares outstanding on July 23, plus approximately $1.1 billion for vested equity awards. Those estimates differed in scope and measurement date from the headline equity valuation announced in February. (ir.paramount.com)\n\nFinancing combined new equity with substantial borrowing. At signing, Paramount announced $47 billion of equity commitments backed by the Ellison family and RedBird Capital Partners, together with $54 billion of debt commitments. At closing, approximately $47 billion of new nonvoting Class B shares was issued at $12 per share to an investor group including Ellison- and RedBird-affiliated investors, Saudi Arabia’s Public Investment Fund, L’IMAD, Qatar Investment Authority and LionTree. The final financing differed from the original commitments: a $49 billion contingent bridge facility was not drawn. Instead, permanent financing comprised $9.5 billion of Term B loans and $42.4 billion of secured notes, alongside $5 billion of Term A loans. Proceeds also supported debt repayment and transaction expenses, rather than solely shareholder consideration. (ir.paramount.com)\n\nThe acquisition closed on October 6, 2026. Prince Sub Inc., Paramount’s acquisition subsidiary, merged into WBD, which survived as a wholly owned subsidiary; Paramount was identified as the accounting acquirer. Immediately afterward, the parent amended its certificate of incorporation to change its legal name from Paramount Skydance Corporation to Skydance Corporation. Its Class B listing moved from Nasdaq’s PSKY symbol to the New York Stock Exchange’s SKYD symbol, with trading beginning that day; WBD shares ceased Nasdaq trading. The transaction added Warner Bros.’ film and television operations, HBO and HBO Max, CNN, Discovery’s networks and services, TNT Sports, Eurosport and Warner Bros. Games. These were October 2026 additions, not components of Paramount Skydance’s original August 2025 portfolio. (sec.gov)\n\nThe closing announcement set prospective operating commitments for the enlarged Skydance business, including at least 30 theatrical films annually, minimum 45-day theatrical windows and eventual unification of its subscription-streaming products. Management targeted at least $6 billion in annual run-rate synergies within three years, principally through technology integration, procurement, marketing and property rationalization. These were commitments and forecasts, not completed integration results. Likewise, the acquisition filing’s unaudited pro forma statements illustrated an earlier hypothetical combination: they neither established historical WBD ownership during the Paramount Skydance period nor included anticipated revenue synergies or operating savings. (ir.paramount.com)" } ], "links": [ "film", "balance-sheet", "david-ellison", "stock-finance", "accounting", "copyright", "journalism", "trademark", "intellectual-property", "video-game", "competition-law", "data-privacy", "cybersecurity" ], "sources": [ { "title": "Skydance Media and Paramount Global Complete Merger, Creating Next Generation Media Company", "url": "https://www.paramount.com/press/skydance-media-and-paramount-global-complete-merger-creating-next-generation-media-company" }, { "title": "Form POS AM for Paramount Global filed 08/07/2025", "url": "https://ir.paramount.com/static-files/bf08ed65-ddda-4a72-b8ab-03161e456292" }, { "title": "Paramount Skydance Corporation — Unaudited Pro Forma Condensed Combined Financial Statements, Exhibit 99.2", "url": "https://www.sec.gov/Archives/edgar/data/2041610/000110465926113913/tm2626659d7_ex99-2.htm" }, { "title": "VIACOMCBS UNVEILS NEW COMPANY NAME, GLOBAL CONTENT SLATE AND INTERNATIONAL EXPANSION PLANS FOR PARAMOUNT+ AT INVESTOR EVENT", "url": "https://ir.paramount.com/news-releases/news-release-details/viacomcbs-unveils-new-company-name-global-content-slate-and" }, { "title": "Paramount Global annual report", "url": "https://ir.paramount.com/static-files/b1a8141c-330b-4bcc-84ef-908eb7aeca3e" }, { "title": "INFORMATION ABOUT SKYDANCE", "url": "https://ir.paramount.com/static-files/9ce79e94-0335-40dc-844d-db1239a08a62" }, { "title": "Skydance Media and Paramount Global Sign Definitive Agreement to Advance Paramount as a World-Class Media and Technology Enterprise", "url": "https://ir.paramount.com/news-releases/news-release-details/skydance-media-and-paramount-global-sign-definitive-agreement/" }, { "title": "Paramount Global: Transaction Agreement and related disclosures", "url": "https://www.sec.gov/Archives/edgar/data/813828/000119312524177536/d860362d425.htm" }, { "title": "Federal Communications Commission response concerning the Skydance–Paramount transaction", "url": "https://docs.fcc.gov/public/attachments/DOC-414089A2.pdf" }, { "title": "Paramount and Skydance Announce Anticipated Closing Date, Deadlines to Elect Merger Consideration and Change of Ticker Symbol Effective at the Closing", "url": "https://ir.paramount.com/news-releases/news-release-details/paramount-and-skydance-announce-anticipated-closing-date/" }, { "title": "SEC Filing", "url": "https://ir.paramount.com/node/72956/html" }, { "title": "Skydance Media and Paramount Global Complete Merger, Creating Next Generation Media Company", "url": "https://ir.paramount.com/news-releases/news-release-details/skydance-media-and-paramount-global-complete-merger-creating" }, { "title": "Skydance Media and Paramount Global Complete Merger, Creating Next Generation Media Company", "url": "https://ir.paramount.com/node/71726/pdf" }, { "title": "Paramount Skydance Corporation: Closing Report on Form 8-K12B", "url": "https://www.sec.gov/Archives/edgar/data/2041610/000119312525175046/d841914d8k12b.htm" }, { "title": "Skydance Media Announces Proposed Executive Leadership Team for Paramount Following Anticipated Completion of Merger", "url": "https://www.globenewswire.com/news-release/2025/08/04/3126631/0/en/Skydance-Media-Announces-Proposed-Executive-Leadership-Team-for-Paramount-Following-Anticipated-Completion-of-Merger.html" }, { "title": "Paramount: Third-Quarter 2025 Shareholder Letter", "url": "https://ir.paramount.com/static-files/53c82d68-0e50-45cf-a8b9-3023c5ce9cc7" }, { "title": "Paramount Skydance Corporation: First-Quarter 2026 Form 10-Q", "url": "https://ir.paramount.com/node/72961/html" }, { "title": "SEC Filing: February 25, 2026 shareholder letter", "url": "https://ir.paramount.com/node/72726/html" }, { "title": "Form 10-K for Paramount Skydance Corp filed 02/25/2026", "url": "https://ir.paramount.com/static-files/9c0a5060-140f-4b5e-ac22-e7f89e6de398" }, { "title": "Netflix and Skydance Animation Set Multi-Year Feature Film Deal", "url": "https://about.netflix.com/en/news/netflix-and-skydance-animation-set-multi-year-feature-film-deal" }, { "title": "Paramount Global Content: SpongeBob Movie: Search For Squarepants, The", "url": "https://paramountglobalcontent.com/title/spongebob-movie-the" }, { "title": "Nickelodeon and Paramount Pictures Announce Mark Hamill to Voice “The Flying Dutchman” in Upcoming Theatrical Film “The SpongeBob Movie: Search for SquarePants” During 25th Anniversary Panel at Comic-Con International: San Diego 2024", "url": "https://www.prnewswire.com/news-releases/nickelodeon-and-paramount-pictures-announce-mark-hamill-to-voice-the-flying-dutchman-in-upcoming-theatrical-film-the-spongebob-movie-search-for-squarepants-during-25th-anniversary-panel-at-comic-con-international-san-diego-2-302207084.html" }, { "title": "Paramount Skydance Corporation: May 2026 business and financial disclosure", "url": "https://www.sec.gov/Archives/edgar/data/2041610/000204161026000033/psky-20260513.htm" }, { "title": "Paramount Skydance Corporation: 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/2041610/000204161026000011/psky-20251231.htm" }, { "title": "Paramount Global: 2024 Annual Report", "url": "https://www.sec.gov/Archives/edgar/data/813828/000114036125021136/ny20047871x2_ars.pdf" }, { "title": "Paramount Global: 2022 Annual Report", "url": "https://www.sec.gov/Archives/edgar/data/813828/000119312523074099/d427313dars.pdf" }, { "title": "Paramount Skydance Corporation: September 2025 Segment Information", "url": "https://www.sec.gov/Archives/edgar/data/2041610/000204161025000044/R37.htm" }, { "title": "Pluto TV - Distribution, Content and Advertizing Partners", "url": "https://pluto.tv/partners" }, { "title": "About SkyShowtime | SkyShowtime Newsroom", "url": "https://corporate.skyshowtime.com/en/about/" }, { "title": "Sky and Paramount expand partnership", "url": "https://assets.ctfassets.net/7b9nfelvm7fe/4aHqwJfnxajBoFm0FAUy5o/34f3a9a5af3336c92fe7e9a50bb4da15/Sky_and_Paramount_expand_partnership.pdf" }, { "title": "2026 Paramount+ plan price changes", "url": "https://cbsi.my.salesforce-sites.com/CBSi/articles/en_US/Knowledge/PD-Are-Paramount-Plans-Changing?categories=&cfs=&data=&popup=false&referer=&template=template_cbssportsfaq" }, { "title": "Ex 99_Q1'26 (with Links)", "url": "https://ir.paramount.com/static-files/c892f681-51f0-4107-ba09-d4335f2c3257" }, { "title": "PARAMOUNT APPOINTS JOSH SILVERMAN AS PRESIDENT OF GLOBAL PRODUCTS & EXPERIENCES", "url": "https://www.paramount.com/press/paramount-appoints-josh-silverman-as-president-of-global-products-experiences" }, { "title": "SEC Filing | Paramount", "url": "https://ir.paramount.com/node/73006/html" }, { "title": "‘South Park’ creators reach deals with Paramount that rank among the richest in television history", "url": "https://www.latimes.com/entertainment-arts/business/story/2025-07-22/south-park-two-billion-dollar-deals-paramount" }, { "title": "Paramount Global and Park County Extend Overall Deal", "url": "https://ir.paramount.com/news-releases/news-release-details/paramount-global-and-park-county-extend-overall-deal" }, { "title": "PARAMOUNT LAUNCHES GLOBAL PUBLISHING IMPRINT TO EXPAND ICONIC FRANCHISES AND DEEPEN ORIGINAL STORYTELLING", "url": "https://www.nasdaq.com/press-release/paramount-launches-global-publishing-imprint-expand-iconic-franchises-and-deepen" }, { "title": "What’s Ahead for Paramount Global Publishing?", "url": "https://www.publishersweekly.com/pw/by-topic/industry-news/publisher-news/article/100149-new-paramount-imprint-supports-studio-s-ip-and-brand-extension-initiatives.html" }, { "title": "Top Gun: Maverick - Paramount Music", "url": "https://music.paramount.com/albums/top-gun-maverick/" }, { "title": "Paramount Forms Unified Paramount Games Studio - Names Tony Driscoll as President", "url": "https://www.paramountgames.com/editorial/paramount-forms-unified-paramount-games-studio" }, { "title": "SpongeBob SquarePants: Titans of the Tide", "url": "https://store.steampowered.com/app/2479650/Bob_Esponja_Titanes_de_las_mareas/?curator_clanid=43890595" }, { "title": "SpongeBob SquarePants: Titans of the Tide - News", "url": "https://thqnordic.com/news/game/spongebobtitans" }, { "title": "0002041610-26-000011 — Form 10-K filing details", "url": "https://ir.paramount.com/sec-filings/sec-filing/10-k/0002041610-26-000011/" }, { "title": "Exhibit 99 — Reporting Structure Change", "url": "https://www.sec.gov/Archives/edgar/data/2041610/000204161026000016/exhibit99april2026.htm" }, { "title": "FCC Approves Skydance’s Acquisition of Paramount CBS", "url": "https://docs.fcc.gov/public/attachments/DOC-413229A1.pdf?pubDate=20250725" }, { "title": "Applications for Consent to the Transfer of Control of Paramount Global, FCC 25-43", "url": "https://docs.fcc.gov/public/attachments/FCC-25-43A1.pdf" }, { "title": "Federal Communications Commission, DA 26-427", "url": "https://docs.fcc.gov/public/attachments/DA-26-427A1.pdf" }, { "title": "Paramount Skydance Corporation: Form 8-K filed June 18, 2026", "url": "https://ir.paramount.com/static-files/4d49e508-cae3-497f-a852-f528524a3b83" }, { "title": "PARAMOUNT LAUNCHES All-CASH TENDER OFFER TO ACQUIRE WARNER BROS. DISCOVERY FOR $30 PER SHARE", "url": "https://www.paramount.com/press/paramount-launches-all-cash-tender-offer-to-acquire-warner-bros-discovery-for-30-per-share" }, { "title": "PARAMOUNT TO ACQUIRE WARNER BROS. DISCOVERY TO FORM NEXT-GENERATION GLOBAL MEDIA AND ENTERTAINMENT COMPANY", "url": "https://ir.paramount.com/news-releases/news-release-details/paramount-acquire-warner-bros-discovery-form-next-generation" }, { "title": "PARAMOUNT COMPLETES ACQUISITION OF WARNER BROS. DISCOVERY, CREATING A NEW GLOBAL ENTERTAINMENT LEADER, SKYDANCE", "url": "https://ir.paramount.com/news-releases/news-release-details/paramount-completes-acquisition-warner-bros-discovery-creating?trk=article-ssr-frontend-pulse_little-text-block" } ], "license": "https://creativecommons.org/licenses/by/4.0/" }