0002041610-26-000067 | 10-Q | XBRL Viewer

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DEBT - WBD Exchange Offers and Tender Offers (Details) € in Millions, $ in Millions	Oct. 09, 2026 USD ($)	Oct. 05, 2026	Oct. 09, 2026 EUR (€)	Oct. 06, 2026	Sep. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Face value of debt					$ 16,290	$ 14,980
Exchange Notes \| Subsequent Event
Debt Instrument [Line Items]
Exchange offer, holders who validly tendered their notes (in percent)				99.15%
Exchange Notes \| Subsequent Event \| Second Lien Exchange Notes, Euro-Denominated
Debt Instrument [Line Items]
Face value of debt \| €			€ 546.5
Exchange Notes \| Subsequent Event \| 6.35% Second Lien Exchange Notes due 2040
Debt Instrument [Line Items]
Stated interest rate (in percent)	6.35%		6.35%
Exchange Notes \| Subsequent Event \| 4.95% Second Lien Exchange Notes due 2042
Debt Instrument [Line Items]
Stated interest rate (in percent)	4.95%		4.95%
Exchange Notes \| Subsequent Event \| 4.875% Second Lien Exchange Notes due 2043
Debt Instrument [Line Items]
Stated interest rate (in percent)	4.875%		4.875%
Senior Notes \| Subsequent Event \| Second Lien Exchange Notes
Debt Instrument [Line Items]
Redemption price (in percent)		100.00%
Senior Notes \| Subsequent Event \| Second Lien Exchange Notes \| Minimum
Debt Instrument [Line Items]
Redemption, call date term		1 month
Senior Notes \| Subsequent Event \| Second Lien Exchange Notes \| Maximum
Debt Instrument [Line Items]
Redemption, call date term		6 months
Senior Notes \| Subsequent Event \| Senior Notes, Exchange Offers
Debt Instrument [Line Items]
Face value of debt	$ 2,380
Cash purchase of aggregate principal amount of senior notes of WBD Issuers	$ 2,400
Outstanding principal (in percent)	98.83%

SUPPLEMENTAL FINANCIAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2026

Additional Financial Information Disclosure [Abstract]

Schedule of Supplemental Cash Flow Information

Supplemental Cash Flow Information


	Successor				Predecessor
	Nine Months Ended September 30,		Period From August 7 - September 30,		Period From January 1 - August 6,
	2026		2025		2025
Cash paid for interest		$731		$148		$524

Cash (received) paid for income taxes		$(67)		$11		$201

Noncash additions to operating lease assets		$64		$1		$82

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Aug. 06, 2025	Sep. 30, 2025	Sep. 30, 2026	Aug. 06, 2025	Sep. 30, 2026
Income Statement [Abstract]
Revenues	$ 2,581	$ 4,121	$ 7,025	$ 16,622	$ 21,285
Costs and expenses:
Operating	1,702	2,641	4,656	11,287	13,954
Selling, general and administrative	582	825	1,443	3,526	4,297
Depreciation and amortization	29	226	371	204	1,097
Impairment charges	0	0	0	157	0
Restructuring and transaction-related items	188	185	187	454	478
Total costs and expenses	2,501	3,877	6,657	15,628	19,826
Gain from dispositions	0	0	0	35	0
Operating income	80	244	368	1,029	1,459
Interest expense	(85)	(138)	(260)	(516)	(753)
Interest income	13	24	31	83	98
Net gain on derivatives	0	0	514	0	502
Other items, net	(16)	(8)	(27)	(92)	(73)
Earnings (loss) before income taxes and equity in loss of investee companies	(8)	122	626	504	1,233
(Provision for) benefit from income taxes	229	(85)	(464)	79	(739)
Equity in loss of investee companies, net of tax	(31)	(33)	(64)	(171)	(180)
Net earnings (Parent and noncontrolling interests)	190	4	98	412	314
Net earnings attributable to noncontrolling interests	(434)	(17)	(25)	(447)	(32)
Net earnings (loss) attributable to Parent	$ (244)	$ (13)	$ 73	$ (35)	$ 282
Basic net earnings (loss) per common share attributable to Parent (in dollars per share)	$ (0.36)	$ (0.01)	$ 0.07	$ (0.05)	$ 0.25
Diluted net earnings (loss) per common share attributable to Parent (in dollars per share)	$ (0.36)	$ (0.01)	$ 0.06	$ (0.05)	$ 0.25
Weighted average number of common shares outstanding:
Basic (in shares)	675	1,098	1,120	674	1,116
Diluted (in shares)	675	1,098	1,125	674	1,121

VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2026

Variable Interest Entity Disclosure [Abstract]

Schedule of Variable Interest Entities

During the first quarter of 2026, we acquired our minority partner’s interest in one of our

consolidated VIEs, which increased our ownership interest to 100%. Accordingly, for periods subsequent to the

acquisition, this entity is not included in the amounts disclosed.


		At		At
	September 30, 2026		December 31, 2025
Total assets		$817		$1,193

Total liabilities		$151		$311


	Successor				Predecessor		Successor				Predecessor
	Three Months Ended September 30,		Period From August 7 - September 30,		Period From July 1 - August 6,		Nine Months Ended September 30,		Period From August 7 - September 30,		Period From January 1 - August 6,
	2026		2025		2025		2026		2025		2025
Revenues		$53		$75		$52		$274		$75		$294

Operating income (loss)		$8		$(3)		$(15)		$45		$(3)		$(102)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	2 Months Ended	7 Months Ended	9 Months Ended
	Sep. 30, 2025	Aug. 06, 2025	Sep. 30, 2026
Operating Activities:
Net earnings (Parent and noncontrolling interests)	$ 4	$ 412	$ 314
Adjustments to reconcile net earnings to net cash flow provided by operating activities:
Depreciation and amortization	226	204	1,097
Impairment charges	0	157	0
Deferred tax provision (benefit)	27	(401)	260
Stock-based compensation	59	113	262
Gain on dispositions	0	(35)	0
Net gain on derivatives	0	0	(502)
Equity in loss of investee companies, net of tax and distributions	33	179	182
Change in assets and liabilities	(81)	(465)	(986)
Net cash flow provided by operating activities	268	164	627
Investing Activities:
Investments	(1)	(205)	(224)
Capital expenditures	(46)	(134)	(242)
Advance consideration for WBD acquisition	0	0	(2,800)
Proceeds from dispositions	5	66	19
Other investing activities	0	(3)	(6)
Net cash flow used for investing activities	(42)	(276)	(3,253)
Financing Activities:
Borrowings under credit facility	0	0	3,595
Repayment of credit facility borrowings	0	0	(1,930)
Repayment of notes and debentures	0	0	(347)
Repayment of Skydance Media credit facility	(720)	0	0
Dividends paid on common stock	(33)	(101)	(174)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(63)	(26)	(122)
Payments to noncontrolling interests	(2)	(32)	(190)
Other financing activities	(3)	0	(70)
Net cash flow provided by (used for) financing activities	(821)	(159)	762
Effect of exchange rate changes on cash and cash equivalents	7	70	(33)
Net decrease in cash and cash equivalents	(588)	(201)	(1,897)
Cash and cash equivalents at beginning of period (Note 16)	3,851	2,661	3,274
Cash and cash equivalents at end of period (Note 16)	$ 3,263	$ 2,460	$ 1,377

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of Financial Information by Reportable Segment

The tables below set forth our financial information by reportable segment that is regularly reviewed by the

Company’s chief operating decision maker (“CODM”) as of and for the periods ended September 30, 2026, who is

the Company’s President, Andrew Brandon-Gordon. Beginning in 2026, we transitioned our reporting structure

into three new segments: Studios, Direct-to-Consumer, and TV Media. 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. 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. 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. Certain centralized costs

that were previously allocated at the segment level are now reported within corporate expenses.

As a result of the new accounting basis established in connection with the Skydance Transactions and NAI

Transaction on August 7, 2025, which makes our results of operations not comparable between the Successor and

Predecessor periods (see Note 1), we are required to present segment information for the periods prior to August 7,

2025 based on our previous segments, Filmed Entertainment, Direct-to-Consumer, and TV Media.

•Studios—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, and Television, Paramount Sports

Entertainment and Paramount Games Studio. 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.

•Direct-to-Consumer—Our Direct-to-Consumer segment consists of our portfolio of domestic and

international pay and free streaming services, including Paramount+ and Pluto TV, as well as our domestic

premium cable network, Paramount+ with Showtime. For the Predecessor period, the Direct-to-Consumer

segment excluded Paramount+ with Showtime. During the second quarter of 2026, we integrated BET+

into Paramount+.

•TV Media—Our TV Media segment consists of our (1) broadcast operations—the CBS Television

Network, our domestic broadcast television network; CBS Stations, our owned television stations; and our

international free-to-air networks, including Network 10 and Channel 5; (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; and (3) CBS

Media Ventures, which produces and distributes first-run syndicated programming. 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. For the Predecessor period, the TV Media segment also included domestic and

international television studio operations and the premium cable network, Paramount+ with Showtime.

In the first quarter of 2026, we also renamed our primary measure of profit and loss for our operating segments

from Adjusted OIBDA to Adjusted EBITDA. Although these measures have different starting points, as we define

them, they produce the same result. We define Adjusted EBITDA as net earnings (loss) attributable to Parent

before interest expense and income; provision for (benefit from) income taxes; other items; equity in earnings

(loss) of investee companies, net of tax; 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. We define Adjusted OIBDA as operating income before depreciation and amortization, adjusted to

exclude stock-based compensation expense and the same items identified as affecting comparability. This change

was made to align with the measure our management, including the CODM, began using in 2026, including for

planning and forecasting of future periods, evaluating the operating performance of our segments, and making

decisions about resource allocation. The items identified as affecting comparability that are excluded in both

measures include programming charges, impairment charges, restructuring charges, transaction-related items, other

corporate matters, and gain (loss) on dispositions, each where applicable. Stock-based compensation is a noncash

expense that management does not consider to be part of our underlying operating performance and is also

excluded in both measures.

We do not disclose our assets by segment because they are not regularly provided to the CODM and are not used to

evaluate our operating performance or in determining the allocation of resources.


Successor					Predecessor
	Three Months Ended September 30,		Period From August 7 - September 30,			Period From July 1 - August 6,
	2026		2025			2025
Revenues:					Revenues:
Studios					Filmed Entertainment
Theatrical		$112		$39	Theatrical		$73
Licensing and other		1,377		695	Licensing and other		202
Advertising		7		4	Advertising		1
Studios		1,496		738	Filmed Entertainment		276
Direct-to-Consumer					Direct-to-Consumer
Advertising		542		300	Advertising		179
Affiliate and subscription		1,968		1,043	Subscription		704
Licensing		—		1	Licensing		—
Direct-to-Consumer		2,510		1,344	Direct-to-Consumer		883
TV Media					TV Media
Advertising		1,344		977	Advertising		485
Affiliate and subscription		1,553		984	Affiliate and subscription		696
Licensing and other		127		81	Licensing and other		247
TV Media		3,024		2,042	TV Media		1,428
Eliminations		(5)		(3)	Eliminations		(6)
Total Revenues		$7,025		$4,121	Total Revenues		$2,581


Successor					Predecessor
	Nine Months Ended September 30,		Period From August 7 - September 30,			Period From January 1 - August 6,
	2026		2025			2025
Revenues:					Revenues:
Studios					Filmed Entertainment
Theatrical		$402		$39	Theatrical		$475
Licensing and other		3,676		695	Licensing and other		1,112
Advertising		15		4	Advertising		6
Studios		4,093		738	Filmed Entertainment		1,593
Direct-to-Consumer					Direct-to-Consumer
Advertising		1,594		300	Advertising		1,146
Affiliate and subscription		5,788		1,043	Subscription		3,940
Licensing		—		1	Licensing		1
Direct-to-Consumer		7,382		1,344	Direct-to-Consumer		5,087
TV Media					TV Media
Advertising		4,685		977	Advertising		4,180
Affiliate and subscription		4,754		984	Affiliate and subscription		4,302
Licensing and other		379		81	Licensing and other		1,495
TV Media		9,818		2,042	TV Media		9,977
Eliminations		(8)		(3)	Eliminations		(35)
Total Revenues		$21,285		$4,121	Total Revenues		$16,622

Schedule of Intercompany Revenues by Segment

The table below presents intercompany revenue by

segment for the 2025 Predecessor periods.


	Predecessor
	Period From July 1 - August 6,		Period From January 1 - August 6,
	2025		2025
Intercompany Revenues:
TV Media		$3		$20
Filmed Entertainment		3		15
Total Intercompany Revenues		$6		$35

Schedule of Adjusted EBITDA And OIBDA by Segment and Reconciliation to Net Earnings (Loss)


Successor					Predecessor
	Three Months Ended September 30,		Period From August 7 - September 30,				Period From July 1 - August 6,
	2026		2025				2025
Studios						Filmed Entertainment
Revenues		$1,496		$738		Revenues		$276

Content costs		977		540		Content costs		131
Advertising and marketing		187		57		Advertising and marketing		106
Other (a)		203		120		Other (a)		75
Total segment expenses		1,367		717		Total segment expenses		312

Studios Adjusted EBITDA		129		21		Filmed Entertainment Adjusted OIBDA		(36)
Direct-to-Consumer						Direct-to-Consumer
Revenues		2,510		1,344		Revenues		883

Content costs		1,320		546		Content costs		412
Advertising and marketing		312		160		Advertising and marketing		114
Other (b)		653		329		Other (b)		252
Total segment expenses		2,285		1,035		Total segment expenses		778

Direct-to-Consumer Adjusted EBITDA		225		309		Direct-to-Consumer Adjusted OIBDA		105
TV Media						TV Media
Revenues		3,024		2,042		Revenues		1,428

Content costs		1,115		903		Content costs		657
Advertising and marketing		73		52		Advertising and marketing		59
Other (c)		808		527		Other (c)		430
Total segment expenses		1,996		1,482		Total segment expenses		1,146

TV Media Adjusted EBITDA		1,028		560		TV Media Adjusted OIBDA		282
Corporate/Eliminations		(382)		(206)		Corporate/Eliminations		(38)
Stock-based compensation (d)		(74)		(29)		Stock-based compensation (d)		(16)
Depreciation and amortization		(371)		(226)		Depreciation and amortization		(29)
Restructuring and transaction-related items (d)		(187)		(185)		Restructuring and transaction-related items (d)		(188)
Operating income		368		244		Operating income		80
Interest expense		(260)		(138)		Interest expense		(85)
Interest income		31		24		Interest income		13
Net gain on derivatives		514		—		Net gain on derivatives		—
Other items, net		(27)		(8)		Other items, net		(16)
Earnings before income taxes and equity in loss of investee companies		626		122		Earnings before income taxes and equity in loss of investee companies		(8)
Provision for income taxes		(464)		(85)		Benefit from income taxes		229
Equity in loss of investee companies, net of tax		(64)		(33)		Equity in loss of investee companies, net of tax		(31)
Net earnings (Parent and noncontrolling interests)		98		4		Net earnings (Parent and noncontrolling interests)		190
Net earnings attributable to noncontrolling interests		(25)		(17)		Net earnings attributable to noncontrolling interests		(434)
Net earnings (loss) attributable to Parent		$73		$(13)		Net loss attributable to Parent		$(244)


Successor					Predecessor
	Nine Months Ended September 30,		Period From August 7 - September 30,				Period From January 1 - August 6,
	2026		2025				2025
Studios						Filmed Entertainment
Revenues		$4,093		$738		Revenues		$1,593

Content costs		2,719		540		Content costs		846
Advertising and marketing		430		57		Advertising and marketing		417
Other (a)		615		120		Other (a)		430
Total segment expenses		3,764		717		Total segment expenses		1,693

Studios Adjusted EBITDA		329		21		Filmed Entertainment Adjusted OIBDA		(100)
Direct-to-Consumer						Direct-to-Consumer
Revenues		7,382		1,344		Revenues		5,087

Content costs		3,727		546		Content costs		2,712
Advertising and marketing		943		160		Advertising and marketing		749
Other (b)		1,870		329		Other (b)		1,473
Total segment expenses		6,540		1,035		Total segment expenses		4,934

Direct-to-Consumer Adjusted EBITDA		842		309		Direct-to-Consumer Adjusted OIBDA		153
TV Media						TV Media
Revenues		9,818		2,042		Revenues		9,977

Content costs		4,019		903		Content costs		4,956
Advertising and marketing		219		52		Advertising and marketing		328
Other (c)		2,434		527		Other (c)		2,626
Total segment expenses		6,672		1,482		Total segment expenses		7,910

TV Media Adjusted EBITDA		3,146		560		TV Media Adjusted OIBDA		2,067
Corporate/Eliminations		(1,057)		(206)		Corporate/Eliminations		(212)
Stock-based compensation (d)		(226)		(29)		Stock-based compensation (d)		(99)
Depreciation and amortization		(1,097)		(226)		Depreciation and amortization		(204)
Impairment charges		—		—		Impairment charges		(157)
Restructuring and transaction-related items (d)		(478)		(185)		Restructuring and transaction-related items (d)		(454)
Gain on dispositions		—		—		Gain on dispositions		35
Operating income		1,459		244		Operating income		1,029
Interest expense		(753)		(138)		Interest expense		(516)
Interest income		98		24		Interest income		83
Net gain on derivatives		502		—		Net gain on derivatives		—
Other items, net		(73)		(8)		Other items, net		(92)
Earnings before income taxes and equity in loss of investee companies		1,233		122		Earnings before income taxes and equity in loss of investee companies		504
Provision for income taxes		(739)		(85)		Benefit from income taxes		79
Equity in loss of investee companies, net of tax		(180)		(33)		Equity in loss of investee companies, net of tax		(171)
Net earnings (Parent and noncontrolling interests)		314		4		Net earnings (Parent and noncontrolling interests)		412
Net earnings attributable to noncontrolling interests		(32)		(17)		Net earnings attributable to noncontrolling interests		(447)
Net earnings (loss) attributable to Parent		$282		$(13)		Net loss attributable to Parent		$(35)

(a) Other segment expenses for our Studios segment (Successor) and Filmed Entertainment segment (Predecessor) include employee

compensation; costs relating to the distribution of our content; costs for occupancy, technology, and professional services; and

other costs associated with our operations.

(b) Other segment expenses for our Direct-to-Consumer segment in both the Successor and Predecessor periods include employee

compensation; revenue-sharing costs, including for third-party distribution; costs for occupancy, technology, and professional

services; and other costs associated with our operations.

(c) Other segment expenses for our TV Media segment in both the Successor and Predecessor periods include employee compensation;

revenue-sharing costs to television stations affiliated with the CBS Television Network; costs relating to the distribution of our

content; costs for research, occupancy, technology, and professional services; and other costs associated with our operations.

(d) For the Successor periods for the three and nine months ended September 30, 2026 and August 7 - September 30, 2025, stock-

based compensation expense of $27 million, $36 million and $30 million, respectively, is included in “Restructuring and

transaction-related items.” For the Predecessor periods from July 1 - August 6, 2025 and January 1 - August 6, 2025, stock-based

compensation expense of $10 million and $14 million, respectively, is included in “Restructuring and transaction-related items.”

DEBT

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

DEBT

At September 30, 2026 and December 31, 2025 our debt consisted of the following:


	At		At
	September 30, 2026		December 31, 2025
4.0% Senior Notes due 2026		$—		$347
3.70% Senior Notes due 2026		86		85
2.90% Senior Notes due 2027		581		573
3.375% Senior Notes due 2028		492		487
3.70% Senior Notes due 2028		493		489
4.20% Senior Notes due 2029		492		489
7.875% Senior Debentures due 2030		900		915
4.95% Senior Notes due 2031		1,226		1,221
4.20% Senior Notes due 2032		930		921
5.50% Senior Debentures due 2033		419		417
4.85% Senior Debentures due 2034		77		76
6.875% Senior Debentures due 2036		1,116		1,119
6.75% Senior Debentures due 2037		75		75
5.90% Senior Notes due 2040		273		272
4.50% Senior Debentures due 2042		35		34
4.85% Senior Notes due 2042		405		400
4.375% Senior Debentures due 2043		1,095		1,079
4.875% Senior Debentures due 2043		14		14
5.85% Senior Debentures due 2043		1,109		1,103
5.25% Senior Debentures due 2044		278		275
4.90% Senior Notes due 2044		436		432
4.60% Senior Notes due 2045		458		452
4.95% Senior Notes due 2050		770		763
6.25% Junior Subordinated Debentures due 2057		628		628
6.375% Junior Subordinated Debentures due 2062		989		989
Borrowings under unsecured credit facility		1,665		—
Obligations under finance leases		2		3
Total debt (a)		15,044		13,658
Less current portion		668		433
Total long-term debt, net of current portion		$14,376		$13,225

(a) In connection with the pushdown of the Ultimate Parent’s basis, our debt was recorded at fair value as of August 7, 2025,

which resulted in a net 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 (see Note 3). 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. At September 30, 2026

and December 31, 2025, the total net unamortized fair value adjustments for our senior and junior debt was $1.25 billion

and $1.32 billion, respectively. The face value of our total debt at September 30, 2026 and December 31, 2025 was

$16.29 billion (including unsecured credit facility borrowings discussed below) and $14.98 billion, respectively.

Senior Debt

In January 2026, we repaid our $347 million of 4.0% senior notes at maturity and in October 2026 we repaid our

$86 million of 3.70% senior notes at maturity.

Commercial Paper

At both September 30, 2026 and December 31, 2025, we had no outstanding commercial paper borrowings.

Unsecured Credit Facility

In April 2026, we entered into an amendment to our previous credit facility (the “Unsecured Credit Facility”),

increasing the commitments from $3.50 billion to $5.00 billion. The Unsecured Credit Facility was used for

general corporate purposes and to support commercial paper borrowings, if any and also allowed us to borrow, at

our option, in certain foreign currencies up to specified limits. In the first quarter of 2026, in connection with the

$2.8 billion termination fee paid to Netflix (see Note 2), we borrowed $2.15 billion under the Unsecured Credit

Facility. As of September 30, 2026, outstanding borrowings totaled $1.67 billion at a weighted average interest rate

of 5.83% and the remaining availability was $3.3 billion. On the Closing Date, in connection with the

consummation of the WBD Merger, we repaid all borrowings with the funding from the PIPE Transaction

described in Note 2 and terminated all credit commitments outstanding under the Unsecured Credit Facility.

The Unsecured Credit Facility had one principal financial covenant which set a maximum Consolidated Total

Leverage Ratio, which was 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 Unsecured Credit Facility) for the trailing twelve-month period at the end of each quarter.

The maximum ratio was 4.50x as of September 30, 2026 and we met the covenant.

Other Bank Borrowings

At both September 30, 2026 and December 31, 2025, there were no outstanding bank borrowings under Miramax’s

$50 million credit facility that matures in November 2027.

Subsequent Events in Connection with the WBD Merger

In connection with the WBD Merger we issued or assumed additional debt with an aggregate principal amount of

$72.1 billion. This amount consists of (i) $56.9 billion of debt incurred to finance the WBD Merger, comprised of

$5.0 billion of borrowings under the Term A Loan Facilities and $9.5 billion of Term B-1 Loans, each under the

Pro Rata Credit Agreement, $30.0 billion of First Lien Senior Secured Notes (the “First Lien Notes”), and

$12.4 billion of Second Lien Senior Secured Notes (the “Second Lien Notes”), (ii) $12.6 billion of Second Lien

Senior Secured Notes issued in the Exchange Offers (the “Second Lien Exchange Notes”), and (iii) $2.7 billion of

other outstanding unsecured notes and debentures of the WBD Issuers that we assumed. The newly issued debt is

further discussed below.

Pro Rata Credit Agreement

The Pro Rata Credit Agreement provides for (i) a $5.00 billion five-year senior secured revolving credit facility

(the “Revolving Credit Facility”), (ii) a $2.5 billion three-year senior secured term loan A-1 facility and (iii) a

$2.5 billion five-year senior secured term loan A-2 facility (together, the “Term A Loan Facilities”). The

availability and initial funding of the facilities under the Pro Rata Credit Agreement were subject to the

consummation of the acquisition of WBD, the termination of the Unsecured Credit Facility, and other customary

conditions and no amounts were outstanding as of September 30, 2026.

On the Closing Date, in connection with the completion of the WBD Merger, we borrowed the full $2.5 billion

under each of the Term A Loan Facilities. The commitments under the Revolving Credit Facility became available

on the Closing Date, and no amounts were drawn. Also on the Closing Date, we entered into Amendment No. 1 to

the Pro Rata Credit Agreement (“Credit Agreement Amendment No. 1”), which provided for a senior secured

incremental tranche of term B loans consisting of (i) $8.5 billion of seven-year U.S. dollar-denominated term B-1

loans (the “Dollar Term B-1 Loans”) and (ii) €850 million of seven-year euro-denominated term B-1 loans (the

“Euro Term B-1 Loans” and, together with the Dollar Term B-1 Loans, the “Term B-1 Loans”). We borrowed the

full amount of the Term B-1 Loans on the Closing Date. The Term B-1 Loans mature on the seventh anniversary of

the Closing Date.

The loans drawn under the Term A Loan Facilities and the Revolving Credit Facility bear interest at a rate

determined at the time of each borrowing and are generally based on either the prime rate in the U.S. or an

applicable benchmark rate plus a margin (based on Skydance’s corporate family rating), depending on the type and

tenor of the loans entered into. The benchmark rate for loans denominated in U.S. dollars is Term SOFR, and for

loans denominated in euros, sterling and yen is EURIBOR, SONIA and TIBOR, respectively.

The Dollar Term B-1 Loans bear interest, at our option, at a rate per annum equal to either the Alternate Base Rate

(as defined in the Pro Rata Credit Agreement) or Term SOFR plus a margin based on our Leverage Ratio that

ranges between 1.75% and 1.50% for Alternate Base Rate loans and 2.75% and 2.50% for Term SOFR Rate loans.

The Euro Term B-1 Loans bear interest at a rate per annum equal to EURIBOR plus a margin based on our

Leverage Ratio that ranges between 2.75% and 2.50%. Beginning with the quarter ending December 31, 2029, the

Dollar Term B-1 Loans will amortize at 1.00% of the initial principal amount per annum in quarterly installments,

with the remaining balance payable at maturity. No regular amortization is required with respect to the Euro Term

B-1 Loans.

Interest rates on benchmark rate borrowings under the Pro Rata Credit Agreement, including the Term A Loan

Facilities and the Term B-1 Loans, reset at the beginning of each interest period, and as a result, interest expense

on these borrowings will fluctuate with changes in market interest rates. In addition, the applicable margins may

change based on changes in our corporate family rating or the Leverage Ratio, as applicable.

Priority

The obligations under the Pro Rata Credit Agreement have been secured on a first lien basis on all or substantially

all of the assets of Skydance and its U.S. subsidiaries (including Paramount Global, Skydance Media, LLC, and

each of its respective U.S. subsidiaries) that are guarantors, excluding real property and subject to other customary

exceptions and a cap on the amount of assets and property of Paramount Global that can be subject to a lien

securing the Pro Rata Credit Agreement. On the date Skydance achieves certain credit ratings and satisfies certain

other conditions as specified in the Pro Rata Credit Agreement (such date, the “Investment Grade Fall-Away

Date”), the obligations under the Pro Rata Credit Agreement will become unsecured, and the guarantee of such

obligations by the subsidiary guarantors will be released (subject to certain exceptions).

Covenants

The Pro Rata Credit Agreement contains customary representations and warranties and also contains financial

covenants that require our Leverage Ratio and First Lien Net Leverage Ratio (each as defined in the Pro Rata

Credit Agreement) not to exceed 5.50x and 3.25x, respectively, in each case, at the end of each fiscal quarter. On

and after the Investment Grade Fall-Away Date, the First Lien Net Leverage Ratio financial covenant will cease to

apply and the Leverage Ratio financial covenant will be modified requiring that our Leverage Ratio not exceed

4.50x at the end of each fiscal quarter.

Optional Redemption

The loans under the Pro Rata Credit Agreement may be voluntarily prepaid, and unutilized commitments

thereunder may be voluntarily reduced, without penalty, other than customary breakage costs and, in the case of

the Term B-1 Loans, a 1.00% premium on Term B-1 Loans that are prepaid, converted or subjected to a pricing

reduction within six months after the Closing Date.

Senior Secured Notes

On October 5, 2026, we issued, in private placements exempt from registration under the Securities Act of 1933, as

amended (the “Securities Act”), $30.0 billion aggregate principal amount of First Lien Notes and $11.4 billion

aggregate principal amount of Second Lien Notes, together with €885 million aggregate principal amount of

Second Lien Notes denominated in euros (First Lien Notes together with the Second Lien Notes, the “Senior

Secured Notes”). The Senior Secured Notes bear interest at fixed rates, payable semi-annually in arrears, and

consist of the following:


Issuance of Senior Secured Notes	Face Value
6.300% First Lien Notes due 2028		$3,500
6.550% First Lien Notes due 2029		3,500
7.050% First Lien Notes due 2031		6,500
7.550% First Lien Notes due 2033		5,250
7.900% First Lien Notes due 2036		5,250
8.650% First Lien Notes due 2046		1,250
8.750% First Lien Notes due 2056		3,500
8.900% First Lien Notes due 2066		1,250
8.250% Second Lien Notes due 2031		6,000
8.875% Second Lien Notes due 2034		4,000
9.125% Second Lien Notes due 2036		1,400
7.000% Euro Second Lien Notes due 2031 (€885 million)		1,003	(a)
Total Senior Secured Notes		$42,403

(a) Translated at the spot rate at the time of pricing.

Priority

The First Lien Notes are secured by first-priority liens on all or substantially all of the assets of Skydance and the

Guarantors (as defined below) (the “Collateral”), subject to permitted liens and certain exceptions. The First Lien

Notes are guaranteed on a senior secured basis by each of Skydance’s existing and future wholly owned domestic

subsidiaries that is a borrower under or guarantees obligations under the Pro Rata Credit Agreement (collectively,

the “Guarantors”), subject to certain exceptions. The Second Lien Notes are secured by second-priority liens on the

Collateral, subject to permitted liens and certain exceptions. The Second Lien Notes are guaranteed on a senior

secured basis by the Guarantors. Upon the occurrence of an Investment Grade Event (as defined in the applicable

supplemental indenture) for each series of notes with respect to the Senior Secured Notes, subject to certain

conditions (including the concurrent release of liens and guarantees securing other secured debt and the Company

having no greater than $250 million of term B loans outstanding at such time), the liens on the Collateral securing

such series of notes will be released and the note guarantees with respect to such series will be released. In

addition, certain covenants set forth in the applicable supplemental indenture relating to asset sales and future

subsidiary guarantors will cease to apply to such series of notes. These releases and covenant suspensions are

permanent and will not be reinstated upon any subsequent downgrade or withdrawal of the applicable investment

grade ratings.

Registration Rights

Pursuant to the registration rights agreement, dated as of October 5, 2026 (the “First Lien Senior Secured Notes

Registration Rights Agreement”), we have agreed to use commercially reasonable efforts to (i) file a registration

statement with respect to a registered offer to exchange each series of the First Lien Notes for new notes with terms

substantially identical in all material respects to such series of the First Lien Notes (such new notes, the “Exchange

Notes”) and cause the registration statement to be declared effective under the Securities Act within 730 days of

October 5, 2026, or (ii) in certain circumstances, file a shelf registration statement with respect to resales of the

First Lien Notes. The Second Lien Notes do not have any registration rights.

Optional Redemption and Change of Control Provisions

Each series of First Lien Notes may be redeemed at our option, in whole or in part, at a “make-whole” premium

prior to the applicable par call date and at 100% of principal on or after that date. For each series of First Lien

Notes, the par call date is within one to six months of maturity. For the Second Lien Notes, prior to October 15,

2028 (2031 Euro and 2031 Second Lien Notes), October 15, 2029 (2034 Second Lien Notes) and October 15, 2031

(2036 Second Lien Notes), we may redeem each series, in whole or in part, at a “make-whole” premium.

Thereafter each series of Second Lien Notes can be redeemed at call premiums starting at 3.500% to 4.563% of

principal and declining to zero one year prior to maturity (2031 Euro and 2031 Second Lien Notes) and three years

prior to maturity (2034 and 2036 Second Lien Notes). In addition, before October 15, 2028 (2031 Euro and 2031

Second Lien Notes) or October 15, 2029 (2034 and 2036 Second Lien Notes), we may redeem up to 40% of a

series of Second Lien Notes with the proceeds of equity offerings at 107.0% to 109.125% of principal, and up to

10% of such a series per calendar year at 103% of principal, plus in each case accrued and unpaid interest.

In addition, upon a change of control triggering event, holders of our Senior Secured Notes may require us to

repurchase their notes at 101% of principal plus accrued and unpaid interest.

WBD Exchange Offers and Tender Offers

In May 2026, we commenced offers to exchange any and all of certain outstanding senior notes issued by the

WBD Issuers for Second Lien Exchange Notes newly issued by Skydance and also commenced offers to purchase

for cash two additional series of senior notes of the WBD Issuers. The Exchange Offers expired on October 6,

2026 following the closing of the WBD Merger, and holders of approximately 99.15% of the notes eligible to

participate in the Exchange Offers validly tendered their notes. Accordingly, upon settlement on October 9, 2026,

we issued to such holders $11.98 billion aggregate principal amount of dollar-denominated Second Lien Exchange

Notes and €546.5 million aggregate principal amount of euro-denominated Second Lien Exchange Notes. Such

notes were issued in private placements exempt from registration under the Securities Act. The dollar-denominated

notes pay interest semi-annually, and the euro-denominated notes pay interest annually, in each case in arrears. The

Second Lien Exchange Notes consist of the following:


Senior Secured Exchange Notes	Face Value
6.304% Second Lien Exchange Notes due 2029		$1,344
6.25% Second Lien Exchange Notes due 2029		654
4.875% Second Lien Exchange Notes due 2030		901
4.904% Second Lien Exchange Notes due 2032		2,674
5.00% Second Lien Exchange Notes due 2037		447
6.35% Second Lien Exchange Notes due 2040		432
4.95% Second Lien Exchange Notes due 2042		130
5.05% Second Lien Exchange Notes due 2042		4,065
4.875% Second Lien Exchange Notes due 2043		141
5.20% Second Lien Exchange Notes due 2047		3
5.30% Second Lien Exchange Notes due 2049		248
5.141% Second Lien Exchange Notes due 2052		944
5.802% Second Lien Exchange Notes due 2030 (€235 million)		263
5.068% Second Lien Exchange Notes due 2033 (€311 million)		349
Total Senior Secured Exchange Notes		$12,595

The Exchange Offers have been accounted for as debt modifications. Accordingly, the Second Lien Exchange

Notes were recorded at the carrying amount of the exchanged WBD notes.

The Second Lien Exchange Notes are senior secured obligations, guaranteed by the Guarantors and secured by

second-priority liens on the Collateral. They are junior in lien priority to the First Lien Notes and the loans and

commitments under the Pro Rata Credit Agreement, and equal in lien priority to the Second Lien Notes.

The Second Lien Exchange Notes are redeemable at our option. Most series may be redeemed at a “make-whole”

price before their par call date, which is between one and six months before maturity, and at 100% of principal on

or after that date, plus accrued and unpaid interest in each case. The 2032 Second Lien Exchange Notes and 2052

Second Lien Exchange Notes follow the same terms but cannot be redeemed before March 15, 2027. The 6.35%

2040, 4.95% 2042, and 4.875% 2043 Second Lien Exchange Notes have no par call date and may be redeemed at

any time at a “make-whole” price. The euro-denominated Second Lien Exchange Notes may also be redeemed in

whole at par upon certain changes in U.S. tax law. The change of control, tender offer, covenant and Investment

Grade Event provisions of the Second Lien Exchange Notes are substantially the same as those of the Second Lien

Notes issued on October 5, 2026 described above. The Second Lien Exchange Notes do not have registration

rights.

Concurrent with the Exchange Offers, on October 9, 2026 we purchased $2.40 billion in aggregate principal

amount of senior notes of the WBD Issuers (approximately 98.83% of the outstanding principal amount of those

series) for $2.38 billion in cash, plus accrued and unpaid interest, and the purchased notes were cancelled.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCKHOLDERS’ EQUITY - Narrative (Details) $ / shares in Units, $ in Millions				7 Months Ended	9 Months Ended	14 Months Ended
	Oct. 13, 2026 day $ / shares shares	Oct. 06, 2026 USD ($) $ / shares shares	Aug. 07, 2025 USD ($) vote $ / shares shares	Aug. 06, 2025 USD ($) $ / shares	Sep. 30, 2026 USD ($) $ / shares shares	Sep. 30, 2026 USD ($) $ / shares shares	Apr. 07, 2026 shares	Dec. 31, 2025 $ / shares shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			100,000,000
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.001
Cash flow hedges, tax expense (benefit) \| $				$ 2	$ 27
Pension and other postretirement benefit plans, tax benefit \| $				$ 8
NAI Transaction and The Transactions
Class of Stock [Line Items]
Investment by certain affiliates of existing investors, cash \| $						$ 1,520
NAI Transaction and The Transactions \| Paramount Global
Class of Stock [Line Items]
Investment by certain affiliates of existing investors, cash-stock election \| $			$ 4,454
Investment by certain affiliates of existing investors, cash \| $			1,517
Class B Shareholders \| Warner Bros. Discovery, Inc., A Delaware Corporation (“WBD”) \| Subsequent Event \| Skydance Transactions Warrants
Class of Stock [Line Items]
Number of warrants outstanding (in shares)	470,700,000
Skydance Investor Group
Class of Stock [Line Items]
Investment by certain affiliates of existing investors, cash-stock election \| $			$ 4,450
Skydance Corporation Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			55,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001
Votes per share \| vote			1
Common stock, shares outstanding (in shares)					31,500,000	31,500,000
Skydance Corporation Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			5,500,000,000				7,000,000,000.0
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001
Votes per share \| vote			0
Common stock, shares outstanding (in shares)					1,092,900,000	1,092,900,000
Warrants and rights oustanding \| $					$ 200	$ 200
Warrants price (in dollars per share) \| $ / shares					$ 30.50	$ 30.50
Skydance Corporation Class B Common Stock \| Subsequent Event
Class of Stock [Line Items]
Warrants price (in dollars per share) \| $ / shares		$ 12.00
Common stock, shares issued (in shares)		3,918,000,000
Warrant issuance (in shares)		470,700,000
Skydance Corporation Class B Common Stock \| Class B Shareholders \| Warner Bros. Discovery, Inc., A Delaware Corporation (“WBD”) \| Subsequent Event
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)		3,918,000,000
Price per share (in dollars per share) \| $ / shares		$ 12.00
Gross proceeds \| $		$ 47,010
Skydance Corporation Class B Common Stock \| Class B Shareholders \| Warner Bros. Discovery, Inc., A Delaware Corporation (“WBD”) \| Subsequent Event \| Skydance Transactions Warrants
Class of Stock [Line Items]
Warrants price (in dollars per share) \| $ / shares	$ 12.00
Warrants issued	1
Warrant expiration period (in years)	10 years
Paramount Skydance Corporation Class B Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)			1,064,600,000
Common stock, shares issued (in shares)			1,064,600,000
Common stock, conversion rate				1
Shares issued (in shares)			633,600,000
Paramount Skydance Corporation Class B Common Stock \| Paramount Global
Class of Stock [Line Items]
Common stock, conversion rate				1
Paramount Skydance Corporation Class B Common Stock \| Class B Shareholders \| Warner Bros. Discovery, Inc., A Delaware Corporation (“WBD”) \| Subsequent Event \| Skydance Transactions Warrants
Class of Stock [Line Items]
Stock price trigger (in dollars per share) \| $ / shares	$ 30.00
Threshold trading days \| day	20
Threshold consecutive trading days \| day	30
Paramount Skydance Corporation Class B Common Stock \| Shareholders Other Than NAI Equity Investors
Class of Stock [Line Items]
Common stock, conversion rate			1.5333
Cancellation of cash-settled stock (in shares)			285,900,000
Shares issued (in shares)			3,100,000
Paramount Skydance Corporation Class B Common Stock \| Shareholders Other Than NAI Equity Investors \| Paramount Global
Class of Stock [Line Items]
Common stock, conversion rate			1.5333
Shares issued (in shares)			3,100,000
Paramount Skydance Corporation Class B Common Stock \| Shareholders Other Than NAI Equity Investors, NAI Equity Investors, And Other Affiliates
Class of Stock [Line Items]
Common stock, conversion rate			1
Cancellation of cash-settled stock (in shares)			285,900,000
Cash settlement of shares (in dollars per share) \| $ / shares			$ 15.00
Paramount Skydance Corporation Class B Common Stock \| Skydance Investor Group
Class of Stock [Line Items]
Warrants price (in dollars per share) \| $ / shares			$ 30.50
Warrant issuance (in shares)			200,000,000
Warrant expiration period (in years)			5 years
Stock issuance (in shares)			400,000,000.0
Share price (in dollars per share) \| $ / shares			$ 15.00
Paramount Skydance Corporation Class B Common Stock \| Skydance Investor Group \| Paramount Global
Class of Stock [Line Items]
Stock issuance (in shares)			318,800,000
Share price (in dollars per share) \| $ / shares				$ 11.04
Paramount Skydance Corporation Class B Common Stock \| Skydance Membership Unit And Skydance Phantom Unit Award Holders
Class of Stock [Line Items]
Issuance, before reduction in connection with tax withholding requirements (in shares)			316,700,000
Addition of Skydance (in shares)			313,800,000
Paramount Skydance Corporation Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001
Common stock, shares outstanding (in shares)			31,500,000
Common stock, shares issued (in shares)			31,500,000
Common stock, conversion rate				1
Shares issued (in shares)			40,700,000
Paramount Skydance Corporation Class A Common Stock \| Paramount Global
Class of Stock [Line Items]
Common stock, conversion rate				1
Paramount Skydance Corporation Class A Common Stock \| Shareholders Other Than NAI Equity Investors
Class of Stock [Line Items]
Cancellation of cash-settled stock (in shares)			7,200,000
Cash settlement of shares (in dollars per share) \| $ / shares			$ 23.00
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)					55,000,000	55,000,000		55,000,000
Common stock, par value (in dollars per share) \| $ / shares					$ 0.001	$ 0.001		$ 0.001
Common stock, shares issued (in shares)					32,000,000	32,000,000		32,000,000
Class A Common Stock \| Shareholders Other Than NAI Equity Investors
Class of Stock [Line Items]
Shares converted (in shares)			2,000,000.0
Class A Common Stock \| Shareholders Other Than NAI Equity Investors \| Paramount Global
Class of Stock [Line Items]
Shares converted (in shares)			2,000,000.0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Aug. 06, 2025	Sep. 30, 2025	Sep. 30, 2026	Aug. 06, 2025	Sep. 30, 2026
Statement of Comprehensive Income [Abstract]
Net earnings (Parent and noncontrolling interests)	$ 190	$ 4	$ 98	$ 412	$ 314
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	(40)	27	(3)	112	(26)
Cash flow hedges	(10)	(1)	106	4	78
Decrease to net actuarial loss and prior service costs	4	0	0	25	0
Other comprehensive income (loss), net of tax (Parent and noncontrolling interests)	(46)	26	103	141	52
Comprehensive income	144	30	201	553	366
Less: Comprehensive income attributable to noncontrolling interests	433	18	25	448	33
Comprehensive income (loss) attributable to Parent	$ (289)	$ 12	$ 176	$ 105	$ 333

DEBT - Other Bank Borrowings (Details) - Revolving Credit Facility - Miramax Credit Facility, Matures November 2027 - USD ($)	Sep. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Borrowings under unsecured credit facility	$ 0	$ 0
Maximum borrowing capacity under credit facility	$ 50,000,000	$ 50,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Including the current and noncurrent portions, the carrying value as of the balance sheet date of notes payable to banks, excluding mortgage notes, initially due beyond one year or beyond the operating cycle if longer.

+ References + Details

SUBSEQUENT EVENT: ACQUISITION OF WARNER BROS. DISCOVERY - Treatment of WBD Equity Awards (Details) - Warner Bros. Discovery, Inc., A Delaware Corporation (“WBD”) - Subsequent Event $ in Millions	Oct. 06, 2026 USD ($)
Subsequent Event [Line Items]
Equity interest	$ 1,951
Stock-based compensation expense	$ 1,180
Service period over which grants vest	3 years

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 1,377	$ 3,274
Receivables, net	6,098	6,615
Programming and other inventory	2,024	1,461
Prepaid expenses and other current assets	2,336	1,970
Total current assets	11,835	13,320
Property and equipment, net	2,254	2,195
Programming and other inventory	15,881	15,028
Goodwill	2,034	1,600
Intangible assets, net	5,339	6,238
Operating lease assets	1,007	1,126
Deferred income tax assets, net	1,231	1,282
Advance consideration for WBD acquisition	2,800	0
Other assets	2,589	2,553
Total Assets	44,970	43,342
Current Liabilities:
Accounts payable	663	906
Accrued expenses	2,280	2,077
Participants’ share and royalties payable	2,732	2,646
Accrued programming and production costs	1,793	1,832
Deferred revenues	1,453	1,355
Debt	668	433
Other current liabilities	1,204	1,350
Total current liabilities	10,793	10,599
Long-term debt	14,376	13,225
Participants’ share and royalties payable	1,403	1,361
Pension and postretirement benefit obligations	1,158	1,185
Deferred income tax liabilities, net	198	85
Operating lease liabilities	1,029	1,150
Programming obligations	503	400
Other liabilities	2,478	2,450
Commitments and contingencies (Note 15)
Parent stockholders’ equity:
Additional paid-in capital	13,329	13,386
Accumulated deficit	(1,471)	(1,753)
Accumulated other comprehensive income	110	59
Total Parent stockholders’ equity	11,969	11,693
Noncontrolling interests	1,063	1,194
Total Equity	13,032	12,887
Total Liabilities and Equity	44,970	43,342
Class A Common Stock
Parent stockholders’ equity:
Common stock, value, issued	0	0
Class B Common Stock
Parent stockholders’ equity:
Common stock, value, issued	$ 1	$ 1

REVENUES (Tables)

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The table below presents our revenues disaggregated into categories based on the nature of such revenues. See

Note 14 for revenues by segment disaggregated into these categories.


	Successor				Predecessor		Successor				Predecessor
	Three Months Ended September 30,		Period From August 7 - September 30,		Period From July 1 - August 6,		Nine Months Ended September 30,		Period From August 7 - September 30,		Period From January 1 - August 6,
	2026		2025		2025		2026			2025	2025
Revenues by Type:
Advertising		$1,889		$1,280		$664		$6,290		$1,280		$5,329
Affiliate and subscription		3,521		2,027		1,400		10,542		2,027		8,242
Theatrical		112		39		73		402		39		475
Licensing and other		1,503		775		444		4,051		775		2,576
Total Revenues		$7,025		$4,121		$2,581		$21,285		$4,121		$16,622

SUPPLEMENTAL FINANCIAL INFORMATION - Narrative (Details) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended		7 Months Ended	9 Months Ended
	Aug. 06, 2025 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($)	Jun. 30, 2025 USD ($) market	Aug. 06, 2025 USD ($)	Sep. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)	Aug. 07, 2025 USD ($)	Dec. 31, 2024 USD ($)
Business Combination [Line Items]
Cash balance	$ 2,460	$ 3,263	$ 1,377		$ 2,460	$ 1,377	$ 3,274	$ 3,851	$ 2,661
Debt repaid		720
Lease income	$ 2	$ 7	$ 7		$ 23	$ 23
Six Markets \| FCC licenses \| TV Media
Business Combination [Line Items]
Number of markets where carrying value of intangible asset exceeds fair value \| market				6
Impairment charges				$ 157

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

9 Months Ended

Sep. 30, 2026

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Cost for Pension and Postretirement Benefit Plans

The following tables present the components of net periodic cost for our pension and postretirement benefit plans.

The service cost component of net periodic cost is presented on the Consolidated Statements of Operations within

operating income, and all other components of net periodic cost are included within “Other items, net.”


	Pension Benefits						Postretirement Benefits
	Successor				Predecessor		Successor				Predecessor
	Three Months Ended September 30,		Period From August 7 - September 30,		Period From July 1 - August 6,		Three Months Ended September 30,		Period From August 7 - September 30,		Period From July 1 - August 6,
	2026		2025		2025		2026		2025		2025
Components of net periodic cost (a):
Service cost		$—		$—		$—		$—		$—		$1
Interest cost		50		30		21		2		1		—
Expected return on plan assets		(35)		(19)		(13)		—		—		—
Amortization of actuarial loss (gain) (b)		—		—		7		—		—		(2)
Net periodic cost		$15		$11		$15		$2		$1		$(1)


	Pension Benefits						Postretirement Benefits
	Successor				Predecessor		Successor				Predecessor
	Nine Months Ended September 30,		Period From August 7 - September 30,		Period From January 1 - August 6,		Nine Months Ended September 30,		Period From August 7 - September 30,		Period From January 1 - August 6,
	2026		2025		2025		2026		2025		2025
Components of net periodic cost (a):
Service cost		$—		$—		$—		$—		$—		$1
Interest cost		150		30		120		6		1		5
Expected return on plan assets		(105)		(19)		(77)		—		—		—
Amortization of actuarial loss (gain) (b)		—		—		44		—		—		(11)
Net periodic cost		$45		$11		$87		$6		$1		$(5)

(a) Amounts reflect our domestic plans only.

(b) Reflects amounts reclassified from accumulated other comprehensive loss to net earnings (loss).

DEBT - Schedule of Senior Secured Notes (Details) € in Millions, $ in Millions	Oct. 09, 2026 USD ($)	Oct. 05, 2026 USD ($)	Oct. 05, 2026 EUR (€)	Sep. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Face value of debt				$ 16,290	$ 14,980
Subsequent Event \| Warner Bros. Discovery, Inc., A Delaware Corporation (“WBD”)
Debt Instrument [Line Items]
Face value of debt	$ 72,100
Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Total Notes		$ 42,403
6.300% First Lien Notes due 2028 \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Stated interest rate (in percent)		6.30%	6.30%
Total Notes		$ 3,500
6.550% First Lien Notes due 2029 \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Stated interest rate (in percent)		6.55%	6.55%
Total Notes		$ 3,500
7.050% First Lien Notes due 2031 \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Stated interest rate (in percent)		7.05%	7.05%
Total Notes		$ 6,500
7.550% First Lien Notes due 2033 \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Stated interest rate (in percent)		7.55%	7.55%
Total Notes		$ 5,250
7.900% First Lien Notes due 2036 \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Stated interest rate (in percent)		7.90%	7.90%
Total Notes		$ 5,250
8.650% First Lien Notes due 2046 \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Stated interest rate (in percent)		8.65%	8.65%
Total Notes		$ 1,250
8.750% First Lien Notes due 2056 \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Stated interest rate (in percent)		8.75%	8.75%
Total Notes		$ 3,500
8.900% First Lien Notes due 2066 \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Stated interest rate (in percent)		8.90%	8.90%
Total Notes		$ 1,250
8.250% Second Lien Notes due 2031 \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Stated interest rate (in percent)		8.25%	8.25%
Total Notes		$ 6,000
8.875% Second Lien Notes due 2034 \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Stated interest rate (in percent)		8.875%	8.875%
Total Notes		$ 4,000
9.125% Second Lien Notes due 2036 \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Stated interest rate (in percent)		9.125%	9.125%
Total Notes		$ 1,400
7.000% Euro Second Lien Notes due 2031 (€885 million) \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Stated interest rate (in percent)		7.00%	7.00%
Total Notes \| €			€ 1,003
7.000% Euro Second Lien Notes due 2031 (€885 million) \| Senior Notes \| Subsequent Event \| Warner Bros. Discovery, Inc., A Delaware Corporation (“WBD”)
Debt Instrument [Line Items]
Face value of debt		$ 1,000	€ 885

SUBSEQUENT EVENT: ACQUISITION OF WARNER BROS. DISCOVERY (Tables)

9 Months Ended

Sep. 30, 2026

Subsequent Events [Abstract]

Schedule of Subsequent Events

The following table details the preliminary purchase consideration for the WBD

Merger.


Total cash paid to WBD’s shareholders inclusive of Ticking Consideration		$77,952
Estimated pre-combination portion of replacement employee equity awards		1,951
Settlement of WBD term loans		14,699
Netflix termination fee		2,800
Total preliminary purchase consideration (a)		$97,402

(a) The estimated preliminary purchase consideration does not include an estimate for amounts relating to the settlement

of pre-existing relationships between WBD and Skydance.

PROGRAMMING AND OTHER INVENTORY - Schedule of Programming and Other Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Inventory [Line Items]
Licensed program rights, including prepaid sports rights	$ 3,369	$ 2,877
Home entertainment, individual monetization	3	5
Game development, individual monetization	53	7
Total programming and other inventory	17,905	16,489
Less current portion	2,024	1,461
Total noncurrent programming and other inventory	15,881	15,028
Produced television and film programming
Inventory [Line Items]
Released, film group monetization	9,237	9,107
In process and other, film group monetization	2,305	1,935
Released, individual monetization	799	1,005
Completed, not yet released, individual monetization	127	27
In process and other, individual monetization	$ 2,012	$ 1,526

VARIABLE INTEREST ENTITIES

9 Months Ended

Sep. 30, 2026

Variable Interest Entity Disclosure [Abstract]

VARIABLE INTEREST ENTITIES

In the normal course of business, we enter into joint ventures or make investments with business partners that

support our underlying business strategy and provide us the ability to enter new markets to expand the reach of our

brands, develop new programming and/or distribute our existing content. In certain instances, an entity in which

we make an investment may qualify as a variable interest entity (“VIE”). In determining whether we are the

primary beneficiary of a VIE, we assess whether we have the power to direct matters that most significantly impact

the activities of the VIE, and have the obligation to absorb losses or the right to receive benefits from the VIE that

could potentially be significant to the VIE.

The following tables present the amounts recorded in our consolidated financial statements related to our

consolidated VIEs. During the first quarter of 2026, we acquired our minority partner’s interest in one of our

consolidated VIEs, which increased our ownership interest to 100%. Accordingly, for periods subsequent to the

acquisition, this entity is not included in the amounts disclosed.


		At		At
	September 30, 2026		December 31, 2025
Total assets		$817		$1,193

Total liabilities		$151		$311


	Successor				Predecessor		Successor				Predecessor
	Three Months Ended September 30,		Period From August 7 - September 30,		Period From July 1 - August 6,		Nine Months Ended September 30,		Period From August 7 - September 30,		Period From January 1 - August 6,
	2026		2025		2025		2026		2025		2025
Revenues		$53		$75		$52		$274		$75		$294

Operating income (loss)		$8		$(3)		$(15)		$45		$(3)		$(102)

STOCKHOLDERS’ EQUITY (Tables)

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Schedule of Paramount Skydance Issued And Outstanding Stock After Completion Of Transactions

The table below details the activity described above and calculates shares of Paramount Skydance Corporation

Class A Common Stock and Class B Common Stock issued and outstanding after completion of the Skydance

Transactions on August 7, 2025.


(in millions)	Class A	Class B
Each share of Paramount Global Class A Common Stock converted to one share of Paramount Skydance Corporation Class A Common Stock	40.7
Each share of Paramount Global Class B Common Stock converted to one share of Paramount Skydance Corporation Class B Common Stock		633.6
Issuance of Paramount Skydance Corporation Class B Common Stock to the NAI Equity Investors and certain other affiliates of investors in Skydance Media in exchange for proceeds from the PIPE		400.0
Cancellation of cash-settled Class A Common Stock	(7.2)
Cancellation of cash-settled Class B Common Stock		(285.9)
Conversion of one share of stock-settled Class A Common Stock to 1.5333 shares of Class B Common Stock	(2.0)	3.1
Issuance of Paramount Skydance Corporation Class B Common Stock to holders of Skydance Membership Units and Skydance Phantom Unit awards		313.8
Total share issuance, net of cancellations	(9.2)	431.0
Total shares of Paramount Skydance Corporation Class A and Class B Common Stock issued and outstanding after the Skydance Transactions on August 7, 2025	31.5	1,064.6

Schedule of Dividends Declared Per Share and Total Dividends

The following table presents dividends declared per share and total dividends for Skydance Corporation Class A

and B Common Stock for the Successor periods and Paramount Global’s Class A and Class B Common Stock for

the Predecessor periods.


	Successor				Predecessor		Successor				Predecessor
	Three Months Ended September 30,		Period From August 7 - September 30,		Period From July 1 - August 6,		Nine Months Ended September 30,		Period From August 7 - September 30,		Period From January 1 - August 6,
	2026		2025		2025			2026	2025		2025
Class A and Class B Common Stock
Dividends declared per common share		$.05		$.05		n/a		$.15		$.05		$.10

Total common stock dividends		$60		$58		n/a		$179		$58		$70

Schedule of Changes in Components of Accumulated Other Comprehensive Loss

The following tables summarize the changes in the components of accumulated other comprehensive income

(loss).


(Successor)	Cumulative Translation Adjustments		Net Actuarial Gain and Prior Service Cost		Cash Flow Hedges		Accumulated Other Comprehensive Income
At December 31, 2025		$40		$19		$—		$59
Other comprehensive income (loss) before reclassifications		(27)		—		78		51
At September 30, 2026		$13		$19		$78		$110


	Cumulative Translation Adjustments		Net Actuarial Loss and Prior Service Cost			Cash Flow Hedges		Accumulated Other Comprehensive Income (Loss)
At December 31, 2024 (Predecessor)		$(670)		$(947)			$13		$(1,604)
Other comprehensive income before reclassifications		111		—			4		115
Reclassifications to net earnings		—		25	(a)		—		25
Other comprehensive income		111		25			4		140
At August 6, 2025 (Predecessor)		$(559)		$(922)			$17		$(1,464)
Adjustments to Paramount Global’s basis		559		922			(17)		1,464
At August 7, 2025 (Successor)		$—		$—			$—		$—
Other comprehensive income (loss) before reclassifications		26		—			(1)		25
Other comprehensive income (loss)		26		—			(1)		25
At September 30, 2025 (Successor)		$26		$—			$(1)		$25

(a) Reflects amortization of net actuarial losses (see Note 13).

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2026	Dec. 31, 2025
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	55	55
Common stock, shares issued (in shares)	32	32
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	7,000	5,500
Common stock, shares issued (in shares)	1,092	1,076

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

RELATED PARTIES - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		1 Months Ended		2 Months Ended	3 Months Ended		7 Months Ended	9 Months Ended
	Oct. 06, 2026	Feb. 28, 2026	Aug. 06, 2025	Sep. 30, 2025	Sep. 30, 2026	Jun. 30, 2026	Aug. 06, 2025	Sep. 30, 2026	Dec. 31, 2025
Related Party Transaction [Line Items]
Revenues			$ 2,581,000	$ 4,121,000	$ 7,025,000		$ 16,622,000	$ 21,285,000
Receivables, net					6,098,000			6,098,000	$ 6,615,000
Other assets					2,589,000			2,589,000	2,553,000
Related Party
Related Party Transaction [Line Items]
Present value of minimum payments					163,000			163,000	174,000
Operating lease cost				4,000	8,000			22,000
Equity Method Investee
Related Party Transaction [Line Items]
Revenues			$ 27,000	40,000	71,000		$ 191,000	218,000
Receivables, net					190,000			190,000	201,000
Other assets					$ 86,000			$ 86,000	$ 87,000
Skydance Corporation Class B Common Stock
Related Party Transaction [Line Items]
Warrants price (in dollars per share)					$ 30.50			$ 30.50
Skydance Corporation Class B Common Stock \| Subsequent Event
Related Party Transaction [Line Items]
Warrant issuance (in shares)	470.7
Warrants price (in dollars per share)	$ 12.00
Skydance Corporation Class B Common Stock \| Warner Bros. Discovery, Inc., A Delaware Corporation (“WBD”) \| Subsequent Event
Related Party Transaction [Line Items]
Equity financing	$ 46,700,000
Ellison Family \| Skydance Corporation Class A And Class B Common Stock
Related Party Transaction [Line Items]
Sale of stock, percentage of ownership after transaction								47.10%
Ellison Family \| Skydance Corporation Class A And Class B Common Stock \| Warner Bros. Discovery, Inc., A Delaware Corporation (“WBD”) \| Subsequent Event
Related Party Transaction [Line Items]
Sale of stock, percentage of ownership after transaction	35.00%
Ellison Family \| Skydance Corporation Class A Common Stock
Related Party Transaction [Line Items]
Sale of stock, percentage of ownership after transaction								77.50%
Ellison Family \| Skydance Corporation Class A Common Stock \| Harbor Lights Entertainment, Inc.
Related Party Transaction [Line Items]
Sale of stock, percentage of ownership after transaction								77.50%
Ellison Family \| Skydance Corporation Class B Common Stock
Related Party Transaction [Line Items]
Warrant issuance (in shares)					155.0			155.0
Warrants price (in dollars per share)					$ 30.50			$ 30.50
Warrant expiration period (in years)					5 years			5 years
Ellison Family \| Skydance Corporation Class B Common Stock \| Warner Bros. Discovery, Inc., A Delaware Corporation (“WBD”) \| Subsequent Event
Related Party Transaction [Line Items]
Equity financing	$ 14,850,000
Number of shares issued in transaction (in shares)	1,240.0
NAI Equity Investors \| Skydance Corporation Class B Common Stock
Related Party Transaction [Line Items]
Warrant issuance (in shares)					200.0			200.0
Oracle \| Software as a Service (SaaS) Agreements \| Related Party
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction				$ 2,000	$ 2,000			$ 48,000
Oracle \| Cloud Infrastructure Services Agreement Commitment \| Related Party
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		$ 300,000
Services agreement term		6 years
RedBird Capital Partners Fund IV \| Warner Bros. Discovery, Inc., A Delaware Corporation (“WBD”) \| Subsequent Event
Related Party Transaction [Line Items]
Equity financing	$ 5,200,000
RedBird Capital Partners Fund IV \| Skydance Corporation Class A And Class B Common Stock \| Harbor Lights Entertainment, Inc.
Related Party Transaction [Line Items]
Sale of stock, percentage of ownership after transaction								10.60%
RedBird Capital Partners Fund IV \| Skydance Corporation Class A And Class B Common Stock \| Warner Bros. Discovery, Inc., A Delaware Corporation (“WBD”) \| Subsequent Event
Related Party Transaction [Line Items]
Sale of stock, percentage of ownership after transaction	11.00%
RedBird Capital Partners Fund IV \| Skydance Corporation Class A Common Stock
Related Party Transaction [Line Items]
Sale of stock, percentage of ownership after transaction								22.50%
RedBird Capital Partners Fund IV \| Skydance Corporation Class A Common Stock \| Harbor Lights Entertainment, Inc.
Related Party Transaction [Line Items]
Sale of stock, percentage of ownership after transaction								22.50%
RedBird Capital Partners Fund IV \| Skydance Corporation Class B Common Stock \| Warner Bros. Discovery, Inc., A Delaware Corporation (“WBD”) \| Subsequent Event
Related Party Transaction [Line Items]
Equity financing	$ 250,000
Number of shares issued in transaction (in shares)	433.0
RedBird BD LLC \| Transaction Fee \| Related Party \| Warner Bros. Discovery, Inc., A Delaware Corporation (“WBD”) \| Subsequent Event
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 110,000
RedBird BD LLC \| Transaction Fee, Mergers And Acquisitions Advisory Services \| Related Party \| Warner Bros. Discovery, Inc., A Delaware Corporation (“WBD”) \| Subsequent Event
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	65,000
RedBird BD LLC \| Transaction Fee, Capital Raising Services \| Related Party \| Warner Bros. Discovery, Inc., A Delaware Corporation (“WBD”) \| Subsequent Event
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	45,000
RedBird BD LLC \| Reimbursable Out-Of-Pocket Expenses \| Warner Bros. Discovery, Inc., A Delaware Corporation (“WBD”) \| Maximum \| Subsequent Event
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	7,000
RedBird Development Group LLC \| Related Party
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction								$ 3,000
Services agreement term						3 years
RedBird Development Group LLC \| Quarterly Commission Fees \| Related Party \| Maximum
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction						$ 12,000
RedBird Development Group LLC \| Quarterly Commission Fees, Reimbursable Travel And Business Expense \| Related Party \| Maximum
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction						$ 300
Ellison Parties \| Reimbursable Out-Of-Pocket Expenses \| Warner Bros. Discovery, Inc., A Delaware Corporation (“WBD”) \| Maximum \| Subsequent Event
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 7,000

SUBSEQUENT EVENT: ACQUISITION OF WARNER BROS. DISCOVERY - Schedule Of Preliminary Purchase Price Consideration (Details) - Warner Bros. Discovery, Inc., A Delaware Corporation (“WBD”) - USD ($) $ in Millions		3 Months Ended
	Oct. 06, 2026	Mar. 31, 2026
Subsequent Event [Line Items]
Netflix termination fee		$ 2,800
Subsequent Event
Subsequent Event [Line Items]
Total cash paid to WBD’s shareholders inclusive of Ticking Consideration	$ 77,952
Equity interest	1,951
Settlement of WBD term loans	14,699
Netflix termination fee	2,800
Paramount Global basis at August 7, 2025	$ 97,402

DEBT - Commercial Paper (Details) - USD ($)	Sep. 30, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
Outstanding commercial paper borrowings	$ 0	$ 0

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Gains (Losses) Recognized on Derivative Financial Instruments (Details) - USD ($) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Aug. 06, 2025	Sep. 30, 2025	Sep. 30, 2026	Aug. 06, 2025	Sep. 30, 2026
Derivative [Line Items]
Cash flow hedges	$ (13)	$ (1)	$ 143	$ 6	$ 105
Non-designated hedges	5	(3)	511	(24)	502
Foreign exchange forward contracts
Derivative [Line Items]
Cash flow hedges	(13)	(1)	(24)	6	(60)
Non-designated hedges	5	(3)	(3)	(24)	0
Interest rate contracts
Derivative [Line Items]
Cash flow hedges	0	0	167	0	165
Non-designated hedges	$ 0	$ 0	$ 514	$ 0	$ 502

COMMITMENTS AND CONTINGENCIES (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	5 Months Ended	7 Months Ended	9 Months Ended	12 Months Ended
	Feb. 28, 2025 $ / shares	Sep. 30, 2026 USD ($) claim	Dec. 31, 2025 USD ($) claim	Aug. 06, 2025 USD ($)	Sep. 30, 2026 USD ($) claim	Dec. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Outstanding letters of credit and surety bonds		$ 711			$ 711
Cost for settlement and defense of asbestos claims, net of insurance recoveries and tax benefits			$ 23	$ 11		$ 34
Reasonably estimable period for long-term asbestos liability (in years)					10 years
Asbestos Claims
Loss Contingencies [Line Items]
Number of pending asbestos claims \| claim		16,770	17,490		16,770
Number of new asbestos claims \| claim		840
Number of asbestos claims closed or moved to inactive docket \| claim		2,370
Class A Common Stock
Loss Contingencies [Line Items]
Alternative offer after end of go shop period (in dollars per share) \| $ / shares	$ 23.00
Class B Common Stock
Loss Contingencies [Line Items]
Alternative offer after end of go shop period (in dollars per share) \| $ / shares	$ 19.00
Standby Letter of Credit Facility
Loss Contingencies [Line Items]
Outstanding letters of credit and surety bonds		$ 454			$ 454
Maximum borrowing capacity under credit facility		$ 1,900			$ 1,900

RESTRUCTURING AND TRANSACTION-RELATED ITEMS - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Aug. 06, 2025	Sep. 30, 2025	Sep. 30, 2026	Aug. 06, 2025	Sep. 30, 2026
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 13	$ 185	$ 89	$ 255	$ 124
Transaction-related items	175	0	98	199	354
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	13	185	50	190	85
Exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 0	$ 39	$ 65	$ 39

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Description of Business— Skydance Corporation is a global media and entertainment company. Prior to the WBD

Merger in October 2026 (as defined and described below), and throughout the period covered by these financial

statements, our portfolio of brands included Paramount, Paramount+, Pluto TV, CBS, CBS Sports, Nickelodeon,

MTV, BET, and Comedy Central. Following the WBD Merger our portfolio also includes Warner Bros., HBO and

HBO Max, CNN, TNT Sports, Cartoon Network, Food Network, and HGTV. Beginning in 2026, we transitioned

our reporting structure into three new segments: Studios, Direct-to-Consumer, and TV Media (see Note 14).

Warner Bros. Discovery Merger (Subsequent Event)—On October 6, 2026 (the “Closing Date”), we completed the

acquisition (the “WBD Merger”) of Warner Bros. Discovery, Inc. (“WBD”) pursuant to the previously announced

definitive merger agreement (the “WBD Merger Agreement”). See Notes 2, 8 and 11. Also on October 6, 2026, in

connection with the WBD Merger, we amended our certificate of incorporation (the “charter amendment”) to,

among other things, change our name from Paramount Skydance Corporation to Skydance Corporation. References

herein to “Skydance,” “Skydance Corporation” or the “Company” refer, prior to such charter amendment, to

Paramount Skydance Corporation, and following such charter amendment to Skydance Corporation, unless the

context otherwise requires reference to Paramount Skydance Corporation. Effective October 6, 2026, shares of

Skydance Corporation Class B Common Stock trade on the New York Stock Exchange (“NYSE”) under the

trading symbol “SKYD.”

The NAI Transaction and the Skydance Transactions—On August 7, 2025, pursuant to a purchase and sale

agreement dated July 7, 2024, certain affiliates of investors in Skydance Media, LLC (“Skydance Media”),

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 Paramount Global’s

controlling stockholder, National Amusements, Inc. (“NAI”) from the shareholders of NAI (the “NAI

Transaction”). 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 Media became wholly-owned

subsidiaries of Paramount Skydance Corporation (the transactions contemplated by the Transaction Agreement, the

“Skydance Transactions”). Paramount Skydance Corporation, formerly known as New Pluto Global, Inc. and now

known as Skydance Corporation, was formed on June 3, 2024 to consummate the Skydance 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 Media as part of the Skydance Transactions. See Note 3.

Following the closing of the Skydance Transactions and the NAI Transaction, NAI, which was renamed Harbor

Lights Entertainment, Inc., and its subsidiaries hold 100.0% of the Skydance Corporation Class A Common Stock.

Holders of shares of Class A common stock of Skydance Corporation (“Skydance Corporation Class A Common

Stock”) are entitled to one vote per share with respect to all matters on which the holders of Skydance Corporation

common stock are entitled to vote. Holders of Skydance Corporation Class B Common Stock do not have voting

rights. Accordingly, entities controlled by the Ellison Family (as defined below) indirectly hold approximately

77.5% of 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 the Company (“Ultimate Parent”). For the purpose of determining the controlling ownership

of the Company, the Ellison family is comprised of Lawrence J. Ellison and David Ellison (the “Ellison Family”).

David Ellison is the son of Lawrence J. Ellison, and Lawrence J. Ellison and David Ellison are accordingly

considered immediate family members.

Pushdown of Ultimate Parent’s Basis—At the time Paramount Global and Skydance Media became subsidiaries of

Paramount Skydance Corporation, the Ellison Family controlled both Paramount Global and Skydance Media, 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 (see Note 3). 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 Media were already at the Ultimate Parent’s basis, no adjustment to the fair

value of net assets was necessary, and Skydance Media was combined with Paramount Global’s net assets at the

Ultimate Parent’s basis as of this date.

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.

Accordingly, our consolidated financial statements and footnote disclosures are presented in distinct periods. 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 Skydance Corporation and

are identified as “Successor.” In addition, we are required to present segment information for the Predecessor

period based on our reportable segments prior to the segment change in 2026, Filmed Entertainment, Direct-to-

Consumer, and TV Media (see Note 14).

Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared on a

basis consistent with accounting principles generally accepted in the United States (“U.S. GAAP” or “GAAP”) for

interim financial information and pursuant to the rules of the Securities and Exchange Commission. These

financial statements should be read in conjunction with the more detailed financial statements and notes thereto

included in our Form 8-K filed with the Securities and Exchange Commission on May 13, 2026, which was filed in

order to recast the financial statements included in our Annual Report on Form 10-K for the year ended

December 31, 2025 to reflect our new segment presentation.

In the opinion of management, the accompanying unaudited consolidated financial statements reflect all

adjustments, consisting only of normal and recurring adjustments, necessary for a fair statement of our financial

position, results of operations and cash flows for the periods presented. Certain previously reported amounts have

been reclassified to conform to the current presentation.

Use of Estimates—The preparation of our consolidated financial statements in conformity with U.S. GAAP

requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and

liabilities, the disclosures of contingent assets and liabilities as of the date of the financial statements and the

reported amounts of revenues and expenses during the periods presented. We base our estimates on historical

experience and on various other assumptions that are believed to be reasonable under the circumstances, the results

of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily

apparent from other sources. Actual results may vary from these estimates under different assumptions or

conditions.

Net Earnings (Loss) per Common Share—Basic net earnings (loss) per share (“EPS”) is based upon net earnings

(loss) available to common stockholders divided by the weighted average number of common shares outstanding

during the period. Weighted average shares for diluted EPS reflect the effect of the assumed exercise of stock

options and warrants, and vesting of restricted share units (“RSUs”) or performance share units only in the periods

in which such effect would have been dilutive.

The table below presents stock options, RSUs, and warrants excluded from the calculations of diluted EPS because

their inclusion would have been antidilutive.


	Successor			Predecessor		Successor			Predecessor
	Three Months Ended September 30,		Period From August 7 - September 30,	Period From July 1 - August 6,		Nine Months Ended September 30,		Period From August 7 - September 30,	Period From January 1 - August 6,
	2026		2025	2025		2026		2025	2025
Stock options and RSUs		53	66		32		58	66		33
Skydance Transactions Warrants		200	200		—		200	200		—

The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted

EPS.


	Successor			Predecessor		Successor			Predecessor
	Three Months Ended September 30,		Period From August 7 - September 30,	Period From July 1 - August 6,		Nine Months Ended September 30,		Period From August 7 - September 30,	Period From January 1 - August 6,
	2026		2025	2025		2026		2025	2025
Weighted average shares for basic EPS		1,120	1,098		675		1,116	1,098		674
Dilutive effect of shares issuable under stock-based compensation plans		5	—		—		5	—		—
Weighted average shares for diluted EPS		1,125	1,098		675		1,121	1,098		674

Accounting Pronouncements Not Yet Adopted

Disaggregation of Income Statement Expenses

In November 2024, the Financial Accounting Standards Board (“FASB”) issued guidance requiring disclosure in

the notes to the financial statements of the disaggregation of relevant expense captions on the income statement

into specified expense categories, including employee compensation, as well as disclosure of total selling expenses.

The guidance is effective for us for the year ending December 31, 2027, and for all interim and annual periods

thereafter, and may be applied either prospectively or retrospectively.

Internal-use Software Costs

In September 2025, the FASB issued updated guidance on the recognition and disclosure of internal-use software

costs. This guidance eliminates capitalization based on software development stages and requires that

capitalization of internal-use software development costs begin when (1) management has authorized and

committed to funding the software project and (2) it is probable the project will be completed and the software will

be used to perform its intended function. The guidance is effective for us for the year ending December 31, 2028,

including interim periods within that year, and may be adopted prospectively, retrospectively, or using a modified

transition approach for projects in process. We are currently evaluating the impact of this guidance on our

consolidated financial statements.

RESTRUCTURING AND TRANSACTION-RELATED ITEMS (Tables)

9 Months Ended

Sep. 30, 2026

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges and Transaction-Related Costs

During the periods presented, we recorded the following within “Restructuring and transaction-related items” on

the Consolidated Statements of Operations.


	Successor			Predecessor		Successor			Predecessor
	Three Months Ended September 30,		Period From August 7 - September 30,	Period From July 1 - August 6,		Nine Months Ended September 30,		Period From August 7 - September 30,	Period From January 1 - August 6,
	2026		2025	2025		2026		2025	2025
Severance (a)		$50	$185		$13		$85	$185		$190
Exit costs		39	—		—		39	—		65
Restructuring charges		89	185		13		124	185		255
Transaction-related items		98	—		175		354	—		199
Restructuring and transaction-related items		$187	$185		$188		$478	$185		$454

(a) Severance costs include the accelerated vesting of stock-based compensation.

Schedule of Restructuring Reserve by Type of Cost

The following is a rollforward of our restructuring liability, which is recorded in “Other current liabilities” and

“Other liabilities” on the Consolidated Balance Sheets, and is expected to be substantially paid by the end of 2027.


	Successor
			2026 Activity
	Balance at December 31, 2025		Charges (a)	Payments and other		Balance at September 30, 2026
Studios		$133	$4		$(59)		$78
Direct-to-Consumer		53	11		(23)		41
TV Media		384	64		(221)		227
Corporate		135	9		(50)		94
Total		$705	$88		$(353)		$440

(a) Excludes stock-based compensation expense of $36 million.

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

The carrying value of our financial instruments approximates fair value, except for notes and debentures. At

September 30, 2026 and December 31, 2025, the carrying value of our outstanding notes and debentures was

$13.38 billion and $13.65 billion, respectively, and the fair value, which is determined based on quoted prices in

active markets (Level 1 in the fair value hierarchy), was $11.1 billion and $13.2 billion, respectively.

Investments

Our investments without a readily determinable fair value for which we have no significant influence had a

carrying value of $55 million and $58 million at September 30, 2026 and December 31, 2025, respectively. These

investments are included in “Other assets” on the Consolidated Balance Sheets.

Foreign Exchange Contracts

We are exposed to changes in foreign currency exchange rates and manage that exposure principally using foreign

currency forward contracts and cross-currency swaps. We designate certain of these instruments as cash flow

hedges, fair value hedges and net investment hedges, as described below. Foreign currency forward contracts have

principally been used to manage our exposure to currencies such as the British pound, the euro, the Canadian dollar

and the Australian dollar. We designate forward contracts used to hedge committed and forecasted foreign

currency transactions, including for the production and licensing of content, as cash flow hedges. We also enter

into non-designated forward contracts to hedge non-U.S. dollar denominated assets, liabilities, and cash flows. The

maximum period we are hedging our exposure to variability in future cash flows is 4.4 years.

At September 30, 2026 and December 31, 2025, the notional amount of all foreign exchange contracts was $7.22

billion and $3.14 billion, respectively. At September 30, 2026, the notional amount comprised $5.70 billion related

to future production and licensing of content (designated as cash flow hedges), $1.00 billion related to the issuance

of the 2031 Euro Second Lien Notes (designated as fair value hedges) and $510 million related to our other foreign

currency assets and liabilities (non-designated hedges). At December 31, 2025, the notional amount comprised

$2.74 billion related to future production costs (designated as cash flow hedges) and $407 million related to our

foreign currency assets and liabilities (non-designated hedges).

On September 30, 2026, in connection with the pricing of the above-referenced €885 million ($1.00 billion)

aggregate principal amount of the 7.000% Euro Second Lien Senior Secured Notes due 2031, which were issued

on October 5, 2026, we entered into fixed-for-fixed cross-currency swaps with a notional amount of $1.00 billion.

The swaps, which mature on October 15, 2029, are designated as fair value hedges of the foreign currency

exposure associated with both the firm commitment to issue the notes from September 30, 2026 and the

subsequently issued notes.

Subsequent Event in Connection with WBD Merger

On October 6, 2026, concurrent with the borrowing of the €850 million Euro Term B-1 Loans (see Note 8), we

designated the principal amount of these loans as a hedge of our net investment in certain euro functional currency

subsidiaries.

Interest Rate Contracts

In the second quarter of 2026, we entered into interest rate contracts with an aggregate notional amount of $10.0

billion in connection with anticipated debt issuances associated with the WBD Merger and future debt refinancing,

of which $3.0 billion were designated as cash flow hedges. These instruments were intended to hedge exposure to

changes in benchmark U.S. Treasury rates from the execution date of the agreements through the issuance of the

related debt. On September 30, 2026, we terminated all of these interest rate contracts and, in October 2026,

received cash proceeds of $667 million. For the contracts designated as cash flow hedges, the related gain of

$165 million, which was recorded in accumulated other comprehensive income (loss) (AOCI), will be reclassified

into interest expense over the 5-year and 10-year term of the related debt issued in October 2026. Approximately

$16 million is expected to be reclassified from AOCI into interest expense within the next 12 months. The gain on

the non-designated interest rate hedges for the nine months ended September 30, 2026 was $502 million.

Gains (Losses) on Derivative Financial Instruments

The table below presents gains (losses) recognized on cash flow hedges in “Cash Flow Hedges” in other

comprehensive income (loss) and on non-designated hedges within “Net gain on derivatives” on the Consolidated

Statements of Operations.


	Successor				Predecessor		Successor				Predecessor
	Three Months Ended September 30,		Period From August 7 - September 30,		Period From July 1 - August 6,		Nine Months Ended September 30,		Period From August 7 - September 30,		Period From January 1 - August 6,
	2026		2025		2025		2026		2025		2025
Cash flow hedges
Foreign exchange forward contracts		$(24)		$(1)		$(13)		$(60)		$(1)		$6
Interest rate contracts		167		—		—		165		—		—
Total		$143		$(1)		$(13)		$105		$(1)		$6

Non-designated hedges
Foreign exchange forward contracts		$(3)		$(3)		$5		$—		$(3)		$(24)
Interest rate contracts		514		—		—		502		—		—
Total		$511		$(3)		$5		$502		$(3)		$(24)

Fair Value Measurements

The table below presents our assets and liabilities measured at fair value on a recurring basis at September 30,

2026 and December 31, 2025. These assets and liabilities have been categorized according to the three-level fair

value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is

based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are

observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in

inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting

our own assumptions about the assumptions that market participants would use in pricing the asset or liability. All

of our assets and liabilities that are measured at fair value on a recurring basis use Level 2 inputs. The fair value of

foreign currency hedges is determined based on the present value of future cash flows using observable inputs

including foreign currency exchange rates. The fair value of deferred compensation liabilities is determined based

on the fair value of the investments elected by employees.


		At		At
	September 30, 2026		December 31, 2025
Assets:
Foreign exchange contracts		$29		$38
Total Assets		$29		$38
Liabilities:
Deferred compensation		$279		$312
Foreign exchange contracts		89		28
Total Liabilities		$368		$340

Level 3 inputs were used in determining Paramount Global’s net assets at the Ultimate Parent’s basis (see Note 3)

and the estimated fair value of FCC licenses that were impaired in the second quarter of 2025 (see Note 16).

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Gains (Losses) Recognized on Derivative Financial Instruments

The table below presents gains (losses) recognized on cash flow hedges in “Cash Flow Hedges” in other

comprehensive income (loss) and on non-designated hedges within “Net gain on derivatives” on the Consolidated

Statements of Operations.


	Successor				Predecessor		Successor				Predecessor
	Three Months Ended September 30,		Period From August 7 - September 30,		Period From July 1 - August 6,		Nine Months Ended September 30,		Period From August 7 - September 30,		Period From January 1 - August 6,
	2026		2025		2025		2026		2025		2025
Cash flow hedges
Foreign exchange forward contracts		$(24)		$(1)		$(13)		$(60)		$(1)		$6
Interest rate contracts		167		—		—		165		—		—
Total		$143		$(1)		$(13)		$105		$(1)		$6

Non-designated hedges
Foreign exchange forward contracts		$(3)		$(3)		$5		$—		$(3)		$(24)
Interest rate contracts		514		—		—		502		—		—
Total		$511		$(3)		$5		$502		$(3)		$(24)

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis