Paramount Skydance

Paramount Skydance (CBS, Paramount Pictures, Paramount+, Nickelodeon, MTV, Pluto TV) earns from pay-TV affiliate fees and Paramount+ subscriptions, TV and streaming advertising, and licensing its films and shows. FY2025 supplemental pro forma revenue was $29.4B (−3%), a combined figure stated in its 10-K; Paramount+ revenue rose 20%. About 19% of FY2024 revenue came from outside the U.S. On Oct 6, 2026 it closed its purchase of Warner Bros. Discovery and became Skydance Corporation (NYSE: SKYD).

Business Model Canvas

Paramount Skydance

Research date: Oct 16, 2026

Evidence-backed · sources in companion brief

Key Partners

Sports leagues — NFL, NCAA, Big Ten, PGA, Masters, UEFA, UFC (FACT).
Pay-TV and vMVPD distributors paying affiliate fees (FACT).
CBS-affiliated local stations (reverse compensation) (FACT).
SkyShowtime 50% JV; UIP with Universal (FACT).
Miramax JV with beIN Media Group (FACT).
Ellison family / RedBird control via Harbor Lights (FACT).

Key Activities

Produce TV, film, news, sports and games (FACT).
Run CBS network + 29 owned stations (FACT).
Operate Paramount+, Pluto TV, BET+ (FACT).
Theatrical releases, then licensing (FACT).
Post-merger restructuring; ~$800M 2026 transformation costs (FACT).
Integrate Warner Bros. Discovery from Oct 2026 (FACT).

Key Resources

Paramount Pictures library + franchises (FACT).
CBS, Nickelodeon, MTV, BET, Comedy Central, Showtime (FACT).
29 owned stations; FCC licenses (FACT).
Multi-year sports rights (FACT).
~17,600 employees in 30 countries (FACT).
Debt $13.7B vs cash $3.3B at Dec 31, 2025 (FACT).

Value Propositions

Live sports + news + entertainment in one app (FACT).
Free ad-supported option via Pluto TV (FACT).
Mass reach for advertisers on CBS (FACT).
Must-carry channels for distributors (INFERENCE).
Licensed content for other platforms (FACT).
Franchises — Mission: Impossible, Transformers, SpongeBob (FACT).

Customer Relationships

Monthly/annual Paramount+ plans (FACT).
Price rise Jan 2026; ARPU +12% Q2 2026 (FACT).
Bundles via vMVPDs and international partners (FACT).
Live sports reduce cancellations (INFERENCE).
Multi-year carriage and affiliation contracts (FACT).
Free Pluto TV as an on-ramp (INFERENCE).

Channels

CBS network + 29 owned stations (FACT).
Cable networks via pay-TV distributors (FACT).
Paramount+, Pluto TV, BET+ apps (FACT).
Theaters, then home entertainment (FACT).
Channel 5 (U.K.), Network 10 (Australia) (FACT).
Licensing to third-party platforms worldwide (FACT).

Customer Segments

Streaming households — Paramount+ 78.9M (FACT).
Free viewers on CBS and Pluto TV (FACT).
Advertisers across TV and streaming (FACT).
Pay-TV distributors and CBS affiliates (FACT).
Moviegoers and home-entertainment buyers (FACT).
Content licensees worldwide (FACT).

Cost Structure

FY2024 content costs $15.0B of $19.4B opex (FACT).
Sports rights commitments $31.96B (FACT).
Severance $650M (Successor period 2025) (FACT).
~$800M transformation costs planned for 2026 (FACT).
Debt $13.7B at end-2025; +$41.4B notes for WBD (FACT).
Low operating cash flow vs revenue (FACT / INFERENCE).

Revenue Streams

FY2025 pro forma revenue $29.4B (−3%), combined basis (FACT).
Affiliate & subscription $13.7B (~47%) (FACT / INFERENCE %).
Advertising $9.1B (−11%) (FACT).
Licensing & other $6.0B; theatrical $0.6B (FACT).
Paramount+ revenue $7.1B (+20%) pro forma (FACT).
Main engine (reviewed): subscription — affiliate fees + Paramount+ (INFERENCE / model).

Sources: sec.gov/Archives/edgar · sec.gov/Archives/edgar · sec.gov/Archives/edgar · cbsi.my.salesforce-sites.com/CBSi/articles · paramount.com