Paramount Skydance — research brief

Slug: paramount-skydance · Queue id: 191 · Theme: demand (user request) · Ticker: Nasdaq: PSKY until Oct 5, 2026 → NYSE: SKYD from Oct 6, 2026 · SEC CIK: 2041610 (registrant now "Skydance Corp"; formerly Paramount Skydance Corp, and New Pluto Global, Inc.) Researched: 2026-10-16 · Home market: United States Primary source: Paramount Skydance Corporation Form 10-K for the year ended December 31, 2025, filed February 25, 2026 — https://www.sec.gov/Archives/edgar/data/2041610/000204161026000011/psky-20251231.htm Also: Form 10-Q for the quarter ended June 30, 2026 — https://www.sec.gov/Archives/edgar/data/2041610/000204161026000054/psky-20260630.htm · Form 8-K (WBD merger completed, Oct 6, 2026) — https://www.sec.gov/Archives/edgar/data/2041610/000110465926113913/tm2626659d7_8k.htm · Paramount+ Help Center, 2026 plan prices — https://cbsi.my.salesforce-sites.com/CBSi/articles/en_US/Knowledge/PD-Are-Paramount-Plans-Changing · Company site — https://www.paramount.com/

Labels: FACT = stated in a company filing or company help page; SECONDARY = reputable press (used only to cross-check Paramount+ prices: Variety, Nov 2025); INFERENCE = calculated from stated figures.

Corporate status (important)

Aug 7, 2025: Skydance Transactions closed. Paramount Global and Skydance Media became wholly owned subsidiaries of Paramount Skydance Corporation; PSKY began trading on Nasdaq. Ellison family entities indirectly hold ~77.5% of Class A (voting) stock via Harbor Lights; Class B has no votes (FACT).
Oct 6, 2026: completed merger with Warner Bros. Discovery (WBD now a wholly owned subsidiary). WBD holders got $31.00 cash per share plus a ticking fee (aggregate ticking consideration $41.9M). Financing: $41.4B senior secured notes (first and second lien) plus term loans; PIPE of 3,917,657,246 Class B shares at $12.00 (≈ $47.0B, INFERENCE). Same day: renamed Skydance Corporation, listing moved Nasdaq → NYSE, ticker PSKY → SKYD (FACT, 8-K).
This canvas describes the pre-WBD Paramount Skydance business reported in the FY2025 10-K. No combined (post-WBD) annual figures have been filed. Slug kept as paramount-skydance per the request.

Fiscal-year handling (no stitching)

The FY2025 10-K uses pushdown accounting, so results are split:

Predecessor (Paramount Global only): Jan 1 – Aug 6, 2025, and full-year FY2024.
Successor (Paramount Skydance incl. Skydance): Aug 7 – Dec 31, 2025. The filing itself also states Supplemental Pro Forma revenues for the year ended Dec 31, 2025 (Successor + Predecessor + pro forma Skydance revenue, intercompany eliminated). That combined figure is used as the full-year revenue on the canvas and is labeled "pro forma / combined". No GAAP full-year FY2025 profit exists; we do not add the two periods together.

Metric ($M)	Successor Aug 7–Dec 31, 2025	Predecessor Jan 1–Aug 6, 2025	FY2024 (Predecessor, full year)	FY2025 Supplemental Pro Forma	Label
Revenues	12,269	16,622	29,213	29,394 (−3% vs pro forma 2024 30,271)	FACT
Operating income (loss)	(95)	1,029	(5,269)	—	FACT
Net loss from cont. ops attrib. to Parent	(586)	(35)	(6,204)	—	FACT
Adjusted OIBDA (non-GAAP)	1,267	1,809	3,118	—	FACT
Operating cash flow	485	164	752	—	FACT
Capital expenditures	162	134	263	—	FACT
Content costs	6,492	8,494	14,964	—	FACT

FY2024 included $6.13B goodwill/FCC license impairments and $1.12B programming charges (FACT).

Revenue by type — FY2025 Supplemental Pro Forma (FACT)

Type	FY2025 pf	FY2024 pf	Change	Share of 29,394 (INFERENCE)
Affiliate and subscription	13,671	13,153	+4%	46.5%
Advertising	9,132	10,295	−11%	31.1%
Licensing and other	5,962	6,010	−1%	20.3%
Theatrical	629	813	−23%	2.1%
Total	29,394	30,271	−3%

Advertising decline: −6 pts from no Super Bowl in 2025, −2 pts lower political ads (FACT). Affiliate & subscription: +8% from streaming subscription fees offset by lower linear affiliate fees (FACT).

Segments — FY2025 Supplemental Pro Forma revenue (FACT)

Segment	FY2025 pf	FY2024	Change	Adj. OIBDA Successor / Predecessor 2025	Adj. OIBDA FY2024
TV Media	17,059	18,779	−9%	1,628 / 2,067	4,348
Direct-to-Consumer	8,584	7,632	+12%	77 / 153	(497)
Filmed Entertainment	3,832	4,013 (pf)	−5%	(132) / (100)	(96)

DTC: subscription $6,583M (+20%), advertising $1,999M (−5%). Paramount+ revenue $7,063M (+20%) pro forma (FACT). From Q1 2026, segments are TV Media, Direct-to-Consumer and Studios (FACT).

Streaming metrics

Paramount+ paid subscribers: 78.9M at Dec 31, 2025 vs 76.1M (+4%); paid-only count from Q4 2025 (FACT, 10-K).
81.6M at June 30, 2026 (+6% YoY); Q2 2026 ARPU $8.52 (+12%); international subs declined from non-renewed distribution agreements; UFC rights deal began January 2026 (FACT, 10-Q). Quarterly figures not annualized.
U.S. prices from Jan 15, 2026: Essential $8.99/mo or $89.99/yr; Premium $13.99/mo or $139.99/yr (FACT, Paramount+ Help Center; SECONDARY cross-check Variety).

Geography (international block)

Period	U.S.	International	Total	Intl share (INFERENCE)
FY2024 (Predecessor, full year)	23,688	5,525	29,213	18.9%
Jan 1–Aug 6, 2025 (Predecessor)	13,376	3,246	16,622	19.5%
Aug 7–Dec 31, 2025 (Successor)	9,966	2,303	12,269	18.8%

Basis: location of the customer or platform (FACT). Ranked figure uses FY2024 (only clean full year); 2025 periods shown as proxy, not stitched. Entry modes: owned Channel 5 (U.K.), Network 10 (Australia); Paramount+/Pluto TV direct; SkyShowtime 50% JV (Europe); United International Pictures JV with Universal; Miramax JV with beIN; sold Telefe (Oct 23, 2025) and Chilevisión (Jan 12, 2026) (FACT).

Other facts

~17,600 full- and part-time employees in 30 countries + ~3,600 project-based staff at Dec 31, 2025 (FACT).
29 owned CBS stations, in the five largest and 15 of the top 20 U.S. markets (FACT).
Sports: NFL (AFC, Super Bowl rotation), NCAA men's tournament, Big Ten football, PGA Tour/PGA Championship/Masters, UEFA Champions League, UFC, Zuffa Boxing (FACT).
Programming & talent commitments $36.08B at Dec 31, 2025, incl. $31.96B sports rights (FACT).
Total debt $13,658M (face $14.98B); cash $3.27B at Dec 31, 2025 (FACT).
Successor-period severance $650M; up to ~$800M transformation costs expected in 2026 (FACT).

Model read (INFERENCE)

Main engine = subscription (affiliate/retransmission fees + Paramount+), ~47% of FY2025 pro forma revenue; advertising (~31%) is the second engine and is declining on linear TV; licensing/theatrical monetize the library. TV Media still generates most Adjusted OIBDA; DTC only recently turned positive.

# Paramount Skydance — research brief **Slug:** `paramount-skydance` · **Queue id:** 191 · **Theme:** demand (user request) · **Ticker:** Nasdaq: PSKY until Oct 5, 2026 → NYSE: SKYD from Oct 6, 2026 · **SEC CIK:** 2041610 (registrant now "Skydance Corp"; formerly Paramount Skydance Corp, and New Pluto Global, Inc.) **Researched:** 2026-10-16 · **Home market:** United States **Primary source:** Paramount Skydance Corporation Form 10-K for the year ended December 31, 2025, filed February 25, 2026 — https://www.sec.gov/Archives/edgar/data/2041610/000204161026000011/psky-20251231.htm **Also:** Form 10-Q for the quarter ended June 30, 2026 — https://www.sec.gov/Archives/edgar/data/2041610/000204161026000054/psky-20260630.htm · Form 8-K (WBD merger completed, Oct 6, 2026) — https://www.sec.gov/Archives/edgar/data/2041610/000110465926113913/tm2626659d7_8k.htm · Paramount+ Help Center, 2026 plan prices — https://cbsi.my.salesforce-sites.com/CBSi/articles/en_US/Knowledge/PD-Are-Paramount-Plans-Changing · Company site — https://www.paramount.com/ Labels: **FACT** = stated in a company filing or company help page; **SECONDARY** = reputable press (used only to cross-check Paramount+ prices: Variety, Nov 2025); **INFERENCE** = calculated from stated figures. ## Corporate status (important) - **Aug 7, 2025:** Skydance Transactions closed. Paramount Global and Skydance Media became wholly owned subsidiaries of Paramount Skydance Corporation; PSKY began trading on Nasdaq. Ellison family entities indirectly hold ~77.5% of Class A (voting) stock via Harbor Lights; Class B has no votes (FACT). - **Oct 6, 2026:** completed merger with **Warner Bros. Discovery** (WBD now a wholly owned subsidiary). WBD holders got **$31.00 cash per share** plus a ticking fee (aggregate ticking consideration $41.9M). Financing: **$41.4B senior secured notes** (first and second lien) plus term loans; PIPE of **3,917,657,246 Class B shares at $12.00** (≈ $47.0B, INFERENCE). Same day: renamed **Skydance Corporation**, listing moved Nasdaq → NYSE, ticker **PSKY → SKYD** (FACT, 8-K). - **This canvas describes the pre-WBD Paramount Skydance business** reported in the FY2025 10-K. No combined (post-WBD) annual figures have been filed. Slug kept as `paramount-skydance` per the request. ## Fiscal-year handling (no stitching) The FY2025 10-K uses pushdown accounting, so results are split: - **Predecessor** (Paramount Global only): Jan 1 – Aug 6, 2025, and full-year FY2024. - **Successor** (Paramount Skydance incl. Skydance): Aug 7 – Dec 31, 2025. The filing itself also states **Supplemental Pro Forma revenues for the year ended Dec 31, 2025** (Successor + Predecessor + pro forma Skydance revenue, intercompany eliminated). That combined figure is used as the full-year revenue on the canvas and is labeled "pro forma / combined". No GAAP full-year FY2025 profit exists; we do **not** add the two periods together. | Metric ($M) | Successor Aug 7–Dec 31, 2025 | Predecessor Jan 1–Aug 6, 2025 | FY2024 (Predecessor, full year) | FY2025 Supplemental Pro Forma | Label | |---|---|---|---|---|---| | Revenues | 12,269 | 16,622 | 29,213 | **29,394** (−3% vs pro forma 2024 30,271) | FACT | | Operating income (loss) | (95) | 1,029 | (5,269) | — | FACT | | Net loss from cont. ops attrib. to Parent | (586) | (35) | (6,204) | — | FACT | | Adjusted OIBDA (non-GAAP) | 1,267 | 1,809 | 3,118 | — | FACT | | Operating cash flow | 485 | 164 | 752 | — | FACT | | Capital expenditures | 162 | 134 | 263 | — | FACT | | Content costs | 6,492 | 8,494 | 14,964 | — | FACT | FY2024 included $6.13B goodwill/FCC license impairments and $1.12B programming charges (FACT). ## Revenue by type — FY2025 Supplemental Pro Forma (FACT) | Type | FY2025 pf | FY2024 pf | Change | Share of 29,394 (INFERENCE) | |---|---|---|---|---| | Affiliate and subscription | 13,671 | 13,153 | +4% | 46.5% | | Advertising | 9,132 | 10,295 | −11% | 31.1% | | Licensing and other | 5,962 | 6,010 | −1% | 20.3% | | Theatrical | 629 | 813 | −23% | 2.1% | | **Total** | **29,394** | **30,271** | **−3%** | | Advertising decline: −6 pts from no Super Bowl in 2025, −2 pts lower political ads (FACT). Affiliate & subscription: +8% from streaming subscription fees offset by lower linear affiliate fees (FACT). ## Segments — FY2025 Supplemental Pro Forma revenue (FACT) | Segment | FY2025 pf | FY2024 | Change | Adj. OIBDA Successor / Predecessor 2025 | Adj. OIBDA FY2024 | |---|---|---|---|---|---| | TV Media | 17,059 | 18,779 | −9% | 1,628 / 2,067 | 4,348 | | Direct-to-Consumer | 8,584 | 7,632 | +12% | 77 / 153 | (497) | | Filmed Entertainment | 3,832 | 4,013 (pf) | −5% | (132) / (100) | (96) | DTC: subscription $6,583M (+20%), advertising $1,999M (−5%). **Paramount+ revenue $7,063M (+20%)** pro forma (FACT). From Q1 2026, segments are TV Media, Direct-to-Consumer and Studios (FACT). ## Streaming metrics - Paramount+ paid subscribers: **78.9M** at Dec 31, 2025 vs 76.1M (+4%); paid-only count from Q4 2025 (FACT, 10-K). - 81.6M at June 30, 2026 (+6% YoY); Q2 2026 ARPU $8.52 (+12%); international subs declined from non-renewed distribution agreements; UFC rights deal began January 2026 (FACT, 10-Q). Quarterly figures not annualized. - U.S. prices from Jan 15, 2026: Essential $8.99/mo or $89.99/yr; Premium $13.99/mo or $139.99/yr (FACT, Paramount+ Help Center; SECONDARY cross-check Variety). ## Geography (international block) | Period | U.S. | International | Total | Intl share (INFERENCE) | |---|---|---|---|---| | FY2024 (Predecessor, full year) | 23,688 | 5,525 | 29,213 | **18.9%** | | Jan 1–Aug 6, 2025 (Predecessor) | 13,376 | 3,246 | 16,622 | 19.5% | | Aug 7–Dec 31, 2025 (Successor) | 9,966 | 2,303 | 12,269 | 18.8% | Basis: location of the customer or platform (FACT). Ranked figure uses FY2024 (only clean full year); 2025 periods shown as proxy, not stitched. Entry modes: owned Channel 5 (U.K.), Network 10 (Australia); Paramount+/Pluto TV direct; SkyShowtime 50% JV (Europe); United International Pictures JV with Universal; Miramax JV with beIN; sold Telefe (Oct 23, 2025) and Chilevisión (Jan 12, 2026) (FACT). ## Other facts - ~17,600 full- and part-time employees in 30 countries + ~3,600 project-based staff at Dec 31, 2025 (FACT). - 29 owned CBS stations, in the five largest and 15 of the top 20 U.S. markets (FACT). - Sports: NFL (AFC, Super Bowl rotation), NCAA men's tournament, Big Ten football, PGA Tour/PGA Championship/Masters, UEFA Champions League, UFC, Zuffa Boxing (FACT). - Programming & talent commitments $36.08B at Dec 31, 2025, incl. $31.96B sports rights (FACT). - Total debt $13,658M (face $14.98B); cash $3.27B at Dec 31, 2025 (FACT). - Successor-period severance $650M; up to ~$800M transformation costs expected in 2026 (FACT). ## Model read (INFERENCE) Main engine = **subscription** (affiliate/retransmission fees + Paramount+), ~47% of FY2025 pro forma revenue; advertising (~31%) is the second engine and is declining on linear TV; licensing/theatrical monetize the library. TV Media still generates most Adjusted OIBDA; DTC only recently turned positive.