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PROGRAMMING AND OTHER INVENTORY - 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, 2024	Mar. 31, 2024	Aug. 06, 2025	Sep. 30, 2024
Inventory Disclosure [Abstract]
Programming charges	$ 0	$ 0	$ 0	$ 1,120	$ 0	$ 1,118
Content impairment				909
Development cost write-offs and contract termination costs				$ 209

VARIABLE INTEREST ENTITIES

9 Months Ended

Sep. 30, 2025

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.


	Successor			Predecessor
		At			At
	September 30, 2025			December 31, 2024
Total assets		$	1,339		$	1,825

Total liabilities		$	225		$	198


	Successor			Predecessor
	Period From August 7 - September 30,			Period From July 1 - August 6,			Three Months Ended September 30,
	2025				2025			2024
Revenues		$	75		$	52		$	131

Operating loss		$	(3)		$	(15)		$	(11)


	Successor			Predecessor
	Period From August 7 - September 30,			Period From January 1 - August 6,			Nine Months Ended September 30,
	2025			2025			2024
Revenues		$	75		$	294		$	398

Operating loss		$	(3)		$	(102)		$	(75)

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, 2024	Aug. 06, 2025	Sep. 30, 2024
Income Statement [Abstract]
Revenues	$ 2,581	$ 4,121	$ 6,731	$ 16,622	$ 21,229
Costs and expenses:
Operating	1,702	2,641	4,342	11,287	13,745
Programming charges	0	0	0	0	1,118
Selling, general and administrative	582	825	1,531	3,526	4,772
Depreciation and amortization	29	226	96	204	297
Impairment charges	0	0	104	157	6,100
Restructuring and transaction-related items	188	185	321	454	595
Total costs and expenses	2,501	3,877	6,394	15,628	26,627
Gain on dispositions	0	0	0	35	0
Operating income (loss)	80	244	337	1,029	(5,398)
Interest expense	(85)	(138)	(209)	(516)	(645)
Interest income	13	24	31	83	111
Loss from investment	0	0	0	0	(4)
Other items, net	(16)	(8)	(39)	(92)	(126)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	(8)	122	120	504	(6,062)
(Provision for) benefit from income taxes	229	(85)	(45)	79	342
Equity in loss of investee companies, net of tax	(31)	(33)	(59)	(171)	(221)
Net earnings (loss) from continuing operations	190	4	16	412	(5,941)
Net earnings from discontinued operations, net of tax	0	0	5	0	14
Net earnings (loss) (Parent and noncontrolling interests)	190	4	21	412	(5,927)
Net earnings attributable to noncontrolling interests	(434)	(17)	(20)	(447)	(39)
Net earnings (loss) attributable to Parent	(244)	(13)	1	(35)	(5,966)
Amounts attributable to Parent:
Net loss from continuing operations	(244)	(13)	(4)	(35)	(5,980)
Net earnings from discontinued operations, net of tax	0	0	5	0	14
Net earnings (loss) attributable to Parent	$ (244)	$ (13)	$ 1	$ (35)	$ (5,966)
Basic net earnings (loss) per common share attributable to Parent:
Net loss from continuing operations (in dollars per share)	$ (0.36)	$ (0.01)	$ (0.01)	$ (0.05)	$ (9.04)
Net earnings from discontinued operations (in dollars per share)	0	0	0.01	0	0.02
Net loss (in dollars per share)	(0.36)	(0.01)	0	(0.05)	(9.02)
Diluted net earnings (loss) per common share attributable to Parent:
Net loss from continuing operations (in dollars per share)	(0.36)	(0.01)	(0.01)	(0.05)	(9.04)
Net earnings from discontinued operations (in dollars per share)	0	0	0.01	0	0.02
Net loss (in dollars per share)	$ (0.36)	$ (0.01)	$ 0	$ (0.05)	$ (9.02)
Weighted average number of common shares outstanding:
Basic (in shares)	675	1,098	667	674	663
Diluted (in shares)	675	1,098	670	674	663

RELATED PARTIES - Schedule of Related Party Transactions (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, 2024	Aug. 06, 2025	Sep. 30, 2024	Dec. 31, 2024
Related Party Transaction [Line Items]
Revenues	$ 2,581	$ 4,121	$ 6,731	$ 16,622	$ 21,229
Operating costs	1,702	2,641	4,342	11,287	13,745
Receivables, net		6,302				$ 6,920
Other assets		2,584				2,828
Related Party
Related Party Transaction [Line Items]
Revenues	28	40	40	198	177
Operating costs	$ 22	30	$ 37	$ 82	$ 74
Receivables, net		178				190
Other assets		$ 96				$ 82

- 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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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, 2024	Aug. 06, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net earnings (loss) (Parent and noncontrolling interests)	$ 190	$ 4	$ 21	$ 412	$ (5,927)
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	(50)	26	88	116	(2)
Decrease to net actuarial loss and prior service costs	4	0	13	25	33
Other comprehensive income (loss), net of tax (Parent and noncontrolling interests)	(46)	26	101	141	31
Comprehensive income (loss)	144	30	122	553	(5,896)
Less: Comprehensive income attributable to noncontrolling interests	433	18	21	448	38
Comprehensive income (loss) attributable to Parent	$ (289)	$ 12	$ 101	$ 105	$ (5,934)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

STOCKHOLDERS’ EQUITY - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions			2 Months Ended		3 Months Ended	7 Months Ended	9 Months Ended
	Aug. 07, 2025 USD ($) $ / shares shares	Apr. 01, 2024 shares	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2025 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares	Aug. 06, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 $ / shares shares	Dec. 31, 2023 shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	100.0
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.001
Preferred stock dividends \| $							$ 14
Tax benefit \| $						$ 8	$ 11
Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Employee
Class of Stock [Line Items]
Shares granted during the period (in shares)				37.0
Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Employee \| Share-Based Payment Arrangement, Tranche One
Class of Stock [Line Items]
Grant date fair value of shares granted \| $				$ 447
Service period over which grants vest				5 years
Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Employee \| Share-Based Payment Arrangement, Tranche Two
Class of Stock [Line Items]
Grant date fair value of shares granted \| $				$ 26
Service period over which grants vest				3 years
NAI Transaction and The Transactions
Class of Stock [Line Items]
Investment by certain affiliates of existing investors, cash \| $			$ 1,520
Skydance Investor Group
Class of Stock [Line Items]
Investment by certain affiliates of existing investors, cash-stock election \| $	$ 4,450
Paramount Skydance Corporation Class B Common Stock
Class of Stock [Line Items]
Common stock, conversion rate						1
Shares issued (in shares)	633.6
Common stock, shares authorized (in shares)	5,500.0
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
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)	285.9
Shares issued (in shares)	3.1
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)	285.9
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]
Stock issuance (in shares)	400.0
Share price (in dollars per share) \| $ / shares	$ 15.00
Warrant issuance (in shares)	200.0
Warrants price (in dollars per share) \| $ / shares	$ 30.50
Warrant expiration period	5 years
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)	316.7
Addition of Skydance (in shares)	313.8
Paramount Skydance Corporation Class A Common Stock
Class of Stock [Line Items]
Common stock, conversion rate						1
Shares issued (in shares)	40.7
Common stock, shares authorized (in shares)	55.0
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
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)	7.2
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)			55.0	55.0				55.0
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001	$ 0.001				$ 0.001
Class A Common Stock \| Shareholders Other Than NAI Equity Investors
Class of Stock [Line Items]
Shares converted (in shares)	2.0
Mandatory Convertible Preferred Stock
Class of Stock [Line Items]
Shares issued (in shares)					0.3
Preferred stock outstanding (in shares)		9.7							10.0
Dividends declared per preferred share (in dollars per share) \| $ / shares					$ 1.4375
Preferred stock dividends \| $					$ 14
Class B Common Stock
Class of Stock [Line Items]
Shares issued (in shares)		11.5
Common stock, shares authorized (in shares)			5,500.0	5,500.0				5,000.0
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001	$ 0.001				$ 0.001
Preferred shares convertible rate		1.1765			1.0013

RESTRUCTURING, TRANSACTION-RELATED ITEMS, AND IMPAIRMENT (Tables)

9 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges and Transaction-Related Costs

During the periods presented we recorded the following restructuring charges and transaction-related items.


	Successor			Predecessor
	Period From August 7 - September 30,			Period From July 1 - August 6,			Three Months Ended September 30,
	2025				2025			2024


Restructuring charges (a)		$	185		$	13		$	288
Transaction-related items		—			175			33

Restructuring and transaction-related items		$	185		$	188		$	321


	Successor				Predecessor
	Period From August 7 - September 30,				Period From January 1 - August 6,				Nine Months Ended September 30,
		2025				2025				2024
Severance (a)			185				$	190			$	513
Exit costs			—				65				31
Restructuring charges			185				255				544
Transaction-related items			—				199				51

Restructuring and transaction-related items			$	185			$	454			$	595

(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 severance 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 2026.


				2025 Activity (Predecessor)					2025 Activity (Successor)
	Balance at December 31, 2024			Charges (a)		Payments and other			Charges (a)		Payments and other			Balance at September 30, 2025
TV Media		$	156	$	141		$	(98)	$	74		$	(32)		$	241
Direct-to-Consumer		36		5			(27)		9			(4)			19
Filmed Entertainment		46		17			(28)		43			(6)			72
Corporate		111		13			(71)		29			(11)			71
Total		$	349	$	176		$	(224)	$	155		$	(53)		$	403

(a) Excludes stock-based compensation expense of $30 million and $14 million for the periods from August 7 - September 30, 2025 (Successor) and January 1 - August 6, 2025 (Predecessor), respectively.

STOCKHOLDERS’ EQUITY - Schedule of Paramount Skydance Issued And Outstanding Stock After Completion Of Transactions (Details) shares in Millions	Aug. 07, 2025 shares	Sep. 30, 2025 shares	Aug. 06, 2025	Dec. 31, 2024 shares
Paramount Skydance Corporation Class A Common Stock
Class of Stock [Line Items]
Issuance of stock as a result of conversion (in shares)	40.7
Total share issuance, net of cancellations	(9.2)
Common stock, shares outstanding (in shares)	31.5
Common stock, shares issued (in shares)	31.5
Common stock, conversion rate			1
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)	(7.2)
Paramount Skydance Corporation Class B Common Stock
Class of Stock [Line Items]
Issuance of stock as a result of conversion (in shares)	633.6
Total share issuance, net of cancellations	431.0
Common stock, shares outstanding (in shares)	1,064.6
Common stock, shares issued (in shares)	1,064.6
Common stock, conversion rate			1
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 \| Shareholders Other Than NAI Equity Investors
Class of Stock [Line Items]
Issuance of stock as a result of conversion (in shares)	3.1
Cancellation of cash-settled stock (in shares)	(285.9)
Common stock, conversion rate	1.5333
Paramount Skydance Corporation Class B Common Stock \| Shareholders Other Than NAI Equity Investors \| Paramount Global
Class of Stock [Line Items]
Issuance of stock as a result of conversion (in shares)	3.1
Common stock, conversion rate	1.5333
Paramount Skydance Corporation Class B Common Stock \| Skydance Investor Group
Class of Stock [Line Items]
Issuance of stock in exchange for proceeds from PIPE transaction (in shares)	400.0
Paramount Skydance Corporation Class B Common Stock \| Skydance Investor Group \| Paramount Global
Class of Stock [Line Items]
Issuance of stock in exchange for proceeds from PIPE transaction (in shares)	318.8
Paramount Skydance Corporation Class B Common Stock \| Skydance Membership Unit And Skydance Phantom Unit Award Holders
Class of Stock [Line Items]
Issuance of stock, net of reduction in connection with tax withholding requirements (in shares)	313.8
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)		32.0		41.0
Class A Common Stock \| Shareholders Other Than NAI Equity Investors
Class of Stock [Line Items]
Shares converted (in shares)	(2.0)
Class A Common Stock \| Shareholders Other Than NAI Equity Investors \| Paramount Global
Class of Stock [Line Items]
Shares converted (in shares)	(2.0)

INCOME TAXES - Schedule of Benefit from Income Taxes (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, 2024	Mar. 31, 2024	Aug. 06, 2025	Sep. 30, 2024
Earnings (Loss) Before Income Taxes
Programming charges (Note 3)	$ 0	$ 0	$ 0	$ (1,120)	$ 0	$ (1,118)
Impairment charges (Note 4)	0	0	(104)		(157)	(6,100)
Restructuring charges (Note 4)	(13)	(185)	(288)		(255)	(544)
Transaction-related items (Note 4)	(175)	0	(33)		(199)	(51)
Loss from investment	0	0	0		0	(4)
Gain on dispositions	0	0	0		35	0
Benefit from (Provision for) Income Taxes
Programming charges (Note 3)			0			275
Impairment charges (Note 4)		0	26		39	375
Restructuring charges (Note 4)	3	30	65		61	117
Transaction-related items (Note 4)	30	0	1		31	4
Loss from investment			0			1
Gain from dispositions		0			(2)
Net discrete tax benefit	73	$ 4	$ 2		$ 64	$ (47)
Deferred Tax Asset, Interest Carryforward
Valuation Allowance [Line Items]
Reversal of valuation allowance	$ 114

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

9 Months Ended

Sep. 30, 2025

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
	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,			Three Months Ended September 30,
	2025				2025			2024		2025				2025			2024
Components of net periodic cost (a):
Service cost		$	—		$	—		$	—		$	—		$	1		$	—
Interest cost		30			21			50			1			—			3
Expected return on plan assets		(19)			(13)			(34)			—			—			—
Amortization of actuarial loss (gain) (b)		—			7			20			—			(2)			(4)

Net periodic cost		$	11		$	15		$	36		$	1		$	(1)		$	(1)


	Pension Benefits									Postretirement Benefits
	Successor			Predecessor						Successor			Predecessor
	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,			Nine Months Ended September 30,
	2025			2025			2024			2025			2025			2024
Components of net periodic cost (a):
Service cost		$	—		$	—		$	—		$	—		$	1		$	—
Interest cost		30			120			149			1			5			8
Expected return on plan assets		(19)			(77)			(102)			—			—			—
Amortization of actuarial loss (gain) (b)		—			44			60			—			(11)			(13)
Net periodic cost		$	11		$	87		$	107		$	1		$	(5)		$	(5)

(a) Amounts reflect our domestic plans only.

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

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Derivative [Line Items]
Carrying value of notes and debentures	$ 13,630	$ 14,500
Fair value of debt	13,900	13,300
Investments without readily determinable fair value	$ 95	86
Foreign exchange contract \| Cash Flow Hedging
Derivative [Line Items]
Maximum derivative contract term (up to)	24 months
Notional amount of derivative	$ 2,920	2,750
Foreign exchange contract \| Cash Flow Hedging \| Future Production Costs
Derivative [Line Items]
Notional amount of derivative	2,500	2,390
Foreign exchange contract \| Cash Flow Hedging \| Other Foreign Currency
Derivative [Line Items]
Notional amount of derivative	$ 419	$ 358

PUSHDOWN OF ULTIMATE PARENT'S BASIS - Adjustment to Ultimate Parent’s Basis (Details) - USD ($) $ in Millions	Aug. 07, 2025	Sep. 30, 2025	Dec. 31, 2024
Assets:
Goodwill		$ 984	$ 10,508
NAI Transaction and The Transactions
Assets:
Cash and cash equivalents	$ 3,977
Receivables, net	5,980
Programming and other inventory, current	1,970
Prepaid expenses and other current assets	1,641
Property and equipment, net	2,118
Programming and other inventory, noncurrent	13,599
Goodwill	947
Intangible assets, net	6,748
Operating lease assets	875
Deferred income tax assets, net	1,200
Other noncurrent assets	2,470
Total assets	41,525
Liabilities:
Long-term debt	13,619
Pension and postretirement benefit obligations	1,390
Deferred income tax liabilities, net	306
Operating lease liabilities	1,219
Programming obligations	2,017
Other liabilities	10,137
Total liabilities	28,688
Noncontrolling interests	1,249
Paramount Global basis at August 7, 2025	11,588
Decrease to book value for programming and other inventory, noncurrent	$ 131
Estimated weighted average straight-line amortization period (in years)	16 years 7 months 6 days
Unfavorable contractual arrangements liabilities	$ 568
Contingent liabilities	1,300
NAI Transaction and The Transactions \| Land and Building
Liabilities:
Increase to book value for property and equipment, net	637
NAI Transaction and The Transactions \| FCC and other broadcasting licenses
Assets:
Intangible assets, net	$ 2,555
Liabilities:
Estimated weighted average straight-line amortization period (in years)	30 years
NAI Transaction and The Transactions \| Trade names
Assets:
Intangible assets, net	$ 1,513
Liabilities:
Estimated weighted average straight-line amortization period (in years)	17 years 3 months 18 days
NAI Transaction and The Transactions \| Affiliate relationships
Assets:
Intangible assets, net	$ 1,016
Liabilities:
Estimated weighted average straight-line amortization period (in years)	2 years 7 months 6 days
NAI Transaction and The Transactions \| Subscriber relationships
Assets:
Intangible assets, net	$ 1,080
Liabilities:
Estimated weighted average straight-line amortization period (in years)	2 years
NAI Transaction and The Transactions \| Franchises
Assets:
Intangible assets, net	$ 326
Liabilities:
Estimated weighted average straight-line amortization period (in years)	10 years
NAI Transaction and The Transactions \| Developed technology
Assets:
Intangible assets, net	$ 258
Liabilities:
Estimated weighted average straight-line amortization period (in years)	3 years

PROGRAMMING AND OTHER INVENTORY

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

PROGRAMMING AND OTHER INVENTORY

The following table presents our programming and other inventory at September 30, 2025 and December 31, 2024, grouped by type and predominant monetization strategy.


	Successor			Predecessor
		At			At
	September 30, 2025			December 31, 2024
Film Group Monetization:
Licensed program rights, including prepaid sports rights		$	3,058		$	3,168
Produced television and film programming:
Released		9,128			6,847
In process and other		2,124			2,292

Individual Monetization:
Produced television and film programming:
Released		938			1,823
Completed, not yet released		126			42
In process and other		1,826			1,155
Home entertainment		6			26
Game development		19			—
Total programming and other inventory		17,225			15,353
Less current portion		1,776			1,429
Total noncurrent programming and other inventory		$	15,449		$	13,924

The following tables present amortization of our television and film programming and production costs, which is included within “Operating expenses” on the Consolidated Statements of Operations.


	Successor			Predecessor
	Period From August 7 - September 30,			Period From July 1 - August 6,			Three Months Ended September 30,
	2025				2025			2024
Licensed program rights		$	743		$	333		$	1,068

Produced television and film programming, and acquired libraries:
Individual monetization		$	264		$	125		$	405
Film group monetization		$	610		$	522		$	1,158


	Successor				Predecessor
	Period From August 7 - September 30,				Period From January 1 - August 6,				Nine Months Ended September 30,
		2025				2025				2024
Licensed program rights			$	743			$	2,961			$	3,916

Produced television and film programming, and acquired libraries:
Individual monetization			$	264			$	810			$	1,073
Film group monetization			$	610			$	3,193			$	3,498

Programming Charges (Predecessor)

Programming charges totaling $1.12 billion recorded during the first quarter of 2024 were the result of major changes in content strategy. These changes, which were made in connection with a shift to a global programming strategy, resulted in the removal of significant levels of content from our platforms, abandonment of development projects, and termination of programming agreements, particularly internationally, including locally-produced content and domestic titles that no longer aligned with a shift to a global programming strategy. The removal of this content from our platforms was a triggering event that required an assessment of whether the affected programming assets were impaired. This impairment review compared the current carrying value of each title with its fair value, which considered (1) that the titles were no longer being utilized on our platforms and there was no intention to use the titles on our platforms in the future and (2) the estimated future cash flows associated with any anticipated licensing of the titles to third parties, which was minimal. The programming charges were comprised of $909 million for the impairment of content to its estimated fair value, as well as $209 million for development cost write-offs and contract termination costs.

VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2025

Variable Interest Entity Disclosure [Abstract]

Schedule of Variable Interest Entities

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


	Successor			Predecessor
		At			At
	September 30, 2025			December 31, 2024
Total assets		$	1,339		$	1,825

Total liabilities		$	225		$	198


	Successor			Predecessor
	Period From August 7 - September 30,			Period From July 1 - August 6,			Three Months Ended September 30,
	2025				2025			2024
Revenues		$	75		$	52		$	131

Operating loss		$	(3)		$	(15)		$	(11)


	Successor			Predecessor
	Period From August 7 - September 30,			Period From January 1 - August 6,			Nine Months Ended September 30,
	2025			2025			2024
Revenues		$	75		$	294		$	398

Operating loss		$	(3)		$	(102)		$	(75)

- 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

PENSION AND OTHER POSTRETIREMENT BENEFITS

9 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFITS


	Pension Benefits									Postretirement Benefits
	Successor			Predecessor						Successor			Predecessor
	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,			Three Months Ended September 30,
	2025				2025			2024		2025				2025			2024
Components of net periodic cost (a):
Service cost		$	—		$	—		$	—		$	—		$	1		$	—
Interest cost		30			21			50			1			—			3
Expected return on plan assets		(19)			(13)			(34)			—			—			—
Amortization of actuarial loss (gain) (b)		—			7			20			—			(2)			(4)

Net periodic cost		$	11		$	15		$	36		$	1		$	(1)		$	(1)


	Pension Benefits									Postretirement Benefits
	Successor			Predecessor						Successor			Predecessor
	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,			Nine Months Ended September 30,
	2025			2025			2024			2025			2025			2024
Components of net periodic cost (a):
Service cost		$	—		$	—		$	—		$	—		$	1		$	—
Interest cost		30			120			149			1			5			8
Expected return on plan assets		(19)			(77)			(102)			—			—			—
Amortization of actuarial loss (gain) (b)		—			44			60			—			(11)			(13)
Net periodic cost		$	11		$	87		$	107		$	1		$	(5)		$	(5)

(a) Amounts reflect our domestic plans only.

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

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCKHOLDERS’ EQUITY

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

STOCKHOLDERS’ EQUITY

Impact from the Transactions— Common Stock

On August 6, 2025, each share of Paramount Global common stock that was owned by Paramount Global as treasury stock was cancelled and ceased to exist, and each issued and outstanding share of Paramount Global Class A Common Stock and Paramount Global Class B Common Stock was converted automatically into the right to receive one share of Paramount Skydance Corporation Class A Common Stock and Paramount Skydance Corporation Class B Common Stock, respectively. Additionally, at the closing of the Transactions, all outstanding Paramount Global RSU awards and PSU awards were converted to Paramount RSU awards.

The Transactions included a cash-stock election offered to holders of Paramount Global pursuant to which (a) shares of Paramount Global Class A Common Stock held by stockholders other than NAI or its subsidiaries were converted, at the stockholders’ election, into the right to receive either the Class A Cash Consideration or the Class A Stock Consideration and (b) shares of Paramount Global Class B Common Stock held by stockholders other than NAI or its subsidiaries, the NAI Equity Investors and certain other affiliates of investors in Skydance were converted, at the stockholders’ election, into the right to receive the Class B Cash Consideration (subject to proration) or the Class B Stock Consideration. The elections resulted in cash settlement of 7.2 million shares of Paramount Global Class A Common Stock at a price of $23.00 per share and cash settlement of 285.9 million shares of Paramount Global Class B Common Stock at a price of $15.00 per share for which holders of the shares elected to receive the Class A Cash Consideration and Class B Cash Consideration, respectively. In addition, holders of 2.0 million shares of Paramount Global Class A Common Stock elected to receive the Class A Stock Consideration or made no election, and as such received shares of Paramount Skydance Corporation Class B

Common Stock at a conversion rate of 1.5333, resulting in the issuance of 3.1 million shares of Paramount Skydance Corporation Class B Common Stock. Elections made for the Class B Cash Consideration were subject to a proration mechanism. Shares of Paramount Global Class B Common Stock for which elections to receive Class B Cash Consideration were not made or were validly revoked remained issued and outstanding as one share of Paramount Skydance Corporation Class B Common Stock. Shares of Paramount Global Class A Common Stock and Paramount Global Class B Common Stock were cancelled and ceased to exist upon completion of the Transactions.

The cash elections were funded by $4.45 billion of the PIPE Transaction proceeds, and the remaining $1.52 billion was provided to Paramount. In exchange for these proceeds, the NAI Equity Investors and certain other affiliates of investors in Skydance received 400 million newly issued shares of Paramount Skydance Corporation Class B Common Stock for a purchase price of $15.00 per share, and the NAI Equity Investors also received warrants to purchase 200 million shares of Paramount Skydance Corporation Class B Common Stock at an initial exercise price of $30.50 per share (subject to customary anti-dilution adjustments), which expire five years after issuance.

In addition, 316.7 million shares (313.8 million shares after reduction in connection with certain tax withholding requirements) of Paramount Skydance Corporation Class B Common Stock were issued to holders of Skydance Membership Units and Skydance Phantom Unit awards.

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 Transactions.


(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 in exchange for proceeds from the PIPE Transaction		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 Transactions	31.5	1,064.6

Under the amended and restated certificate of incorporation, Paramount Skydance Corporation is authorized to issue up to 55 million shares of Paramount Skydance Corporation Class A Common Stock, par value of $.001 per share; 5.50 billion shares of Paramount Skydance Corporation Class B Common Stock, par value of $.001 per share; and 100 million shares of preferred stock, par value of $.001 per share.

Common Stock Dividends

The following tables present dividends declared per share and total dividends for Paramount Skydance Corporation Class B Common Stock for the Successor period and Paramount Global’s Class A and Class B Common Stock for the Predecessor periods.


	Successor			Predecessor
	Period From August 7 - September 30,			Period From July 1 - August 6,		Three Months Ended September 30,
		2025			2025		2024
Class A and Class B Common Stock
Dividends declared per common share		$	.05		n/a		$	.05

Total common stock dividends		$	58		n/a		$	35

n/a - not applicable


	Successor			Predecessor
	Period From August 7 - September 30,			Period From January 1 - August 6,			Nine Months Ended September 30,
		2025			2025			2024
Class A and Class B Common Stock
Dividends declared per common share		$	.05		$	.10		$	.15

Total common stock dividends		$	58		$	70		$	104

Mandatory Convertible Preferred Stock (Predecessor)

At December 31, 2023, there were 10 million shares of Paramount Global Mandatory Convertible Preferred Stock outstanding. During the first quarter of 2024, 0.3 million shares of Mandatory Convertible Preferred Stock were voluntarily converted into Paramount Global Class B Common Stock at a conversion rate of 1.0013 shares. On April 1, 2024, each of the remaining 9.7 million outstanding shares automatically and mandatorily converted into 1.1765 shares of Paramount Global Class B Common Stock, resulting in the issuance of 11.5 million shares.

During the first quarter of 2024, the final dividend on the Mandatory Convertible Preferred Stock was declared, at a rate of $1.4375 per share, resulting in total dividends of $14 million, which were paid on April 1, 2024.

RSU Grants (Successor)

During the period from August 7 - September 30, 2025, new RSU awards totaling 37 million shares were granted to certain senior executives. Shares with a grant date fair value of $447 million will vest in equal quarterly installments over a five-year period and shares with a grant date fair value of $26 million will vest in equal quarterly installments over a three-year period.

Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in the components of accumulated other comprehensive income (loss).


	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Accumulated Other Comprehensive Income (Loss)
At December 31, 2024 (Predecessor)		$	(657)		$	(947)			$	(1,604)
Other comprehensive income before reclassifications		115			—				115
Reclassifications to net earnings		—			25		(a)		25
Other comprehensive income		115			25				140
At August 6, 2025 (Predecessor)		$	(542)		$	(922)			$	(1,464)


Adjustments to Paramount Global’s basis		542			922				1,464
At August 7, 2025 (Successor)		$	—		$	—			$	—
Other comprehensive income before reclassifications		25			—				25

Other comprehensive income		25			—				25
At September 30, 2025 (Successor)		$	25		$	—			$	25



	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Accumulated Other Comprehensive Loss
At December 31, 2023 (Predecessor)		$	(504)		$	(1,052)			$	(1,556)
Other comprehensive loss before reclassifications		(1)			—				(1)
Reclassifications to net loss		—			33		(a)		33
Other comprehensive income (loss)		(1)			33				32
At September 30, 2024 (Predecessor)		$	(505)		$	(1,019)			$	(1,524)

(a) Reflects amortization of net actuarial losses (see Note 12).

The net actuarial loss and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income (loss) is net of a tax benefit of $8 million for the period from January 1 - August 6, 2025 (Predecessor) and $11 million for the nine months ended September 30, 2024 (Predecessor).

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

DEBT - Schedule of Debt (Details) - USD ($) $ in Millions	Aug. 07, 2025	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]		Total long-term debt, net of current portion, Less current portion	Total long-term debt, net of current portion, Less current portion
Present value of minimum payments		$ 3	$ 0
Total debt		13,633	14,501
Less current portion		347	0
Total long-term debt, net of current portion		13,286	14,501
Decrease to total debt balance	$ 898
Reversal of net unamortized discount	390
Reversal of unamortized deferred financing fees	71
Net unamortized discount on senior and junior subordinated debt	$ 1,360	1,350	401
Unamortized deferred financing costs			74
Face value of debt		$ 14,980	14,980
4.0% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate (in percent)		4.00%
Carrying value of senior debt		$ 346	346
3.70% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate (in percent)		3.70%
Carrying value of senior debt		$ 85	86
2.90% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate (in percent)		2.90%
Carrying value of senior debt		$ 571	582
3.375% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate (in percent)		3.375%
Carrying value of senior debt		$ 486	498
3.70% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate (in percent)		3.70%
Carrying value of senior debt		$ 488	496
4.20% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate (in percent)		4.20%
Carrying value of senior debt		$ 488	496
7.875% Senior Debentures due 2030
Debt Instrument [Line Items]
Stated interest rate (in percent)		7.875%
Carrying value of senior debt		$ 919	829
4.95% Senior Notes due 2031
Debt Instrument [Line Items]
Stated interest rate (in percent)		4.95%
Carrying value of senior debt		$ 1,220	1,232
4.20% Senior Notes due 2032
Debt Instrument [Line Items]
Stated interest rate (in percent)		4.20%
Carrying value of senior debt		$ 917	980
5.50% Senior Debentures due 2033
Debt Instrument [Line Items]
Stated interest rate (in percent)		5.50%
Carrying value of senior debt		$ 417	428
4.85% Senior Debentures due 2034
Debt Instrument [Line Items]
Stated interest rate (in percent)		4.85%
Carrying value of senior debt		$ 75	87
6.875% Senior Debentures due 2036
Debt Instrument [Line Items]
Stated interest rate (in percent)		6.875%
Carrying value of senior debt		$ 1,120	1,072
6.75% Senior Debentures due 2037
Debt Instrument [Line Items]
Stated interest rate (in percent)		6.75%
Carrying value of senior debt		$ 75	76
5.90% Senior Notes due 2040
Debt Instrument [Line Items]
Stated interest rate (in percent)		5.90%
Carrying value of senior debt		$ 271	298
4.50% Senior Debentures due 2042
Debt Instrument [Line Items]
Stated interest rate (in percent)		4.50%
Carrying value of senior debt		$ 34	45
4.85% Senior Notes due 2042
Debt Instrument [Line Items]
Stated interest rate (in percent)		4.85%
Carrying value of senior debt		$ 399	490
4.375% Senior Debentures due 2043
Debt Instrument [Line Items]
Stated interest rate (in percent)		4.375%
Carrying value of senior debt		$ 1,073	1,146
4.875% Senior Debentures due 2043
Debt Instrument [Line Items]
Stated interest rate (in percent)		4.875%
Carrying value of senior debt		$ 14	18
5.85% Senior Debentures due 2043
Debt Instrument [Line Items]
Stated interest rate (in percent)		5.85%
Carrying value of senior debt		$ 1,101	1,235
5.25% Senior Debentures due 2044
Debt Instrument [Line Items]
Stated interest rate (in percent)		5.25%
Carrying value of senior debt		$ 274	345
4.90% Senior Notes due 2044
Debt Instrument [Line Items]
Stated interest rate (in percent)		4.90%
Carrying value of senior debt		$ 430	542
4.60% Senior Notes due 2045
Debt Instrument [Line Items]
Stated interest rate (in percent)		4.60%
Carrying value of senior debt		$ 450	591
4.95% Senior Notes due 2050
Debt Instrument [Line Items]
Stated interest rate (in percent)		4.95%
Carrying value of senior debt		$ 761	950
6.25% Junior Subordinated Debentures due 2057
Debt Instrument [Line Items]
Stated interest rate (in percent)		6.25%
Junior subordinated debentures		$ 627	644
6.375% Junior Subordinated Debentures due 2062
Debt Instrument [Line Items]
Stated interest rate (in percent)		6.375%
Junior subordinated debentures		$ 989	$ 989

RELATED PARTIES - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		2 Months Ended
	Aug. 07, 2025	Sep. 30, 2025
Related Party
Related Party Transaction [Line Items]
Present value of minimum payments		$ 191.0
Operating lease cost		4.0
NAI Equity Investors \| Paramount Skydance Corporation Class B Common Stock
Related Party Transaction [Line Items]
Warrant issuance (in shares)	200
Warrants price (in dollars per share)	$ 30.50
Warrant expiration period	5 years
Ellison Family \| Paramount Skydance Corporation Class A Common Stock
Related Party Transaction [Line Items]
Sale of stock, percentage of ownership after transaction	77.50%
Ellison Family \| Paramount Skydance Corporation Class B Common Stock
Related Party Transaction [Line Items]
Warrant issuance (in shares)	155
Warrants price (in dollars per share)	$ 30.50
Warrant expiration period	5 years
Oracle \| Software as a Service (SaaS) Agreements \| Related Party
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		$ 2.0

SEGMENT INFORMATION - Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) (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, 2024	Mar. 31, 2024	Aug. 06, 2025	Sep. 30, 2024
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Revenues	$ 2,581	$ 4,121	$ 6,731		$ 16,622	$ 21,229
Total costs and expenses	2,501	3,877	6,394		15,628	26,627
Stock-based compensation		(59)			(113)	(175)
Depreciation and amortization	(29)	(226)	(96)		(204)	(297)
Programming charges	0	0	0	$ (1,120)	0	(1,118)
Impairment charges (Note 4)	0	0	(104)		(157)	(6,100)
Restructuring and transaction-related items	(188)	(185)	(321)		(454)	(595)
Gain on dispositions	0	0	0		35	0
Operating income (loss)	80	244	337		1,029	(5,398)
Interest expense	(85)	(138)	(209)		(516)	(645)
Interest income	13	24	31		83	111
Loss from investment	0	0	0		0	(4)
Other items, net	(16)	(8)	(39)		(92)	(126)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	(8)	122	120		504	(6,062)
(Provision for) benefit from income taxes	229	(85)	(45)		79	342
Equity in loss of investee companies, net of tax	(31)	(33)	(59)		(171)	(221)
Net earnings (loss) from continuing operations	190	4	16		412	(5,941)
Net earnings from discontinued operations, net of tax	0	0	5		0	14
Net earnings (loss) (Parent and noncontrolling interests)	190	4	21		412	(5,927)
Net earnings attributable to noncontrolling interests	(434)	(17)	(20)		(447)	(39)
Net earnings (loss) attributable to Parent	(244)	(13)	1		(35)	(5,966)
Operating Segments \| TV Media
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Revenues	1,428	2,368	4,298		9,977	13,800
Content costs	657	1,109	2,066		4,956	6,528
Advertising and marketing	59	62	164		328	444
Other	430	657	1,132		2,626	3,429
Total costs and expenses	1,146	1,828	3,362		7,910	10,401
Adjusted OIBDA	282	540	936		2,067	3,399
Operating Segments \| Direct-to-Consumer
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Revenues	883	1,284	1,860		5,087	5,619
Content costs	412	545	961		2,712	3,176
Advertising and marketing	114	153	259		749	871
Other	252	351	591		1,473	1,783
Total costs and expenses	778	1,049	1,811		4,934	5,830
Adjusted OIBDA	105	235	49		153	(211)
Operating Segments \| Filmed Entertainment
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Revenues	276	480	590		1,593	1,874
Content costs	131	337	274		846	905
Advertising and marketing	106	54	145		417	470
Other	75	102	168		430	553
Total costs and expenses	312	493	587		1,693	1,928
Adjusted OIBDA	(36)	(13)	3		(100)	(54)
Eliminations
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Revenues	(6)	(11)	(17)		(35)	(64)
Adjusted OIBDA	(38)	(78)	(84)		(212)	(281)
Eliminations \| TV Media
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Revenues	(3)	(3)	(5)		(20)	(22)
Eliminations \| Filmed Entertainment
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Revenues	(3)	(8)	(12)		(15)	(42)
Segment Reconciling Items
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Stock-based compensation	(16)	(29)	(46)		(99)	(141)
Depreciation and amortization	(29)	(226)	(96)		(204)	(297)
Programming charges		0			0	(1,118)
Impairment charges (Note 4)	0	0	(104)		(157)	(6,100)
Restructuring and transaction-related items	(188)	(185)	(321)		(454)	(595)
Gain on dispositions		0			35	0
Segment Reconciling Items \| Restructuring And Transaction-Related Items
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)
Stock-based compensation	$ (10)	$ (30)	$ (20)		$ (14)	$ (34)

SUPPLEMENTAL FINANCIAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2025

Additional Financial Information Disclosure [Abstract]

Schedule of Supplemental Cash Flow Information

Supplemental Cash Flow Information


	Successor			Predecessor
	Period From August 7 - September 30,			Period From January 1 - August 6,			Nine Months Ended September 30,
	2025			2025			2024
Cash paid for interest		$	148		$	524		$	676


Cash paid for income taxes		$	11		$	201		$	68


Noncash additions to operating lease assets		$	1		$	82		$	76

PROGRAMMING AND OTHER INVENTORY - Schedule of Programming and Other Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Inventory [Line Items]
Licensed program rights, including prepaid sports rights, film group monetization	$ 3,058	$ 3,168
Home entertainment, individual monetization	6	26
Game development, individual monetization	19	0
Total programming and other inventory	17,225	15,353
Less current portion	1,776	1,429
Total noncurrent programming and other inventory	15,449	13,924
Produced television and film programming
Inventory [Line Items]
Released, film group monetization	9,128	6,847
In process and other, film group monetization	2,124	2,292
Released, individual monetization	938	1,823
Completed, not yet released, individual monetization	126	42
In process and other, individual monetization	$ 1,826	$ 1,155

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2025

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”), who is the Company’s Chief Strategy Officer and Chief Operating Officer, Andrew Gordon. We are in the process of transitioning our reporting structure into three new segments: Studios, Direct-to-Consumer, and TV Media, which will be completed and reflected in our Quarterly Report on Form 10-Q for the first quarter of 2026. The following is a description of our current segments:

•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, Network 10, Channel 5, and Chilevisión; (2) domestic premium and basic cable networks, including Paramount+ with Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, CBS Sports Network, and international extensions of certain of these brands; and (3) domestic and international television studio operations, including CBS Studios and Paramount Television Studios, as well as CBS Media Ventures, which produces and distributes first-run syndicated programming. TV Media also includes a number of digital properties such as CBS News Streaming for 24 hour news and CBS Sports HQ for sports news and analysis.

•Direct-to-Consumer—Our Direct-to-Consumer segment includes our portfolio of domestic and international pay and free streaming services, including Paramount+, Pluto TV, and BET+.

•Filmed Entertainment—Our Filmed Entertainment segment consists of Paramount Pictures, Skydance’s Animation, Film, Television, Interactive/Games, and Sports divisions, Paramount Players, Paramount Animation, Nickelodeon Studio, Awesomeness, and Miramax.

We present operating income excluding depreciation and amortization, stock-based compensation, impairment charges, restructuring charges, transaction-related items, programming charges, and gain on dispositions, each where applicable (“Adjusted OIBDA”), as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting. Programming charges consist only of charges related to major strategic changes (see Note 3), and do not include impairment charges that occur as part of our normal operations, which are recorded within content costs in the tables below, where applicable, and are not excluded in Adjusted OIBDA. Stock-based compensation is excluded from our segment measure of profit and loss because it is set and approved by our Board of Directors in consultation with corporate executive management. 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
	Period From August 7 - September 30,			Period From July 1 - August 6,			Three Months Ended September 30,
	2025				2025			2024
Revenues:
Advertising		$	980		$	485		$	1,666
Affiliate and subscription		1,044			696			1,872
Licensing and other		344			247			760
TV Media		2,368			1,428			4,298
Advertising		300			179			507
Subscription		983			704			1,343
Licensing		1			—			10
Direct-to-Consumer		1,284			883			1,860
Theatrical		39			73			108
Licensing and other		440			202			480
Advertising		1			1			2
Filmed Entertainment		480			276			590
Eliminations		(11)			(6)			(17)
Total Revenues		$	4,121		$	2,581		$	6,731


	Successor				Predecessor
	Period From August 7 - September 30,				Period From January 1 - August 6,				Nine Months Ended September 30,
		2025				2025				2024
Revenues:
Advertising			$	980			$	4,180			$	5,981
Affiliate and subscription			1,044				4,302				5,778
Licensing and other			344				1,495				2,041
TV Media			2,368				9,977				13,800
Advertising			300				1,146				1,540
Subscription			983				3,940				4,069
Licensing			1				1				10
Direct-to-Consumer			1,284				5,087				5,619
Theatrical			39				475				399
Licensing and other			440				1,112				1,465
Advertising			1				6				10
Filmed Entertainment			480				1,593				1,874
Eliminations			(11)				(35)				(64)
Total Revenues			$	4,121			$	16,622			$	21,229

Schedule of Intercompany Revenues by Segment


	Successor			Predecessor
	Period From August 7 - September 30,			Period From July 1 - August 6,			Three Months Ended September 30,
	2025				2025			2024
Intercompany Revenues:
TV Media		$	3		$	3		$	5

Filmed Entertainment		8			3			12
Total Intercompany Revenues		$	11		$	6		$	17


	Successor				Predecessor
	Period From August 7 - September 30,				Period From January 1 - August 6,				Nine Months Ended September 30,
		2025				2025				2024
Intercompany Revenues:
TV Media			$	3			$	20			$	22

Filmed Entertainment			8				15				42
Total Intercompany Revenues			$	11			$	35			$	64

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


	Successor			Predecessor
	Period From August 7 - September 30,			Period From July 1 - August 6,			Three Months Ended September 30,
	2025				2025			2024
TV Media
Revenues		$	2,368		$	1,428		$	4,298

Content costs		1,109			657			2,066
Advertising and marketing		62			59			164
Other (a)		657			430			1,132
Total segment expenses		1,828			1,146			3,362

TV Media Adjusted OIBDA		540			282			936
Direct-to-Consumer
Revenues		1,284			883			1,860

Content costs		545			412			961
Advertising and marketing		153			114			259
Other (b)		351			252			591
Total segment expenses		1,049			778			1,811

Direct-to-Consumer Adjusted OIBDA		235			105			49
Filmed Entertainment
Revenues		480			276			590

Content costs		337			131			274
Advertising and marketing		54			106			145
Other (c)		102			75			168
Total segment expenses		493			312			587

Filmed Entertainment Adjusted OIBDA		(13)			(36)			3
Corporate/Eliminations		(78)			(38)			(84)
Stock-based compensation (d)		(29)			(16)			(46)
Depreciation and amortization		(226)			(29)			(96)

Impairment charges		—			—			(104)
Restructuring and transaction-related items (d)		(185)			(188)			(321)

Operating income		244			80			337
Interest expense		(138)			(85)			(209)
Interest income		24			13			31


Other items, net		(8)			(16)			(39)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies		122			(8)			120
(Provision for) benefit from income taxes		(85)			229			(45)
Equity in loss of investee companies, net of tax		(33)			(31)			(59)
Net earnings from continuing operations		4			190			16
Net earnings from discontinued operations, net of tax		—			—			5
Net earnings (Parent and noncontrolling interests)		4			190			21
Net earnings attributable to noncontrolling interests		(17)			(434)			(20)
Net earnings (loss) attributable to Parent		$	(13)		$	(244)		$	1


	Successor				Predecessor
	Period From August 7 - September 30,				Period From January 1 - August 6,				Nine Months Ended September 30,
		2025				2025				2024
TV Media
Revenues			$	2,368			$	9,977			$	13,800

Content costs			1,109				4,956				6,528
Advertising and marketing			62				328				444
Other (a)			657				2,626				3,429
Total segment expenses			1,828				7,910				10,401

TV Media Adjusted OIBDA			540				2,067				3,399
Direct-to-Consumer
Revenues			1,284				5,087				5,619

Content costs			545				2,712				3,176
Advertising and marketing			153				749				871
Other (b)			351				1,473				1,783
Total segment expenses			1,049				4,934				5,830

Direct-to-Consumer Adjusted OIBDA			235				153				(211)
Filmed Entertainment
Revenues			480				1,593				1,874

Content costs			337				846				905
Advertising and marketing			54				417				470
Other (c)			102				430				553
Total segment expenses			493				1,693				1,928

Filmed Entertainment Adjusted OIBDA			(13)				(100)				(54)
Corporate/Eliminations			(78)				(212)				(281)
Stock-based compensation (d)			(29)				(99)				(141)
Depreciation and amortization			(226)				(204)				(297)
Programming charges			—				—				(1,118)
Impairment charges			—				(157)				(6,100)
Restructuring and transaction-related items (d)			(185)				(454)				(595)
Gain on dispositions			—				35				—
Operating income (loss)			244				1,029				(5,398)
Interest expense			(138)				(516)				(645)
Interest income			24				83				111
Loss from investment			—				—				(4)

Other items, net			(8)				(92)				(126)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies			122				504				(6,062)
(Provision for) benefit from income taxes			(85)				79				342
Equity in loss of investee companies, net of tax			(33)				(171)				(221)
Net earnings (loss) from continuing operations			4				412				(5,941)
Net earnings from discontinued operations, net of tax			—				—				14
Net earnings (loss) (Parent and noncontrolling interests)			4				412				(5,927)
Net earnings attributable to noncontrolling interests			(17)				(447)				(39)
Net loss attributable to Parent			$	(13)			$	(35)			$	(5,966)

(a) Other segment expenses for our TV Media segment 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.

(b) Other segment expenses for our Direct-to-Consumer segment 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 Filmed Entertainment segment 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.

(d) For the Successor period from August 7 - September 30, 2025, and the Predecessor periods from July 1 - August 6, 2025 and January 1 - August 6, 2025, stock-based compensation expense of $30 million, $10 million, and $14 million, respectively, is included in “Restructuring and transaction-related items.” For the Predecessor periods in 2024, stock-based compensation expense of $20 million and $34 million, respectively, is included in “Restructuring and transaction-related items.”

DEBT (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The table below details our debt, which was recorded at its fair value as of the closing date of the Transactions and the NAI Transaction on August 7, 2025 (see Note 2). Paramount Global is the issuer of all of the senior and junior debt in the table below. Upon the closing of the Transactions, Paramount Skydance Corporation provided a full and unconditional parent guarantee of Paramount Global’s senior and junior debt.


	Successor (a)			Predecessor
	At			At
	September 30, 2025			December 31, 2024
4.0% Senior Notes due 2026		$	346		$	346
3.70% Senior Notes due 2026		85			86
2.90% Senior Notes due 2027		571			582
3.375% Senior Notes due 2028		486			498
3.70% Senior Notes due 2028		488			496
4.20% Senior Notes due 2029		488			496
7.875% Senior Debentures due 2030		919			829
4.95% Senior Notes due 2031		1,220			1,232
4.20% Senior Notes due 2032		917			980
5.50% Senior Debentures due 2033		417			428
4.85% Senior Debentures due 2034		75			87
6.875% Senior Debentures due 2036		1,120			1,072
6.75% Senior Debentures due 2037		75			76
5.90% Senior Notes due 2040		271			298
4.50% Senior Debentures due 2042		34			45
4.85% Senior Notes due 2042		399			490
4.375% Senior Debentures due 2043		1,073			1,146
4.875% Senior Debentures due 2043		14			18
5.85% Senior Debentures due 2043		1,101			1,235
5.25% Senior Debentures due 2044		274			345
4.90% Senior Notes due 2044		430			542
4.60% Senior Notes due 2045		450			591
4.95% Senior Notes due 2050		761			950
6.25% Junior Subordinated Debentures due 2057		627			644
6.375% Junior Subordinated Debentures due 2062		989			989

Obligations under finance leases		3			—
Total debt (b)		13,633			14,501
Less current portion		347			—
Total long-term debt, net of current portion		$	13,286		$	14,501

(a) In connection with the Pushdown of the Ultimate Parent’s basis, our debt was recorded at fair value, which resulted in a decrease to our total debt balance of $898 million, reflecting the reversal of a net unamortized discount of $390 million and unamortized deferred financing fees of $71 million, and a reduction of $1.36 billion to adjust our debt to its fair value. The adjustments to fair value for each of our senior and junior debt issuances will be amortized over the remaining term of the applicable issuance within interest expense (see Note 2).

(b) At September 30, 2025 (Successor), our senior and junior debt balances were net of unamortized fair value adjustments totaling $1.35 billion. At December 31, 2024 (Predecessor), the senior and junior debt balances included a net unamortized discount of $401 million and unamortized deferred financing costs of $74 million. The face value of our total debt at both September 30, 2025 (Successor) and December 31, 2024 (Predecessor) was $14.98 billion.

REVENUES - Schedule of Disaggregation of Revenue (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, 2024	Aug. 06, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total Revenues	$ 2,581	$ 4,121	$ 6,731	$ 16,622	$ 21,229
Advertising
Disaggregation of Revenue [Line Items]
Total Revenues	664	1,280	2,174	5,329	7,521
Affiliate and subscription
Disaggregation of Revenue [Line Items]
Total Revenues	1,400	2,027	3,215	8,242	9,847
Theatrical
Disaggregation of Revenue [Line Items]
Total Revenues	73	39	108	475	399
Licensing and other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 444	$ 775	$ 1,234	$ 2,576	$ 3,462

- 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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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, 2024
Operating Activities:
Net earnings (loss) (Parent and noncontrolling interests)	$ 4	$ 412	$ (5,927)
Less: Net earnings from discontinued operations, net of tax	0	0	14
Net earnings (loss) from continuing operations	4	412	(5,941)
Adjustments to reconcile net earnings (loss) from continuing operations to net cash flow provided by operating activities:
Programming charges	0	0	1,118
Depreciation and amortization	226	204	297
Impairment charges	0	157	6,100
Deferred tax (benefit) provision	27	(401)	(622)
Stock-based compensation	59	113	175
Gain on dispositions	0	(35)	0
Loss from investment	0	0	4
Equity in loss of investee companies, net of tax and distributions	33	179	228
Change in assets and liabilities	(81)	(465)	(775)
Net cash flow provided by operating activities	268	164	584
Investing Activities:
Investments	(1)	(205)	(248)
Capital expenditures	(46)	(134)	(151)
Proceeds from dispositions	5	66	37
Other investing activities	0	(3)	(3)
Net cash flow used for investing activities from continuing operations	(42)	(276)	(365)
Net cash flow provided by investing activities from discontinued operations	0	0	48
Net cash flow used for investing activities	(42)	(276)	(317)
Financing Activities:
Repayment of Skydance credit facility	(720)	0	0
Dividends paid on preferred stock	0	0	(29)
Dividends paid on common stock	(33)	(101)	(102)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(63)	(26)	(21)
Payments to noncontrolling interests	(2)	(32)	(120)
Other financing activities	(3)	0	(26)
Net cash flow used for financing activities	(821)	(159)	(298)
Effect of exchange rate changes on cash and cash equivalents	7	70	14
Net decrease in cash and cash equivalents	(588)	(201)	(17)
Cash and cash equivalents at beginning of period (Note 15)	3,851	2,661	2,460
Cash and cash equivalents at end of period (Note 15)	$ 3,263	$ 2,460	$ 2,443

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Description of Business—Paramount Skydance Corporation is a global media and entertainment company with a portfolio that includes Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance's Animation, Film, Television, Interactive/Games, and Sports divisions. The Company is comprised of three segments: TV Media, Direct-to-Consumer, and Filmed Entertainment (see Note 13). We are in the process of transitioning our reporting structure into three new segments: Studios, Direct-to-Consumer, and TV Media, which will be completed and reflected in our Quarterly Report on Form 10-Q for the first quarter of 2026. References to “Paramount,” the “Company,” “we,” “us” and “our” refer to Paramount Skydance Corporation and its consolidated subsidiaries, unless the context otherwise requires.

The NAI Transaction—On August 7, 2025, pursuant to a purchase and sale agreement dated July 7, 2024, certain affiliates of investors in Skydance Media, LLC (“Skydance”), comprised of entities controlled by the Ellison Family (as defined below), and affiliates of RedBird Capital Partners (collectively the “NAI Equity Investors”), purchased all of the outstanding equity interests of National Amusements, Inc. (“NAI”), which had previously been the controlling stockholder of Paramount Global, from the shareholders of NAI (the “NAI Transaction”).

The Transactions—Also on August 7, 2025 (the “Closing Date”), following the completion of the NAI Transaction and pursuant to the Transaction Agreement dated as of July 7, 2024, Paramount Global and Skydance became wholly-owned subsidiaries of Paramount Skydance Corporation (the transactions contemplated by the Transaction Agreement, the “Transactions”). Paramount Skydance Corporation was formerly known as New Pluto Global, Inc., which was formed on June 3, 2024 for purposes of consummating the Transactions and was a wholly-owned direct subsidiary of Paramount Global prior to the closing of the Transactions when, through a series of mergers contemplated by the Transaction Agreement, it became the holding company of Paramount Global and Skydance.

Concurrent with the NAI Transaction, the NAI Equity Investors and certain other affiliates of investors in Skydance made an investment of $6.0 billion into Paramount Skydance Corporation (the “PIPE Transaction”) in exchange for 400 million newly issued shares of Class B common stock of Paramount Skydance Corporation (“Paramount Skydance Corporation Class B Common Stock”) for a purchase price of $15.00 per share, and the NAI Equity Investors also received warrants to purchase 200 million shares of Paramount Skydance Corporation Class B Common Stock at an initial exercise price of $30.50 per share (subject to customary anti-dilution adjustments), which expire five years after issuance. $4.45 billion of the PIPE Transaction investment was used to fund the cash-stock election discussed below and $1.52 billion of cash was provided to the Company.

The Transactions also included: (1) a transaction pursuant to which each outstanding Skydance membership unit held by Skydance investors and each Skydance Phantom Unit was converted into the right to receive the applicable portion of 316.7 million shares of Paramount Skydance Corporation Class B Common Stock (313.8 million shares after reduction in connection with certain tax withholding requirements), and (2) a cash-stock election offered to holders of Paramount Global common stock pursuant to which (a) shares of Paramount Global Class A Common Stock held by stockholders other than NAI or its subsidiaries were converted, at the stockholders’ election, into the right to receive either $23.00 in cash (“Class A Cash Consideration”) or 1.5333 shares of Paramount Skydance Corporation Class B Common Stock (“Class A Stock Consideration”), and (b) shares of Paramount Global Class B Common Stock held by stockholders other than NAI or its subsidiaries, the NAI Equity Investors and certain other affiliates of investors in Skydance referred to above were converted, at the stockholders’ election, into the right to receive either $15.00 in cash (“Class B Cash Consideration”), subject to proration, or one share of Paramount Skydance Corporation Class B Common Stock (“Class B Stock Consideration”). The shares of Paramount Class A Common Stock held by NAI and its subsidiaries converted into shares of Class A common stock, par value $0.001 per share. Shares of Paramount Global Class A Common Stock for which elections to receive Class A Cash

Consideration or Class A Stock Consideration were not made or were validly revoked were automatically converted into Class A Stock Consideration. Shares of Paramount Global Class B Common Stock for which elections to receive Class B Cash Consideration were not made or were validly revoked were converted automatically into one share of Paramount Skydance Corporation Class B Common Stock. See Note 10.

Shares of Paramount Skydance Corporation Class B Common Stock now trade on the Nasdaq Stock Market LLC (“Nasdaq”) under the ticker symbol “PSKY”. All shares of Paramount Global Class A Common Stock and Class B Common Stock have been delisted from Nasdaq and have been cancelled and ceased to exist.

Holders of shares of Class A common stock of Paramount Skydance Corporation (“Paramount Skydance Corporation Class A Common Stock”) are entitled to one vote per share with respect to all matters on which the holders of Paramount Skydance Corporation common stock are entitled to vote. Holders of Paramount Skydance Corporation Class B Common Stock do not have voting rights. Following the closing of the Transactions and the NAI Transaction, NAI, which was renamed Harbor Lights Entertainment, Inc., and its subsidiaries held 100.0% of the Paramount Skydance Corporation Class A Common Stock. Accordingly, entities controlled by the Ellison Family (as defined below) indirectly hold approximately 77.5% of the Paramount Skydance Corporation Class A Common Stock through their collective approximate 77.5% ownership interest in Harbor Lights Entertainment, Inc., and as a result the Ellison Family is the controlling stockholder of Paramount. For the purpose of determining the controlling ownership of Paramount, the Ellison family is comprised of Lawrence Ellison and David Ellison (the “Ellison Family”). David Ellison is the son of Lawrence Ellison, and Lawrence Ellison and David Ellison are accordingly considered immediate family members. The Ellison Family either individually or through ownership of various entities are collectively the ultimate parent of Paramount (“Ultimate Parent”).

Pushdown of Ultimate Parent’s Basis— At the time Paramount Global and Skydance became subsidiaries of Paramount Skydance Corporation, the Ellison Family controlled both Paramount Global and Skydance, and as a result, this transaction has been accounted for as a transaction between entities under common control. As a transaction between entities under common control, the net assets were combined at the Ultimate Parent’s basis, which for Paramount Global was deemed to be the estimated fair value as of August 7, 2025, the date of the closing of the NAI Transaction, which was the point at which the Ellison Family obtained control of Paramount Global (see Note 2). As a result, the net assets of Paramount Global were recorded at their fair value as of this date. Since the net assets of Skydance were already at the Ultimate Parent’s basis, no adjustment to the fair value of net assets was necessary, and Skydance was combined with Paramount Global’s net assets at the Ultimate Parent’s basis as of this date.

Our consolidated financial statements and footnote disclosures are presented in two distinct periods to indicate the pushdown of the Ultimate Parent’s basis, which resulted in a new basis of accounting. The periods prior to the closing of the Transactions include only Paramount Global and are identified as “Predecessor”, and the periods beginning on August 7, 2025 reflect Paramount Skydance Corporation and are identified as “Successor”. Due to the application of pushdown accounting, the results of operations, financial position and cash flows are not comparable between the Successor and Predecessor periods. Paramount Global has been identified as the predecessor entity to Paramount Skydance Corporation based on the relative size and fair value of Paramount Global and Skydance, and the fact that Paramount Global was an existing publicly traded company prior to the completion of the Transactions. No single factor was the sole determinant in the overall conclusion that Paramount Global is the predecessor; rather all factors were considered in arriving at such conclusion.

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 the Annual Report on Form 10-K of our Predecessor, Paramount Global, for the year ended December 31, 2024.

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.

Change in Accounting Estimate—FCC licenses have historically been classified as indefinite-lived intangible assets. However, as a result of sustained declines in industry projections, including in long-term growth rate assumptions, we reassessed this classification and determined that FCC licenses would be classified as finite-lived intangible assets. Accordingly, during the third quarter of 2025, we began amortizing FCC licenses on a straight-line basis over a period of 30 years. As of September 30, 2025, the unamortized FCC licenses balance was $2.49 billion, which was included within “Intangible assets, net” on the Consolidated Balance Sheet.

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. Net earnings (loss) available to common stockholders is calculated as net earnings (loss) from continuing operations or net earnings (loss), as applicable, adjusted to include a reduction for dividends recorded during the applicable Predecessor period on Paramount Global’s 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”). On April 1, 2024, all outstanding shares of Mandatory Convertible Preferred Stock were automatically and mandatorily converted into shares of Paramount Global Class B Common Stock. The final dividend on the Mandatory Convertible Preferred Stock was declared during the first quarter of 2024 and paid on April 1, 2024 (see Note 10).

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. In periods prior to the preferred stock conversion described above, diluted EPS also reflected the effect of the assumed conversion of preferred stock, when dilutive, which included the issuance of common shares in the weighted average number of shares and excluded the above-mentioned preferred stock dividend adjustment to net earnings (loss) available to common stockholders.

The tables below present a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.


	Successor		Predecessor
	Period From August 7 - September 30,		Period From July 1 - August 6,		Three Months Ended September 30,
(in millions)	2025		2025		2024
Weighted average shares for basic EPS		1,098		675		667
Dilutive effect of shares issuable under stock-based compensation plans		—		—		3

Weighted average shares for diluted EPS		1,098		675		670


	Successor			Predecessor
	Period From August 7 - September 30,			Period From January 1 - August 6,			Nine Months Ended September 30,
(in millions)		2025			2025			2024
Weighted average shares for basic EPS			1,098			674			663
Dilutive effect of shares issuable under stock-based compensation plans			—			—			—

Weighted average shares for diluted EPS			1,098			674			663

The tables below present stock options, RSUs, and warrants excluded from the calculations of diluted EPS. In each period except for the three months ended September 30, 2024, all outstanding stock options, RSUs, and warrants were excluded because their inclusion would have been antidilutive because we reported a net loss.


	Successor		Predecessor
	Period From August 7 - September 30,		Period From July 1 - August 6,		Three Months Ended September 30,
(in millions)	2025		2025		2024
Stock options and RSUs		66		32		10
Warrants		200		—		—


	Successor		Predecessor
	Period From August 7 - September 30,		Period From January 1 - August 6,		Nine Months Ended September 30,
(in millions)	2025		2025		2024
Stock options and RSUs		66		33		30
Warrants		200		—		—

Also excluded from the calculation of diluted EPS for the nine months ended September 30, 2024 (Predecessor) prior to the preferred stock conversion discussed above, was the effect of the assumed conversion of 10 million shares of Paramount Global’s Mandatory Convertible Preferred Stock into shares of common stock because the impact would have been antidilutive.

Because the impact of the assumed conversion of Paramount Global’s Mandatory Convertible Preferred Stock would have been antidilutive, net loss from continuing operations and net loss used in our calculations of diluted EPS for the nine months ended September 30, 2024 (Predecessor) included a reduction of $14 million for the preferred stock dividends recorded during the period. Net loss from continuing operations and net loss used in the calculations of basic and diluted EPS were $5.99 billion and $5.98 billion, respectively.

Accounting Pronouncements Not Yet Adopted

Income Taxes

In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance enhancing annual income tax disclosures. Under this guidance, certain enhancements to the effective tax rate reconciliation disclosure are required, including the disclosure of both percentages and amounts, specific categories, and additional information for reconciling items meeting a quantitative threshold defined by the guidance. Additionally, disclosures of income taxes paid and income tax expense must be disaggregated by federal, state and foreign taxes, with income taxes paid further disaggregated for individual jurisdictions that represent 5 percent or more of total income taxes paid. The guidance is effective for us for the year ended December 31, 2025, and may be applied either prospectively or retrospectively.

Disaggregation of Income Statement Expenses

In November 2024, the 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 ended 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 management has authorized and committed to funding the software project and 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 ended 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.

RELATED PARTIES (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Related Party Transactions

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


	Successor			Predecessor
	Period From August 7 - September 30,			Period From July 1 - August 6,			Three Months Ended September 30,
	2025			2025			2024
Revenues		$	40		$	28		$	40

Operating costs (a)		$	30		$	22		$	37


	Successor				Predecessor
	Period From August 7 - September 30,				Period From January 1 - August 6,				Nine Months Ended September 30,
		2025				2025				2024
Revenues			$	40			$	198			$	177

Operating costs (a)			$	30			$	82			$	74

(a) Each period includes costs expensed as operating expenses and costs capitalized in programming assets.


	Successor			Predecessor
	At			At
	September 30, 2025			December 31, 2024

Receivables, net		$	178		$	190

Other assets (Receivables, noncurrent)		$	96		$	82

STOCKHOLDERS’ EQUITY (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Dividends Declared Per Share and Total Dividends


	Successor			Predecessor
	Period From August 7 - September 30,			Period From July 1 - August 6,		Three Months Ended September 30,
		2025			2025		2024
Class A and Class B Common Stock
Dividends declared per common share		$	.05		n/a		$	.05

Total common stock dividends		$	58		n/a		$	35

n/a - not applicable


	Successor			Predecessor
	Period From August 7 - September 30,			Period From January 1 - August 6,			Nine Months Ended September 30,
		2025			2025			2024
Class A and Class B Common Stock
Dividends declared per common share		$	.05		$	.10		$	.15

Total common stock dividends		$	58		$	70		$	104

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).


	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Accumulated Other Comprehensive Income (Loss)
At December 31, 2024 (Predecessor)		$	(657)		$	(947)			$	(1,604)
Other comprehensive income before reclassifications		115			—				115
Reclassifications to net earnings		—			25		(a)		25
Other comprehensive income		115			25				140
At August 6, 2025 (Predecessor)		$	(542)		$	(922)			$	(1,464)


Adjustments to Paramount Global’s basis		542			922				1,464
At August 7, 2025 (Successor)		$	—		$	—			$	—
Other comprehensive income before reclassifications		25			—				25

Other comprehensive income		25			—				25
At September 30, 2025 (Successor)		$	25		$	—			$	25



	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Accumulated Other Comprehensive Loss
At December 31, 2023 (Predecessor)		$	(504)		$	(1,052)			$	(1,556)
Other comprehensive loss before reclassifications		(1)			—				(1)
Reclassifications to net loss		—			33		(a)		33
Other comprehensive income (loss)		(1)			33				32
At September 30, 2024 (Predecessor)		$	(505)		$	(1,019)			$	(1,524)

(a) Reflects amortization of net actuarial losses (see Note 12).

Schedule of Stock by Class


(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 in exchange for proceeds from the PIPE Transaction		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 Transactions	31.5	1,064.6

- 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

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Guarantees Letters of Credit and Surety Bonds At September 30, 2025 (Successor), we had outstanding letters of credit and surety bonds of $673 million that were not recorded on the Consolidated Balance Sheet, including $436 million issued under a $1.9 billion standby letter of credit facility in accordance with the contractual requirements of one of our commitments. The amount outstanding under the letter of credit decreases throughout 2025 as we make payments under the related contractual commitment. Letters of credit and surety bonds are primarily used as security against non-performance in the normal course of business under contractual requirements of certain of our commitments. The standby letter of credit facility, which matures in May 2026, is subject to provisions similar to the Credit Facility, including the same principal financial covenant (see Note 7). Other In the course of our business, we both provide and receive indemnities that are intended to allocate certain risks associated with business transactions. Similarly, we may remain contingently liable for various obligations of a business that has been divested in the event that a third party does not live up to its obligations under an indemnification obligation. We record a liability for our indemnification obligations and other contingent liabilities when probable and reasonably estimable. Legal Matters General On an ongoing basis, we vigorously defend ourselves in numerous lawsuits and proceedings and respond to various investigations and inquiries from federal, state, local and international authorities (collectively, “Litigation”). Litigation may be brought against us without merit, is inherently uncertain and always difficult to predict. However, based on our understanding and evaluation of the relevant facts and circumstances, we believe that the following matters are not likely, in the aggregate, to result in a material adverse effect on our business, financial condition and results of operations. Litigation Relating to the Transactions In connection with the Transactions, on July 24, 2024, Scott Baker, a purported holder of Paramount Global Class B Common Stock, filed a putative class action lawsuit in the Court of Chancery of the State of Delaware (the “Court”) against NAI, Shari E. Redstone, Barbara M. Byrne, Linda M. Griego, Judith A. McHale, Charles E. Phillips, Jr., Susan Schuman, Skydance and David Ellison (the “Baker Action”). The complaint alleges breaches of fiduciary duties to Class B stockholders in connection with the negotiation and approval of the Transaction Agreement, among other claims, and seeks unspecified damages, costs and expenses, as well as other relief. On November 4, 2024, the Court granted the parties’ stipulation in the Baker Action agreeing to (i) postpone briefing on motions to dismiss until the filing or designation of an operative complaint following resolution of the plaintiff’s motion to appoint him and the Baerlocher Family Trust, a purported holder of Paramount Global Class B Common Stock, as co-lead plaintiffs and Berger Montague PC as interim class counsel (the “Baker Leadership Motion”), and (ii) stay discovery until resolution of any motions to dismiss any operative complaint following resolution of the Baker Leadership Motion. Throughout October 2024, various purported stockholders filed motions for intervention to oppose the Baker Leadership Motion. On December 31, 2024, the plaintiff, along with Mark Baerlocher, as trustee for the Baerlocher Family Trust, filed an amended complaint alleging the same breaches of fiduciary duties against the same defendants as in the original complaint. On June 27, 2025, counsel for Mr. Baker informed the Court that the Baker Leadership Motion would be withdrawn without prejudice and that the group of purported stockholders seeking lead plaintiff status would meet and confer to propose a schedule for resolving lead plaintiff applications. On April 30, 2024, the State of Rhode Island Office of the General Treasurer, on behalf of the Employees’ Retirement System of Rhode Island, a purported holder of Paramount Global Class B Common Stock filed a verified complaint for the inspection of books and records under Section 220 of the General Corporation Law of the State of Delaware (the “DGCL”) in the Court against us, seeking the inspection of our books and records in order to investigate whether our Board of Directors, NAI, Shari E. Redstone and/or our executive officers may have breached their fiduciary duties to our stockholders for alleged diversion of corporate opportunities (the “220 Action”). The magistrate judge held a trial on July 24, 2024, and denied the request for inspection. The plaintiff noticed an exception to the Court, and on January 29, 2025, the Court ruled that the plaintiff is entitled to obtain books and records that are both necessary and sufficient to fulfill the purpose of its request. On February 25, 2025, the Court granted an implementing order returning the 220 Action to the magistrate judge for further proceedings on the scope of production. On March 24, 2025, the Court granted our application for certification of interlocutory appeal to the Delaware Supreme Court, which was accepted on April 30, 2025. Briefing on the appeal is complete. Certain other purported holders of Paramount Global Class B Common Stock and Class A Common Stock have delivered demand letters to investigate similar alleged breaches of fiduciary duties in connection with the Transactions and requested the inspection of books and records. We have also received demand letters from purported holders of Paramount Global Class B Common Stock related to alleged omissions in New Paramount’s registration statement on Form S-4. Additionally, on August 20, 2024, LiveVideo.AI Corp. filed a lawsuit in the U.S. District Court for the Southern District of New York against Shari E. Redstone, NAI, Christine Varney and Monica Seligman, alleging that defendants did not fairly consider its offer to purchase Paramount. The complaint asserts claims for unfair competition, tortious interference, unjust enrichment and aiding and abetting breach of fiduciary duty, among others, and seeks unspecified monetary damages, costs and other relief. The defendants were never served. The parties exchanged several filings related to service and default. On August 12, 2025, the magistrate judge issued a Report and Recommendation recommending that the case be dismissed and the court impose $10,000 in monetary sanctions against LiveVideo.AI Corp. The district judge adopted the report in full on September 30, 2025, dismissing the case, imposing the sanctions, and enjoining LiveVideo.AI Corp. from filing any further lawsuits in any federal district court arising out of the Transactions. On August 13, 2025, Gabelli Value 25 Fund Inc. (“Gabelli”) filed a putative class action complaint against Barbara M. Byrne, Linda M. Griego, Judith A. McHale, Charles E. Phillips, Jr., Susan Schuman (the “Special Committee Defendants”), Harbor Lights Entertainment, Inc. (f/k/a National Amusements, Inc.) and Shari Redstone (the “NAI Defendants”), and Skydance Media, LLC and RB Tentpole LP (the “Skydance Defendants”), alleging causes of action for breach of fiduciary duty against all defendants and unjust enrichment against the NAI Defendants. Gabelli seeks a declaratory judgment, damages, including rescissory damages and/or quasi-appraisal damages, disgorgement of NAI’s profits, fees and costs, and pre- and post-judgment interest. On September 16, 2025, the Skydance Defendants filed placeholder motions to dismiss, and Gabelli filed a motion to be appointed as interim lead plaintiff representing former minority holders of Class A shares of pre-Transaction Paramount (the “Gabelli Class A Leadership Motion”). On October 16, 2025, counsel for Gabelli filed a letter with the Court indicating that no competing motions or objections to the Gabelli Class A Leadership Motion were filed and proposed that the Court appoint Gabelli as lead plaintiff. On February 4, 2025, New York City Employees’ Retirement System, the New York City Fire Department Pension Fund, the New York City Police Pension Fund, the New York City Board of Education Retirement System, and the Teachers’ Retirement System of the City of New York, purported holders of Paramount Global Class B Common Stock and Class A Common Stock, filed a putative class action lawsuit in the Court against Barbara M. Byrne, Linda M. Griego, Judith A. McHale and Susan Schuman, which alleges breaches of fiduciary duties for their alleged failure to sufficiently consider an alternate offer that the plaintiffs claimed was superior to the Transactions (the “NYCERS Action”). The plaintiffs argue that the no-shop provision in the Transaction Agreement should be declared invalid and unenforceable because it prevented the parties from engaging in further deal discussions and negotiations with companies other than Skydance, including, specifically, Project Rise Partners, after the no-shop period began. The plaintiffs further assert that the Court has the power to invalidate this provision because Skydance allegedly aided and abetted NAI’s and Shari E. Redstone’s breach of fiduciary duties, including by agreeing to indemnify Shari E. Redstone (through Skydance’s separate agreement with NAI) for any breach of fiduciary duty claims arising out of the Transactions up to a certain amount. Skydance, NAI, Shari E. Redstone and Paramount were not named as defendants in the original complaint. The NYCERS Action originally sought, among other forms of relief, an order from the Court enjoining the closing of the Transactions until the Court reached a final resolution on the plaintiffs’ claims and an order compelling the Special Committee to evaluate Project Rise Partners’ alternative offer to, among other things, acquire Paramount Global Class A Common Stock for $23.00 per share and Paramount Global Class B Common Stock for $19.00 per share. The Project Rise Partners’ offer was made after the go-shop period in the Transaction Agreement had ended. The complaint does not seek compensatory damages. The plaintiffs filed a motion for expedited proceedings along with their complaint. On February 18, 2025, the plaintiffs moved to join Paramount and Skydance (and various other entities named in the Transaction Agreement) as necessary parties to the litigation and moved for a temporary restraining order preventing the closing of the Transactions until the Court considered the plaintiffs’ anticipated motion for injunctive relief following expedited discovery. The parties reached agreement to withdraw plaintiffs’ request for expedition and their application for injunctive relief in exchange for targeted discovery from certain of the defendants and third parties. The matter is in discovery. On April 8, 2025, Metropolitan Water Reclamation District Retirement Fund, Laborers’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago, Gary Mendelsohn, and Park Employees’ Annuity and Benefit Fund of Chicago, purported holders of Class B Common Stock, filed a complaint for the inspection of books and records under Section 220 of the DGCL in the Court against us to maintain standing to enforce their statutory inspection rights and seek an order that Paramount produce all the books and records identified in their Section 220 demands to investigate possible breaches of fiduciary duties in connection with the Transactions. The complaint alleges that the documents produced to such purported stockholders thus far pursuant to their Section 220 demands are insufficient. The complaint seeks an order requiring us to produce the documents identified in their Section 220 demands, among other relief. On April 21, 2025, the Court approved a stipulation by the parties to stay all proceedings in the action in an effort to resolve the dispute. Litigation Related to Distribution Agreements In October 2024, Sony Pictures Television Inc., along with Jeopardy Productions, Inc. and Califon Productions, Inc. (collectively, “Sony”), filed a civil complaint for damages against CBS Studios Inc. in the Superior Court of the State of California, for Los Angeles County, asserting a breach of contract claim against us relating to our exclusive right to distribute Wheel of Fortune and Jeopardy! (the “Distribution Agreements”). In December 2024, we filed a cross-complaint against Sony seeking, among other things, a declaration that the Distribution Agreements remain in full force and effect. On February 3, 2025, Sony purported to assume our distribution functions, and on February 4, 2025, we filed an ex parte application, seeking a temporary restraining order preventing Sony from assuming these distribution functions, which the trial court granted on February 5, 2025. On April 10, 2025, the trial court declined to issue a preliminary injunction preventing Sony from assuming these distribution functions for the duration of the litigation. On April 11, 2025, we appealed the trial court’s ruling and requested a stay of the order denying the preliminary injunction, which was granted on April 16, 2025. The parties have reached a settlement of this matter. Claims Related to Former Businesses Asbestos We are a defendant in lawsuits claiming various personal injuries related to asbestos and other materials, which allegedly occurred as a result of exposure caused by various products manufactured by Westinghouse, a predecessor, generally prior to the early 1970s. Westinghouse was neither a producer nor a manufacturer of asbestos. We are typically named as one of a large number of defendants in both state and federal cases. In the majority of asbestos lawsuits, the plaintiffs have not identified which of our products is the basis of a claim. Claims against us in which a product has been identified most commonly relate to allegations of exposure to asbestos-containing insulating material used in conjunction with turbines and electrical equipment. Claims are frequently filed and/or settled in groups, which may make the amount and timing of settlements, and the number of pending claims, subject to significant fluctuation from period to period. We do not report as pending those claims on inactive, stayed, deferred or similar dockets that some jurisdictions have established for claimants who allege minimal or no impairment. As of September 30, 2025 (Successor), we had pending approximately 17,540 asbestos claims, as compared with approximately 18,310 as of December 31, 2024 (Predecessor). For the period from August 7 - September 30, 2025 (Successor) and for the period from July 1 - August 6, 2025 (Predecessor) we received approximately 450 and 330 new claims, respectively, and closed or moved to an inactive docket approximately 910 and 120 claims, respectively. We report claims as closed when we become aware that a dismissal order has been entered by a court or when we have reached agreement with the claimants on the material terms of a settlement. Settlement costs depend on the seriousness of the injuries that form the basis of the claims, the quality of evidence supporting the claims and other factors. Our total costs for the years 2024 (Predecessor) and 2023 (Predecessor) for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $34 million and $54 million, respectively. Our costs for settlement and defense of asbestos claims may vary year to year and insurance proceeds are not always recovered in the same period as the insured portion of the expenses. Filings include claims for individuals suffering from mesothelioma, a rare cancer, the risk of which is allegedly increased by exposure to asbestos; lung cancer, a cancer which may be caused by various factors, one of which is alleged to be asbestos exposure; other cancers, and conditions that are substantially less serious, including claims brought on behalf of individuals who are asymptomatic as to an allegedly asbestos-related disease. A significant number of pending claims against us are non-cancer claims. It is difficult to predict long-term future asbestos liabilities, as events and circumstances may impact the estimate. Other From time to time, we receive claims from federal and state environmental regulatory agencies and other entities asserting that we are or may be liable for environmental cleanup costs and related damages principally relating to our historical and predecessor operations. In addition, from time to time we receive personal injury claims including toxic tort and product liability claims (other than asbestos) arising from our historical operations and predecessors. In connection with recording Paramount Global’s net assets at the Ultimate Parent’s basis, “Other liabilities” was increased to reflect the fair value of Paramount Global’s estimated contingent liabilities for the defense and settlement of asbestos lawsuits as well as claims from federal and state environmental regulatory agencies and other entities asserting liability for environmental cleanup costs and related damages (See Note 2). The estimated fair value of the asbestos-related liability was determined in consultation with a third-party firm with expertise in estimating asbestos liability and represents the estimate of the amount a third party would pay to take on the risk of any asbestos-related future losses. While we believe that our accruals for these matters are adequate, there can be no assurance that circumstances will not change in future periods and, as a result, our actual liabilities may be higher or lower than our accrual.

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Level 2 - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Assets:
Foreign currency hedges	$ 40	$ 45
Total Assets	40	45
Liabilities:
Deferred compensation	302	385
Foreign currency hedges	28	48
Total Liabilities	$ 330	$ 433

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Aug. 06, 2025	Sep. 30, 2025	Sep. 30, 2024	Aug. 06, 2025	Sep. 30, 2024
Valuation Allowance [Line Items]
(Provision for) benefit from income taxes	$ 229	$ (85)	$ (45)	$ 79	$ 342
Effective income tax rate (in percent)			37.50%		5.60%
Percentage point increase (decrease) in effective tax rate			(12.00%)		16.20%
Deferred Tax Asset, Interest Carryforward
Valuation Allowance [Line Items]
Reversal of valuation allowance	$ 114

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2025

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, 2025 (Successor) and December 31, 2024 (Predecessor), the carrying value of our outstanding notes and debentures was $13.63 billion and $14.50 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy), was $13.9 billion and $13.3 billion, respectively.

Investments

Our investments without a readily determinable fair value for which we have no significant influence had a carrying value of $95 million and $86 million at September 30, 2025 (Successor) and December 31, 2024 (Predecessor), respectively. These investments are included in “Other assets” on the Consolidated Balance Sheets.

Foreign Exchange Contracts

We use derivative financial instruments primarily to manage our exposure to movements in foreign currency exchange rates when translating from the foreign local currency to the U.S. dollar. We do not use derivative instruments unless there is an underlying exposure and, therefore, we do not hold or enter into derivative financial instruments for speculative trading purposes.

Foreign currency forward contracts have principally been used to manage our exposure for currencies such as the British pound, the euro, the Canadian dollar and the Australian dollar, generally for periods up to 24 months. We designate forward contracts used to hedge committed and forecasted foreign currency transactions, including future production costs and programming obligations, as cash flow hedges. We also enter into non-designated forward contracts to hedge non-U.S. dollar denominated assets, liabilities, and cash flows.

At September 30, 2025 (Successor) and December 31, 2024 (Predecessor), the notional amount of all foreign exchange contracts was $2.92 billion and $2.75 billion, respectively. At September 30, 2025 (Successor), $2.50 billion related to future production costs and $419 million related to our foreign currency assets and liabilities. At December 31, 2024 (Predecessor), $2.39 billion related to future production costs and $358 million related to our foreign currency assets and liabilities.

Gains (losses) recognized on derivative financial instruments were as follows:


	Successor			Predecessor
	Period From August 7 - September 30,			Period From July 1 - August 6,			Three Months Ended September 30,
	2025				2025			2024		Financial Statement Account
Non-designated foreign exchange contracts		$	(3)		$	5		$	(17)	Other items, net


	Successor				Predecessor
	Period From August 7 - September 30,				Period From January 1 - August 6,				Nine Months Ended September 30,
		2025				2025				2024			Financial Statement Account
Non-designated foreign exchange contracts			$	(3)			$	(24)			$	(7)	Other items, net

Fair Value Measurements

The table below presents our assets and liabilities measured at fair value on a recurring basis at September 30, 2025 (Successor) and December 31, 2024 (Predecessor). 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.


	Successor			Predecessor
		At			At
	September 30, 2025			December 31, 2024
Assets:

Foreign currency hedges		$	40		$	45
Total Assets		$	40		$	45
Liabilities:
Deferred compensation		$	302		$	385
Foreign currency hedges		28			48
Total Liabilities		$	330		$	433

The estimated fair values of our assets that were impaired during the periods presented were determined using Level 3 inputs. See Notes 3 and 4.

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Weighted Average Number of Shares

The tables below present a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.


	Successor		Predecessor
	Period From August 7 - September 30,		Period From July 1 - August 6,		Three Months Ended September 30,
(in millions)	2025		2025		2024
Weighted average shares for basic EPS		1,098		675		667
Dilutive effect of shares issuable under stock-based compensation plans		—		—		3

Weighted average shares for diluted EPS		1,098		675		670


	Successor			Predecessor
	Period From August 7 - September 30,			Period From January 1 - August 6,			Nine Months Ended September 30,
(in millions)		2025			2025			2024
Weighted average shares for basic EPS			1,098			674			663
Dilutive effect of shares issuable under stock-based compensation plans			—			—			—

Weighted average shares for diluted EPS			1,098			674			663

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Successor		Predecessor
	Period From August 7 - September 30,		Period From July 1 - August 6,		Three Months Ended September 30,
(in millions)	2025		2025		2024
Stock options and RSUs		66		32		10
Warrants		200		—		—


	Successor		Predecessor
	Period From August 7 - September 30,		Period From January 1 - August 6,		Nine Months Ended September 30,
(in millions)	2025		2025		2024
Stock options and RSUs		66		33		30
Warrants		200		—		—

PUSHDOWN OF ULTIMATE PARENT'S BASIS - Calculation of Ultimate Parent's Basis (Details) $ / shares in Units, shares in Millions, $ in Millions			2 Months Ended
	Aug. 07, 2025 USD ($) $ / shares shares	Apr. 01, 2024 shares	Sep. 30, 2025 USD ($)	Aug. 06, 2025 $ / shares
Paramount Skydance Corporation Class A Common Stock
Business Combination, Consideration Transferred [Abstract]
Shares issued (in shares) \| shares	40.7
Common stock, conversion rate				1
Paramount Skydance Corporation Class B Common Stock
Business Combination, Consideration Transferred [Abstract]
Shares issued (in shares) \| shares	633.6
Common stock, conversion rate				1
Class B Common Stock
Business Combination, Consideration Transferred [Abstract]
Shares issued (in shares) \| shares		11.5
Shareholders Other Than NAI Equity Investors \| Paramount Skydance Corporation Class A Common Stock
Business Combination, Consideration Transferred [Abstract]
Cash settlement of shares (in dollars per share) \| $ / shares	$ 23.00
Shareholders Other Than NAI Equity Investors \| Paramount Skydance Corporation Class B Common Stock
Business Combination, Consideration Transferred [Abstract]
Shares issued (in shares) \| shares	3.1
Common stock, conversion rate	1.5333
Shareholders Other Than NAI Equity Investors \| Class A Common Stock
Business Combination, Consideration Transferred [Abstract]
Shares converted (in shares) \| shares	2.0
Shareholders Other Than NAI Equity Investors, NAI Equity Investors, And Other Affiliates \| Paramount Skydance Corporation Class B Common Stock
Business Combination, Consideration Transferred [Abstract]
Cash settlement of shares (in dollars per share) \| $ / shares	$ 15.00
Common stock, conversion rate	1
Skydance Investor Group
Business Combination, Consideration Transferred [Abstract]
Investment by certain affiliates of existing investors, cash-stock election	$ 4,450
Skydance Investor Group \| Paramount Skydance Corporation Class B Common Stock
Business Combination, Consideration Transferred [Abstract]
Share price (in dollars per share) \| $ / shares	$ 15.00
Stock issuance (in shares) \| shares	400.0
Paramount Global \| Paramount Skydance Corporation Class A Common Stock
Business Combination, Consideration Transferred [Abstract]
Common stock, conversion rate				1
Paramount Global \| Paramount Skydance Corporation Class B Common Stock
Business Combination, Consideration Transferred [Abstract]
Common stock, conversion rate				1
Paramount Global \| Shareholders Other Than NAI Equity Investors \| Paramount Skydance Corporation Class B Common Stock
Business Combination, Consideration Transferred [Abstract]
Shares issued (in shares) \| shares	3.1
Common stock, conversion rate	1.5333
Paramount Global \| Shareholders Other Than NAI Equity Investors \| Class A Common Stock
Business Combination, Consideration Transferred [Abstract]
Shares converted (in shares) \| shares	2.0
Paramount Global \| Skydance Investor Group
Business Combination, Consideration Transferred [Abstract]
Investment by certain affiliates of existing investors	$ 6,000
Paramount Global \| Skydance Investor Group \| Paramount Skydance Corporation Class B Common Stock
Business Combination, Consideration Transferred [Abstract]
Share price (in dollars per share) \| $ / shares				$ 11.04
Stock issuance (in shares) \| shares	318.8
Paramount Global \| Skydance Investor Group \| Class B Common Stock
Business Combination, Consideration Transferred [Abstract]
Share price (in dollars per share) \| $ / shares				$ 11.04
NAI Transaction and The Transactions
Business Combination, Consideration Transferred [Abstract]
Investment by certain affiliates of existing investors, cash			$ 1,520
NAI Transaction and The Transactions \| Paramount Global
Business Combination, Consideration Transferred [Abstract]
Equity interest	$ 2,000
Investment by certain affiliates of existing investors, cash-stock election	4,454
Investment by certain affiliates of existing investors, cash	1,517
Paramount Global basis at August 7, 2025	11,588
NAI Transaction and The Transactions \| Paramount Global Common Stock \| Paramount Global
Business Combination, Consideration Transferred [Abstract]
Equity interest	2,017
NAI Transaction and The Transactions \| Paramount Global RSU And PSU Awards \| Paramount Global
Business Combination, Consideration Transferred [Abstract]
Equity interest	80
NAI Transaction and The Transactions \| Paramount Skydance Corporation Class B Common Stock \| Paramount Global
Business Combination, Consideration Transferred [Abstract]
Value of shares remaining after the transactions other than those held by NAI	$ 3,520

PUSHDOWN OF ULTIMATE PARENT'S BASIS (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Calculation of Ultimate Parent's Basis

The table below presents the calculation of the Ultimate Parent's basis in Paramount Global as of the date these transactions closed.


Estimated value of NAI Transaction consideration attributable to Paramount Global common stock	$	2,017	(a)
Cash paid to stockholders (see Note 10)	4,454		(b)
Proceeds from PIPE Transaction, net of subscription discount	1,517
Outstanding Paramount Global RSU Awards and Paramount Global PSU Awards	80		(c)
Remaining shares of Paramount Skydance Corporation Class B Common Stock	3,520		(d)
Paramount Global basis at August 7, 2025	$	11,588

(a) In the NAI Transaction, the NAI Equity Investors purchased all of the outstanding equity interests of NAI. Based on preliminary valuation analyses of NAI’s assets and liabilities, the estimated value attributable to the shares of Paramount Global common stock held by NAI and its subsidiaries is approximately $2.0 billion. The fair value estimates assumed herein may differ materially based on the finalization of appraisals and other valuation analyses.

(b) Reflects cash paid to holders of Paramount Global Class A Common Stock and Paramount Global Class B Common Stock who elected to receive the Class A Cash Consideration and Class B Cash Consideration of $23.00 per share and $15.00 per share, respectively, in the Transactions. Such payout was funded by the $6.0 billion PIPE Transaction.

(c) Reflects the fair value of outstanding Paramount Global RSU Awards and Paramount Global PSU Awards attributable to employees’ service prior to the Transactions and the NAI Transaction. The fair value is based on the closing stock price of Paramount Global Class B Common Stock on August 6, 2025 of $11.04 per share. The remaining fair value of outstanding Paramount Global RSU Awards and Paramount PSU Awards, which were assumed by Paramount Skydance Corporation and converted into awards of restricted stock units covering an equivalent number of shares of Paramount Skydance Corporation Class B Common Stock are being expensed over their remaining vesting periods.

(d) Reflects 318.8 million shares of Paramount Skydance Corporation Class B Common Stock owned by holders of Paramount Global Class A and Paramount Global Class B Common Stock following the Transactions, other than those held directly or indirectly by NAI or its affiliates, not converted into cash, valued at the closing stock price of Paramount Global Class B Common Stock on August 6, 2025 of $11.04 per share. Certain holders of Paramount Global Class A Common Stock received the Class A Stock Consideration, which resulted in the conversion of 2.0 million shares of Paramount Global Class A Common Stock into approximately 3.1 million shares of Paramount Skydance Corporation Class B Common Stock, based on the exchange ratio of one share of Paramount Global Class A Common Stock to 1.5333 shares of Paramount Skydance Corporation Class B Common Stock.

Schedule of Adjustment to Ultimate Parent’s Basis

The table below details the preliminary estimated fair values of Paramount Global’s assets, liabilities and noncontrolling interests at the Ultimate Parent's basis as of August 7, 2025. The fair values were determined based on valuation techniques that use unobservable inputs (Level 3 in the fair value hierarchy). Significant judgments in these valuations include long-term projections, discount rates, royalty rates, and decay rates. We continue to evaluate these estimated fair values, in particular those related to programming, intangible assets, taxes, and contingencies, which may differ materially based upon the finalization of appraisals and other valuation analyses, which are expected no later than one year from the Closing Date.


	Preliminary Allocation of Ultimate Parent’s Basis
Assets:
Cash and cash equivalents		$	3,977
Receivables, net		5,980
Programming and other inventory, current		1,970
Prepaid expenses and other current assets		1,641
Property and equipment, net (a)		2,118
Programming and other inventory, noncurrent (b)		13,599
Goodwill (c)		947
Intangible assets, net (d)		6,748
Operating lease assets		875
Deferred income tax assets, net		1,200
Other noncurrent assets		2,470
Total assets		$	41,525

Liabilities:
Long-term debt (e)		$	13,619
Pension and postretirement benefit obligations (f)		1,390
Deferred income tax liabilities, net		306
Operating lease liabilities		1,219
Programming obligations (g)		2,017
Other liabilities (h)		10,137
Total liabilities		$	28,688

Noncontrolling interests (i)		1,249

Paramount Global basis at August 7, 2025		$	11,588

(a) The fair value was determined based on the market approach, which estimates the value based on transactions in the market for comparable assets, or the cost approach, which estimates the value based on the amount required to replace the asset. The fair value reflects an increase to the book value of $637 million principally reflecting incremental fair value of Paramount Global’s owned land and buildings.

(b) The fair value was determined based on the income approach, including the multi-period excess earnings method, which estimates the cash flows generated by the asset over its economic life using a discounted cash flow analysis. For certain content, fair value was determined to be equivalent to net book value. The fair value reflects a net decrease to the book value of programming assets of $131 million principally from reductions for programming at our TV Media and Direct-to-Consumer segments offset by an increase to the fair value of our film and television libraries.

(c) Goodwill substantially all relates to the Direct-to-Consumer segment and represents the difference between Paramount Global’s basis and the fair value of its net assets based on the preliminary fair value estimates assumed herein. Goodwill reflects operating synergies between our businesses, as well as anticipated cost savings and is not deductible for tax purposes.

(d) The table below presents our intangible assets by asset class, as well as the valuation method used to determine the estimated fair values, and the related estimated weighted average useful lives. The weighted average useful life of the total intangibles below is 16.6 years.

Intangible assets

Values

Valuation Method

Estimated weighted average straight-line amortization period

FCC and other broadcasting licenses

2,555

Greenfield Discounted Cash flow method

30 years

Trade names

1,513

Relief from Royalty

17.3 years

Affiliate relationships

1,016

Multi-period excess earnings

2.6 years

Subscriber relationships

1,080

Replacement cost

2 years

Franchises

326

Discounted cash flow

10 years

Developed technology

258

Replacement cost

3 years

(e) The fair value was determined based on quoted prices in active markets.

(f) The fair value was determined based on a remeasurement of the obligation using actuarial assumptions. Key valuation inputs included discount rates and mortality assumptions.

(g) “Programming Obligations” include $568 million recorded to establish liabilities for unfavorable contractual arrangements.

(h) The estimated fair value of Paramount Global’s contingent liabilities as of August 7, 2025 was $1.3 billion, which relate principally to the defense and settlement of lawsuits claiming various personal injuries related to exposure to asbestos as well as claims from federal and state environmental regulatory agencies and other entities asserting liability for environmental cleanup costs and related damages (see Note 14).

(i) The fair value was determined based on a discounted cash flow analysis.

Schedule of Identified Finite-Lived Intangible Assets

The table below presents our intangible assets by asset class, as well as the valuation method used to determine the estimated fair values, and the related estimated weighted average useful lives. The weighted average useful life of the total intangibles below is 16.6 years.

Intangible assets

Values

Valuation Method

Estimated weighted average straight-line amortization period

FCC and other broadcasting licenses

2,555

Greenfield Discounted Cash flow method

30 years

Trade names

1,513

Relief from Royalty

17.3 years

Affiliate relationships

1,016

Multi-period excess earnings

2.6 years

Subscriber relationships

1,080

Replacement cost

2 years

Franchises

326

Discounted cash flow

10 years

Developed technology

258

Replacement cost

3 years

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

PENSION AND OTHER POSTRETIREMENT BENEFITS (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, 2024	Aug. 06, 2025	Sep. 30, 2024
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0	$ 0	$ 0
Interest cost	21	30	50	120	149
Expected return on plan assets	(13)	(19)	(34)	(77)	(102)
Amortization of actuarial loss (gain)	7	0	20	44	60
Net periodic cost	15	11	36	87	107
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	0	0	1	0
Interest cost	0	1	3	5	8
Expected return on plan assets	0	0	0	0	0
Amortization of actuarial loss (gain)	(2)	0	(4)	(11)	(13)
Net periodic cost	$ (1)	$ 1	$ (1)	$ (5)	$ (5)

- 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/disclosureRef
-Topic 715
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+ Details

RESTRUCTURING, TRANSACTION-RELATED ITEMS, AND IMPAIRMENT - Schedule of Restructuring Charges, Transaction Costs (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, 2024	Aug. 06, 2025	Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 13	$ 185	$ 288	$ 255	$ 544
Transaction-related items	175	0	33	199	51
Restructuring and transaction-related items	188	185	321	454	595
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 13	185	$ 288	190	513
Exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 0		$ 65	$ 31

- 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

REVENUES (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The tables below present our revenues disaggregated into categories based on the nature of such revenues. See Note 13 for revenues by segment disaggregated into these categories.


	Successor			Predecessor
	Period From August 7 - September 30,			Period From July 1 - August 6,			Three Months Ended September 30,
	2025				2025			2024
Revenues by Type:
Advertising		$	1,280		$	664		$	2,174
Affiliate and subscription		2,027			1,400			3,215
Theatrical		39			73			108
Licensing and other		775			444			1,234
Total Revenues		$	4,121		$	2,581		$	6,731


	Successor				Predecessor
	Period From August 7 - September 30,				Period From January 1 - August 6,				Nine Months Ended September 30,
		2025				2025				2024
Revenues by Type:
Advertising			$	1,280			$	5,329			$	7,521
Affiliate and subscription			2,027				8,242				9,847
Theatrical			39				475				399
Licensing and other			775				2,576				3,462
Total Revenues			$	4,121			$	16,622			$	21,229

SUPPLEMENTAL FINANCIAL INFORMATION

9 Months Ended

Sep. 30, 2025

Additional Financial Information Disclosure [Abstract]

SUPPLEMENTAL FINANCIAL INFORMATION

Supplemental Cash Flow Information


	Successor			Predecessor
	Period From August 7 - September 30,			Period From January 1 - August 6,			Nine Months Ended September 30,
	2025			2025			2024
Cash paid for interest		$	148		$	524		$	676


Cash paid for income taxes		$	11		$	201		$	68


Noncash additions to operating lease assets		$	1		$	82		$	76

The cash balance on August 6, 2025 (Predecessor) was $2.46 billion. The cash balance on August 7, 2025 (Successor) was $3.85 billion. The difference reflects the proceeds received from the PIPE Transaction (see Note 1) and cash received from Skydance’s opening balance sheet, offset by cash paid for transaction-related costs incurred prior to the Closing Date.

In connection with the closing of the Transactions, on August 7, 2025 (Successor), borrowings outstanding of $720 million under Skydance’s revolving credit facility were repaid in full.

Lease Income

We enter into operating leases for the use of our owned production facilities and office buildings. Lease payments received under these agreements consist of fixed payments for the rental of space and certain building operating costs, as well as variable payments based on usage of production facilities and services, and escalating costs of building operations. We recorded total lease income, including both fixed and variable amounts, of $7 million, $2 million and $23 million for the periods from August 7 - September 30, 2025 (Successor), July 1 - August 6, 2025,

and January 1 - August 6, 2025 (Predecessor), respectively, and $10 million and $25 million for the three and nine months ended September 30, 2024 (Predecessor), respectively.

Dispositions

During the first quarter of 2025 (Predecessor), we recorded gains totaling $35 million, principally associated with the disposition of a noncore business.

Discontinued Operations

On October 30, 2023, we completed the sale of Simon & Schuster to affiliates of Kohlberg Kravis Roberts & Co. During the first quarter of 2024 (Predecessor), we recorded an additional pretax gain of $12 million on the sale as a result of a working capital adjustment.

REVENUES - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
REVENUES - Narrative (Details) - USD ($) $ in Millions	Aug. 06, 2025	Sep. 30, 2025	Sep. 30, 2024	Aug. 06, 2025	Sep. 30, 2024	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Allowance for credit losses		$ 97				$ 125
Contract liabilities		1,800				900
Revenue recognized		400		$ 600	$ 600
Unrecognized revenues		6,000
Revenue recognized for satisfaction of performance obligations in prior period	$ 100	100	$ 200	$ 400	$ 400
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Disaggregation of Revenue [Line Items]
Unrecognized revenues		$ 1,000
Remaining performance obligation period		3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Unrecognized revenues		$ 3,000
Remaining performance obligation period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Disaggregation of Revenue [Line Items]
Unrecognized revenues		$ 1,000
Remaining performance obligation period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Disaggregation of Revenue [Line Items]
Unrecognized revenues		$ 1,000
Remaining performance obligation period
Other Noncurrent Assets
Disaggregation of Revenue [Line Items]
Noncurrent receivables		$ 797				$ 1,030

RESTRUCTURING, TRANSACTION-RELATED ITEMS, AND IMPAIRMENT

9 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

RESTRUCTURING, TRANSACTION-RELATED ITEMS, AND IMPAIRMENT

During the periods presented we recorded the following restructuring charges and transaction-related items.


	Successor			Predecessor
	Period From August 7 - September 30,			Period From July 1 - August 6,			Three Months Ended September 30,
	2025				2025			2024


Restructuring charges (a)		$	185		$	13		$	288
Transaction-related items		—			175			33

Restructuring and transaction-related items		$	185		$	188		$	321


	Successor				Predecessor
	Period From August 7 - September 30,				Period From January 1 - August 6,				Nine Months Ended September 30,
		2025				2025				2024
Severance (a)			185				$	190			$	513
Exit costs			—				65				31
Restructuring charges			185				255				544
Transaction-related items			—				199				51

Restructuring and transaction-related items			$	185			$	454			$	595

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

Restructuring Charges

Restructuring charges for the period from August 7 - September 30, 2025 (Successor) were comprised of severance costs of $185 million, principally associated with actions to align the business around our strategic priorities following the Transactions, including costs related to a plan under which severance payments are being provided to certain eligible employees who voluntarily elected to participate.

Restructuring charges for the Predecessor periods from July 1 - August 6, 2025 and January 1 - August 6, 2025 included severance costs of $13 million and $190 million, respectively, primarily associated with strategic changes in the global workforce in order to streamline the organization. Restructuring charges for the three and nine months ended September 30, 2024 (Predecessor) included severance costs of $288 million and $513 million, respectively, associated with strategic changes in our global workforce, and for the nine-month period also related to the exit of Paramount Global’s former CEO and other management changes.

Additionally, during the period from January 1 - August 6, 2025 (Predecessor) and the nine months ended September 30, 2024 (Predecessor), we recorded exit costs of $65 million and $31 million, respectively, primarily for the impairment of lease assets that we ceased use of in connection with initiatives to reduce our real estate footprint and create cost synergies. The impairments were primarily the result of a decline in market conditions since the inception of these leases and reflect the difference between the estimated fair values, which were determined based on the expected future cash flows of the lease assets, and the carrying values.


				2025 Activity (Predecessor)					2025 Activity (Successor)
	Balance at December 31, 2024			Charges (a)		Payments and other			Charges (a)		Payments and other			Balance at September 30, 2025
TV Media		$	156	$	141		$	(98)	$	74		$	(32)		$	241
Direct-to-Consumer		36		5			(27)		9			(4)			19
Filmed Entertainment		46		17			(28)		43			(6)			72
Corporate		111		13			(71)		29			(11)			71
Total		$	349	$	176		$	(224)	$	155		$	(53)		$	403

(a) Excludes stock-based compensation expense of $30 million and $14 million for the periods from August 7 - September 30, 2025 (Successor) and January 1 - August 6, 2025 (Predecessor), respectively.

Transaction-Related Items

During the Predecessor periods from July 1 - August 6, 2025 and January 1 - August 6, 2025, we recorded $175 million and $199 million, respectively principally for banking, legal, advisory, and other professional fees relating to the Transactions, and transaction awards that became payable to eligible employees upon closing. During the three and nine months ended September 30, 2024, we recorded transaction-related costs of $33 million and $51 million, respectively associated with legal and advisory fees related to the Transactions.

Interim Impairment Testing (Predecessor)

FCC Licenses—For the second quarter of 2025 (Predecessor), as a result of recent declines in industry projections, interim impairment tests were necessary for six markets in which we hold FCC licenses. We consider each geographic market, which is comprised of all of our television stations within that geographic market, to be a single unit of accounting because the FCC licenses at this level represent their highest and best use, and accordingly FCC licenses were tested for impairment at the geographic market level. The FCC licenses impairment tests were performed using the Greenfield Discounted Cash Flow Method, which estimates the fair values of FCC licenses by valuing a hypothetical start-up station in the relevant market by adding discounted cash flows over a five-year build-up period to a residual value. The assumptions for the build-up period include industry projections of overall market revenues; the start-up station’s operating costs and capital expenditures, which are based on both industry and internal data; and average market share. The discount rate is determined based on the industry and market-based risk of achieving the projected cash flows, and the residual value is calculated using a long-term growth rate, which is based on projected industry projections and long-range inflation. The discount rate and the long-term growth rate were 7.5% and (2)%, respectively.

The impairment tests indicated that the estimated fair values of FCC licenses in each of the six markets tested were below their respective carrying values. Accordingly, an impairment charge was recorded during the second quarter of 2025 of $157 million to write down the carrying values of these FCC licenses to their aggregate estimated fair value.

During the second quarter of 2024, interim impairment tests were performed for eight markets in which we hold FCC licenses. The tests indicated that the estimated fair values of FCC licenses in two of the eight markets were below their respective carrying values. Accordingly, an impairment charge of $15 million was recorded to write down the carrying values of these FCC licenses to their estimated fair values. The impairment charges in each year were recorded within the TV Media segment.

During the third quarter of 2024, as a result of a further decline in industry-projected long-term growth rates, an interim impairment test was performed for each of our 14 markets with FCC license book values. The tests indicated that the estimated fair values of FCC licenses in five of the 14 markets were below their respective

carrying values. Accordingly, an impairment charge of $104 million was recorded during the three months ended September 30, 2024, to write down the carrying values of FCC licenses in these five markets to their aggregate estimated fair value. The impairment charge, which was recorded within the TV Media segment, was primarily the result of a reduction in the long-term growth rate utilized in the impairment tests to (2)%. The estimated fair values of FCC licenses in the remaining nine markets exceeded their carrying values by more than 10%.

Goodwill—For the second quarter of 2024, the relevant factors that could impact the fair value of Paramount Global’s reporting units were assessed, including indicators in the linear affiliate marketplace and the estimated total company market value indicated by the Transactions and the NAI Transaction announced on July 7, 2024. Based on this assessment, an interim goodwill impairment test was performed for each reporting unit. The goodwill impairment test for the Cable Networks reporting unit indicated that an impairment charge of $5.98 billion was required, which represented the goodwill balance of the reporting unit prior to the impairment test. The impairment charge, which was recorded within the TV Media segment, resulted from a downward adjustment to the reporting unit’s expected cash flows, primarily because of the linear affiliate market indicators noted above, and the estimated total company market value indicated by the Transactions and the NAI Transaction.

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, 2024	Aug. 06, 2025	Sep. 30, 2024
Non-designated foreign exchange contracts
Derivatives [Line Items]
Gains (losses) on non-designated foreign exchange contracts	$ 5	$ (3)	$ (17)	$ (24)	$ (7)

STOCKHOLDERS’ EQUITY - Schedule of Dividends Declared Per Share and Total Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Aug. 06, 2025	Sep. 30, 2024
Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.05	$ 0.05	$ 0.10	$ 0.15
Total common stock dividends	$ 58	$ 35	$ 70	$ 104

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Pushdown of Ultimate Parent’s Basis	Pushdown of Ultimate Parent’s Basis— At the time Paramount Global and Skydance became subsidiaries of Paramount Skydance Corporation, the Ellison Family controlled both Paramount Global and Skydance, and as a result, this transaction has been accounted for as a transaction between entities under common control. As a transaction between entities under common control, the net assets were combined at the Ultimate Parent’s basis, which for Paramount Global was deemed to be the estimated fair value as of August 7, 2025, the date of the closing of the NAI Transaction, which was the point at which the Ellison Family obtained control of Paramount Global (see Note 2). As a result, the net assets of Paramount Global were recorded at their fair value as of this date. Since the net assets of Skydance were already at the Ultimate Parent’s basis, no adjustment to the fair value of net assets was necessary, and Skydance was combined with Paramount Global’s net assets at the Ultimate Parent’s basis as of this date. Our consolidated financial statements and footnote disclosures are presented in two distinct periods to indicate the pushdown of the Ultimate Parent’s basis, which resulted in a new basis of accounting. The periods prior to the closing of the Transactions include only Paramount Global and are identified as “Predecessor”, and the periods beginning on August 7, 2025 reflect Paramount Skydance Corporation and are identified as “Successor”. Due to the application of pushdown accounting, the results of operations, financial position and cash flows are not comparable between the Successor and Predecessor periods. Paramount Global has been identified as the predecessor entity to Paramount Skydance Corporation based on the relative size and fair value of Paramount Global and Skydance, and the fact that Paramount Global was an existing publicly traded company prior to the completion of the Transactions. No single factor was the sole determinant in the overall conclusion that Paramount Global is the predecessor; rather all factors were considered in arriving at such conclusion.
Basis of Presentation	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 the Annual Report on Form 10-K of our Predecessor, Paramount Global, for the year ended December 31, 2024. 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	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	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. Net earnings (loss) available to common stockholders is calculated as net earnings (loss) from continuing operations or net earnings (loss), as applicable, adjusted to include a reduction for dividends recorded during the applicable Predecessor period on Paramount Global’s 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”). On April 1, 2024, all outstanding shares of Mandatory Convertible Preferred Stock were automatically and mandatorily converted into shares of Paramount Global Class B Common Stock. The final dividend on the Mandatory Convertible Preferred Stock was declared during the first quarter of 2024 and paid on April 1, 2024 (see Note 10). 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. In periods prior to the preferred stock conversion described above, diluted EPS also reflected the effect of the assumed conversion of preferred stock, when dilutive, which included the issuance of common shares in the weighted average number of shares and excluded the above-mentioned preferred stock dividend adjustment to net earnings (loss) available to common stockholders.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted Income Taxes In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance enhancing annual income tax disclosures. Under this guidance, certain enhancements to the effective tax rate reconciliation disclosure are required, including the disclosure of both percentages and amounts, specific categories, and additional information for reconciling items meeting a quantitative threshold defined by the guidance. Additionally, disclosures of income taxes paid and income tax expense must be disaggregated by federal, state and foreign taxes, with income taxes paid further disaggregated for individual jurisdictions that represent 5 percent or more of total income taxes paid. The guidance is effective for us for the year ended December 31, 2025, and may be applied either prospectively or retrospectively. Disaggregation of Income Statement Expenses In November 2024, the 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 ended 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 management has authorized and committed to funding the software project and 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 ended 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.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

+ Details

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Antidilutive Securities (Details) - shares shares 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, 2024	Aug. 06, 2025	Sep. 30, 2024
Stock options and RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	32	66	10	33	30
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	200	0	0	0

REVENUES

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

REVENUES

The tables below present our revenues disaggregated into categories based on the nature of such revenues. See Note 13 for revenues by segment disaggregated into these categories.


	Successor			Predecessor
	Period From August 7 - September 30,			Period From July 1 - August 6,			Three Months Ended September 30,
	2025				2025			2024
Revenues by Type:
Advertising		$	1,280		$	664		$	2,174
Affiliate and subscription		2,027			1,400			3,215
Theatrical		39			73			108
Licensing and other		775			444			1,234
Total Revenues		$	4,121		$	2,581		$	6,731


	Successor				Predecessor
	Period From August 7 - September 30,				Period From January 1 - August 6,				Nine Months Ended September 30,
		2025				2025				2024
Revenues by Type:
Advertising			$	1,280			$	5,329			$	7,521
Affiliate and subscription			2,027				8,242				9,847
Theatrical			39				475				399
Licensing and other			775				2,576				3,462
Total Revenues			$	4,121			$	16,622			$	21,229

Receivables

Reserves for accounts receivable reflect our expected credit losses based on historical experience as well as current and expected economic conditions and industry trends. At September 30, 2025 (Successor) and December 31, 2024 (Predecessor), our allowance for credit losses was $97 million and $125 million, respectively.

Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $797 million and $1.03 billion at September 30, 2025 (Successor) and December 31, 2024 (Predecessor), respectively. Noncurrent receivables primarily relate to revenues recognized under long-term content licensing arrangements. Revenues from the licensing of content are recognized at the beginning of the license period in which programs are made available to the licensee for exhibition, while the related cash is generally collected over the term of the license period.

Contract Liabilities

Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets and were $1.8 billion and $0.9 billion at September 30, 2025 (Successor) and December 31, 2024 (Predecessor), respectively. For the periods from August 7 - September 30, 2025 (Successor) and January 1 - August 6, 2025, and for the nine months ended September 30, 2024 (Predecessor), we recognized revenues of $0.4 billion, $0.6 billion, and $0.6 billion, respectively, that were included in the opening balance of deferred revenues for the respective period.

Unrecognized Revenues Under Contract

At September 30, 2025 (Successor), unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were approximately $6 billion, of which $1 billion is expected to be recognized during the remainder of 2025, $3 billion in 2026, $1 billion in 2027, and $1 billion thereafter. These amounts only include contracts subject to a guaranteed fixed amount or the guaranteed minimum under variable contracts, primarily consisting of television and film licensing contracts and affiliate agreements that are subject to a fixed or guaranteed minimum fee. Such amounts change on a regular basis as we renew existing agreements or enter into new agreements. In addition, the timing of satisfying certain performance obligations under these long-term contracts is uncertain and, therefore, is also subject to change. Unrecognized revenues under contracts disclosed above do not include (i) contracts with an original expected term of one year or less, mainly consisting of advertising contracts, (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage, mainly consisting of affiliate agreements and (iii) long-term licensing agreements for multiple programs for which variable consideration is determined based on the value of the programs delivered to the customer and our right to invoice corresponds with the value delivered.

Performance Obligations Satisfied in Previous Periods

Under certain revenue arrangements, the amount and timing of our revenue recognition is determined based on our licensees’ subsequent sale to its end customers. As a result, under such arrangements we often satisfy our performance obligation of delivery of our content in advance of revenue recognition. We recognized revenue of $0.1 billion for the Successor period from August 7 - September 30, 2025, $0.1 billion and $0.4 billion for the Predecessor periods from July 1 - August 6, 2025, and January 1 - August 6, 2025, respectively, and $0.2 billion and $0.4 billion for the three and nine months ended September 30, 2024, respectively, principally relating to content licensing arrangements for which the performance obligation was satisfied prior to the periods indicated, including agreements with distributors of transactional video-on-demand and electronic sell-through services, other licensing arrangements, and theatrical distribution of our films. The amounts for the Predecessor periods in 2024 include advertising revenue from amounts recognized during 2024 for the underreporting of revenue by an international advertising sales agent in previous periods.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Basic And Diluted EPS (Details) - shares shares 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, 2024	Aug. 06, 2025	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Weighted average shares for basic EPS (in shares)	675	1,098	667	674	663
Dilutive effect of shares issuable under stock-based compensation plans (in shares)	0	0	3	0	0
Weighted average shares for diluted EPS (in shares)	675	1,098	670	674	663

RESTRUCTURING, TRANSACTION-RELATED ITEMS, AND IMPAIRMENT - Schedule of Rollforward of Restructuring Liability (Details) - USD ($) $ in Millions	2 Months Ended	7 Months Ended
	Sep. 30, 2025	Aug. 06, 2025
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		$ 349
Charges	$ 155	176
Payments and other	(53)	(224)
Restructuring reserve, ending balance	403
Restructuring And Transaction-Related Items
Restructuring Reserve [Roll Forward]
Stock-based compensation expense	30	14
Operating Segments \| TV Media
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		156
Charges	74	141
Payments and other	(32)	(98)
Restructuring reserve, ending balance	241
Operating Segments \| Direct-to-Consumer
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		36
Charges	9	5
Payments and other	(4)	(27)
Restructuring reserve, ending balance	19
Operating Segments \| Filmed Entertainment
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		46
Charges	43	17
Payments and other	(6)	(28)
Restructuring reserve, ending balance	72
Corporate
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		111
Charges	29	13
Payments and other	(11)	$ (71)
Restructuring reserve, ending balance	$ 71

SEGMENT INFORMATION - Schedule of Intercompany Revenues by Segment (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, 2024	Aug. 06, 2025	Sep. 30, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	$ (2,581)	$ (4,121)	$ (6,731)	$ (16,622)	$ (21,229)
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	6	11	17	35	64
Eliminations \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	3	3	5	20	22
Eliminations \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Intercompany Revenues	$ 3	$ 8	$ 12	$ 15	$ 42

- Definition

+ References

+ Details

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended	9 Months Ended
	Aug. 07, 2025 USD ($) vote $ / shares shares	Mar. 31, 2024 USD ($)	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($) shares	Aug. 06, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of segments \| segment			3
Preferred stock dividends				$ 14
Net loss from continuing operations for basic EPS calculation				5,990
Net loss from continuing operations for diluted EPS calculation				$ 5,980
Mandatory Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares) \| shares				10.0
FCC and other broadcasting licenses
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Estimated weighted average straight-line amortization period			30 years
Finite-lived intangible asset, net			$ 2,490
Paramount Skydance Corporation Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, conversion rate					1
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
Paramount Skydance Corporation Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, conversion rate					1
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
Mandatory Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, percentage			5.75%
Preferred stock dividends		$ 14
NAI Equity Investors
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Investment by certain affiliates of existing investors, cash	$ 1,520
Investment by certain affiliates of existing investors	6,000
Investment by certain affiliates of existing investors, cash-stock election	$ 4,450
NAI Equity Investors \| Paramount Skydance Corporation Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share price (in dollars per share) \| $ / shares	$ 15.00
Warrant issuance (in shares) \| shares	200.0
Warrants price (in dollars per share) \| $ / shares	$ 30.50
Warrant expiration period	5 years
NAI Equity Investors \| Maximum \| Paramount Skydance Corporation Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock issuance (in shares) \| shares	400.0
Ellison Family \| Paramount Skydance Corporation Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrant issuance (in shares) \| shares	155.0
Warrants price (in dollars per share) \| $ / shares	$ 30.50
Warrant expiration period	5 years
Ellison Family \| Paramount Skydance Corporation Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Sale of stock, percentage of ownership after transaction	77.50%
Skydance Membership Unit And Skydance Phantom Unit Award Holders \| Paramount Skydance Corporation Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Issuance, before reduction in connection with tax withholding requirements (in shares) \| shares	316.7
Addition of Skydance (in shares) \| shares	313.8
Shareholders Other Than NAI Equity Investors \| Paramount Skydance Corporation Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, conversion rate	1.5333
Shareholders Other Than NAI Equity Investors \| Paramount Skydance Corporation Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Cash settlement of shares (in dollars per share) \| $ / shares	$ 23.00
Shareholders Other Than NAI Equity Investors, NAI Equity Investors, And Other Affiliates \| Paramount Skydance Corporation Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Cash settlement of shares (in dollars per share) \| $ / shares	$ 15.00
Common stock, conversion rate	1
Harbor Lights Entertainment, Inc. \| Paramount Skydance Corporation Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Votes per share \| vote	1
Sale of stock, percentage of ownership after transaction	100.00%

PROGRAMMING AND OTHER INVENTORY - Schedule of Amortization of Television and Film Programming and Production Costs (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, 2024	Aug. 06, 2025	Sep. 30, 2024
Inventory Disclosure [Abstract]
Entertainment, License Agreement for Program Material, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating	Operating	Operating	Operating	Operating
Film, Monetized in Film Group, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating	Operating	Operating	Operating	Operating
Film, Monetized on Its Own, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating	Operating	Operating	Operating	Operating
Licensed program rights	$ 333	$ 743	$ 1,068	$ 2,961	$ 3,916
Produced television and film programming, and acquired libraries:
Individual monetization	125	264	405	810	1,073
Film group monetization	$ 522	$ 610	$ 1,158	$ 3,193	$ 3,498

DEBT - Narrative (Details)	1 Months Ended
DEBT - Narrative (Details)	May 31, 2025 USD ($)	Mar. 31, 2026	Sep. 30, 2025 USD ($)	Apr. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Aug. 31, 2024 USD ($)
Line of Credit Facility [Line Items]
Outstanding commercial paper borrowings			$ 0		$ 0
Revolving Credit Facility \| Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under credit facility			3,500,000,000
Borrowings outstanding			0
Remaining borrowing capacity under credit facility			$ 3,500,000,000
Maximum consolidated leverage ratio			5.00
Maximum amount of unrestricted cash and cash equivalents netted against consolidated indebtedness	$ 3,000,000,000.0			$ 1,500,000,000
Additional add-back of consolidated EBITDA, capped percentage	0.15
Revolving Credit Facility \| Credit Facility \| Forecast
Line of Credit Facility [Line Items]
Maximum consolidated leverage ratio		4.5
Quarterly decrease in maximum consolidated leverage ratio		0.25
Revolving Credit Facility \| Miramax Credit Facility, Matures November 2025
Line of Credit Facility [Line Items]
Maximum borrowing capacity under credit facility			$ 50,000,000		50,000,000
Outstanding bank borrowings			0		$ 0
Standby Letter of Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under credit facility			$ 1,900,000,000			$ 1,900,000,000

STOCKHOLDERS’ EQUITY - Schedule of Changes in Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Aug. 07, 2025	Aug. 06, 2025	Sep. 30, 2025	Sep. 30, 2024	Aug. 06, 2025	Sep. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 17,313	$ 17,111	$ 13,259	$ 16,946	$ 16,782	$ 23,050
Other comprehensive income (loss)		(46)	26	101	141	31
Adjustments to Paramount Global’s basis (Note 2)	(5,993)
Ending balance	13,259	17,313	13,271	17,075	17,313	17,075
Cumulative Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(542)		0		(657)	(504)
Other comprehensive income before reclassifications			25		115	(1)
Reclassifications to net earnings					0	0
Other comprehensive income (loss)			25		115	(1)
Adjustments to Paramount Global’s basis (Note 2)	542
Ending balance	0	(542)	25	(505)	(542)	(505)
Net Actuarial Loss and Prior Service Cost
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(922)		0		(947)	(1,052)
Other comprehensive income before reclassifications			0		0	0
Reclassifications to net earnings					25	33
Other comprehensive income (loss)			0		25	33
Adjustments to Paramount Global’s basis (Note 2)	922
Ending balance	0	(922)	0	(1,019)	(922)	(1,019)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,464)	(1,419)	0	(1,624)	(1,604)	(1,556)
Other comprehensive income before reclassifications			25		115	(1)
Reclassifications to net earnings					25	33
Other comprehensive income (loss)		(45)	25	100	140	32
Adjustments to Paramount Global’s basis (Note 2)	1,464
Ending balance	$ 0	$ (1,464)	$ 25	$ (1,524)	$ (1,464)	$ (1,524)

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

RESTRUCTURING, TRANSACTION-RELATED ITEMS, AND IMPAIRMENT - Narrative (Details) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended			7 Months Ended	9 Months Ended
	Aug. 06, 2025 USD ($)	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($) market	Sep. 30, 2024 USD ($) market	Jun. 30, 2024 USD ($) market	Aug. 06, 2025 USD ($)	Sep. 30, 2024 USD ($) market
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 13	$ 185		$ 288		$ 255	$ 544
Legal, advisory, and other professional fees relating to the Transactions	175	0		$ 33		199	$ 51
FCC and other broadcasting licenses
Restructuring Cost and Reserve [Line Items]
Number of quantitative assessments performed \| market			6
TV Media \| Cable Networks
Restructuring Cost and Reserve [Line Items]
Goodwill impairment charge					$ 5,980
Six Markets \| TV Media \| FCC and other broadcasting licenses
Restructuring Cost and Reserve [Line Items]
Impairment charges			$ 157
Measurement Input, Discount Rate \| FCC and other broadcasting licenses
Restructuring Cost and Reserve [Line Items]
Assumption rates for intangible asset impairment testing (in percent)			0.075
Measurement Input, Long-Term Revenue Growth Rate \| FCC and other broadcasting licenses
Restructuring Cost and Reserve [Line Items]
Assumption rates for intangible asset impairment testing (in percent)			(0.02)
FCC and other broadcasting licenses
Restructuring Cost and Reserve [Line Items]
Number of quantitative assessments performed \| market					8
Number of markets where carrying value of intangible asset exceeds fair value \| market				14			14
FCC and other broadcasting licenses \| Two Markets \| TV Media
Restructuring Cost and Reserve [Line Items]
Impairment charges					$ 15
Number of markets where carrying value of intangible asset exceeds fair value \| market					2
FCC and other broadcasting licenses \| Five Markets \| TV Media
Restructuring Cost and Reserve [Line Items]
Impairment charges				$ 104
Number of markets where carrying value of intangible asset exceeds fair value \| market				5			5
FCC and other broadcasting licenses \| Nine Markets
Restructuring Cost and Reserve [Line Items]
Number of markets with fair values in excess of threshold of carrying values \| market				9			9
Fair values in excess of threshold of carrying values (in percent)				10.00%			10.00%
FCC and other broadcasting licenses \| Measurement Input, Long-Term Revenue Growth Rate \| Five Markets \| TV Media
Restructuring Cost and Reserve [Line Items]
Assumption rates for intangible asset impairment testing (in percent)				(0.02)			(0.02)
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 13	185		$ 288		190	$ 513
Exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 0				$ 65	$ 31

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

SEGMENT INFORMATION

•Direct-to-Consumer—Our Direct-to-Consumer segment includes our portfolio of domestic and international pay and free streaming services, including Paramount+, Pluto TV, and BET+.


	Successor			Predecessor
	Period From August 7 - September 30,			Period From July 1 - August 6,			Three Months Ended September 30,
	2025				2025			2024
Revenues:
Advertising		$	980		$	485		$	1,666
Affiliate and subscription		1,044			696			1,872
Licensing and other		344			247			760
TV Media		2,368			1,428			4,298
Advertising		300			179			507
Subscription		983			704			1,343
Licensing		1			—			10
Direct-to-Consumer		1,284			883			1,860
Theatrical		39			73			108
Licensing and other		440			202			480
Advertising		1			1			2
Filmed Entertainment		480			276			590
Eliminations		(11)			(6)			(17)
Total Revenues		$	4,121		$	2,581		$	6,731


	Successor				Predecessor
	Period From August 7 - September 30,				Period From January 1 - August 6,				Nine Months Ended September 30,
		2025				2025				2024
Revenues:
Advertising			$	980			$	4,180			$	5,981
Affiliate and subscription			1,044				4,302				5,778
Licensing and other			344				1,495				2,041
TV Media			2,368				9,977				13,800
Advertising			300				1,146				1,540
Subscription			983				3,940				4,069
Licensing			1				1				10
Direct-to-Consumer			1,284				5,087				5,619
Theatrical			39				475				399
Licensing and other			440				1,112				1,465
Advertising			1				6				10
Filmed Entertainment			480				1,593				1,874
Eliminations			(11)				(35)				(64)
Total Revenues			$	4,121			$	16,622			$	21,229

Revenues generated between segments are principally from intersegment arrangements for the distribution of content, rental of studio space, and advertising, as well as licensing revenues earned from third parties who license our content to our internal platforms either through a sub-license or co-production arrangement. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation. For content that is licensed between segments, content costs are allocated across segments based on the relative value of the distribution windows within each segment. Accordingly, no intersegment licensing revenues or profits are recorded by the licensor segment.


	Successor			Predecessor
	Period From August 7 - September 30,			Period From July 1 - August 6,			Three Months Ended September 30,
	2025				2025			2024
Intercompany Revenues:
TV Media		$	3		$	3		$	5

Filmed Entertainment		8			3			12
Total Intercompany Revenues		$	11		$	6		$	17


	Successor				Predecessor
	Period From August 7 - September 30,				Period From January 1 - August 6,				Nine Months Ended September 30,
		2025				2025				2024
Intercompany Revenues:
TV Media			$	3			$	20			$	22

Filmed Entertainment			8				15				42
Total Intercompany Revenues			$	11			$	35			$	64


	Successor			Predecessor
	Period From August 7 - September 30,			Period From July 1 - August 6,			Three Months Ended September 30,
	2025				2025			2024
TV Media
Revenues		$	2,368		$	1,428		$	4,298

Content costs		1,109			657			2,066
Advertising and marketing		62			59			164
Other (a)		657			430			1,132
Total segment expenses		1,828			1,146			3,362

TV Media Adjusted OIBDA		540			282			936
Direct-to-Consumer
Revenues		1,284			883			1,860

Content costs		545			412			961
Advertising and marketing		153			114			259
Other (b)		351			252			591
Total segment expenses		1,049			778			1,811

Direct-to-Consumer Adjusted OIBDA		235			105			49
Filmed Entertainment
Revenues		480			276			590

Content costs		337			131			274
Advertising and marketing		54			106			145
Other (c)		102			75			168
Total segment expenses		493			312			587

Filmed Entertainment Adjusted OIBDA		(13)			(36)			3
Corporate/Eliminations		(78)			(38)			(84)
Stock-based compensation (d)		(29)			(16)			(46)
Depreciation and amortization		(226)			(29)			(96)

Impairment charges		—			—			(104)
Restructuring and transaction-related items (d)		(185)			(188)			(321)

Operating income		244			80			337
Interest expense		(138)			(85)			(209)
Interest income		24			13			31


Other items, net		(8)			(16)			(39)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies		122			(8)			120
(Provision for) benefit from income taxes		(85)			229			(45)
Equity in loss of investee companies, net of tax		(33)			(31)			(59)
Net earnings from continuing operations		4			190			16
Net earnings from discontinued operations, net of tax		—			—			5
Net earnings (Parent and noncontrolling interests)		4			190			21
Net earnings attributable to noncontrolling interests		(17)			(434)			(20)
Net earnings (loss) attributable to Parent		$	(13)		$	(244)		$	1


	Successor				Predecessor
	Period From August 7 - September 30,				Period From January 1 - August 6,				Nine Months Ended September 30,
		2025				2025				2024
TV Media
Revenues			$	2,368			$	9,977			$	13,800

Content costs			1,109				4,956				6,528
Advertising and marketing			62				328				444
Other (a)			657				2,626				3,429
Total segment expenses			1,828				7,910				10,401

TV Media Adjusted OIBDA			540				2,067				3,399
Direct-to-Consumer
Revenues			1,284				5,087				5,619

Content costs			545				2,712				3,176
Advertising and marketing			153				749				871
Other (b)			351				1,473				1,783
Total segment expenses			1,049				4,934				5,830

Direct-to-Consumer Adjusted OIBDA			235				153				(211)
Filmed Entertainment
Revenues			480				1,593				1,874

Content costs			337				846				905
Advertising and marketing			54				417				470
Other (c)			102				430				553
Total segment expenses			493				1,693				1,928

Filmed Entertainment Adjusted OIBDA			(13)				(100)				(54)
Corporate/Eliminations			(78)				(212)				(281)
Stock-based compensation (d)			(29)				(99)				(141)
Depreciation and amortization			(226)				(204)				(297)
Programming charges			—				—				(1,118)
Impairment charges			—				(157)				(6,100)
Restructuring and transaction-related items (d)			(185)				(454)				(595)
Gain on dispositions			—				35				—
Operating income (loss)			244				1,029				(5,398)
Interest expense			(138)				(516)				(645)
Interest income			24				83				111
Loss from investment			—				—				(4)

Other items, net			(8)				(92)				(126)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies			122				504				(6,062)
(Provision for) benefit from income taxes			(85)				79				342
Equity in loss of investee companies, net of tax			(33)				(171)				(221)
Net earnings (loss) from continuing operations			4				412				(5,941)
Net earnings from discontinued operations, net of tax			—				—				14
Net earnings (loss) (Parent and noncontrolling interests)			4				412				(5,927)
Net earnings attributable to noncontrolling interests			(17)				(447)				(39)
Net loss attributable to Parent			$	(13)			$	(35)			$	(5,966)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2025	Dec. 31, 2024
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	41
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)	5,500	5,000
Common stock, shares issued (in shares)	1,066	1,133
Treasury stock, at cost (in shares)	0	503

- 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

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Gains (Losses) Recognized on Derivative Financial Instruments

Gains (losses) recognized on derivative financial instruments were as follows:


	Successor			Predecessor
	Period From August 7 - September 30,			Period From July 1 - August 6,			Three Months Ended September 30,
	2025				2025			2024		Financial Statement Account
Non-designated foreign exchange contracts		$	(3)		$	5		$	(17)	Other items, net


	Successor				Predecessor
	Period From August 7 - September 30,				Period From January 1 - August 6,				Nine Months Ended September 30,
		2025				2025				2024			Financial Statement Account
Non-designated foreign exchange contracts			$	(3)			$	(24)			$	(7)	Other items, net

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


	Successor			Predecessor
		At			At
	September 30, 2025			December 31, 2024
Assets:

Foreign currency hedges		$	40		$	45
Total Assets		$	40		$	45
Liabilities:
Deferred compensation		$	302		$	385
Foreign currency hedges		28			48
Total Liabilities		$	330		$	433

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Total Paramount Stockholders’ Equity	Preferred Stock Outstanding	Class A and B Common Stock Outstanding	Additional Paid-In Capital	Treasury Stock	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Preferred stock outstanding, ending balance (in shares) at Sep. 30, 2024			0
Common stock outstanding, beginning balance (in shares) at Dec. 31, 2023				653
Beginning balance at Dec. 31, 2023	$ 23,050	$ 22,526	$ 0	$ 1	$ 33,210	$ (22,958)	$ 13,829	$ (1,556)	$ 524
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (in shares)				2
Stock-based compensation activity	154	154			154
Stock conversion (in shares)			(10)	12
Preferred stock dividends	(14)	(14)					(14)
Common stock dividends	(104)	(104)					(104)
Noncontrolling interests	(115)								(115)
Net earnings (loss)	(5,927)	(5,966)					(5,966)		39
Other comprehensive (loss) income	31	32						32	(1)
Preferred stock outstanding, beginning balance (in shares) at Dec. 31, 2023			10
Ending balance at Sep. 30, 2024	17,075	16,628	$ 0	$ 1	33,364	(22,958)	7,745	(1,524)	447
Common stock outstanding, ending balance (in shares) at Sep. 30, 2024				667
Preferred stock outstanding, ending balance (in shares) at Sep. 30, 2024			0
Common stock outstanding, beginning balance (in shares) at Jun. 30, 2024				667
Beginning balance at Jun. 30, 2024	16,946	16,497		$ 1	33,299	(22,958)	7,779	(1,624)	449
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity	65	65			65
Common stock dividends	(35)	(35)					(35)
Noncontrolling interests	(23)								(23)
Net earnings (loss)	21	1					1		20
Other comprehensive (loss) income	101	100						100	1
Ending balance at Sep. 30, 2024	17,075	16,628	$ 0	$ 1	33,364	(22,958)	7,745	(1,524)	447
Common stock outstanding, ending balance (in shares) at Sep. 30, 2024				667
Common stock outstanding, beginning balance (in shares) at Dec. 31, 2024				671
Beginning balance at Dec. 31, 2024	16,782	16,320		$ 1	33,394	(22,958)	7,487	(1,604)	462
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (in shares)				3
Stock-based compensation activity	85	85			85
Common stock dividends	(70)	(70)					(70)
Noncontrolling interests	(37)								(37)
Net earnings (loss)	412	(35)					(35)		447
Other comprehensive (loss) income	141	140						140	1
Cancellation of treasury stock (Note 10)	0				(22,958)	22,958
Ending balance at Aug. 06, 2025	17,313	16,440		$ 1	10,521	0	7,382	(1,464)	873
Common stock outstanding, ending balance (in shares) at Aug. 06, 2025				674
Common stock outstanding, beginning balance (in shares) at Jun. 30, 2025				674
Beginning balance at Jun. 30, 2025	17,111	16,705		$ 1	33,455	(22,958)	7,626	(1,419)	406
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity	24	24			24
Noncontrolling interests	34								34
Net earnings (loss)	190	(244)					(244)		434
Other comprehensive (loss) income	(46)	(45)						(45)	(1)
Cancellation of treasury stock (Note 10)	0				(22,958)	22,958
Ending balance at Aug. 06, 2025	17,313	16,440		$ 1	10,521	0	7,382	(1,464)	873
Common stock outstanding, ending balance (in shares) at Aug. 06, 2025				674
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to Paramount Global’s basis (Note 2)	(5,993)	(6,369)			(451)		(7,382)	1,464	376
PIPE Transaction (Note 10) (in shares)				108
PIPE Transaction (Note 10)	1,517	1,517			1,517
Addition of Skydance (in shares)				314
Addition of Skydance	422	422			1,589		(1,167)
Ending balance at Aug. 07, 2025	13,259	12,010		$ 1	13,176	0	(1,167)	0	1,249
Common stock outstanding, ending balance (in shares) at Aug. 07, 2025				1,096
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation activity (in shares)				2
Stock-based compensation activity	41	41			41
Common stock dividends	(58)	(58)			(58)
Common stock dividends	(58)
Noncontrolling interests	(1)								(1)
Net earnings (loss)	4	(13)					(13)		17
Other comprehensive (loss) income	26	25						25	1
Ending balance at Sep. 30, 2025	$ 13,271	$ 12,005		$ 1	$ 13,159	$ 0	$ (1,180)	$ 25	$ 1,266
Common stock outstanding, ending balance (in shares) at Sep. 30, 2025				1,098

INCOME TAXES

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

The provision for/benefit from income taxes represents federal, state and local, and foreign taxes on earnings (loss) from continuing operations before income taxes and equity in loss of investee companies. For the period from August 7 - September 30, 2025 (Successor),we recorded a provision for income taxes of $85 million and for the periods from July 1 - August 6, 2025 and January 1 - August 6, 2025 (Predecessor), we recorded a benefit from income taxes of $229 million and $79 million, respectively. The provision for income taxes in the Successor period reflects the timing of foreign inclusions and foreign-derived intangible income deductions between the Successor and Predecessor periods. The benefit from income taxes for the Predecessor periods reflect the tax impact of earnings attributable to noncontrolling interests, the timing of foreign inclusions between the Successor and Predecessor periods, and the tax benefit on the foreign-derived intangible income deduction.

Each period was also impacted by the following items identified as affecting the comparability of results.



	Impact from Items Affecting Comparability
	Successor						Predecessor
	Period From August 7 - September 30,						Period From July 1 - August 6,
	2025						2025
	Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes			Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes


Restructuring charges (Note 4)		$	(185)		$	30		$	(13)		$	3
Transaction-related items (Note 4)		$	—		$	—		$	(175)		$	30


Net discrete tax benefit (a)		n/a			$	4		n/a			$	73



	Impact from Items Affecting Comparability
	Successor						Predecessor
	Period From August 7 - September 30,						Period From January 1 - August 6,
	2025						2025
	Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes			Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes


Restructuring charges (Note 4)		$	(185)		$	30		$	(255)		$	61
Transaction-related items (Note 4)		$	—		$	—		$	(199)		$	31
Impairment charges		$	—		$	—		$	(157)		$	39
Gain from dispositions		$	—		$	—		$	35		$	(2)

Net discrete tax benefit (a)		n/a			$	4		n/a			$	64

n/a - not applicable

(a) The net discrete tax benefit for the 2025 Predecessor periods reflects the reversal of the valuation allowance on our interest limitation carryforward deferred tax asset of $114 million, partially offset by a reserve for uncertain tax positions.

On July 4, 2025, the U.S. government enacted tax legislation, which includes the extension of certain expired or expiring tax provisions, including a favorable change to the interest deduction limitation, and modifications to certain international tax provisions. The legislation has multiple effective dates with certain provisions effective in 2025. As described in the table above, the favorable change to the interest deduction limitation resulted in the reversal of the valuation allowance on our interest limitation carryforward deferred tax asset of $114 million.

For the three and nine months ended September 30, 2024 (Predecessor), we recorded a provision for income taxes of $45 million and a benefit from income taxes of $342 million, reflecting an effective income tax rate of 37.5% and 5.6%, respectively. Included in the provision for/benefit from income taxes are the following items identified as affecting the comparability of our results, which in aggregate increased our effective income tax rate by 12.0 percentage points and decreased our effective income tax rate by 16.2 percentage points for their respective periods.


	Impact from Items Affecting Comparability
	Predecessor
	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes			Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes

Programming charges (Note 3)		$	—		$	—		$	(1,118)		$	275
Impairment charges (Note 4)		$	(104)		$	26		$	(6,100)		$	375
Restructuring charges (Note 4)		$	(288)		$	65		$	(544)		$	117
Transaction-related items (Note 4)		$	(33)		$	1		$	(51)		$	4
Loss from investment		$	—		$	—		$	(4)		$	1
Net discrete tax benefit (provision)		n/a			$	2		n/a			$	(47)

n/a - not applicable

(a) The net discrete tax provision for the nine months ended September 30, 2024 is primarily attributable to the establishment of a valuation allowance on our interest limitation carryforward deferred tax asset that was not expected to be realized because of a reduction in our deferred tax liabilities caused by the goodwill impairment charge in the second quarter of 2024. This impact was partially offset by amounts realized in connection with the filing of our tax returns in certain international jurisdictions.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

SUPPLEMENTAL FINANCIAL INFORMATION - 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, 2025	Sep. 30, 2024	Mar. 31, 2024	Aug. 06, 2025	Sep. 30, 2024	Aug. 07, 2025	Dec. 31, 2024	Dec. 31, 2023
Additional Financial Information Disclosure [Abstract]
Cash balance	$ 2,460	$ 3,263	$ 3,263	$ 2,443		$ 2,460	$ 2,443	$ 3,851	$ 2,661	$ 2,460
Debt repaid			$ 720
Lease income	2	7		10		23	25
Gain on dispositions	$ 0	$ 0		$ 0		$ 35	$ 0
Discontinued Operations, Disposed of by Sale \| Simon & Schuster
Discontinued Operations [Line Items]
Pretax gain on sale					$ 12

SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	2 Months Ended	7 Months Ended	9 Months Ended
	Sep. 30, 2025	Aug. 06, 2025	Sep. 30, 2024
Additional Financial Information Disclosure [Abstract]
Cash paid for interest	$ 148	$ 524	$ 676
Cash paid for income taxes	11	201	68
Noncash additions to operating lease assets	$ 1	$ 82	$ 76

VARIABLE INTEREST ENTITIES (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, 2024	Aug. 06, 2025	Sep. 30, 2024	Dec. 31, 2024
Variable Interest Entity [Line Items]
Total assets		$ 43,181				$ 46,172
Revenues	$ 2,581	4,121	$ 6,731	$ 16,622	$ 21,229
Operating loss	80	244	337	1,029	(5,398)
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets		1,339				1,825
Total liabilities		225				$ 198
Revenues	52	75	131	294	398
Operating loss	$ (15)	$ (3)	$ (11)	$ (102)	$ (75)

- Definition

Amount of asset recognized for present right to economic benefit.

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- Definition

The net result for the period of deducting operating expenses from operating revenues.

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

PUSHDOWN OF ULTIMATE PARENT'S BASIS

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

PUSHDOWN OF ULTIMATE PARENT'S BASIS

The NAI Transaction resulted in a change in control of our Predecessor, Paramount Global, that established a new accounting basis, which reflects the estimated fair value of Paramount Global as indicated by the NAI Transaction and the Transactions. The table below presents the calculation of the Ultimate Parent's basis in Paramount Global as of the date these transactions closed.


Estimated value of NAI Transaction consideration attributable to Paramount Global common stock	$	2,017	(a)
Cash paid to stockholders (see Note 10)	4,454		(b)
Proceeds from PIPE Transaction, net of subscription discount	1,517
Outstanding Paramount Global RSU Awards and Paramount Global PSU Awards	80		(c)
Remaining shares of Paramount Skydance Corporation Class B Common Stock	3,520		(d)
Paramount Global basis at August 7, 2025	$	11,588


	Preliminary Allocation of Ultimate Parent’s Basis
Assets:
Cash and cash equivalents		$	3,977
Receivables, net		5,980
Programming and other inventory, current		1,970
Prepaid expenses and other current assets		1,641
Property and equipment, net (a)		2,118
Programming and other inventory, noncurrent (b)		13,599
Goodwill (c)		947
Intangible assets, net (d)		6,748
Operating lease assets		875
Deferred income tax assets, net		1,200
Other noncurrent assets		2,470
Total assets		$	41,525

Liabilities:
Long-term debt (e)		$	13,619
Pension and postretirement benefit obligations (f)		1,390
Deferred income tax liabilities, net		306
Operating lease liabilities		1,219
Programming obligations (g)		2,017
Other liabilities (h)		10,137
Total liabilities		$	28,688

Noncontrolling interests (i)		1,249

Paramount Global basis at August 7, 2025		$	11,588

Intangible assets

Values

Valuation Method

Estimated weighted average straight-line amortization period

FCC and other broadcasting licenses

2,555

Greenfield Discounted Cash flow method

30 years

Trade names

1,513

Relief from Royalty

17.3 years

Affiliate relationships

1,016

Multi-period excess earnings

2.6 years

Subscriber relationships

1,080

Replacement cost

2 years

Franchises

326

Discounted cash flow

10 years

Developed technology

258

Replacement cost

3 years

(e) The fair value was determined based on quoted prices in active markets.

(f) The fair value was determined based on a remeasurement of the obligation using actuarial assumptions. Key valuation inputs included discount rates and mortality assumptions.

(g) “Programming Obligations” include $568 million recorded to establish liabilities for unfavorable contractual arrangements.

(i) The fair value was determined based on a discounted cash flow analysis.

- Definition

The entire disclosure for business combination.

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+ Details

SEGMENT INFORMATION - Schedule of Financial Information by Reportable Segment (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, 2024 USD ($)	Aug. 06, 2025 USD ($)	Sep. 30, 2025 segment	Sep. 30, 2024 USD ($)
Segment Reporting [Abstract]
Number of segments \| segment					3
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 2,581	$ 4,121	$ 6,731	$ 16,622		$ 21,229
Advertising
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	664	1,280	2,174	5,329		7,521
Affiliate and subscription
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	1,400	2,027	3,215	8,242		9,847
Theatrical
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	73	39	108	475		399
Licensing and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	444	775	1,234	2,576		3,462
Operating Segments \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	1,428	2,368	4,298	9,977		13,800
Operating Segments \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	883	1,284	1,860	5,087		5,619
Operating Segments \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	276	480	590	1,593		1,874
Operating Segments \| Advertising \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	485	980	1,666	4,180		5,981
Operating Segments \| Advertising \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	179	300	507	1,146		1,540
Operating Segments \| Advertising \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	1	1	2	6		10
Operating Segments \| Affiliate and subscription \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	696	1,044	1,872	4,302		5,778
Operating Segments \| Affiliate and subscription \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	704	983	1,343	3,940		4,069
Operating Segments \| Theatrical \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	73	39	108	475		399
Operating Segments \| Licensing and other \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	247	344	760	1,495		2,041
Operating Segments \| Licensing and other \| Direct-to-Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	0	1	10	1		10
Operating Segments \| Licensing and other \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	202	440	480	1,112		1,465
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	(6)	(11)	(17)	(35)		(64)
Eliminations \| TV Media
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	(3)	(3)	(5)	(20)		(22)
Eliminations \| Filmed Entertainment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ (3)	$ (8)	$ (12)	$ (15)		$ (42)

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Schedule of Benefit/Provision for Income Taxes



	Impact from Items Affecting Comparability
	Successor						Predecessor
	Period From August 7 - September 30,						Period From July 1 - August 6,
	2025						2025
	Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes			Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes


Restructuring charges (Note 4)		$	(185)		$	30		$	(13)		$	3
Transaction-related items (Note 4)		$	—		$	—		$	(175)		$	30


Net discrete tax benefit (a)		n/a			$	4		n/a			$	73



	Impact from Items Affecting Comparability
	Successor						Predecessor
	Period From August 7 - September 30,						Period From January 1 - August 6,
	2025						2025
	Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes			Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes


Restructuring charges (Note 4)		$	(185)		$	30		$	(255)		$	61
Transaction-related items (Note 4)		$	—		$	—		$	(199)		$	31
Impairment charges		$	—		$	—		$	(157)		$	39
Gain from dispositions		$	—		$	—		$	35		$	(2)

Net discrete tax benefit (a)		n/a			$	4		n/a			$	64

n/a - not applicable


	Impact from Items Affecting Comparability
	Predecessor
	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes			Earnings (Loss) Before Income Taxes			Benefit from (Provision for) Income Taxes

Programming charges (Note 3)		$	—		$	—		$	(1,118)		$	275
Impairment charges (Note 4)		$	(104)		$	26		$	(6,100)		$	375
Restructuring charges (Note 4)		$	(288)		$	65		$	(544)		$	117
Transaction-related items (Note 4)		$	(33)		$	1		$	(51)		$	4
Loss from investment		$	—		$	—		$	(4)		$	1
Net discrete tax benefit (provision)		n/a			$	2		n/a			$	(47)

n/a - not applicable

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents	$ 3,263	$ 2,661
Receivables, net	6,302	6,920
Programming and other inventory	1,776	1,429
Prepaid expenses and other current assets	1,861	1,532
Total current assets	13,202	12,542
Property and equipment, net	2,170	1,566
Programming and other inventory	15,449	13,924
Goodwill	984	10,508
Intangible assets, net	6,566	2,406
Operating lease assets	1,026	1,012
Deferred income tax assets, net	1,200	1,386
Other assets	2,584	2,828
Total Assets	43,181	46,172
Current Liabilities:
Accounts payable	689	953
Accrued expenses	1,817	2,199
Participants’ share and royalties payable	2,497	2,574
Accrued programming and production costs	1,829	1,720
Deferred revenues	1,615	825
Debt	347	0
Other current liabilities	1,090	1,360
Total current liabilities	9,884	9,631
Long-term debt	13,286	14,501
Participants’ share and royalties payable	1,271	1,310
Pension and postretirement benefit obligations	1,289	1,226
Deferred income tax liabilities, net	221	34
Operating lease liabilities	1,100	1,048
Programming obligations	515	260
Other liabilities	2,344	1,380
Commitments and contingencies (Note 14)
Parent stockholders’ equity:
Additional paid-in capital	13,159	33,394
Treasury stock, at cost; — (2025) and 503 (2024) shares of Class B Common Stock	0	(22,958)
Retained earnings (accumulated deficit)	(1,180)	7,487
Accumulated other comprehensive income (loss)	25	(1,604)
Total Parent stockholders’ equity	12,005	16,320
Noncontrolling interests	1,266	462
Total Equity	13,271	16,782
Total Liabilities and Equity	43,181	46,172
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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

COVER - shares	9 Months Ended
COVER - shares	Sep. 30, 2025	Nov. 05, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-42791
Entity Registrant Name	Paramount Skydance Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-3917985
Entity Address, Address Line One	1515 Broadway
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	258-6000
Title of 12(b) Security	Class B Common Stock, $0.001 par value
Trading Symbol	PSKY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,071,666,977
Entity Central Index Key	0002041610
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3

RELATED PARTIES

9 Months Ended

Sep. 30, 2025

RELATED PARTIES

The Ellison Family (Successor)

Following the closing of the Transactions and the NAI Transaction, the Ellison Family indirectly holds approximately 77.5% of our voting Class A Common Stock through their collective approximate 77.5% ownership interest in Harbor Lights Entertainment, Inc. (f/k/a National Amusements, Inc.), and as a result is the controlling stockholder of Paramount (see Note 1). In addition, in connection with the PIPE transaction, the NAI Equity Investors (including entities controlled by the Ellison Family) received warrants to purchase a total of 200 million shares of Paramount Skydance Corporation Class B Common Stock (of which entities controlled by the Ellison Family received warrants to purchase a total of 155 million shares) at an initial exercise price of $30.50 per share (subject to customary anti-dilution adjustments), which expire five years after issuance. The Ellison Family is comprised of Lawrence Ellison and David Ellison. David Ellison is the son of Lawrence Ellison, and Lawrence Ellison and David Ellison are accordingly considered immediate family members. David Ellison is the CEO of Paramount and the Chairman of our Board of Directors.

Lawrence Ellison is the Chairman and a major stockholder of Oracle Corporation (“Oracle”). We have several multi-year Software as a Service (SaaS) agreements with Oracle, principally for finance and human resources, as well as Oracle software support agreements and database licenses used by various applications. The total payments related to these arrangements from August 7 - September 30, 2025 were $2 million.

In addition, we have lease agreements under which the lessor is an entity owned and controlled by Lawrence Ellison. At September 30, 2025, the total liability associated with these leases was $191 million. During the period from August 7 - September 30, 2025 we recorded lease costs associated with these leases totaling $4 million.

The Ellison Family has investments in other entities over which they have control or can exert significant influence, which as a result, are related parties to us. We did not have any material transactions with these entities.

Other Related Parties

In the ordinary course of business, we are involved in transactions with our equity method investees, primarily for the licensing of television and film programming. The following tables present the amounts recorded in our consolidated financial statements related to these transactions.


	Successor			Predecessor
	Period From August 7 - September 30,			Period From July 1 - August 6,			Three Months Ended September 30,
	2025			2025			2024
Revenues		$	40		$	28		$	40

Operating costs (a)		$	30		$	22		$	37


	Successor				Predecessor
	Period From August 7 - September 30,				Period From January 1 - August 6,				Nine Months Ended September 30,
		2025				2025				2024
Revenues			$	40			$	198			$	177

Operating costs (a)			$	30			$	82			$	74

(a) Each period includes costs expensed as operating expenses and costs capitalized in programming assets.


	Successor			Predecessor
	At			At
	September 30, 2025			December 31, 2024

Receivables, net		$	178		$	190

Other assets (Receivables, noncurrent)		$	96		$	82

Through the normal course of business, we are involved in other transactions with related parties that have not been material in any of the periods presented.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMITMENTS AND CONTINGENCIES (Details)		1 Months Ended	2 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Feb. 04, 2025 $ / shares	Aug. 06, 2025 claim	Sep. 30, 2025 USD ($) claim	Dec. 31, 2024 USD ($) claim	Dec. 31, 2023 USD ($)	Aug. 12, 2025 USD ($)	Aug. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Outstanding letters of credit and surety bonds			$ 673,000,000
Monetary sanctions						$ 10,000
Cost for settlement and defense of asbestos claims, net of insurance recoveries and tax benefits				$ 34,000,000	$ 54,000,000
Asbestos Claims
Loss Contingencies [Line Items]
Number of pending asbestos claims \| claim			17,540	18,310
Number of new asbestos claims \| claim		330	450
Number of asbestos claims closed or moved to inactive docket \| claim		120	910
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			$ 436,000,000
Maximum borrowing capacity under credit facility			$ 1,900,000,000				$ 1,900,000,000

PROGRAMMING AND OTHER INVENTORY (Tables)

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Schedule of Programming and Other Inventory, Current

The following table presents our programming and other inventory at September 30, 2025 and December 31, 2024, grouped by type and predominant monetization strategy.


	Successor			Predecessor
		At			At
	September 30, 2025			December 31, 2024
Film Group Monetization:
Licensed program rights, including prepaid sports rights		$	3,058		$	3,168
Produced television and film programming:
Released		9,128			6,847
In process and other		2,124			2,292

Individual Monetization:
Produced television and film programming:
Released		938			1,823
Completed, not yet released		126			42
In process and other		1,826			1,155
Home entertainment		6			26
Game development		19			—
Total programming and other inventory		17,225			15,353
Less current portion		1,776			1,429
Total noncurrent programming and other inventory		$	15,449		$	13,924

Schedule of Programming and Other Inventory, Noncurrent

The following table presents our programming and other inventory at September 30, 2025 and December 31, 2024, grouped by type and predominant monetization strategy.


	Successor			Predecessor
		At			At
	September 30, 2025			December 31, 2024
Film Group Monetization:
Licensed program rights, including prepaid sports rights		$	3,058		$	3,168
Produced television and film programming:
Released		9,128			6,847
In process and other		2,124			2,292

Individual Monetization:
Produced television and film programming:
Released		938			1,823
Completed, not yet released		126			42
In process and other		1,826			1,155
Home entertainment		6			26
Game development		19			—
Total programming and other inventory		17,225			15,353
Less current portion		1,776			1,429
Total noncurrent programming and other inventory		$	15,449		$	13,924

Schedule of Amortization of Television and Film Programming and Production Costs

The following tables present amortization of our television and film programming and production costs, which is included within “Operating expenses” on the Consolidated Statements of Operations.


	Successor			Predecessor
	Period From August 7 - September 30,			Period From July 1 - August 6,			Three Months Ended September 30,
	2025				2025			2024
Licensed program rights		$	743		$	333		$	1,068

Produced television and film programming, and acquired libraries:
Individual monetization		$	264		$	125		$	405
Film group monetization		$	610		$	522		$	1,158


	Successor				Predecessor
	Period From August 7 - September 30,				Period From January 1 - August 6,				Nine Months Ended September 30,
		2025				2025				2024
Licensed program rights			$	743			$	2,961			$	3,916

Produced television and film programming, and acquired libraries:
Individual monetization			$	264			$	810			$	1,073
Film group monetization			$	610			$	3,193			$	3,498

DEBT

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

DEBT


	Successor (a)			Predecessor
	At			At
	September 30, 2025			December 31, 2024
4.0% Senior Notes due 2026		$	346		$	346
3.70% Senior Notes due 2026		85			86
2.90% Senior Notes due 2027		571			582
3.375% Senior Notes due 2028		486			498
3.70% Senior Notes due 2028		488			496
4.20% Senior Notes due 2029		488			496
7.875% Senior Debentures due 2030		919			829
4.95% Senior Notes due 2031		1,220			1,232
4.20% Senior Notes due 2032		917			980
5.50% Senior Debentures due 2033		417			428
4.85% Senior Debentures due 2034		75			87
6.875% Senior Debentures due 2036		1,120			1,072
6.75% Senior Debentures due 2037		75			76
5.90% Senior Notes due 2040		271			298
4.50% Senior Debentures due 2042		34			45
4.85% Senior Notes due 2042		399			490
4.375% Senior Debentures due 2043		1,073			1,146
4.875% Senior Debentures due 2043		14			18
5.85% Senior Debentures due 2043		1,101			1,235
5.25% Senior Debentures due 2044		274			345
4.90% Senior Notes due 2044		430			542
4.60% Senior Notes due 2045		450			591
4.95% Senior Notes due 2050		761			950
6.25% Junior Subordinated Debentures due 2057		627			644
6.375% Junior Subordinated Debentures due 2062		989			989

Obligations under finance leases		3			—
Total debt (b)		13,633			14,501
Less current portion		347			—
Total long-term debt, net of current portion		$	13,286		$	14,501

Commercial Paper

At both September 30, 2025 (Successor) and December 31, 2024 (Predecessor), we had no outstanding commercial paper borrowings.

Credit Facility

On August 7, 2025, in connection with the closing of the Transactions and pursuant to the August 2024 amendment to the Credit Facility (which is further described below), Paramount Skydance Corporation entered into a joinder agreement pursuant to which it joined Paramount Global’s $3.50 billion revolving credit facility, which matures in January 2027 (the “Credit Facility”). The Credit Facility is used for general corporate purposes and to support commercial paper borrowings, if any. We may, at our option, also borrow in certain foreign currencies up to specified limits under the Credit Facility. Borrowing rates under the Credit Facility are 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 our senior unsecured debt 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 based on EURIBOR, SONIA and TIBOR, respectively. At September 30, 2025, we had no borrowings outstanding under the Credit Facility and the availability under the Credit Facility was $3.50 billion.

The Credit Facility has one principal financial covenant which sets a maximum Consolidated Total Leverage Ratio (“Leverage Ratio”) at the end of each quarter. The maximum Leverage Ratio was 5.00x for the quarter ended September 30, 2025 and will decrease 0.25x for each subsequent quarter until the quarter ending March 31, 2026 when it will be 4.5x, and will remain at this level until maturity. The Leverage Ratio reflects the ratio of our Consolidated Indebtedness, net of unrestricted cash and cash equivalents at the end of a quarter, to our Consolidated EBITDA (each as defined in the credit agreement) for the trailing twelve-month period. In May 2025, Paramount Global entered into an amendment to the Credit Facility, which increased the maximum amount of unrestricted cash and cash equivalents that can be netted against Consolidated Indebtedness, in the calculation of the Leverage Ratio, from $1.50 billion to $3.0 billion, effective immediately, and amended the definition of Consolidated EBITDA to include an additional add-back (which is capped at 15% of Consolidated EBITDA after giving effect to such add-back) for cash items associated with provisions for restructuring or other business optimization programs, litigation and environmental reserves and losses on the disposition of businesses. We met the covenant as of September 30, 2025.

The Credit Facility also includes a provision that the occurrence of a change of control will be an event of default that would give the lenders the right to accelerate any outstanding loans and terminate their commitments. In August 2024, Paramount Global entered into amendments to the Credit Facility and the $1.9 billion standby letter of credit facility (see Note 14), which, among other things, revised the change of control provision and related definitions to reflect the ownership structure of the Company after giving effect to the Transactions and the NAI Transaction. These amendments became operative upon closing of the Transactions (see Note 1).

Upon the closing of the Transactions, Paramount Skydance Corporation entered into guarantee agreements providing for a full and unconditional parent guarantee of Paramount Global’s obligations with respect to any commercial paper borrowings incurred, and in accordance with the August 2024 amendment to the Credit Facility, a full and unconditional parent guarantee of Paramount Global’s obligations under the Credit Agreement went into effect.

Other Bank Borrowings

At both September 30, 2025 (Successor) and December 31, 2024 (Predecessor), there were no outstanding bank borrowings under Miramax’s $50 million credit facility that matures in November 2027.

- 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

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+ Details