0002041610false2025FYP1Yhttp://fasb.org/us-gaap/2025#DirectOperatingCostshttp://fasb.org/us-gaap/2025#DirectOperatingCostshttp://fasb.org/us-gaap/2025#DirectOperatingCostshttp://fasb.org/us-gaap/2025#DirectOperatingCostshttp://fasb.org/us-gaap/2025#DirectOperatingCostshttp://fasb.org/us-gaap/2025#DirectOperatingCostshttp://fasb.org/us-gaap/2025#DirectOperatingCostshttp://fasb.org/us-gaap/2025#DirectOperatingCostshttp://fasb.org/us-gaap/2025#DirectOperatingCostshttp://fasb.org/us-gaap/2025#DirectOperatingCostshttp://fasb.org/us-gaap/2025#DirectOperatingCostshttp://fasb.org/us-gaap/2025#DirectOperatingCostshttp://fasb.org/us-gaap/2025#GoodwillAndIntangibleAssetImpairmenthttp://fasb.org/us-gaap/2025#GoodwillAndIntangibleAssetImpairmenthttp://fasb.org/us-gaap/2025#GoodwillAndIntangibleAssetImpairmenthttp://fasb.org/us-gaap/2025#GoodwillAndIntangibleAssetImpairmenthttp://fasb.org/us-gaap/2025#GoodwillAndIntangibleAssetImpairmenthttp://fasb.org/us-gaap/2025#GoodwillAndIntangibleAssetImpairmenthttp://fasb.org/us-gaap/2025#GoodwillAndIntangibleAssetImpairmenthttp://fasb.org/us-gaap/2025#GoodwillAndIntangibleAssetImpairment11110125http://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligations http://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligations http://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesCurrentoneP1YP1Y136414972952892780952216351952110997951810805http://fasb.org/us-gaap/2025#IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntityhttp://fasb.org/us-gaap/2025#IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntityhttp://fasb.org/us-gaap/2025#IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntityiso4217:USDxbrli:sharesiso4217:USDxbrli:sharespsky:segmentxbrli:purepsky:votepsky:marketutr:sqftpsky:Employeepsky:claim00020416102025-01-012025-12-310002041610us-gaap:CommonClassAMember2025-06-300002041610us-gaap:CommonClassBMember2025-06-300002041610us-gaap:CommonClassAMember2026-02-200002041610us-gaap:CommonClassBMember2026-02-2000020416102025-08-082025-12-3100020416102025-01-012025-08-0600020416102024-01-012024-12-3100020416102023-01-012023-12-3100020416102025-12-3100020416102024-12-310002041610us-gaap:CommonClassAMember2025-12-310002041610us-gaap:CommonClassAMember2024-12-310002041610us-gaap:CommonClassBMember2025-12-310002041610us-gaap:CommonClassBMember2024-12-3100020416102025-08-0700020416102023-12-3100020416102022-12-3100020416102025-08-060002041610us-gaap:PreferredStockMember2022-12-310002041610us-gaap:CommonStockMember2022-12-310002041610us-gaap:AdditionalPaidInCapitalMember2022-12-310002041610us-gaap:TreasuryStockCommonMember2022-12-310002041610us-gaap:RetainedEarningsMember2022-12-310002041610us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310002041610us-gaap:ParentMember2022-12-310002041610us-gaap:NoncontrollingInterestMember2022-12-310002041610us-gaap:CommonStockMember2023-01-012023-12-310002041610us-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-310002041610us-gaap:RetainedEarningsMember2023-01-012023-12-310002041610us-gaap:ParentMember2023-01-012023-12-310002041610us-gaap:NoncontrollingInterestMember2023-01-012023-12-310002041610us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310002041610us-gaap:PreferredStockMember2023-12-310002041610us-gaap:CommonStockMember2023-12-310002041610us-gaap:AdditionalPaidInCapitalMember2023-12-310002041610us-gaap:TreasuryStockCommonMember2023-12-310002041610us-gaap:RetainedEarningsMember2023-12-310002041610us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310002041610us-gaap:ParentMember2023-12-310002041610us-gaap:NoncontrollingInterestMember2023-12-310002041610us-gaap:CommonStockMember2024-01-012024-12-310002041610us-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-310002041610us-gaap:ParentMember2024-01-012024-12-310002041610us-gaap:PreferredStockMember2024-01-012024-12-310002041610us-gaap:RetainedEarningsMember2024-01-012024-12-310002041610us-gaap:NoncontrollingInterestMember2024-01-012024-12-310002041610us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-12-310002041610us-gaap:PreferredStockMember2024-12-310002041610us-gaap:CommonStockMember2024-12-310002041610us-gaap:AdditionalPaidInCapitalMember2024-12-310002041610us-gaap:TreasuryStockCommonMember2024-12-310002041610us-gaap:RetainedEarningsMember2024-12-310002041610us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310002041610us-gaap:ParentMember2024-12-310002041610us-gaap:NoncontrollingInterestMember2024-12-310002041610us-gaap:CommonStockMember2025-01-012025-08-060002041610us-gaap:AdditionalPaidInCapitalMember2025-01-012025-08-060002041610us-gaap:ParentMember2025-01-012025-08-060002041610us-gaap:RetainedEarningsMember2025-01-012025-08-060002041610us-gaap:NoncontrollingInterestMember2025-01-012025-08-060002041610us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-08-060002041610us-gaap:TreasuryStockCommonMember2025-01-012025-08-060002041610us-gaap:PreferredStockMember2025-08-060002041610us-gaap:CommonStockMember2025-08-060002041610us-gaap:AdditionalPaidInCapitalMember2025-08-060002041610us-gaap:TreasuryStockCommonMember2025-08-060002041610us-gaap:RetainedEarningsMember2025-08-060002041610us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-08-060002041610us-gaap:ParentMember2025-08-060002041610us-gaap:NoncontrollingInterestMember2025-08-060002041610us-gaap:AdditionalPaidInCapitalMember2025-08-072025-08-070002041610us-gaap:RetainedEarningsMember2025-08-072025-08-070002041610us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-08-072025-08-070002041610us-gaap:ParentMember2025-08-072025-08-070002041610us-gaap:NoncontrollingInterestMember2025-08-072025-08-0700020416102025-08-072025-08-070002041610us-gaap:CommonStockMember2025-08-072025-08-070002041610us-gaap:PreferredStockMember2025-08-070002041610us-gaap:CommonStockMember2025-08-070002041610us-gaap:AdditionalPaidInCapitalMember2025-08-070002041610us-gaap:TreasuryStockCommonMember2025-08-070002041610us-gaap:RetainedEarningsMember2025-08-070002041610us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-08-070002041610us-gaap:ParentMember2025-08-070002041610us-gaap:NoncontrollingInterestMember2025-08-070002041610us-gaap:CommonStockMember2025-08-082025-12-310002041610us-gaap:AdditionalPaidInCapitalMember2025-08-082025-12-310002041610us-gaap:ParentMember2025-08-082025-12-310002041610us-gaap:NoncontrollingInterestMember2025-08-082025-12-310002041610us-gaap:RetainedEarningsMember2025-08-082025-12-310002041610us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-08-082025-12-310002041610us-gaap:PreferredStockMember2025-12-310002041610us-gaap:CommonStockMember2025-12-310002041610us-gaap:AdditionalPaidInCapitalMember2025-12-310002041610us-gaap:TreasuryStockCommonMember2025-12-310002041610us-gaap:RetainedEarningsMember2025-12-310002041610us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310002041610us-gaap:ParentMember2025-12-310002041610us-gaap:NoncontrollingInterestMember2025-12-310002041610psky:NAIEquityInvestorsMember2025-08-072025-08-070002041610psky:ParamountSkydanceCorporationClassBCommonStockMemberpsky:NAIEquityInvestorsMembersrt:MaximumMember2025-08-072025-08-070002041610psky:NAIEquityInvestorsMemberpsky:ParamountSkydanceCorporationClassBCommonStockMember2025-08-070002041610psky:NAIEquityInvestorsMemberpsky:ParamountSkydanceCorporationClassBCommonStockMember2025-12-310002041610psky:SkydanceMembershipUnitAndSkydancePhantomUnitAwardHoldersMemberpsky:ParamountSkydanceCorporationClassBCommonStockMember2025-08-072025-08-070002041610psky:ShareholdersOtherThanNAIEquityInvestorsMemberpsky:ParamountSkydanceCorporationClassACommonStockMember2025-08-072025-08-070002041610psky:ShareholdersOtherThanNAIEquityInvestorsMemberpsky:ParamountSkydanceCorporationClassBCommonStockMember2025-08-070002041610psky:ShareholdersOtherThanNAIEquityInvestorsNAIEquityInvestorsAndOtherAffiliatesMemberpsky:ParamountSkydanceCorporationClassBCommonStockMember2025-08-072025-08-070002041610psky:ShareholdersOtherThanNAIEquityInvestorsNAIEquityInvestorsAndOtherAffiliatesMemberpsky:ParamountSkydanceCorporationClassBCommonStockMember2025-08-070002041610psky:ParamountSkydanceCorporationClassACommonStockMember2025-08-070002041610psky:HarborLightsEntertainmentInc.Memberpsky:ParamountSkydanceCorporationClassACommonStockMember2025-08-070002041610psky:HarborLightsEntertainmentInc.Memberpsky:ParamountSkydanceCorporationClassACommonStockMember2025-08-072025-08-070002041610psky:EllisonFamilyMemberpsky:ParamountSkydanceCorporationClassACommonStockMember2025-08-082025-12-310002041610psky:WarnerBros.DiscoveryInc.ADelawareCorporationWarnerBros.Memberus-gaap:CommonClassAMember2025-12-080002041610psky:WarnerBros.DiscoveryInc.ADelawareCorporationWarnerBros.Memberus-gaap:SubsequentEventMember2026-02-100002041610psky:WarnerBros.DiscoveryInc.ADelawareCorporationWarnerBros.Memberus-gaap:SubsequentEventMember2026-02-102026-02-100002041610psky:WarnerBros.DiscoveryInc.ADelawareCorporationWarnerBros.Memberus-gaap:CommonClassAMemberus-gaap:SubsequentEventMember2026-02-240002041610psky:WarnerBros.DiscoveryInc.ADelawareCorporationWarnerBros.Memberus-gaap:SubsequentEventMember2026-02-240002041610psky:WarnerBros.DiscoveryInc.ADelawareCorporationWarnerBros.Memberus-gaap:SubsequentEventMember2026-02-242026-02-240002041610psky:WarnerBros.DiscoveryInc.ADelawareCorporationWarnerBros.Memberpsky:NAIEquityInvestorsMemberus-gaap:SubsequentEventMember2026-02-100002041610psky:PrepaidExpenseAndOtherAssetsCurrentMember2025-12-310002041610us-gaap:OtherNoncurrentAssetsMember2025-12-310002041610psky:InternallyProducedTelevisionAndFilmProgrammingMember2025-01-012025-12-310002041610psky:InternallyProducedTelevisionProgrammingStillInProductionMember2025-01-012025-12-310002041610psky:FeatureFilmMember2025-01-012025-12-310002041610psky:TelevisionAndFilmLibrariesAcquiredMember2025-01-012025-12-310002041610srt:MinimumMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310002041610srt:MaximumMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310002041610srt:MinimumMemberus-gaap:EquipmentMember2025-12-310002041610srt:MaximumMemberus-gaap:EquipmentMember2025-12-310002041610us-gaap:OperatingAndBroadcastRightsMember2025-12-310002041610srt:MinimumMember2025-12-310002041610srt:MaximumMember2025-12-310002041610psky:TelevisionLicensingMembersrt:MinimumMember2025-01-012025-12-310002041610psky:TelevisionLicensingMembersrt:MaximumMember2025-01-012025-12-310002041610us-gaap:ConvertiblePreferredStockMember2025-01-012025-12-310002041610us-gaap:StockCompensationPlanMember2025-08-082025-12-310002041610us-gaap:StockCompensationPlanMember2025-01-012025-08-060002041610us-gaap:StockCompensationPlanMember2024-01-012024-12-310002041610us-gaap:StockCompensationPlanMember2023-01-012023-12-310002041610us-gaap:WarrantMember2025-08-082025-12-310002041610us-gaap:WarrantMember2025-01-012025-08-060002041610us-gaap:WarrantMember2024-01-012024-12-310002041610us-gaap:WarrantMember2023-01-012023-12-310002041610us-gaap:ConvertiblePreferredStockMember2024-01-012024-12-310002041610psky:NAITransactionAndTheTransactionsMemberpsky:ParamountGlobalCommonStockMemberpsky:ParamountGlobalMember2025-08-072025-08-070002041610psky:NAITransactionAndTheTransactionsMemberpsky:ParamountGlobalMember2025-08-072025-08-070002041610psky:NAITransactionAndTheTransactionsMemberpsky:ParamountGlobalRSUAndPSUAwardsMemberpsky:ParamountGlobalMember2025-08-072025-08-070002041610psky:NAITransactionAndTheTransactionsMemberpsky:ParamountSkydanceCorporationClassBCommonStockMemberpsky:ParamountGlobalMember2025-08-072025-08-0700020416102025-10-012025-12-310002041610psky:SkydanceInvestorGroupMemberpsky:ParamountGlobalMember2025-08-072025-08-070002041610psky:ParamountSkydanceCorporationClassBCommonStockMemberpsky:SkydanceInvestorGroupMemberpsky:ParamountGlobalMember2025-08-060002041610psky:ParamountSkydanceCorporationClassBCommonStockMemberpsky:SkydanceInvestorGroupMemberpsky:ParamountGlobalMember2025-08-072025-08-070002041610us-gaap:CommonClassBMemberpsky:SkydanceInvestorGroupMemberpsky:ParamountGlobalMember2025-08-060002041610us-gaap:CommonClassAMemberpsky:ShareholdersOtherThanNAIEquityInvestorsMemberpsky:ParamountGlobalMember2025-08-072025-08-070002041610psky:ParamountSkydanceCorporationClassBCommonStockMemberpsky:ShareholdersOtherThanNAIEquityInvestorsMemberpsky:ParamountGlobalMember2025-08-072025-08-070002041610psky:ParamountSkydanceCorporationClassBCommonStockMemberpsky:ShareholdersOtherThanNAIEquityInvestorsMemberpsky:ParamountGlobalMember2025-08-070002041610psky:NAITransactionAndTheTransactionsMember2025-08-070002041610psky:NAITransactionAndTheTransactionsMember2025-12-310002041610psky:NAITransactionAndTheTransactionsMember2025-08-082025-12-310002041610psky:NAITransactionAndTheTransactionsMemberus-gaap:LandAndBuildingMember2025-08-072025-08-070002041610psky:NAITransactionAndTheTransactionsMember2025-08-072025-08-070002041610psky:NAITransactionAndTheTransactionsMemberpsky:OperatingAndBroadcastRightsAndOtherMember2025-08-070002041610psky:NAITransactionAndTheTransactionsMemberpsky:OperatingAndBroadcastRightsAndOtherMember2025-08-072025-08-070002041610psky:NAITransactionAndTheTransactionsMemberus-gaap:TradeNamesMember2025-08-070002041610psky:NAITransactionAndTheTransactionsMemberus-gaap:TradeNamesMember2025-08-072025-08-070002041610psky:NAITransactionAndTheTransactionsMemberpsky:AffiliateRelationshipsMember2025-08-070002041610psky:NAITransactionAndTheTransactionsMemberpsky:AffiliateRelationshipsMember2025-08-072025-08-070002041610psky:NAITransactionAndTheTransactionsMemberpsky:SubscriberRelationshipsMember2025-08-070002041610psky:NAITransactionAndTheTransactionsMemberpsky:SubscriberRelationshipsMember2025-08-072025-08-070002041610psky:NAITransactionAndTheTransactionsMemberus-gaap:FranchiseMember2025-08-070002041610psky:NAITransactionAndTheTransactionsMemberus-gaap:FranchiseMember2025-08-072025-08-070002041610psky:NAITransactionAndTheTransactionsMemberus-gaap:DevelopedTechnologyRightsMember2025-08-070002041610psky:NAITransactionAndTheTransactionsMemberus-gaap:DevelopedTechnologyRightsMember2025-08-072025-08-070002041610us-gaap:LandMember2025-12-310002041610us-gaap:LandMember2024-12-310002041610us-gaap:BuildingAndBuildingImprovementsMember2025-12-310002041610us-gaap:BuildingAndBuildingImprovementsMember2024-12-310002041610us-gaap:EquipmentMember2025-12-310002041610us-gaap:EquipmentMember2024-12-310002041610psky:ProducedTelevisionAndFilmProgrammingMember2025-12-310002041610psky:ProducedTelevisionAndFilmProgrammingMember2024-12-310002041610psky:CableNetworksMemberpsky:TVMediaSegmentMember2024-04-012024-06-300002041610psky:CableNetworksMemberus-gaap:MeasurementInputDiscountRateMemberpsky:TVMediaSegmentMember2024-06-300002041610psky:CableNetworksMemberus-gaap:MeasurementInputLongTermRevenueGrowthRateMemberpsky:TVMediaSegmentMember2024-06-300002041610us-gaap:OperatingAndBroadcastRightsMemberpsky:TVMediaSegmentMember2025-04-012025-06-300002041610us-gaap:OperatingAndBroadcastRightsMemberpsky:TVMediaSegmentMember2024-07-012024-09-300002041610us-gaap:OperatingAndBroadcastRightsMemberpsky:TVMediaSegmentMember2024-04-012024-06-300002041610us-gaap:OperatingAndBroadcastRightsMemberus-gaap:MeasurementInputDiscountRateMemberpsky:TVMediaSegmentMember2025-06-300002041610us-gaap:OperatingAndBroadcastRightsMemberus-gaap:MeasurementInputLongTermRevenueGrowthRateMemberpsky:TVMediaSegmentMember2025-06-300002041610us-gaap:OperatingAndBroadcastRightsMemberpsky:TVMediaSegmentMember2025-06-300002041610us-gaap:OperatingAndBroadcastRightsMemberus-gaap:MeasurementInputDiscountRateMemberpsky:TVMediaSegmentMember2024-09-300002041610us-gaap:OperatingAndBroadcastRightsMemberus-gaap:MeasurementInputLongTermRevenueGrowthRateMemberpsky:TVMediaSegmentMember2024-09-300002041610us-gaap:OperatingAndBroadcastRightsMemberpsky:TVMediaSegmentMember2024-09-300002041610us-gaap:OperatingAndBroadcastRightsMemberus-gaap:MeasurementInputDiscountRateMemberpsky:TVMediaSegmentMember2024-06-300002041610us-gaap:OperatingAndBroadcastRightsMemberus-gaap:MeasurementInputLongTermRevenueGrowthRateMemberpsky:TVMediaSegmentMember2024-06-300002041610us-gaap:OperatingAndBroadcastRightsMemberpsky:TVMediaSegmentMember2024-06-300002041610us-gaap:OperatingAndBroadcastRightsMember2023-01-012023-12-310002041610us-gaap:OperatingAndBroadcastRightsMember2024-01-012024-12-310002041610us-gaap:OperatingAndBroadcastRightsMemberpsky:FiveMarketsMemberpsky:TVMediaSegmentMember2024-10-012024-12-310002041610us-gaap:OperatingAndBroadcastRightsMemberpsky:FiveMarketsMemberus-gaap:MeasurementInputDiscountRateMemberpsky:TVMediaSegmentMember2024-12-310002041610us-gaap:OperatingAndBroadcastRightsMemberpsky:FiveMarketsMemberus-gaap:MeasurementInputLongTermRevenueGrowthRateMemberpsky:TVMediaSegmentMember2024-12-310002041610us-gaap:OperatingAndBroadcastRightsMemberpsky:FiveMarketsMemberpsky:TVMediaSegmentMember2023-12-310002041610us-gaap:OperatingAndBroadcastRightsMemberpsky:FiveMarketsMemberpsky:TVMediaSegmentMember2023-01-012023-12-310002041610psky:OperatingAndBroadcastRightsInternationalMemberpsky:TVMediaSegmentMember2024-01-012024-12-310002041610psky:OperatingAndBroadcastRightsInternationalMemberpsky:TVMediaSegmentMember2024-12-310002041610us-gaap:OperatingSegmentsMemberpsky:TVMediaSegmentMember2023-12-310002041610us-gaap:OperatingSegmentsMemberpsky:DirectToConsumerSegmentMember2023-12-310002041610us-gaap:OperatingSegmentsMemberpsky:FilmedEntertainmentSegmentMember2023-12-310002041610us-gaap:OperatingSegmentsMemberpsky:TVMediaSegmentMember2024-01-012024-12-310002041610us-gaap:OperatingSegmentsMemberpsky:TVMediaSegmentMember2024-12-310002041610us-gaap:OperatingSegmentsMemberpsky:DirectToConsumerSegmentMember2024-12-310002041610us-gaap:OperatingSegmentsMemberpsky:FilmedEntertainmentSegmentMember2024-12-310002041610us-gaap:OperatingSegmentsMemberpsky:TVMediaSegmentMember2025-01-012025-08-060002041610us-gaap:OperatingSegmentsMemberpsky:TVMediaSegmentMember2025-08-060002041610us-gaap:OperatingSegmentsMemberpsky:DirectToConsumerSegmentMember2025-08-060002041610us-gaap:OperatingSegmentsMemberpsky:FilmedEntertainmentSegmentMember2025-08-060002041610us-gaap:OperatingSegmentsMemberpsky:TVMediaSegmentMember2025-08-072025-08-070002041610us-gaap:OperatingSegmentsMemberpsky:DirectToConsumerSegmentMember2025-08-072025-08-070002041610us-gaap:OperatingSegmentsMemberpsky:FilmedEntertainmentSegmentMember2025-08-072025-08-070002041610us-gaap:OperatingSegmentsMemberpsky:TVMediaSegmentMember2025-08-070002041610us-gaap:OperatingSegmentsMemberpsky:DirectToConsumerSegmentMember2025-08-070002041610us-gaap:OperatingSegmentsMemberpsky:FilmedEntertainmentSegmentMember2025-08-070002041610us-gaap:OperatingSegmentsMemberpsky:TVMediaSegmentMember2025-08-082025-12-310002041610us-gaap:OperatingSegmentsMemberpsky:TVMediaSegmentMember2025-01-012025-12-310002041610us-gaap:OperatingSegmentsMemberpsky:DirectToConsumerSegmentMember2025-01-012025-12-310002041610us-gaap:OperatingSegmentsMemberpsky:FilmedEntertainmentSegmentMember2025-01-012025-12-310002041610us-gaap:OperatingSegmentsMemberpsky:TVMediaSegmentMember2025-12-310002041610us-gaap:OperatingSegmentsMemberpsky:DirectToConsumerSegmentMember2025-12-310002041610us-gaap:OperatingSegmentsMemberpsky:FilmedEntertainmentSegmentMember2025-12-310002041610psky:OperatingAndBroadcastRightsAndOtherMember2025-12-310002041610us-gaap:TradeNamesMember2025-12-310002041610psky:AffiliateRelationshipsMember2025-12-310002041610psky:SubscriberRelationshipsMember2025-12-310002041610us-gaap:FranchiseMember2025-12-310002041610us-gaap:DevelopedTechnologyRightsMember2025-12-310002041610us-gaap:TradeNamesMember2024-12-310002041610us-gaap:LicensingAgreementsMember2024-12-310002041610psky:CustomerAgreementsMember2024-12-310002041610us-gaap:OtherIntangibleAssetsMember2024-12-310002041610us-gaap:OperatingAndBroadcastRightsMember2024-12-310002041610psky:OperatingAndBroadcastRightsInternationalMember2024-12-310002041610us-gaap:OtherIntangibleAssetsMember2024-12-310002041610us-gaap:EmployeeSeveranceMember2025-08-082025-12-310002041610us-gaap:EmployeeSeveranceMember2025-01-012025-08-060002041610us-gaap:EmployeeSeveranceMember2024-01-012024-12-310002041610us-gaap:EmployeeSeveranceMember2023-01-012023-12-310002041610psky:BusinessExitCostsMember2025-08-082025-12-310002041610psky:BusinessExitCostsMember2025-01-012025-08-060002041610psky:BusinessExitCostsMember2024-01-012024-12-310002041610psky:BusinessExitCostsMember2023-01-012023-12-310002041610us-gaap:OperatingSegmentsMemberpsky:DirectToConsumerSegmentMember2025-01-012025-08-060002041610us-gaap:OperatingSegmentsMemberpsky:DirectToConsumerSegmentMember2025-08-082025-12-310002041610us-gaap:OperatingSegmentsMemberpsky:FilmedEntertainmentSegmentMember2025-01-012025-08-060002041610us-gaap:OperatingSegmentsMemberpsky:FilmedEntertainmentSegmentMember2025-08-082025-12-310002041610us-gaap:CorporateNonSegmentMember2024-12-310002041610us-gaap:CorporateNonSegmentMember2025-01-012025-08-060002041610us-gaap:CorporateNonSegmentMember2025-08-082025-12-310002041610us-gaap:CorporateNonSegmentMember2025-12-310002041610us-gaap:OperatingSegmentsMemberpsky:DirectToConsumerSegmentMember2024-01-012024-12-310002041610us-gaap:OperatingSegmentsMemberpsky:FilmedEntertainmentSegmentMember2024-01-012024-12-310002041610us-gaap:CorporateNonSegmentMember2023-12-310002041610us-gaap:CorporateNonSegmentMember2024-01-012024-12-310002041610psky:RestructuringAndTransactionRelatedItemsMember2025-08-082025-12-310002041610psky:RestructuringAndTransactionRelatedItemsMember2025-01-012025-08-060002041610psky:RestructuringAndTransactionRelatedItemsMember2024-01-012024-12-310002041610psky:AbandonmentOfDevelopedTechnologyNoLongerUsedMember2024-01-012024-12-310002041610us-gaap:AsbestosIssueMember2024-01-012024-12-310002041610psky:EllisonFamilyMemberpsky:ParamountSkydanceCorporationClassACommonStockMember2025-01-012025-12-310002041610psky:EllisonFamilyMemberpsky:ParamountSkydanceCorporationClassAAndClassBCommonStockMember2025-01-012025-12-310002041610psky:EllisonFamilyMemberpsky:ParamountSkydanceCorporationClassBCommonStockMember2025-12-310002041610us-gaap:RelatedPartyMemberpsky:OracleMemberpsky:SoftwareAsAServiceSaaSAgreementsPaymentMember2025-08-082025-12-310002041610us-gaap:RelatedPartyMemberpsky:OracleMemberpsky:CloudInfrastructureServicesAgreementCommitmentMemberus-gaap:SubsequentEventMember2026-02-012026-02-250002041610us-gaap:RelatedPartyMember2025-12-310002041610us-gaap:RelatedPartyMember2025-08-082025-12-310002041610us-gaap:RelatedPartyMember2025-01-012025-08-060002041610us-gaap:RelatedPartyMember2024-01-012024-12-310002041610us-gaap:RelatedPartyMember2023-01-012023-12-310002041610us-gaap:RelatedPartyMember2024-12-310002041610us-gaap:AdvertisingMember2025-08-082025-12-310002041610us-gaap:AdvertisingMember2025-01-012025-08-060002041610us-gaap:AdvertisingMember2024-01-012024-12-310002041610us-gaap:AdvertisingMember2023-01-012023-12-310002041610psky:AffiliateAndSubscriptionMember2025-08-082025-12-310002041610psky:AffiliateAndSubscriptionMember2025-01-012025-08-060002041610psky:AffiliateAndSubscriptionMember2024-01-012024-12-310002041610psky:AffiliateAndSubscriptionMember2023-01-012023-12-310002041610psky:TheatricalMember2025-08-082025-12-310002041610psky:TheatricalMember2025-01-012025-08-060002041610psky:TheatricalMember2024-01-012024-12-310002041610psky:TheatricalMember2023-01-012023-12-310002041610psky:LicensingAndOtherMember2025-08-082025-12-310002041610psky:LicensingAndOtherMember2025-01-012025-08-060002041610psky:LicensingAndOtherMember2024-01-012024-12-310002041610psky:LicensingAndOtherMember2023-01-012023-12-310002041610us-gaap:OtherNoncurrentAssetsMember2024-12-3100020416102026-01-012025-12-3100020416102027-01-012025-12-3100020416102028-01-012025-12-310002041610psky:A40SeniorNotesDue2026Member2025-12-310002041610psky:A40SeniorNotesDue2026Member2024-12-310002041610psky:A3.70SeniorNotesDue2026Member2025-12-310002041610psky:A3.70SeniorNotesDue2026Member2024-12-310002041610psky:A290SeniorNotesDue2027Member2025-12-310002041610psky:A290SeniorNotesDue2027Member2024-12-310002041610psky:A3375SeniorNotesDue2028Member2025-12-310002041610psky:A3375SeniorNotesDue2028Member2024-12-310002041610psky:A370SeniorNotesDue2028Member2025-12-310002041610psky:A370SeniorNotesDue2028Member2024-12-310002041610psky:A420SeniorNotesDue2029Member2025-12-310002041610psky:A420SeniorNotesDue2029Member2024-12-310002041610psky:A7875SeniorDebenturesDue2030Member2025-12-310002041610psky:A7875SeniorDebenturesDue2030Member2024-12-310002041610psky:A495SeniorNotesDue2031Member2025-12-310002041610psky:A495SeniorNotesDue2031Member2024-12-310002041610psky:A420SeniorNotesDue2032Member2025-12-310002041610psky:A420SeniorNotesDue2032Member2024-12-310002041610psky:A550SeniorDebenturesDue2033Member2025-12-310002041610psky:A550SeniorDebenturesDue2033Member2024-12-310002041610psky:A485SeniorDebenturesDue2034Member2025-12-310002041610psky:A485SeniorDebenturesDue2034Member2024-12-310002041610psky:A6875SeniorDebenturesDue2036Member2025-12-310002041610psky:A6875SeniorDebenturesDue2036Member2024-12-310002041610psky:A675SeniorDebenturesDue2037Member2025-12-310002041610psky:A675SeniorDebenturesDue2037Member2024-12-310002041610psky:A590SeniorNotesDue2040Member2025-12-310002041610psky:A590SeniorNotesDue2040Member2024-12-310002041610psky:A450SeniorDebenturesDue2042Member2025-12-310002041610psky:A450SeniorDebenturesDue2042Member2024-12-310002041610psky:A485SeniorNotesDue2042Member2025-12-310002041610psky:A485SeniorNotesDue2042Member2024-12-310002041610psky:A4375SeniorDebenturesDue2043Member2025-12-310002041610psky:A4375SeniorDebenturesDue2043Member2024-12-310002041610psky:A4875SeniorDebenturesDue2043Member2025-12-310002041610psky:A4875SeniorDebenturesDue2043Member2024-12-310002041610psky:A585SeniorDebenturesDue2043Member2025-12-310002041610psky:A585SeniorDebenturesDue2043Member2024-12-310002041610psky:A525SeniorDebenturesDue2044Member2025-12-310002041610psky:A525SeniorDebenturesDue2044Member2024-12-310002041610psky:A490SeniorNotesDue2044Member2025-12-310002041610psky:A490SeniorNotesDue2044Member2024-12-310002041610psky:A460SeniorNotesDue2045Member2025-12-310002041610psky:A460SeniorNotesDue2045Member2024-12-310002041610psky:A495SeniorNotesDue2050Member2025-12-310002041610psky:A495SeniorNotesDue2050Member2024-12-310002041610psky:A625JuniorSubordinatedDebenturesDue2057Member2025-12-310002041610psky:A625JuniorSubordinatedDebenturesDue2057Member2024-12-310002041610psky:A6375JuniorSubordinatedDebenturesDue2062Member2025-12-310002041610psky:A6375JuniorSubordinatedDebenturesDue2062Member2024-12-310002041610psky:A40SeniorNotesDue2026Memberus-gaap:SubsequentEventMember2026-01-012026-01-310002041610psky:A40SeniorNotesDue2026Memberus-gaap:SubsequentEventMember2026-01-310002041610psky:A475SeniorNotesDue2025Member2024-10-012024-12-310002041610psky:A475SeniorNotesDue2025Member2024-12-310002041610us-gaap:SeniorNotesMember2023-01-012023-12-310002041610psky:A7875DebenturesDue2023Member2023-01-012023-12-310002041610psky:A7875DebenturesDue2023Member2023-12-310002041610psky:A7125SeniorNotesDue2023Member2023-01-012023-12-310002041610psky:A7125SeniorNotesDue2023Member2023-12-310002041610psky:A625JuniorSubordinatedDebenturesDue2057Memberpsky:LondonInterbankOfferedRateLIBOR1Member2025-01-012025-12-310002041610psky:A6375JuniorSubordinatedDebenturesDue2062Member2023-01-012023-12-310002041610us-gaap:UsTreasuryUstInterestRateMemberpsky:FromMarch302027Memberpsky:A6375JuniorSubordinatedDebenturesDue2062Member2023-01-012023-12-310002041610us-gaap:UsTreasuryUstInterestRateMemberpsky:FromMarch302032Memberpsky:A6375JuniorSubordinatedDebenturesDue2062Member2023-01-012023-12-310002041610us-gaap:UsTreasuryUstInterestRateMemberpsky:FromMarch302047Memberpsky:A6375JuniorSubordinatedDebenturesDue2062Member2023-01-012023-12-310002041610us-gaap:RevolvingCreditFacilityMemberpsky:CreditFacilityMember2025-12-310002041610us-gaap:RevolvingCreditFacilityMemberpsky:CreditFacilityMembersrt:ScenarioForecastMember2027-01-310002041610us-gaap:RevolvingCreditFacilityMemberpsky:CreditFacilityMembersrt:ScenarioForecastMember2026-03-310002041610us-gaap:RevolvingCreditFacilityMemberpsky:CreditFacilityMember2025-04-300002041610us-gaap:RevolvingCreditFacilityMemberpsky:CreditFacilityMember2025-05-310002041610us-gaap:RevolvingCreditFacilityMemberpsky:CreditFacilityMember2025-05-012025-05-310002041610us-gaap:StandbyLettersOfCreditMember2024-08-310002041610us-gaap:RevolvingCreditFacilityMemberpsky:MiramaxCreditFacilityMaturesNovember2025Member2024-12-310002041610us-gaap:RevolvingCreditFacilityMemberpsky:MiramaxCreditFacilityMaturesNovember2025Member2025-12-310002041610psky:NewJerseyMultiTenantFacilityMember2025-10-310002041610psky:SkyShowtimeMember2025-12-310002041610psky:Viacom18Member2024-11-300002041610psky:Viacom18Member2024-11-012024-11-300002041610psky:Viacom18Member2023-12-310002041610psky:Viacom18Member2023-01-012023-12-310002041610us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-01-012025-12-310002041610us-gaap:ForeignExchangeContractMember2024-01-012024-12-310002041610us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-12-310002041610us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2024-12-310002041610psky:FutureProductionCostsMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-12-310002041610psky:OtherForeignCurrencyMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-12-310002041610psky:FutureProductionCostsMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2024-12-310002041610psky:OtherForeignCurrencyMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2024-12-310002041610us-gaap:ForeignExchangeContractMember2025-08-082025-12-310002041610us-gaap:ForeignExchangeContractMember2025-01-012025-08-060002041610us-gaap:ForeignExchangeContractMember2023-01-012023-12-310002041610us-gaap:FairValueInputsLevel2Member2025-12-310002041610us-gaap:FairValueInputsLevel2Member2024-12-310002041610us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-12-310002041610us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310002041610us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-08-082025-12-310002041610us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-01-012025-08-060002041610us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-12-310002041610us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-12-310002041610psky:ParamountSkydanceCorporationClassACommonStockMember2025-08-060002041610psky:ParamountSkydanceCorporationClassBCommonStockMember2025-08-060002041610psky:ShareholdersOtherThanNAIEquityInvestorsMemberus-gaap:CommonClassAMember2025-08-072025-08-070002041610psky:ShareholdersOtherThanNAIEquityInvestorsMemberpsky:ParamountSkydanceCorporationClassBCommonStockMember2025-08-072025-08-070002041610psky:ParamountGlobalMemberpsky:ParamountSkydanceCorporationClassBCommonStockMember2025-08-060002041610psky:SkydanceInvestorGroupMember2025-08-072025-08-070002041610psky:SkydanceInvestorGroupMemberpsky:ParamountSkydanceCorporationClassBCommonStockMember2025-08-072025-08-070002041610psky:SkydanceInvestorGroupMemberpsky:ParamountSkydanceCorporationClassBCommonStockMember2025-08-070002041610psky:ParamountGlobalMemberpsky:ParamountSkydanceCorporationClassACommonStockMember2025-08-060002041610psky:ParamountSkydanceCorporationClassACommonStockMember2025-08-072025-08-070002041610psky:ParamountSkydanceCorporationClassBCommonStockMember2025-08-072025-08-070002041610psky:ParamountSkydanceCorporationClassBCommonStockMember2025-08-070002041610us-gaap:CommonClassBMemberus-gaap:PrivatePlacementMember2025-10-012025-12-310002041610us-gaap:CommonClassBMemberus-gaap:PrivatePlacementMember2025-12-310002041610us-gaap:RestrictedStockMemberus-gaap:PrivatePlacementMember2025-10-012025-12-310002041610us-gaap:ConvertiblePreferredStockMember2023-12-310002041610us-gaap:ConvertiblePreferredStockMember2024-01-012024-03-310002041610us-gaap:CommonClassBMember2024-03-310002041610us-gaap:ConvertiblePreferredStockMember2024-04-010002041610us-gaap:CommonClassBMember2024-04-010002041610us-gaap:CommonClassBMember2024-04-012024-04-010002041610us-gaap:ConvertiblePreferredStockMember2023-01-012023-03-310002041610us-gaap:ConvertiblePreferredStockMember2023-04-012023-06-300002041610us-gaap:ConvertiblePreferredStockMember2023-07-012023-09-300002041610us-gaap:ConvertiblePreferredStockMember2023-10-012023-12-310002041610us-gaap:ConvertiblePreferredStockMember2023-01-012023-12-310002041610us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310002041610us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310002041610psky:OtherComprehensiveIncomeDiscontinuedOperationsAttributableToParentMember2022-12-310002041610us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-12-310002041610us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-12-310002041610psky:OtherComprehensiveIncomeDiscontinuedOperationsAttributableToParentMember2023-01-012023-12-310002041610us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310002041610us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310002041610psky:OtherComprehensiveIncomeDiscontinuedOperationsAttributableToParentMember2023-12-310002041610us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-12-310002041610us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-12-310002041610psky:OtherComprehensiveIncomeDiscontinuedOperationsAttributableToParentMember2024-01-012024-12-310002041610us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310002041610us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310002041610psky:OtherComprehensiveIncomeDiscontinuedOperationsAttributableToParentMember2024-12-310002041610us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-08-060002041610us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-08-060002041610psky:OtherComprehensiveIncomeDiscontinuedOperationsAttributableToParentMember2025-01-012025-08-060002041610us-gaap:AccumulatedTranslationAdjustmentMember2025-08-060002041610us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-08-060002041610psky:OtherComprehensiveIncomeDiscontinuedOperationsAttributableToParentMember2025-08-060002041610us-gaap:AccumulatedTranslationAdjustmentMember2025-08-072025-08-070002041610us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-08-072025-08-070002041610psky:OtherComprehensiveIncomeDiscontinuedOperationsAttributableToParentMember2025-08-072025-08-070002041610us-gaap:AccumulatedTranslationAdjustmentMember2025-08-070002041610us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-08-070002041610psky:OtherComprehensiveIncomeDiscontinuedOperationsAttributableToParentMember2025-08-070002041610us-gaap:AccumulatedTranslationAdjustmentMember2025-08-082025-12-310002041610us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-08-082025-12-310002041610psky:OtherComprehensiveIncomeDiscontinuedOperationsAttributableToParentMember2025-08-082025-12-310002041610us-gaap:AccumulatedTranslationAdjustmentMember2025-12-310002041610us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-12-310002041610psky:OtherComprehensiveIncomeDiscontinuedOperationsAttributableToParentMember2025-12-310002041610psky:OperatingExpenseAndSellingGeneralAndAdministrativeExpensesMember2025-08-082025-12-310002041610psky:OperatingExpenseAndSellingGeneralAndAdministrativeExpensesMember2025-01-012025-08-060002041610psky:OperatingExpenseAndSellingGeneralAndAdministrativeExpensesMember2024-01-012024-12-310002041610psky:OperatingExpenseAndSellingGeneralAndAdministrativeExpensesMember2023-01-012023-12-310002041610psky:RestructuringAndTransactionRelatedItemsMember2023-01-012023-12-310002041610us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedPaymentArrangementEmployeeMember2024-01-012024-12-310002041610us-gaap:PerformanceSharesMemberus-gaap:ShareBasedPaymentArrangementEmployeeMember2024-01-012024-12-310002041610us-gaap:SegmentDiscontinuedOperationsMember2023-01-012023-12-310002041610srt:MinimumMemberus-gaap:RestrictedStockUnitsRSUMember2025-01-012025-12-310002041610srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2025-01-012025-12-310002041610us-gaap:PerformanceSharesMember2024-01-012024-12-310002041610us-gaap:PerformanceSharesMember2023-01-012023-12-310002041610us-gaap:PerformanceSharesMember2025-12-310002041610us-gaap:RestrictedStockMembersrt:MinimumMemberus-gaap:PrivatePlacementMember2025-10-012025-12-310002041610us-gaap:RestrictedStockMembersrt:MaximumMemberus-gaap:PrivatePlacementMember2025-10-012025-12-310002041610psky:RestrictedStockUnitsRSUsRestrictedStockAndPerformanceStockUnitsPSUsMember2025-08-082025-12-310002041610psky:RestrictedStockUnitsRSUsRestrictedStockAndPerformanceStockUnitsPSUsMember2025-01-012025-08-060002041610psky:RestrictedStockUnitsRSUsRestrictedStockAndPerformanceStockUnitsPSUsMember2024-01-012024-12-310002041610psky:RestrictedStockUnitsRSUsRestrictedStockAndPerformanceStockUnitsPSUsMember2023-01-012023-12-310002041610psky:RestrictedStockUnitsRSUsAndPerformanceStockUnitsPSUsMember2025-08-082025-12-310002041610psky:RestrictedStockUnitsRSUsAndPerformanceStockUnitsPSUsMember2025-01-012025-08-060002041610psky:RestrictedStockUnitsRSUsAndPerformanceStockUnitsPSUsMember2024-01-012024-12-310002041610psky:RestrictedStockUnitsRSUsAndPerformanceStockUnitsPSUsMember2023-01-012023-12-310002041610psky:RestrictedStockUnitsRSUsAndRestrictedStockMember2025-12-310002041610psky:RestrictedStockUnitsRSUsAndRestrictedStockMember2025-01-012025-12-310002041610psky:RestrictedStockUnitsRSUsRestrictedStockAndPerformanceStockUnitsPSUsMember2024-12-310002041610psky:RestrictedStockUnitsRSUsRestrictedStockAndPerformanceStockUnitsPSUsMember2025-08-060002041610psky:RestrictedStockUnitsRSUsRestrictedStockAndPerformanceStockUnitsPSUsMember2025-08-070002041610psky:RestrictedStockUnitsRSUsRestrictedStockAndPerformanceStockUnitsPSUsMember2025-12-310002041610us-gaap:EquityMethodInvesteeMember2025-08-082025-12-310002041610us-gaap:EquityMethodInvesteeMember2025-01-012025-08-060002041610us-gaap:EquityMethodInvesteeMember2024-01-012024-12-310002041610us-gaap:EquityMethodInvesteeMember2023-01-012023-12-310002041610country:GB2025-08-082025-12-310002041610country:GB2025-01-012025-08-060002041610country:CA2025-08-082025-12-310002041610country:CA2025-01-012025-08-060002041610country:NL2025-08-082025-12-310002041610country:NL2025-01-012025-08-060002041610country:AU2025-08-082025-12-310002041610country:AU2025-01-012025-08-060002041610country:DE2025-08-082025-12-310002041610country:DE2025-01-012025-08-060002041610country:CL2025-08-082025-12-310002041610country:CL2025-01-012025-08-060002041610country:BB2025-08-082025-12-310002041610country:BB2025-01-012025-08-060002041610country:IT2025-08-082025-12-310002041610country:IT2025-01-012025-08-060002041610us-gaap:ForeignTaxJurisdictionOtherMember2025-08-082025-12-310002041610us-gaap:ForeignTaxJurisdictionOtherMember2025-01-012025-08-060002041610country:US2025-08-082025-12-310002041610country:US2025-01-012025-08-060002041610psky:DeferredTaxAssetInterestCarryforwardMember2025-07-012025-08-060002041610stpr:HI2025-08-082025-12-310002041610stpr:HI2025-01-012025-08-060002041610us-gaap:StateAndLocalTaxJurisdictionOtherMember2025-08-082025-12-310002041610us-gaap:StateAndLocalTaxJurisdictionOtherMember2025-01-012025-08-060002041610us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310002041610us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310002041610us-gaap:PensionPlansDefinedBenefitMember2024-12-310002041610us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310002041610us-gaap:PensionPlansDefinedBenefitMember2025-01-012025-08-060002041610us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-01-012025-08-060002041610us-gaap:PensionPlansDefinedBenefitMember2025-08-060002041610us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-08-060002041610us-gaap:PensionPlansDefinedBenefitMember2025-08-072025-08-070002041610us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-08-072025-08-070002041610us-gaap:PensionPlansDefinedBenefitMember2025-08-070002041610us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-08-070002041610us-gaap:PensionPlansDefinedBenefitMember2025-08-082025-12-310002041610us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-08-082025-12-310002041610us-gaap:PensionPlansDefinedBenefitMember2025-12-310002041610us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-12-310002041610us-gaap:PensionPlansDefinedBenefitMember2023-12-310002041610us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310002041610us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310002041610us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-12-310002041610us-gaap:QualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310002041610us-gaap:QualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310002041610us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310002041610us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310002041610psky:OtherPostretirementBenefitsPlanPre65Member2025-12-310002041610psky:OtherPostretirementBenefitsPlanPre65Member2024-12-310002041610psky:OtherPostretirementBenefitsPlanPost65Member2025-12-310002041610psky:OtherPostretirementBenefitsPlanPost65Member2024-12-310002041610country:USsrt:MinimumMemberus-gaap:DefinedBenefitPlanDerivativeMember2025-12-310002041610country:USsrt:MaximumMemberus-gaap:DefinedBenefitPlanDerivativeMember2025-12-310002041610country:USsrt:MinimumMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2025-12-310002041610country:USsrt:MaximumMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2025-12-310002041610country:USus-gaap:DefinedBenefitPlanEquitySecuritiesMember2025-12-310002041610country:USus-gaap:DefinedBenefitPlanRealEstateMember2025-12-310002041610country:USus-gaap:DefinedBenefitPlanEquitySecuritiesCommonStockMember2025-12-310002041610country:USus-gaap:DefinedBenefitPlanDerivativeMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasurySecuritiesMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasurySecuritiesMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasurySecuritiesMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USGovernmentDebtSecuritiesMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USGovernmentDebtSecuritiesMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USGovernmentDebtSecuritiesMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberpsky:FixedIncomeSecuritiesExchangeTradedFundsMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberpsky:FixedIncomeSecuritiesExchangeTradedFundsMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberpsky:FixedIncomeSecuritiesExchangeTradedFundsMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsLargeCapMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsLargeCapMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsLargeCapMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsSmallCapMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsSmallCapMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsSmallCapMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberpsky:DefinedBenefitPlanEquitySecuritiesNonUSLargeCapMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberpsky:DefinedBenefitPlanEquitySecuritiesNonUSLargeCapMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberpsky:DefinedBenefitPlanEquitySecuritiesNonUSLargeCapMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ExchangeTradedFundsMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ExchangeTradedFundsMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ExchangeTradedFundsMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCommonCollectiveTrustMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberpsky:LimitedPartnershipsMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:MutualFundMember2025-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasurySecuritiesMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasurySecuritiesMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasurySecuritiesMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USGovernmentDebtSecuritiesMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USGovernmentDebtSecuritiesMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USGovernmentDebtSecuritiesMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsLargeCapMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsLargeCapMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsLargeCapMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsSmallCapMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsSmallCapMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsSmallCapMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberpsky:DefinedBenefitPlanEquitySecuritiesNonUSLargeCapMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberpsky:DefinedBenefitPlanEquitySecuritiesNonUSLargeCapMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberpsky:DefinedBenefitPlanEquitySecuritiesNonUSLargeCapMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberpsky:DefinedBenefitPlanEquitySecuritiesNonUSSmallCapMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberpsky:DefinedBenefitPlanEquitySecuritiesNonUSSmallCapMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberpsky:DefinedBenefitPlanEquitySecuritiesNonUSSmallCapMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ExchangeTradedFundsMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ExchangeTradedFundsMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ExchangeTradedFundsMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCommonCollectiveTrustMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberpsky:LimitedPartnershipsMember2024-12-310002041610us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:MutualFundMember2024-12-310002041610us-gaap:NonqualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310002041610psky:AftraRetirementPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-12-310002041610psky:AftraRetirementPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310002041610psky:AftraRetirementPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-08-082025-12-310002041610psky:AftraRetirementPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-08-060002041610psky:AftraRetirementPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310002041610psky:DirectorsGuildOfAmericaProducerMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-12-310002041610psky:DirectorsGuildOfAmericaProducerMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310002041610psky:DirectorsGuildOfAmericaProducerMemberus-gaap:PensionPlansDefinedBenefitMember2025-08-082025-12-310002041610psky:DirectorsGuildOfAmericaProducerMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-08-060002041610psky:DirectorsGuildOfAmericaProducerMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310002041610psky:ProducerWritersGuildOfAmericaMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-12-310002041610psky:ProducerWritersGuildOfAmericaMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310002041610psky:ProducerWritersGuildOfAmericaMemberus-gaap:PensionPlansDefinedBenefitMember2025-08-082025-12-310002041610psky:ProducerWritersGuildOfAmericaMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-08-060002041610psky:ProducerWritersGuildOfAmericaMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310002041610psky:ScreenActorsGuildProducersMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-12-310002041610psky:ScreenActorsGuildProducersMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310002041610psky:ScreenActorsGuildProducersMemberus-gaap:PensionPlansDefinedBenefitMember2025-08-082025-12-310002041610psky:ScreenActorsGuildProducersMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-08-060002041610psky:ScreenActorsGuildProducersMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310002041610psky:MotionPictureIndustryMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-12-310002041610psky:MotionPictureIndustryMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310002041610psky:MotionPictureIndustryMemberus-gaap:PensionPlansDefinedBenefitMember2025-08-082025-12-310002041610psky:MotionPictureIndustryMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-08-060002041610psky:MotionPictureIndustryMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310002041610us-gaap:RetirementPlanNameOtherMemberus-gaap:PensionPlansDefinedBenefitMember2025-08-082025-12-310002041610us-gaap:RetirementPlanNameOtherMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-08-060002041610us-gaap:RetirementPlanNameOtherMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310002041610us-gaap:RetirementPlanNameOtherMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310002041610us-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMemberpsky:AftraRetirementPlanMember2025-01-012025-12-310002041610us-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMemberpsky:DirectorsGuildOfAmericaProducerMember2025-01-012025-12-310002041610us-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMemberpsky:ProducerWritersGuildOfAmericaMember2025-01-012025-12-310002041610us-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMemberpsky:ScreenActorsGuildProducersMember2025-01-012025-12-310002041610us-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMemberpsky:MotionPictureIndustryMember2025-01-012025-12-310002041610us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberpsky:TVMediaSegmentMember2025-08-082025-12-310002041610us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberpsky:TVMediaSegmentMember2025-01-012025-08-060002041610us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberpsky:TVMediaSegmentMember2024-01-012024-12-310002041610us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberpsky:TVMediaSegmentMember2023-01-012023-12-310002041610us-gaap:OperatingSegmentsMemberpsky:AffiliateAndSubscriptionMemberpsky:TVMediaSegmentMember2025-08-082025-12-310002041610us-gaap:OperatingSegmentsMemberpsky:AffiliateAndSubscriptionMemberpsky:TVMediaSegmentMember2025-01-012025-08-060002041610us-gaap:OperatingSegmentsMemberpsky:AffiliateAndSubscriptionMemberpsky:TVMediaSegmentMember2024-01-012024-12-310002041610us-gaap:OperatingSegmentsMemberpsky:AffiliateAndSubscriptionMemberpsky:TVMediaSegmentMember2023-01-012023-12-310002041610us-gaap:OperatingSegmentsMemberpsky:LicensingAndOtherMemberpsky:TVMediaSegmentMember2025-08-082025-12-310002041610us-gaap:OperatingSegmentsMemberpsky:LicensingAndOtherMemberpsky:TVMediaSegmentMember2025-01-012025-08-060002041610us-gaap:OperatingSegmentsMemberpsky:LicensingAndOtherMemberpsky:TVMediaSegmentMember2024-01-012024-12-310002041610us-gaap:OperatingSegmentsMemberpsky:LicensingAndOtherMemberpsky:TVMediaSegmentMember2023-01-012023-12-310002041610us-gaap:OperatingSegmentsMemberpsky:TVMediaSegmentMember2023-01-012023-12-310002041610us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberpsky:DirectToConsumerSegmentMember2025-08-082025-12-310002041610us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberpsky:DirectToConsumerSegmentMember2025-01-012025-08-060002041610us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberpsky:DirectToConsumerSegmentMember2024-01-012024-12-310002041610us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberpsky:DirectToConsumerSegmentMember2023-01-012023-12-310002041610us-gaap:OperatingSegmentsMemberpsky:AffiliateAndSubscriptionMemberpsky:DirectToConsumerSegmentMember2025-08-082025-12-310002041610us-gaap:OperatingSegmentsMemberpsky:AffiliateAndSubscriptionMemberpsky:DirectToConsumerSegmentMember2025-01-012025-08-060002041610us-gaap:OperatingSegmentsMemberpsky:AffiliateAndSubscriptionMemberpsky:DirectToConsumerSegmentMember2024-01-012024-12-310002041610us-gaap:OperatingSegmentsMemberpsky:AffiliateAndSubscriptionMemberpsky:DirectToConsumerSegmentMember2023-01-012023-12-310002041610us-gaap:OperatingSegmentsMemberpsky:LicensingAndOtherMemberpsky:DirectToConsumerSegmentMember2025-08-082025-12-310002041610us-gaap:OperatingSegmentsMemberpsky:LicensingAndOtherMemberpsky:DirectToConsumerSegmentMember2025-01-012025-08-060002041610us-gaap:OperatingSegmentsMemberpsky:LicensingAndOtherMemberpsky:DirectToConsumerSegmentMember2024-01-012024-12-310002041610us-gaap:OperatingSegmentsMemberpsky:LicensingAndOtherMemberpsky:DirectToConsumerSegmentMember2023-01-012023-12-310002041610us-gaap:OperatingSegmentsMemberpsky:DirectToConsumerSegmentMember2023-01-012023-12-310002041610us-gaap:OperatingSegmentsMemberpsky:TheatricalMemberpsky:FilmedEntertainmentSegmentMember2025-08-082025-12-310002041610us-gaap:OperatingSegmentsMemberpsky:TheatricalMemberpsky:FilmedEntertainmentSegmentMember2025-01-012025-08-060002041610us-gaap:OperatingSegmentsMemberpsky:TheatricalMemberpsky:FilmedEntertainmentSegmentMember2024-01-012024-12-310002041610us-gaap:OperatingSegmentsMemberpsky:LicensingAndOtherMemberpsky:FilmedEntertainmentSegmentMember2023-01-012023-12-310002041610us-gaap:OperatingSegmentsMemberpsky:LicensingAndOtherMemberpsky:FilmedEntertainmentSegmentMember2025-08-082025-12-310002041610us-gaap:OperatingSegmentsMemberpsky:LicensingAndOtherMemberpsky:FilmedEntertainmentSegmentMember2025-01-012025-08-060002041610us-gaap:OperatingSegmentsMemberpsky:LicensingAndOtherMemberpsky:FilmedEntertainmentSegmentMember2024-01-012024-12-310002041610us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberpsky:FilmedEntertainmentSegmentMember2023-01-012023-12-310002041610us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberpsky:FilmedEntertainmentSegmentMember2025-08-082025-12-310002041610us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberpsky:FilmedEntertainmentSegmentMember2025-01-012025-08-060002041610us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberpsky:FilmedEntertainmentSegmentMember2024-01-012024-12-310002041610us-gaap:OperatingSegmentsMemberpsky:TheatricalMemberpsky:FilmedEntertainmentSegmentMember2023-01-012023-12-310002041610us-gaap:OperatingSegmentsMemberpsky:FilmedEntertainmentSegmentMember2023-01-012023-12-310002041610us-gaap:IntersegmentEliminationMember2025-08-082025-12-310002041610us-gaap:IntersegmentEliminationMember2025-01-012025-08-060002041610us-gaap:IntersegmentEliminationMember2024-01-012024-12-310002041610us-gaap:IntersegmentEliminationMember2023-01-012023-12-310002041610us-gaap:IntersegmentEliminationMemberpsky:TVMediaSegmentMember2025-08-082025-12-310002041610us-gaap:IntersegmentEliminationMemberpsky:TVMediaSegmentMember2025-01-012025-08-060002041610us-gaap:IntersegmentEliminationMemberpsky:TVMediaSegmentMember2024-01-012024-12-310002041610us-gaap:IntersegmentEliminationMemberpsky:TVMediaSegmentMember2023-01-012023-12-310002041610us-gaap:IntersegmentEliminationMemberpsky:DirectToConsumerSegmentMember2025-08-082025-12-310002041610us-gaap:IntersegmentEliminationMemberpsky:DirectToConsumerSegmentMember2025-01-012025-08-060002041610us-gaap:IntersegmentEliminationMemberpsky:DirectToConsumerSegmentMember2024-01-012024-12-310002041610us-gaap:IntersegmentEliminationMemberpsky:DirectToConsumerSegmentMember2023-01-012023-12-310002041610us-gaap:IntersegmentEliminationMemberpsky:FilmedEntertainmentSegmentMember2025-08-082025-12-310002041610us-gaap:IntersegmentEliminationMemberpsky:FilmedEntertainmentSegmentMember2025-01-012025-08-060002041610us-gaap:IntersegmentEliminationMemberpsky:FilmedEntertainmentSegmentMember2024-01-012024-12-310002041610us-gaap:IntersegmentEliminationMemberpsky:FilmedEntertainmentSegmentMember2023-01-012023-12-310002041610us-gaap:MaterialReconcilingItemsMember2025-08-082025-12-310002041610us-gaap:MaterialReconcilingItemsMember2025-01-012025-08-060002041610us-gaap:MaterialReconcilingItemsMember2024-01-012024-12-310002041610us-gaap:MaterialReconcilingItemsMember2023-01-012023-12-310002041610us-gaap:MaterialReconcilingItemsMemberpsky:RestructuringTransactionRelatedItemsAndOtherCorporateMattersMember2025-08-082025-12-310002041610us-gaap:MaterialReconcilingItemsMemberpsky:RestructuringTransactionRelatedItemsAndOtherCorporateMattersMember2025-01-012025-08-060002041610us-gaap:MaterialReconcilingItemsMemberpsky:RestructuringTransactionRelatedItemsAndOtherCorporateMattersMember2024-01-012024-12-310002041610us-gaap:MaterialReconcilingItemsMemberpsky:RestructuringTransactionRelatedItemsAndOtherCorporateMattersMember2023-01-012023-12-310002041610country:US2025-08-082025-12-310002041610country:US2025-01-012025-08-060002041610country:US2024-01-012024-12-310002041610country:US2023-01-012023-12-310002041610us-gaap:NonUsMember2025-08-082025-12-310002041610us-gaap:NonUsMember2025-01-012025-08-060002041610us-gaap:NonUsMember2024-01-012024-12-310002041610us-gaap:NonUsMember2023-01-012023-12-310002041610country:US2025-12-310002041610country:US2024-12-310002041610us-gaap:NonUsMember2025-12-310002041610us-gaap:NonUsMember2024-12-310002041610psky:SportsProgrammingRightsCommitmentsMember2025-12-310002041610psky:ProductionLicensingOfProgrammingMember2025-12-310002041610us-gaap:StandbyLettersOfCreditMember2025-12-310002041610us-gaap:SubsequentEventMember2026-01-3100020416102025-08-310002041610us-gaap:CommonClassAMember2025-02-012025-02-280002041610us-gaap:CommonClassBMember2025-02-012025-02-280002041610us-gaap:AsbestosIssueMember2025-12-310002041610us-gaap:AsbestosIssueMember2024-12-310002041610us-gaap:AsbestosIssueMember2025-08-082025-12-310002041610us-gaap:AsbestosIssueMember2025-01-012025-08-0600020416102024-10-012024-12-3100020416102023-10-012023-12-310002041610us-gaap:SegmentContinuingOperationsMember2025-08-082025-12-310002041610us-gaap:SegmentContinuingOperationsMember2025-01-012025-08-060002041610us-gaap:SegmentContinuingOperationsMember2024-01-012024-12-310002041610us-gaap:SegmentContinuingOperationsMember2023-01-012023-12-310002041610us-gaap:SegmentDiscontinuedOperationsMember2025-08-082025-12-310002041610us-gaap:SegmentDiscontinuedOperationsMember2025-01-012025-08-060002041610us-gaap:SegmentDiscontinuedOperationsMember2024-01-012024-12-310002041610us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberpsky:SimonAndSchusterMember2023-10-300002041610us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberpsky:SimonAndSchusterMember2023-10-012023-12-310002041610us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberpsky:SimonAndSchusterMember2024-01-012024-12-310002041610us-gaap:SegmentDiscontinuedOperationsMemberpsky:SimonAndSchusterMember2023-01-012023-12-310002041610us-gaap:SegmentDiscontinuedOperationsMemberpsky:PreviousDisposedBusinessMember2023-01-012023-12-310002041610us-gaap:SegmentDiscontinuedOperationsMember2023-01-012023-12-310002041610us-gaap:SegmentDiscontinuedOperationsMember2024-01-012024-12-310002041610us-gaap:AllowanceForCreditLossMember2025-08-070002041610us-gaap:AllowanceForCreditLossMember2025-08-082025-12-310002041610us-gaap:AllowanceForCreditLossMember2025-12-310002041610us-gaap:AllowanceForCreditLossMember2024-12-310002041610us-gaap:AllowanceForCreditLossMember2025-01-012025-08-060002041610us-gaap:AllowanceForCreditLossMember2025-08-060002041610us-gaap:AllowanceForCreditLossMember2023-12-310002041610us-gaap:AllowanceForCreditLossMember2024-01-012024-12-310002041610us-gaap:AllowanceForCreditLossMember2022-12-310002041610us-gaap:AllowanceForCreditLossMember2023-01-012023-12-310002041610us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2025-08-070002041610us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2025-08-082025-12-310002041610us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2025-12-310002041610us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2024-12-310002041610us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2025-01-012025-08-060002041610us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2025-08-060002041610us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2023-12-310002041610us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2024-01-012024-12-310002041610us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2022-12-310002041610us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2023-01-012023-12-31

(Exact name of registrant as specified in its charter)

(212) 258-6000

Securities registered pursuant to section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer (as defined in Rule 405 of the Securities Act of 1933). Yes ☒    No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934. Yes ☐    No  ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that registrant was required to submit such files). Yes ☒    No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act of 1934.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes ☐    No ☒

As of June 30, 2025, which was the last business day of the registrant’s most recently completed second fiscal quarter, the market value of the shares of the registrant’s Class B Common Stock, $0.001 par value (“Class B Common Stock”), held by non-affiliates was zero. On August 7, 2025, by operation of Rule 12g-3(a) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the registrant became the successor issuer to Paramount Global. The market value of Paramount Global’s Class A Common Stock and Class B Common Stock held by non-affiliates at June 30, 2025 was $211,199,578 and $7,730,877,301, respectively.

As of February 20, 2026, 31,500,087 shares of the registrant’s Class A Common Stock and 1,080,241,022 shares of Class B Common Stock were outstanding.

None.

This Annual Report on Form 10-K contains both historical and forward-looking statements, including statements related to our future financial results and performance, potential achievements and transactions (including with respect to the Offer (as defined below)) and their expected benefits, and industry trends and developments. All statements that are not statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements reflect our current expectations concerning future results and events; can generally be identified by the use of statements that include phrases such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” “likely,” “will,” “may,” “could,” “estimate” or other similar words or phrases; and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause our actual results, performance or achievements to be different from any future results, performance or achievements expressed or implied by these statements. These risks, uncertainties and other factors are discussed in “Item 1A. Risk Factors” below and elsewhere in this Annual Report on Form 10-K. Other risks, uncertainties or other factors, or updates to those discussed herein, may be described in our other filings with the U.S. Securities and Exchange Commission (the “SEC”), including our reports on Form 10-Q and Form 8-K, press releases, public conference calls, webcasts, our social media and blog posts and on our website at paramount.com (under Investors). Information included on or accessible through our website is not intended to be incorporated into this Annual Report on Form 10‑K. There may be additional risks, uncertainties and other factors that we do not currently view as material or that are not known. The forward-looking statements included in this Annual Report on Form 10‑K are made only as of the date of this document, and we do not undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.

We are 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 Media, LLC’s (“Skydance”) animation, interactive/games and sports divisions.

On December 8, 2025, we announced a cash tender offer for all of the outstanding shares of Series A Common Stock, par value $0.01 per share (the “Warner Bros. Shares”), of Warner Bros. Discovery, Inc., a Delaware corporation (“Warner Bros.”), at $30.00 per Warner Bros. Share (the “Offer”).

The Offer is subject to several conditions and is scheduled to expire on March 2, 2026, unless further extended. On December 22, 2025, we amended the Offer to include an irrevocable personal guarantee from Lawrence Ellison of the equity financing for the Offer and any damages payable by us. On February 10, 2026, we further amended the Offer to provide for a $0.25 per Warner Bros. Share in cash ticking fee for every quarter the transaction does not close beyond December 31, 2026, and a prepayment of the $2.8 billion termination fee payable by Warner Bros. to Netflix, Inc., a Delaware corporation (“Netflix”), upon termination of the merger agreement between Warner Bros. and Netflix. On January 22, 2026, we filed preliminary proxy materials with the SEC to solicit Warner Bros. stockholders to vote against the Netflix transaction and related proposals at the special meeting of Warner Bros. stockholders, and on February 17, 2026, we filed definitive proxy materials related thereto.

On February 24, 2026, we submitted a revised proposal to the Warner Bros. Board that included an increased purchase price of $31.00 per Warner Bros. Share, accelerated the timing of the daily ticking fee of $0.25 per Warner Bros.

Share per quarter to commence after September 30, 2026, and increased the regulatory termination fee payable by us to $7.0 billion if the transaction does not close due to regulatory matters. On the same date, the Warner Bros. Board determined that our revised proposal could reasonably be expected to lead to a “Company Superior Proposal” as defined in the Netflix merger agreement, although no final determination has been made as to whether our proposal is superior to the Netflix merger.

We have secured commitments for debt financing of up to $57.5 billion and equity commitments from entities controlled by Lawrence Ellison and David Ellison (the “Ellison Family”), and affiliates of RedBird Capital Partners, of $46.6 billion.

On August 7, 2025 (the “Closing Date”), pursuant to a purchase and sale agreement, dated July 7, 2024, certain affiliates of investors of Skydance, comprised of entities controlled by the Ellison Family, and affiliates of RedBird Capital Partners (collectively, the “NAI Equity Investors”), purchased all of the outstanding equity interests of Paramount Global’s controlling stockholder, National Amusements, Inc. (“NAI”).

Also on the Closing Date, following the NAI transaction and pursuant to a transaction agreement, dated July 7, 2024 (the “Transaction Agreement”), Paramount Global and Skydance became wholly-owned subsidiaries of Paramount Skydance Corporation (the transactions contemplated by the Transaction Agreement, the “Transactions”). Paramount Skydance Corporation, formerly known as New Pluto Global, Inc., was formed on June 3, 2024, to consummate the Transactions and was a wholly-owned direct subsidiary of Paramount Global until, through a series of mergers, it became the holding company of Paramount Global and Skydance as part of the Transactions.

Following the closing of the Transactions and the NAI transaction, NAI, which was renamed Harbor Lights Entertainment, Inc. (“Harbor Lights”), holds 100% of Paramount Skydance Corporation’s Class A common stock. Entities controlled by the Ellison Family indirectly hold approximately 77.5% of our Class A common stock through their ownership interest in Harbor Lights.

See “Item 7. Management’s Discussion and Analysis of Results of Operations and Financial Condition” for additional information.

Our principal offices are located at 1515 Broadway, New York, New York 10036. Our telephone number is (212) 258-6000 and our website is paramount.com. Information included on or accessible through our website is not intended to be incorporated into this Annual Report on Form 10‑K.

We have two classes of common stock, Class A common stock (our “Class A Common Stock”) and Class B common stock (our “Class B Common Stock” and together, our “Common Stock”). Shares of our Class B Common Stock trade on The Nasdaq Stock Market LLC (“Nasdaq”) under the ticker symbol “PSKY.” Holders of Class B Common Stock have no voting rights, except as required by applicable law. Holders of Class A Common Stock are entitled to one vote per share with respect to all matters on which holders of our common stock are entitled to vote. Harbor Lights holds 100% of our Class A Common Stock.

In 2025, we operated through the following segments:

•TV Media.  Our (1) domestic and international broadcast networks and owned television stations; (2) domestic cable networks and international extensions of certain of our domestic cable network brands; and (3) domestic and international television studio operations, and the production and distribution of first-run syndicated programming.

•Direct-to-Consumer.  Our portfolio of domestic and international pay and free streaming services.

•Filmed Entertainment.  Our production and acquisition of films, series and short-form content for release and licensing around the world, including in theaters, on streaming services, on television, and through digital and physical home entertainment.

In the first quarter of 2026, we transitioned our reporting structure into three new segments: TV Media, Direct-to-Consumer and Studios. Under this structure, our new Studios segment combines our historical Filmed Entertainment segment with our historical TV Media studio operations, consolidating our content creation activities. Our Direct-to-Consumer segment remains unchanged. We will begin reporting under this new structure in our Quarterly Report on Form 10-Q for the first quarter of 2026.

Our TV Media segment in 2025 consisted 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; (2) domestic premium and basic cable networks, including Nickelodeon, MTV, CMT, Comedy Central, BET and Paramount+ with SHOWTIME, 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 24/7 for 24-hour news and CBS Sports HQ for sports news and analysis.

TV Media’s revenues are generated primarily from (1) advertising; (2) affiliate and subscription revenues, principally comprised of (i) fees received from distributors for carriage of our cable networks (known as cable affiliate fees) and our owned television stations (known as retransmission fees) and (ii) fees received from television stations owned by third parties for their affiliation with the CBS Television Network; and (3) the licensing and distribution of our content and other rights.

CBS Television Network. The CBS Television Network (the “CBS Network”), through CBS Entertainment, CBS News and CBS Sports, distributes entertainment, news and public affairs, and sports programming to both owned and affiliated broadcast television stations. CBS Network content is also available on (1) the internet, including through CBS.com, CBSNews.com, CBSSports.com and related apps; (2) our streaming services, such as Paramount+ and Pluto TV; and (3) multichannel video programming distributors (“MVPDs”) and video streaming services.

CBS Entertainment acquires or develops and schedules entertainment programming on the CBS Network, which includes primetime comedies and dramas, reality, specials, kids’ programs, daytime dramas, game shows and late-night programming. CBS News operates a worldwide news organization providing the CBS Network, CBS News Radio and digital platforms with regularly scheduled news and public affairs programs. CBS Sports broadcasts include certain regular-season and playoff NFL games, including wild card playoff games and American Football Conference divisional playoff and championship games and, on a rotating basis with other networks, the Super Bowl; certain regular-season and tournament college basketball games, including the National Collegiate Athletic Association’s (the “NCAA”) Division I Men’s Basketball Tournament; regular-season college football games, including the Big Ten Conference and the Army-Navy Game; the PGA Tour, the PGA Championship and the Masters; certain UEFA Champions League games; and certain Ultimate Fighting Championship (“UFC”) events.

CBS Stations.  CBS Stations consists of our 29 owned broadcast television stations, all operating under licenses granted by the Federal Communications Commission (the “FCC”) pursuant to the Communications Act of 1934, as amended (the “Communications Act”). Our stations are located in the five largest, and 15 of the top 20, television markets in the United States (the “U.S.”). We own multiple stations within the same local market area in 10 major markets, including New York, Los Angeles and Dallas. The stations broadcast news, public affairs, sports and other programming to serve their local markets. Local versions of CBS News 24/7 offer local news from certain of our owned stations.

International Free-to-Air Networks.  We operate a number of free-to-air networks around the world: Network 10 in Australia whose brands include 10, 10 Drama and 10 Comedy, and Channel 5, a public service broadcaster in the United Kingdom (the “U.K.”) whose brands include 5, 5 Action, 5 Select, 5Star, 5USA and Milkshake. On October 23, 2025, we completed the sale of Telefe in Argentina, and on January 12, 2026, we completed the sale of Chilevisión in Chile.

Paramount Media Networks.  Paramount Media Networks connects with global audiences through its iconic brands―CMT, a country music and lifestyle channel; Comedy Central, a comedy brand with a focus on adult animation and late-night programming; Logo, a network dedicated to lifestyle and entertainment programming for LGBTQ+ audiences; MTV, a storied youth entertainment brand home to notable franchises and live events such as the MTV Video Music Awards; Nickelodeon, an entertainment brand for kids and families; Paramount Network, a premier entertainment destination; Paramount+ with SHOWTIME, our premium channel, offering original scripted and unscripted series, movies, documentaries and docuseries and comedy; Pop TV, a pop culture-focused channel; Smithsonian Channel, home of popular genres such as air and space, travel, history, science, nature and culture; and TV Land, a destination for viewers in their 30s and 40s.

BET Media Group.  BET Media Group provides premium entertainment, music, news, digital and public affairs content for Black audiences. BET Media Group serves as a destination for Black expression as well as a gathering place for Black creators, talent and communities. BET Media Group’s multiplatform extensions include BET’s events and experiences business (including the BET Awards) and VH1, a multicultural pop culture destination.

CBS Sports Network.  The CBS Sports Network is CBS Sports’ 24-hour cable channel that provides a diverse slate of sports and related content. The network televises live professional, amateur and college events, including Division I college football, basketball, hockey and lacrosse, and certain domestic and international soccer games. The network also showcases a variety of additional programming, including studio shows, features and documentaries. CBS Sports Network also provides ancillary coverage for CBS Sports relating to major events, such as the NCAA Division I Men’s Basketball Tournament, the Masters and the PGA Championship.

Our studios produce content across broadcast, cable and streaming in the U.S. and internationally. Our studios include CBS Studios and Paramount Television Studios, which produce series and maintain an extensive library of intellectual property, including global franchises, as well as late-night and daytime programming.

CBS Media Ventures (“CMV”) produces and distributes original series programming across various dayparts and genres, including talk shows, court shows, game shows and newsmagazines, which are licensed on a market-by-market basis to television stations for local broadcast television and streaming. CMV also engages in national advertising and integrated marketing sales for the programming it distributes and serves as the national advertising sales agent for other major syndicators.

Our Direct-to-Consumer segment consists of our portfolio of domestic and international pay and free streaming services, including Paramount+, Pluto TV and BET+. Direct-to-Consumer’s revenues are principally comprised of advertising and subscription revenues generated by our streaming services.

Paramount+.  Paramount+, our global on-demand and live subscription streaming service, combines live sports, news and entertainment content. Paramount+ features an expansive catalog of original series, shows and popular movies across every genre from our brands and production studios and from third parties. Domestically, Paramount+ is home to livestreamed CBS Sports programming. Paramount+ also features select live and on-demand matches from a number of domestic and international soccer leagues, including UEFA Champions League, Italy’s Serie A and the National Women’s Soccer League; and UFC and Zuffa Boxing events. Paramount+ enables subscribers to stream local CBS Stations live across the U.S., in addition to CBS News 24/7 and CBS Sports HQ and CBS Sports Golazo Network. Paramount+ is available in two tiers in the U.S.: Paramount+ Premium, our advertising-free (except during livestreamed and other limited content) offering for a subscription fee; and Paramount+ Essential, our advertising-supported offering available for a lower fee that includes the NFL but not livestreamed local CBS Stations.

Pluto TV.  Pluto TV, our global free advertising-supported streaming television (FAST) service, features a broad range of curated live linear channels and on-demand content. Categories span a wide array of genres, including movies, television series, classic television, sports, news and opinion, drama, reality, competition reality, true crime, game shows, comedy, daytime TV, home and food, lifestyle, anime, animals and nature, music, kids and local news.

BET+.  BET+ is a subscription streaming service in the U.S. focused on Black audiences, featuring movies, television, stand-up comedy, award shows and specials. BET+ is home to exclusive original content from leading Black creators. BET+ is available in advertising-free (except during livestreamed and other limited content) and advertising-supported tiers.

Our Filmed Entertainment segment in 2025 consisted of Paramount Pictures, Skydance’s animation, interactive/games and sports divisions, Paramount Animation, Nickelodeon Studios and Miramax. Filmed Entertainment produces and acquires films, series and short-form content for release and licensing around the world, including in theaters, on streaming services, on television, and through digital and physical home entertainment. Filmed Entertainment’s revenues are generated primarily from the release or distribution of films theatrically and the licensing of film and television content.

Paramount Pictures.  A global producer and distributor of filmed entertainment since 1912, Paramount Pictures is an iconic brand with an extensive library of films, including classics such as Titanic, Forrest Gump and The Godfather, and well-known franchises such as Mission: Impossible and Transformers.

Skydance.  Skydance creates high-quality, event-level entertainment for global audiences through its animation, interactive/games and sports divisions.

Paramount Animation.  Paramount Animation develops and produces franchise and original animated films, including drawing from the Paramount Pictures and Nickelodeon libraries.

Nickelodeon Studios.  Nickelodeon Studios produces animated and live-action series, films and short-form content for kids and families across multiple platforms worldwide.

Miramax.  Miramax, a joint venture with beIN Media Group, is a global film and television studio with an extensive content library. We hold exclusive, long-term rights to distribute Miramax’s library, as well as certain rights to co-produce, co-finance and/or distribute new film and television projects.

We produce and release a variety of films theatrically and also acquire films for distribution from third parties. In some cases, we co-finance and/or co-distribute films with third parties, including other studios, who participate in the financing of the costs of a film or group of films in exchange for an economic participation and a partial copyright interest.

We distribute films in various media worldwide or in select territories and in some cases engage third-party distributors for certain films in certain territories. Domestically, we generally market and distribute our theatrical and home entertainment releases. Internationally, we distribute theatrical releases through our international affiliates or, in certain territories, through United International Pictures, our joint venture with Universal Studios, or various third-party distributors. Home entertainment releases on DVD and Blu-ray discs are distributed worldwide by licensees. We also license films and television shows to a variety of television, streaming and other platforms around the world.

We work to create a culture that is welcoming and a workplace where our employees and talent feel supported and have the opportunity to thrive. Our human capital management strategy is intended to address the areas described below.

As of December 31, 2025, we employed approximately 17,600 full- and part-time employees in 30 countries worldwide and had approximately 3,600 project-based staff on our payroll. We also use temporary employees in the ordinary course of business.

We are committed to building a work environment free of harassment and discrimination. We make annual anti-discrimination and anti-harassment training available to all employees. We require employees to report any incidents of harassment or discrimination, and our Employee Relations team oversees all investigations of such complaints.

Through our comprehensive compensation and benefits programs and our range of employee learning opportunities and tuition support and mentoring programs, we strive to recruit and retain top talent and create a high-performance culture.

The physical and mental well-being of all our workers, including across our productions worldwide, is a top priority. We strive to take a proactive and targeted approach to identifying and mitigating health, safety and security risks. We require risk-appropriate health and safety education throughout the organization, including daily safety meetings for production team members and job- and event-specific safety training for employees where appropriate. We strive to track, report and, as necessary, address safety, health and security incidents across the Company. Beyond the health and safety programs required by law, we offer a variety of mental health resources to support our employees and their families.

We operate in highly competitive industries and markets and compete for creative talent and intellectual property, as well as for audiences, advertisers and distribution of our content.

We compete with a wide range of media, technology and entertainment companies with substantial resources to produce, acquire and distribute content globally, including broadcast and cable networks, streaming services, film and television studios, production companies, independent producers and syndicators, television stations and television station groups. We compete with other content creators for creative talent, including producers, directors, actors and writers, as well as for rights to new content ideas and intellectual property and the acquisition of popular programming.

We compete for audiences with releases from other film studios, television producers and streaming services, as well as with other forms of entertainment and consumer spending outlets. We compete for audiences and advertising revenues primarily with other television networks; streaming services; social media; websites, apps and other online experiences; radio programming; and print media. Our businesses also face competition from many other entertainment options, including video games, sports and other live entertainment, travel and outdoor recreation.

We compete for distribution of our content. Our TV Media and Direct-to-Consumer businesses compete for distribution of our program services and streaming services (and receipt of related fees) with other television networks, programmers and streaming services. We also compete with other broadcast networks to secure affiliations with independently-owned television stations to ensure the effective distribution of network programming in the U.S. We compete with studios and other producers of entertainment content for distribution on third-party platforms.

For additional information regarding competition, see “Item 1A. Risk Factors—Risks Relating to Our Business and Industry.”

Our businesses are subject to and affected by laws and regulations of U.S. federal, state and local governmental authorities, as well as laws and regulations of countries other than the U.S. and pan-national bodies such as the European Union (the “E.U.”). These laws and regulations are constantly subject to change, as are the protections they afford. The discussion below describes certain, but not all, laws and regulations affecting our business. See “Item 1A. Risk Factors—Risks Relating to Legal and Regulatory Matters—Failures to comply with or changes in U.S. or foreign laws or regulations could have an adverse effect on our business, financial condition or results of operations.”

The FCC regulates broadcast television, some aspects of cable network programming, and certain programming delivered by internet protocol in the U.S., pursuant to U.S. federal law, including the Communications Act. Violations of FCC rules may result in substantial monetary fines, the imposition of reporting obligations, limited renewals of broadcast station licenses and, in egregious cases, denial of license renewal or revocation of a license. Our international free-to-air networks are subject to the local rules and regulations of foreign regulators, including the Australian Communications and Media Authority (ACMA) in Australia; and the Office of Communications (Ofcom) in the U.K.

Each of our owned television stations in the U.S. must be licensed by the FCC. Television broadcast licenses are typically granted for eight-year terms, and we must obtain renewals as they expire to continue operating our stations. The Communications Act requires the FCC to renew a broadcast license if the FCC finds that (1) the station has served the public interest, convenience and necessity; (2) with respect to the station, there have been no serious violations by the licensee of either the Communications Act or FCC rules; and (3) there have been no other violations by the licensee of the Communications Act or FCC rules that, taken together, constitute a pattern of abuse. In addition, the Communications Act requires prior FCC approval for the assignment of a license or transfer of control of an FCC licensee.

The Communications Act and FCC rules impose local and national ownership limits on broadcast television stations, as well as ownership limits on certain broadcast networks, in the U.S. For purposes of these rules, “ownership” is defined pursuant to the FCC’s attribution rules. The broadcast ownership rules discussed below are the most relevant to our U.S. operations.

Local Television Ownership

The FCC’s local television ownership rule generally prohibits common ownership of more than two full-power stations in a market.

Dual Network Rule

The dual network rule prohibits any of the four major U.S. broadcast networks—ABC, CBS, FOX and NBC—from combining or being under common control.

Television National Audience Reach Limitation

Under the national television ownership rule, one party may not own television stations that reach more than 39% of all U.S. television households. For purposes of this rule, an ultra high frequency (UHF) station is afforded a “discount” and is therefore attributed with reaching only 50% of the television households in its market.

Foreign Ownership

The Communications Act generally restricts foreign individuals or entities from collectively owning more than 25% of our voting power or equity. FCC approval is required to exceed the 25% threshold. The FCC has approved foreign ownership levels of up to 100% in certain instances, following its review and approval of specific, named foreign individuals.

Broadcast Affiliation

FCC regulations govern various aspects of the agreements between networks and affiliated broadcast stations, including a requirement that television broadcast station licensees retain the right to reject or refuse network programming the licensee reasonably believes is unsatisfactory, unsuitable, or contrary to the public interest or to substitute programming that the licensee reasonably believes to be of greater local or national importance.

The Communications Act and FCC rules govern the retransmission of broadcast television stations by cable system operators, direct broadcast satellite operators, and other MVPDs in the U.S. Pursuant to these regulations, we have elected to negotiate with MVPDs for the right to carry our broadcast television stations via retransmission consent agreements. The Communications Act and FCC rules require that broadcasters and some categories of MVPDs negotiate in good faith for retransmission consent.

The FCC also regulates the content of broadcast, cable network, and other video programming. The FCC prohibits broadcasters from airing obscene material at any time and indecent or profane material between 6:00 a.m. and 10:00 p.m. Broadcasters must also comply with FCC rules requiring the identification of program sponsors. The FCC’s “news distortion” policy prohibits broadcasters from rigging, staging or distorting the news in a manner deliberately intended to slant or mislead audiences as shown by extrinsic evidence. In addition, the FCC monitors compliance with requirements that apply to broadcasters and cable networks relating to political advertising, and the use and integrity of the Emergency Alert System. FCC rules require closed captioning of nearly all broadcast and/or cable programming, as well as certain programming in the U.S. delivered by internet protocol. Broadcast television stations in certain markets that are affiliated with one of the four major U.S. broadcast networks must also provide a certain amount of programming every quarter that includes audio-narrated description of a program’s key visual elements that make the program accessible to blind and low-vision viewers.

Our business is subject to various regulations in the U.S. and abroad applicable to children’s programming. U.S. federal law and FCC rules limit the amount and content of commercial matter that may be shown on broadcast television stations and cable networks during programming designed for children 12 years of age and younger. The FCC also limits the display of certain commercial website addresses during children’s programming. Moreover, each of our broadcast television stations in the U.S. is required to air, in general, three hours per week of programming specifically designed to meet the educational and informational programming needs of children 16 years of age and younger.

FCC rules permit television broadcasters to voluntarily broadcast using the “Next Generation” broadcast television transmission standard developed by the Advanced Television Systems Committee, Inc., also called “ATSC 3.0.” Full-service television stations using the standard are subject to certain requirements, including the obligation to continue broadcasting a generally identical program stream in the current ATSC 1.0 broadcast standard. The ATSC 3.0 standard can be used to offer better picture quality, improved mobile broadcast viewing, and content protection through Digital Rights Management (DRM) encryption. Consumers may be required to obtain new television sets or other equipment capable of receiving ATSC 3.0 broadcasts. We are participating in ATSC 3.0 partnerships with other broadcasters and may enter into additional partnerships in the future.

We are subject to a number of data protection and privacy laws in many of the jurisdictions in which we operate, including laws in a number of different U.S. states, the U.K. and the E.U. These laws impact, or may impact, how we collect, use, process, transfer, store and secure personal data. We are also subject to laws and regulations in many jurisdictions specifically intended to protect the interests of children, including the privacy and safety of minors online. See “Item 1A. Risk Factors—Risks Relating to Legal and Regulatory Matters—We are subject to complex, often inconsistent and potentially costly laws, regulations, industry standards and contractual obligations relating to privacy and data protection.”

We are fundamentally a content company, and the trademark, copyright, patent and other intellectual property laws that protect our brands, content and related intellectual property are extremely important to us. It is our practice to protect our brands, content and related intellectual property. Notwithstanding these efforts and the legal protections available to combat piracy, infringement of our intellectual property rights presents a significant challenge to our industry. See “Item 1A. Risk Factors—Risks Relating to Intellectual Property—Challenges in protecting and maintaining our intellectual property rights could have an adverse effect on our business, financial condition or results of operations.”

We file annual, quarterly and current reports and other information with the SEC. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to such reports filed with or furnished to the SEC pursuant to the Exchange Act are available free of charge on our website at paramount.com (under Investors) as soon as reasonably practicable after such reports are filed with the SEC. These documents are also available on the SEC’s website at sec.gov.

We announce material financial information through SEC filings, press releases, public conference calls and webcasts on our website at paramount.com (under Investors). We may use any of these channels as well as social media and blogs to communicate with investors about our Company. Information we post on our website, social media and blogs may be deemed material. Accordingly, we encourage investors, the media, and others interested in our Company to review the information posted on our website, including the social media channels and blogs listed there.

A wide range of risks may affect our business, financial condition or results of operations, now and in the future. We consider the risks described below to be the most significant. There may be other currently unknown or unpredictable factors that could have adverse effects on our business, financial condition or results of operations.

Streaming is intensely competitive and capital intensive and our streaming business may not be profitable or otherwise successful. Our ability to continue to attract, engage and retain streaming subscribers and active users (together, “users”), as well as generate corresponding subscription and advertising revenues, depends on a number of factors, including our ability to consistently provide appealing and differentiated content that resonates globally, offer a quality experience for selecting and viewing that content, execute a windowing strategy that maximizes service appeal and the value of our content, successfully market our content and services, and make effective choices globally regarding whether we distribute our content and services directly through our owned-and-operated services or through third parties, including through hard bundles, MVPD bundles and channel distributors. Our success will require significant investments to produce original content and acquire the rights to third-party content, including sports, as well as the establishment and maintenance of key content and distribution partnerships. If we are unable to manage costs, maintain such partnerships, or achieve sufficient scale, we may fail to meet our profitability goals.

In addition to attracting new users, we must also meaningfully engage existing users to minimize “churn” and maximize our advertising and subscription revenues. If consumers do not perceive our streaming services to be of value compared to competing services, including because we fail to introduce compelling new content and features, do not maintain competitive pricing, terminate or modify promotional or trial period offerings, change the mix of content in a manner that is unfavorably received, or offer an inferior consumer viewing experience, we may not be able to attract, engage and retain users, and our business, financial condition or results of operations could be adversely affected. If subscribers who receive access to our streaming services through third-party bundles, including through MVPDs, cancel or discontinue their subscriptions, including as a result of selecting an alternative bundle that does not include our services or canceling or discontinuing such bundled service, our business may be adversely affected. The advertising revenues we generate from our advertising-supported streaming offerings may also be affected by fluctuations in user engagement. If we are unable to attract, engage and retain users and offset the loss of users who cancel or stop engaging with our streaming services, our business, financial condition or results of operations could be adversely affected.

We generate substantial revenues from the sale of advertising, and a decline in advertising revenues has had, and could continue to have, an adverse effect on our business, financial condition or results of operations.

The evolution of consumer preferences toward streaming and other digital services, and the increasing number of entertainment choices available to consumers, have intensified audience fragmentation and reduced viewership through traditional linear distribution models, which has caused and may continue to cause ratings and viewership declines for our television networks. This evolution has also given rise to new ways of purchasing advertising, as well as a general shift in total advertising expenditures toward streaming and digital, some of which may not be as beneficial to us as traditional advertising models. In addition, an increase in the number of advertising-supported streaming offerings has intensified, and may continue to intensify, competition for viewers and advertising. There can be no assurance we can successfully navigate the evolving streaming and digital advertising market or that the advertising revenues we generate in that market will offset declines in advertising revenues from our traditional linear business.

Our advertising business is sensitive to general macroeconomic conditions as well as the economic prospects and spending priorities of specific advertisers or industries. Our ability to generate advertising revenues also depends on demand for our content, the viewers in our targeted demographics, advertising rates, targeting capabilities, results observed by advertisers, the perceived effectiveness of our advertising offerings and alternative advertising options. Natural and other disasters, pandemics, acts of terrorism, political uncertainty or hostilities could also lead to a reduction in domestic and international advertising expenditures as a result of disrupted programming and services and economic uncertainty.

Major sports events, such as the Super Bowl and the NCAA Division I Men’s Basketball Tournament, and state, congressional and presidential election cycles, may cause our advertising revenues to vary substantially from year to year. Political advertising expenditures are impacted by the ability and willingness of candidates and political action campaigns to spend funds on advertising, the competitive nature of the elections affecting viewers in markets featuring our content and the timing of election cycles.

Advertising sales are also largely dependent on audience measurement and could be negatively affected if measurement methodologies do not accurately reflect viewership levels. In addition, if advertising buyers require the use of specific television measurement solutions, our inability to reach or maintain agreements with the providers of such solutions may negatively impact our advertising revenues. The industry is currently transitioning to a multiplatform measurement environment in an effort to more completely measure viewership and advertising across linear, streaming and digital, but has not yet established a consistent methodology for such measurement. Currently, the primary measurement technique used in our television advertising sales does not fully measure viewership across streaming and digital platforms. We measure and monetize across our streaming services using census-based advertising-server data to establish the number of impressions served, combined with third-party data providing demographic composition estimates. Multiplatform campaign verification is still not measured by any one consistently applied method. While we expect innovation and standards around multiplatform measurement to benefit us as the advertising market continues to evolve, we are nevertheless partially dependent on third parties to deliver those solutions.

Our ability to generate advertising revenues can also be impacted, and in certain circumstances has already been impacted, by an increasing number of global laws and regulations, including limitations on how we deliver to, target or measure audiences. In addition, regulatory actions that restrict how certain industries may advertise their products can reduce demand for advertising inventory and adversely affect our advertising revenues. See “—Risks Relating to Legal and Regulatory Matters—We are subject to complex, often inconsistent and potentially costly laws, regulations, industry standards and contractual obligations relating to privacy and data protection.”

We face substantial and increasing competition to attract creative talent, to produce and acquire the rights to high-quality content, acquire, engage and retain audiences and users, and distribute our content and services across a range of third-party platforms. Competition for talent, content, audiences, subscribers, service providers, advertising, production infrastructure and distribution is intense and comes from other television networks and stations, streaming services (including those that provide pirated content), social media, content studios, independent content producers and distributors, consumer product companies and other entertainment outlets and platforms, as well as from “second screen” applications.

Our competitors include companies with interests across multiple media and entertainment businesses that are often vertically integrated, as well as companies in adjacent sectors with significant financial, marketing and other resources, greater efficiencies of scale, fewer regulatory constraints and more competitive pricing. In addition, faster or more effective deployment of evolving technologies by our competitors, including generative artificial intelligence and other machine‑learning tools (“AI Technologies”), could put us at a competitive disadvantage. Our competitors may also consolidate or enter into business combinations or alliances that strengthen their competitive position.

We also rely on third-party platforms with which we compete to make our content available to users, and if these third parties are unwilling to continue to distribute our content or do so on terms favorable to us, our business, financial condition or results of operations could be adversely affected.

These increased competitive pressures have resulted in, and may continue to result in, increased costs, including with respect to talent and intellectual property rights. We invest significant resources to produce, market and distribute original content. We also acquire content and ancillary rights and pay related rights fees (including for sports and music rights), license fees, royalties and/or contingent compensation. If these competitive pressures continue to increase, we may not be able to produce or acquire content in a cost-effective manner. We may be outbid by competitors for the rights to new, popular content or in connection with the renewals of popular rights we currently hold.

This competition could result in a decrease in audiences and users, lower ratings and advertising revenues, lower affiliate and other revenues, and increased content and promotional costs, which could negatively affect our ability to generate revenues and profitability. If we are not able to compete successfully in the future against existing or new competitors, it could have an adverse effect on our business, financial condition or results of operations.

Our success depends on our ability to anticipate and adapt to shifting content consumption patterns, evolving technologies and distribution models.

Our ability to maintain attractive brands and to create, distribute and/or license popular content is key to our success and ability to generate revenues. The revenues we generate primarily depend on our ability to consistently anticipate and satisfy consumer tastes and expectations in the U.S. and internationally. Consumer tastes and behavior change frequently, and it is a challenge to anticipate what will resonate with audiences at any given time. The popularity of our original and acquired content is affected by our ability to target key audiences; the quality and attractiveness of competing content; and the availability and popularity of alternative forms of entertainment and leisure activities, general economic conditions and other tangible and intangible factors, all of which can be unpredictable. Declines in the popularity of our content, including sports for which we have acquired rights, could have an adverse effect on our business, financial condition or results of operations.

Evolving technologies, including AI Technologies, and distribution models, as well as the overall size of the entertainment and content market, affect demand for our content; how our content is generated, distributed and consumed; the sources and nature of competing offerings; and advertisers’ options for reaching target audiences, any of which can affect the predictability of our revenues and profitability. These developments have impacted certain traditional distribution models, including ones we have historically relied upon, as demonstrated by industrywide declines in broadcast and cable ratings, declines in cable subscribers, the development of alternative distribution platforms for broadcast and cable content and reduced theatergoing. Declines in linear viewership are expected to continue and may accelerate, which could adversely affect our advertising and affiliate revenues.

Shifts in consumer behavior may also be exacerbated by events outside our control, including prolonged disruptions to our ability to create content caused by global events such as pandemics or industry-wide labor actions similar to what we experienced in 2023 with the Writers Guild of America (“WGA”) and the Screen Actors Guild-American Federation of Television and Radio Artists (“SAG-AFTRA”) strikes.

To respond to these developments, we regularly evaluate and adopt new technologies and business strategies, including our increased investment in streaming. However, we may not successfully anticipate or respond to these developments and may experience disruption as we respond to such developments. Further, the new technologies or business models we develop may not be as successful or profitable as historical or existing ones.

To effectively respond to market and consumer changes, we have made, and expect to continue to make, changes to our business strategy that are subject to execution risk, and they may not produce anticipated benefits. As part of the evolution of our business strategy, we have invested in or otherwise implemented, and expect to continue to invest in or implement, new businesses, products, services, technologies and other strategic initiatives, including through tender offers, mergers, acquisitions, strategic partnerships and investments, as well as through restructurings, cost savings and other transformation initiatives such as workforce reductions, new enterprise solutions and changes to our reporting structure and segments. These changes may involve significant risks and uncertainties, including: difficulty integrating acquired businesses and technologies; failure to realize anticipated benefits; unanticipated expenses and liabilities; disruption to our business and operations; diversion of management attention; difficulty managing operations; the loss or inability to retain key employees and creative talent; challenges to or loss of relationships with users, audiences, advertisers, suppliers, distributors and licensors; legal and regulatory limitations; and insufficient revenues from such investments to offset new liabilities and expenses. Integrating or replacing legacy systems with new technologies may also present operational challenges. Many of these factors are outside our control, and because new investments are inherently risky, and the anticipated benefits or value of these investments may not materialize, such investments and other strategic initiatives may adversely affect our business, financial condition or results of operations.

A significant portion of our revenue is attributable to agreements with a limited number of distributors. There can be no assurance these agreements will be renewed, or renewed on favorable terms, including terms related to pricing, programming tiers and the types of rights we grant distributors. The loss of existing packaging, positioning, pricing or other opportunities and the loss of carriage (including service blackouts) or the failure to renew or any delay in renewing our agreements with distributors, or the renewal of such agreements on less favorable terms, could reduce the distribution of our content, decrease the potential audience for our content and negatively affect our growth prospects, affiliate fees and advertising revenues, and our reputation with viewers. The CBS Network provides affiliated television stations regularly scheduled programming in return for the insertion of network commercials and payment of reverse compensation. The loss of such station affiliation agreements, or renewals on less favorable terms, would reduce the reach of our programming and therefore our appeal to advertisers, adversely affecting our results of operations.

Consolidation and vertical integration among distributors in the cable and broadcast network businesses has provided more leverage to these distributors and could adversely affect our ability to maintain or obtain distribution for our network programming or distribution and/or marketing of our subscription services on favorable or commercially reasonable terms, or at all. Consolidation among television station group owners could similarly increase their leverage. Competitive pressures faced by MVPDs, particularly in light of evolving consumer consumption patterns and new distribution models, could adversely affect the terms of our renewals with MVPDs. In addition, MVPDs continue to develop alternative offerings, and if these offerings exclude our content and gain widespread acceptance, we could experience a decline in affiliate revenues.

Our revenues also depend on the compliance of major distributors with the terms of our affiliation or distribution agreements. As these agreements have grown in complexity, disputes regarding their interpretation and validity have increased, resulting in greater uncertainty and, at times, litigation over rights and obligations. Some of our distribution agreements contain “most favored nation” (“MFN”) clauses, which provide that if we enter into an agreement with a distributor and such agreement includes terms that are more favorable than those held by a distributor holding an MFN right, we must offer some of those terms to the distributor holding the MFN right. Disagreements with a distributor on the interpretation or validity of an agreement could adversely impact our affiliate and advertising revenues, as well as our relationship with that distributor.

Our reputation and globally recognized brands are critical to our success. Our reputation depends on a number of factors, including the quality of our content, services and other offerings, the level of trust we maintain with our consumers and our ability to innovate and adapt to changing expectations. Because our brands engage consumers across our businesses, damage to our reputation or brands in one business may have an impact on our others and, because some of our brands are recognized around the world, brand damage may not be locally contained. Our reputation and brands may be harmed by significant negative claims or publicity regarding Paramount or its business decisions, operations, practices, content, products, social responsibility and culture, management, employees, business partners and individuals associated with the content we create or license, even if such claims are untrue. Our ability to adequately prepare for or respond to such claims or publicity may be limited, particularly given the speed and reach of social media, which can amplify actual or perceived incidents before we have an opportunity to investigate or respond meaningfully. Damage to our reputation or brands could negatively impact sales, viewership, user engagement, business opportunities, profitability, talent retention and recruitment, and the price of our Class B Common Stock.

Certain events and circumstances can result in a decline in the values of our reporting units, content, or asset groups containing our finite-lived intangible assets, which could result in noncash impairment charges. Deterioration of market conditions, increases in interest rates and/or unfavorable impacts to the projections used in goodwill and long-lived asset impairment tests (including from changes in consumer behavior, a decrease in audience acceptance of our content and platforms and delays or difficulties in achieving our profitability goals for our streaming services), could result in a downward revision in the estimated fair value of our reporting units or long-lived assets, which could result in a noncash impairment charge. In 2024, Paramount Global recorded programming charges totaling $1.12 billion as a result of major strategic changes in its content strategy that led to the removal of significant levels of content from our platforms, the abandonment of development projects and the termination of certain programming agreements. Future strategic changes could result in further programming charges. Any such impairment charge for goodwill, programming, and/or long-lived assets could have a material adverse effect on our reported net earnings.

We have both recognized and potential liabilities and costs related to discontinued operations and former businesses, certain of which are unrelated to our existing business, including leases, guarantees, environmental liabilities, liabilities related to the pensions and medical expenses of retirees, asbestos liabilities, contractual disputes and other pending and threatened litigation. There can be no assurance our accruals for these matters are sufficient to cover these liabilities, individually or in the aggregate, if and/or when they become due. Therefore, these liabilities could have an adverse effect on our business, financial condition or results of operations.

A number of disclosure requirements relating to sustainability matters have taken effect or are expected to take effect in the next several years in the U.S. and Europe, including the Climate Corporate Data Accountability Act and the Climate-Related Financial Risk Act in California, the E.U.’s Corporate Sustainability Reporting Directive (CSRD). While the full costs and operational impacts of compliance are not yet known, noncompliance with these or other applicable laws and regulations could result in financial, operational and reputational risks. At the same time, there has been an increase in proposed or enacted “anti-ESG” and “anti-DEI” legislation, regulation, policies, enforcement priorities, litigation, directives, initiatives and legal opinions. Conflicting regulations and requirements and a lack of harmonization of legal and regulatory environments across the jurisdictions in which we operate may create enhanced compliance risks and costs.

We have also faced, and may continue to face, increasing scrutiny from our consumers, advertisers, distributors, suppliers, licensors, creative talent, employees and other stakeholders relating to the appropriate role of sustainability-related practices and disclosures. If we fail—or are perceived to fail—to achieve or properly report on our progress toward achieving voluntary goals we have set out, or if our goals are not perceived as being sufficiently robust, our business, brand or reputation may be negatively impacted and subject to additional investor or regulatory scrutiny. Furthermore, some market participants, including major institutional investors and providers of debt and equity financing, may also consider our performance in these areas and the ratings of third-party benchmarks or scores (which we have limited ability to influence) in their decisions involving our Company, which could impact our cost of capital and adversely affect our business, financial condition or results of operations. These opposing views may also be adopted by our investors.

Cloud services, networks, software, information systems and other technologies we use or that are used by our third-party service providers and our product suppliers (“Providers”), including technology systems used by us and our Providers in connection with the production and distribution of our content and that otherwise perform important functions (“Systems”), are critical to our business activities. These Systems have experienced, and are expected to continue to experience, cybersecurity attacks intended to disrupt our services and operations, exfiltrate, corrupt or prevent our access to and/or use of our data, proprietary information or intellectual property, or exfiltrate or corrupt the personal and other information of third parties, employees, contractors and customers. Shutdowns, disruptions and attacks on our or our Providers’ Systems pose increasing risks to our business and may be caused by third-party hacking; dissemination of computer viruses, worms, malware, ransomware and other destructive or disruptive software; denial-of-service attacks and other bad acts; human error; and power outages, natural disasters, extreme weather, terrorist attacks or other similar events. Shutdowns, disruptions and attacks could have an adverse impact on us, our business partners, advertisers and other Providers, employees, consumers of our content, including degradation or disruption of service, loss of data or intellectual property, and damage to equipment and data. Steps we or our Providers take to enhance, improve or upgrade Systems may not be sufficient to avoid shutdowns, disruptions and attacks. In addition, the rapid global advancement of AI Technologies may also heighten our risks by making cyberattacks more difficult to detect, contain, and mitigate. Significant events could result in a disruption of our operations and reduction of our revenues, the loss of or damage to intellectual property, the loss of or damage to the integrity of data used by management to make decisions and operate our businesses, viewer or advertiser dissatisfaction or a loss of viewers or advertisers, and damage to our reputation or brands. In addition, our recovery and business continuity plans may prove inadequate to address any such disruption, failure or cybersecurity attack. We are subject to risks caused by the misappropriation, misuse, falsification or intentional or accidental release or loss of business or personal data or content maintained in our or our Providers’ Systems, including proprietary and personal information of third parties, employees and users of our online, mobile and app offerings, business information, including intellectual property, or other confidential information. Outside parties may attempt to penetrate our or our Providers’ Systems, or fraudulently induce or impersonate employees, business partners or users of our online, mobile and app offerings to disclose sensitive or confidential information, to gain access to our proprietary data or the data of our users, employees or contractors, our content or other intellectual property. The number and sophistication of attempted and successful phishing, information security breaches or disruptive ransomware or denial-of-service attacks have increased significantly in recent years, and because of our prominence or the prominence of our content, we and/or our Providers may be a particularly attractive target. Because the techniques used to obtain unauthorized access to, or disable, degrade or sabotage, networks and Systems change frequently, we or our Providers may be unable to anticipate these techniques, implement adequate security measures or remediate flaws or detect intrusions on a timely or effective basis. We also rely on proprietary and third-party technologies to optimize operations across certain areas of our business.

The use of these technologies may lead to unintentional disclosure of sensitive, confidential, proprietary or personal information of ours and of our employees or customers. Such technologies may be subject to manipulation or prone to error from data or manipulation outside our direct control. We operate an information security program to identify and mitigate cybersecurity risk. Despite our efforts, the risk of unauthorized access, modification, exfiltration, destruction or denial of access with respect to our data, the data of our customers and employees or our Systems and other cybersecurity attacks cannot be eliminated entirely, and the risks associated with a potential incident remain. If a breach or perceived breach of our Systems or those of our Providers occurs, the perception of the effectiveness of our security measures could be harmed, we could lose consumers, revenues, advertisers and other business partners, and users of our online, mobile and app offerings; our reputation, brands, credibility and the overall attractiveness of our offerings could be damaged; and we could be required to expend significant amounts of money and other resources to repair, replace or recover such Systems. We could also be subject to actions by regulatory authorities and claims asserted in private litigation. The costs relating to any data breach could be material, and we may not have adequate insurance coverage to compensate us for any losses associated with such events.

Our success depends in part on our ability to maintain and monetize our intellectual property rights. We are fundamentally a content company and infringement of our content adversely affects the value of our content. Copyright infringement is particularly prevalent in many parts of the world that lack effective laws and technical protection measures similar to those in the U.S. and Europe or lack effective enforcement of such measures, or both. Such foreign copyright infringement can also create a supply of pirated content for major markets. The interpretation of copyright, trademark and other intellectual property laws as applied to our content, and our infringement-detection and enforcement efforts, remain in flux, and some methods of enforcement have encountered political or commercial opposition. The failure to appropriately enforce and/or the weakening of existing intellectual property laws could make it more difficult for us to adequately protect and monetize our intellectual property and thus negatively affect its value. Copyright infringement is made easier by the wide availability of higher bandwidth and reduced storage costs, as well as tools that undermine encryption and other security features and enable infringers to disguise their identities online. We and our production and distribution partners operate various technology systems in connection with the production and distribution of our programming and films, and intentional or unintentional acts could result in unauthorized access to our content. The continuing proliferation of digital formats and technologies heightens this risk. Internet-connected televisions, set-top boxes and mobile devices are ubiquitous, and many can support illegal retransmission platforms, illicit video-on-demand or streaming services and preloaded hardware, providing more accessible, versatile and legitimate-looking environments for consuming unlicensed film and television content. Unauthorized access to our content could result in the premature release of films, television programs or other content as well as a reduction in demand for authorized content, which would likely have adverse effects on the value of the affected content and our ability to monetize it. The legal landscape continues to evolve with respect to the development and increased prevalence of certain new technologies, including AI Technologies. As a consequence, we face uncertainty with respect to our ability to protect our intellectual property and brands from unauthorized use, misappropriation, and infringement utilizing such technologies, and an increased risk of being subjected to claims brought by third-party rights owners with respect thereto. Copyright infringement reduces the revenue we are able to generate from the legitimate sale and distribution of our content, undermines lawful distribution channels, reduces the public’s and some affiliate partners’ perceived value of our content and inhibits our ability to recoup or profit from the costs incurred to create such content. We are actively engaged in enforcement and other activities to protect our intellectual property, and it is likely we will continue to expend resources in connection with these initiatives. Efforts to prevent the unauthorized reproduction, distribution and exhibition of our content may affect our profitability and may not be successful in preventing harm to our business. We also face risks arising from disputes over the validity, enforceability or scope of our intellectual property rights, and successful challenges to these rights could result in increased costs or reduced revenues.

In addition, we are on occasion subject to claims that we are infringing third-party rights. For example, our streaming platforms and technology are subject to patent infringement litigation and other claims seeking both damages and injunctive relief. The outcome of these matters could adversely affect our business, financial condition or operating results.

Our businesses operate and have audiences, customers and partners worldwide. Accordingly, economic conditions in the U.S. and around the world affect various aspects of our business. The global financial markets have experienced significant recent volatility, marked by declining economic growth, diminished liquidity and availability of credit, declines in consumer confidence, significant concerns about persistently high inflation and uncertainty about economic stability. The global financial markets have also been adversely affected by geopolitical events. There can be no assurance that further deterioration in credit and financial markets and confidence in economic conditions will not occur. Volatility and weakness in the capital markets, the tightening of credit markets or additional decreases in our debt ratings could adversely affect our ability to obtain cost-effective financing. Inflationary pressures in the U.S. over the past several years have raised our costs for labor and services and other costs required to operate our business. Economic conditions in each market can impact our audience’s discretionary spending and, in turn, their willingness to pay for our content. Economic conditions in each market can also impact the businesses of our advertising partners, potentially causing them to reduce spending or increase payment cycles. In addition, foreign currency fluctuations have impacted, and may continue to impact, revenues and expenses of our international operations and expose us to exchange rate risk. Our revenues may also be affected by political conditions in the U.S. such as changes in government leadership and shifts in policy priorities at the federal, state and local levels. Political risks inherent in conducting a global business include retaliatory actions by governments in response to U.S. or foreign policy changes, including trade negotiations and tariffs, as well as changes in the availability, scope or conditions of production-related tax credits, incentives or other similar benefits; issues related to the presence of corruption in certain markets and enforcement of anticorruption laws and regulations; increased risk of political instability in some markets as well as conflict and sanctions preventing us from accessing those markets; changes in trade and immigration policies; nuclear tensions; wars, terrorism or other hostilities; and other political or economic uncertainties. These economic and political risks could create instability in any of the markets where our businesses generate revenues, which could result in a reduction of revenues or loss of investment that adversely affects our business, financial condition or results of operations.

Failures to comply with or changes in U.S. or foreign laws or regulations could have an adverse effect on our business, financial condition or results of operations.

We are subject to a wide range of laws and regulations in the U.S. and in the foreign jurisdictions in which we or our partners operate, including laws and regulations relating to intellectual property, advertising and content regulation, consumer protection, privacy, data protection, cybersecurity, anticorruption, repatriation of profits, tax regimes, quotas, tariffs or other trade barriers, currency exchange controls, operating license and permit requirements, restrictions on foreign ownership or investment, anticompetitive conduct, and export and market access restrictions. The broadcast and cable industries in the U.S. are highly regulated by federal laws and regulations issued and administered by various federal agencies. For example, we are required to obtain licenses from the FCC to operate our television stations and periodically renew them, and it cannot be assured that the FCC will approve our future renewal applications or that the renewals will be for full terms or will not include conditions or qualifications. The nonrenewal, or renewal with substantial conditions or modifications, of one or more of our licenses could have an adverse effect on our business, financial condition or results of operations.

We must also comply with various FCC limits on the ownership of our television stations, which could restrict our ability to consummate future transactions and in certain circumstances could require us to divest some television stations, and on the operation of both our television stations and the CBS Network in the U.S. In addition, there has been consideration from time to time as to whether virtual MVPDs should be considered MVPDs as defined and regulated by the FCC. Our business could be adversely affected by new laws and regulations, changes in existing laws, changes in the interpretation or enforcement of existing laws by courts and regulators, and the threat that additional laws or regulations may be forthcoming, as well as our ability to enforce our legal rights. Laws and regulations governing new technologies, including AI Technologies, remain unsettled and are an area of increasing regulatory focus, and legal and regulatory developments in this area could also impact our business. Changes in the legal or regulatory landscape could require us to change or limit certain of our business practices, which could impact our ability to generate revenues. We could also incur substantial costs to comply with new and existing laws and regulations, or face substantial fines and penalties or other liabilities, or be subjected to increased scrutiny from regulators and stakeholders, if we fail to comply with such laws and regulations.

We are subject to laws, regulations, industry standards and contractual obligations in the U.S. and in other countries relating to privacy and the collection, use, processing, transfer, storage and security of personal data. In the E.U., for example, we are subject to the European Union General Data Protection Regulation (“E.U. GDPR”) and in the U.K., to the U.K. General Data Protection Regulation and Data Protection Act 2018 (“U.K. GDPR,” and together with E.U. GDPR, “GDPR”), which mandate data protection compliance obligations and authorize significant fines for noncompliance, requiring extensive compliance resources and efforts on our part. Further, several other jurisdictions where we do business have enacted, amended or are considering new data protection regulations that may impact our business activities. In the U.S., numerous states have passed comprehensive data privacy laws. These laws mandate a host of obligations for businesses regarding how they handle personal information and provide new and expansive rights to the residents of these states. In 2025, comprehensive privacy laws in the U.S. and internationally were amended to, among other things, expand the threshold for the scope of those laws, expand protections for children and teens, enhance protection for health-related personal data and expand the definition of personal information. Other data privacy laws, such as health data privacy laws, may also have an impact on our business, especially with regard to some of our digital advertising offerings to advertisers in the health and wellness industries. Enforcement of privacy laws has continued to increase, with focus on contractual provisions, the effective operation of consent and opt-out tools and signals (including cookie consents), adequate transparency of privacy practices, and the proper processing of sensitive personal information. In addition, existing and amended U.S., state and international data protection laws may impose stringent obligations to notify impacted individuals and regulators in the event of unauthorized access, loss, or exposure of personal information often within tight statutory deadlines to report. We are also subject to laws and regulations in the U.S. and in other jurisdictions around the world that are intended specifically to protect the interests of children and the online safety and privacy of minors, such as, in the U.S., the federal Children’s Online Privacy Protection Act, as amended (“COPPA”), and various evolving and newly enacted state laws, including comprehensive privacy laws and laws specifically directed to the protection of children online. In the U.S., the Federal Trade Commission issued an update to its Rule under COPPA, imposing several new obligations on operators of online services. Many states have also passed various additional protections for minors limiting the data that can be collected from or about minors and limiting or prohibiting altogether behavioral or targeted advertising to minors. Further, in the E.U. and the U.K., we are subject to the GDPR, as well as codes of conduct and rules relating to the design of digital products and services likely to be accessed by children, including the U.K.’s Age Appropriate Design Code and other guidance documents issued in France, Ireland, the Netherlands, Spain, Sweden and other jurisdictions. As a result, we have been required to limit some functionality on digital properties and may be limited relative to our ability to leverage new media with respect to children’s programming or services. Such regulations also restrict the types of advertising we are able to sell on these digital properties and how we perform measurement for advertising purposes and impose strict liability on us for certain of our actions, as well as certain actions of our advertisers and other third parties, which could affect advertising demand and pricing. Although we strive to comply with privacy and data protection laws, regulations, industry standards and contractual obligations, these requirements are continuously evolving and may be modified, interpreted, and applied in an inconsistent manner from one jurisdiction to another and may conflict with one another or other legal obligations with which we must comply, which raises both costs of compliance and the likelihood that we will fail to satisfy all of our legal requirements.

Any actual or perceived noncompliance could result in regulatory investigations and enforcement, investigation and remediation costs, significant monetary fines, breaches of contractual obligations, private litigation or harm to our reputation and market position.

We and our subsidiaries conduct business globally and are subject to tax in multiple U.S. federal, state and local and non-U.S. jurisdictions. Our tax position could be materially adversely affected by several factors, including: new or changing tax laws both domestically and internationally, including regulations and treaties, or the interpretation thereof, tax policy initiatives and reforms under consideration by the international community (such as those related to the Organization for Economic Co-operation and Development’s Base Erosion and Profit Shifting Project, the European Commission’s state aid investigations and other initiatives), the practices of tax authorities in jurisdictions in which we operate (including changes in the availability, scope or conditions of production-related tax credits, incentives or other similar benefits), and the resolution of issues arising from tax audits, examinations or assessments and any related interest or penalties. We are currently unable to predict whether such changes or events will occur and, if so, the ultimate impact on our business. To the extent that any such changes or events negatively impact us, including as a result of related uncertainty, our business, financial condition or results of operations may be adversely impacted.

Our business depends on the continued efforts, abilities and expertise of our executives and other employees and the creative talent with whom we work. We compete for executives in highly specialized and rapidly evolving industries and our ability to attract, retain and engage such individuals may be impacted by our reputation; workplace culture; restructurings, cost savings and other transformation initiatives, including workforce reductions; the training, development, compensation and benefits we provide; our commitment to effectively managing executive succession; and our efforts with respect to inclusion and sustainability matters. We also employ or contract with entertainment personalities with loyal audiences and produce films and other content with highly regarded directors, producers, writers, actors and other creative talent in highly competitive markets. These individuals are important to attracting viewers and to the success of our content, and our ability to attract and retain them may also be impacted by our reputation, culture, inclusion and sustainability efforts. There can be no assurance these individuals will remain with us or maintain their current appeal, or that the costs associated with retaining them or new talent will be reasonable. If we fail to retain or attract new key employees or creative talent, our business, financial condition or results of operations could be adversely affected.

We and our business partners engage the services of writers, directors, actors, musicians and other creative talent, production crew members, trade employees, professional athletes and others who are subject to collective bargaining agreements. Any labor dispute may disrupt our operations and cause production delays, which could increase our costs and have an adverse effect on our business, financial condition or results of operations. In 2023, for example, the WGA and SAG-AFTRA commenced industry-wide strikes following the expiration of their collective bargaining agreements with the Alliance of Motion Picture and Television Producers (“AMPTP”), which negotiates with the guilds on behalf of certain content producers. These strikes resulted in months-long shutdowns in television and film production, with effects that have extended beyond the work stoppages. Upcoming negotiations with other unions could lead to further work stoppages. For example, the AMPTP’s agreement with the WGA expires in May 2026, while its agreements with both the Directors Guild of America and SAG-AFTRA expire in June 2026. In addition, the U.S. has in recent years experienced a surge in labor activity, including unionization and strikes.

There can be no assurance we will renew collective bargaining agreements on favorable terms or avoid work stoppages.

We may not be able to integrate Paramount Global’s and Skydance’s businesses in a manner that facilitates growth opportunities and achieves certain cost savings, operating synergies and revenue growth trends identified by each company without adversely affecting current revenues or investments in future growth.

The combination of two independent businesses is complex, costly and time-consuming and may divert significant management attention and resources toward integration planning at the expense of Paramount Global’s and Skydance’s ordinary-course business practices and operations. This process also may disrupt their businesses. Paramount Global and Skydance operated as independent businesses until the completion of the Transactions. Now that the Transactions are complete, our management may face significant challenges in integrating the technologies, organizations, systems, procedures, policies and operations, as well as addressing the different business cultures at Paramount Global and Skydance, managing the increased scale and scope of the combined business, identifying and eliminating duplicative programs, and retaining key personnel. Failure to meet the challenges involved in combining the businesses and to realize the anticipated benefits of the Transactions could adversely affect our business, financial condition or results of operations. The combination of Paramount Global’s and Skydance’s businesses may also result in material unanticipated problems, expenses, liabilities, competitive responses, and loss of customer and other business relationships or strategic partnerships, including:

•the diversion of management attention to integration matters and/or litigation matters brought against the companies;

•difficulties in integrating operations and systems, including intellectual property and communications systems, administrative and information technology infrastructure and financial reporting and internal control systems;

•challenges in conforming business cultures, standards, controls, procedures and accounting and other policies between the two companies;

•difficulties in integrating employees and compensation structures, and attracting and retaining key personnel, including talent;

•challenges in retaining existing, and obtaining new customers, viewers, suppliers, distributors, licensors, lessors, employees, business associates and others, including material content providers, writers, producers, directors, actors and other talent, and advertisers;

•difficulties in achieving anticipated cost savings, synergies, business opportunities, financing plans and growth prospects from the combination;

•difficulties in managing the expanded operations of a larger and more complex company;

•challenges in continuing to develop valuable and widely accepted content and technologies;

•contingent liabilities that are larger than expected; and

•potential unknown liabilities, adverse consequences and unforeseen increased expenses associated with the Transactions.

Many of these factors are outside our control and any one of them could result in lower revenues, higher costs and diversion of management time and energy, which could materially and adversely impact our business, financial condition or results of operations. In addition, even if the operations of the businesses are integrated successfully, the full benefits of the Transactions may not be realized or may take longer to realize than currently expected, including, among others, the anticipated synergies, cost savings or growth opportunities. These benefits may not be achieved within the anticipated time frame or at all. Further, additional unanticipated costs may be incurred in the integration of the businesses. All of these factors could cause dilution to the earnings per share of our Class B Common Stock, decrease or delay the projected benefits of the Transactions, and negatively impact the price of our Class B Common Stock following the Transactions. As a result, no assurances can be provided that the combination will result in the realization of the full benefits expected from the Transactions within the anticipated time frames or at all.

Several lawsuits have been filed in connection with the Transactions and additional lawsuits may be filed in the future challenging the Transactions. These matters could subject us to significant defense costs and potential liability, regardless of the merits of the underlying claims. We cannot predict the outcome, timing or ultimate impact of these matters, and any adverse development—whether through an unfavorable judgment, settlement, discovery ruling, or additional litigation or regulatory inquiries—could result in substantial costs and divert management attention, and may delay, impede, or otherwise adversely affect our business, financial condition and results of operations. Even the continued existence of these proceedings, and any future proceedings or demands that may be brought, could create uncertainty, affect our access to capital, and negatively impact the market price and volatility of our securities. See “Item 3. Legal Proceedings” for additional information regarding these proceedings.

We have experienced, and may continue to experience, volatility in the price of our Class B Common Stock. Various factors have impacted, and may continue to impact, the price of our Class B Common Stock, including variations in our operating results; changes in our estimates, guidance or business plans; variations between our actual results and expectations of securities analysts, and changes in recommendations by securities analysts; changes by any ratings agency to our outlook or credit ratings; market sentiment about our business, including the viability of our streaming business and views related to its profitability; the activities, operating results or stock prices of our competitors or other industry participants in the industries in which we operate; changes in management; the announcement or completion of significant transactions by us or a competitor; events affecting the stock market generally; and the broader macroeconomic and political environment in the U.S. and internationally, as well as other factors and risks described in this section. Some of these factors may adversely affect the price of our Class B Common Stock, regardless of our operating performance.

Our dual class capital structure, combined with the concentrated control of our Company by entities controlled by the Ellison Family, may result in a lower trading price or greater fluctuations in the price of our Class B Common Stock, adverse publicity or other adverse consequences or additional costs. Certain index providers have in the past announced restrictions on including companies with dual class capital structures in certain of their indices and some index providers have determined that they will exclude non-voting stock, like our Class B Common Stock, from their membership. As a result, our dual class capital structure may render the shares of our Class B Common Stock ineligible for inclusion in such stock indices. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, exclusion from stock indices could preclude investment by many of these funds and make our Class B Common Stock less attractive to investors.

As a result, the market price and liquidity of our Class B Common Stock, as well as public sentiment, could be materially adversely affected.

Entities controlled by the Ellison Family indirectly own a controlling interest in our Company. Subject to our organizational documents, the entities controlled by the Ellison Family have the ability, should they choose to do so, to sell, or cause the sale of, some or all of the shares of our Common Stock held directly and indirectly by them in a privately negotiated transaction, which, if sufficient in size, could result in a change of control. Further, the distribution or sale, directly or indirectly, by the NAI Equity Investors of a substantial number of shares, even if not a controlling interest, or a perception that a distribution or such sales could occur, could significantly reduce the price of our Class B Common Stock.

Harbor Lights and its applicable subsidiaries control 100% of our combined voting power for the election of our Board of Directors. As a result, we are considered a “controlled company” for the purposes of Nasdaq listing standards, and, therefore, are not required to comply with certain Nasdaq corporate governance requirements, including the requirements that a majority of our Board of Directors consists of “independent directors,” as defined under Nasdaq rules, and that our Board of Directors has a compensation committee composed entirely of independent directors. For so long as we remain a “controlled company,” we may, at any time and from time to time, utilize any or all of the applicable governance exemptions available to controlled companies under Nasdaq rules. We currently avail ourselves of the exemptions from the requirements to have a majority of independent directors on the Board of Directors, an entirely independent Compensation Committee, and independent director oversight of director nominations. Accordingly, holders of our Class B Common Stock do not have the same protections afforded to stockholders of companies that are subject to all of Nasdaq’s rules and corporate governance standards, and the ability of our independent directors to influence our business policies and affairs may be reduced. We expect to remain a controlled company until the Ellison Family or Harbor Lights and its applicable subsidiaries no longer control, including indirectly, more than 50% of our combined voting power. Additionally, we will have twelve months from the date we cease to be a “controlled company” to have a majority of independent directors on our Board of Directors.

Except as required by applicable law, holders of our Class B Common Stock have no voting rights. Accordingly, all matters submitted to our stockholders are decided by the vote of holders of our Class A Common Stock, each share of which is entitled to one vote. Harbor Lights and its applicable subsidiaries hold 100% of our Class A Common Stock (which is not listed for trading on a stock exchange). Entities controlled by the Ellison Family indirectly hold approximately 77.5% of our Class A Common Stock through their collective approximately 77.5% ownership interest in Harbor Lights. This concentrated control prevents holders of our Class B Common Stock from influencing corporate matters and, as a result, our Board of Directors and/or holders of our Class A Common Stock may take actions that holders of our Class B Common Stock do not view as beneficial.

Provisions of our amended and restated certificate of incorporation (“Charter”) and amended and restated bylaws (“Bylaws”), in addition to those relating to the voting rights of our Common Stock, may have the effect of delaying, deferring or preventing a change in control of, or changes in our management. These include provisions that:

•authorize our Board of Directors to provide for the issuance, without stockholder approval, of up to 100 million shares of preferred stock with rights, powers and preferences fixed by our Board of Directors (subject to certain limitations set forth in our Charter), which rights, powers and preferences could be senior to those of our Common Stock;

•provide that each Specified Reserved Matter Designee (as defined in our Charter) will have the right to consent to entrance into a binding agreement contemplating, or otherwise consummating, a Change of Control Event (as defined in our Charter);

•provide that each director (except for the Ellison Designees (as defined in our Charter), but including any Low-Vote Designee (as defined in our Charter)) will be entitled to one vote for so long as Ellison (as defined in our Charter) holds an Original Ownership Percentage (as defined in our Charter) of at least 50%; provided that each Ellison Designee (which will not include any Low-Vote Designee) will have a number of votes on any matter presented to our Board of Directors or any committee thereof equal to one more than the total number of directors of the whole Board of Directors or committee thereof, as applicable; and

•provide that each Specified Stockholder (as defined in our Charter) will have the exclusive right to (i) remove at any time, with or without cause, its respective designee from our Board of Directors and (ii) subject to the rights of holders of any series of our preferred stock, fill any vacancy created at any time by the death, removal, disqualification or resignation of any director designated by such Specified Stockholder with a new designee.

These provisions, alone or together, could delay or prevent hostile takeovers and changes in control or changes in our management and reduce the price that investors might be willing to pay for shares of our Class B Common Stock in the future, which could reduce the price of our Class B Common Stock. We have elected in the Charter not to be subject to Section 203 of the General Corporation Law of the State of Delaware (the “DGCL”). Subject to specified exemptions, Section 203 of the DGCL prohibits a Delaware corporation listed on a national securities exchange from engaging in a “business combination,” including mergers, consolidations, sales and leases of assets, issuances of securities and other similar transactions, with an interested stockholder (generally, a person that, together with its affiliates and associates, owns 15% or more of the corporation’s voting stock) for a period of three years after the date of the transaction in which the person became an interested stockholder. As a result of our election in the Charter to not be subject to Section 203 of the DGCL, such restrictions on business combinations under Section 203 of the DGCL are not applicable to us.

Our Charter provides that unless our Board of Directors consents in writing to the selection of an alternative forum, (A) the Court of Chancery of the State of Delaware be the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, employees, agents or stockholders to us or to our stockholders, (iii) any action asserting a claim arising pursuant to any provision of the DGCL, our Charter or Bylaws or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware or (iv) any action asserting a claim governed by the internal affairs doctrine, in each such case subject to such Court of Chancery having personal jurisdiction over the indispensable parties named as defendants therein or, if such court does not have subject matter jurisdiction thereof, the federal district court located in the State of Delaware; and (B) the federal district courts of the U.S. shall be the exclusive forum for the resolution of any complaint asserting a cause or causes of action arising under the Securities Act of 1933, as amended (the “Securities Act”). Notwithstanding the foregoing, the exclusive forum provision shall not apply to claims seeking to enforce any liability or duty created by the Exchange Act. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our directors and officers. It is possible that, in connection with any applicable action brought against us, a court could find the choice of forum provisions contained in our Charter to be inapplicable or unenforceable in such action. If a court were to find the choice of forum provisions contained in our Charter to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could adversely affect our business, financial condition or results of operations.

Our Charter provides that, to the fullest extent permitted by law, we renounce any interest or expectancy in a transaction or matter that may be a competitive opportunity for certain directors, principals, officers, employees, members, equity holders and/or other representatives of the NAI Equity Investors and certain other affiliates of investors of Skydance or their respective affiliates (the “Identified Persons”) (other than any such Identified Person in his or her capacity as a director of our Company), and such Identified Persons have no duty to refrain from directly or indirectly (i) participating or otherwise engaging in any competitive opportunity, (ii) otherwise competing with us or any of our controlled affiliates, (iii) otherwise doing business or transacting with any potential or actual customer, supplier or other business relation of ours or any of its controlled affiliates or (iv) otherwise employing or engaging any officer, employee or other service provider of ours or any of our controlled affiliates. In addition, the Identified Persons have no duty to present any such competitive opportunity to us. To the extent that any Identified Person engages in any of the foregoing actions, they may have differing interests than our other stockholders.

We are a holding company, and our principal assets are our ownership interests in our subsidiaries. We do not have independent means of generating revenue. Each of our subsidiaries is a distinct legal entity, and under certain circumstances legal and contractual restrictions may limit our ability to obtain cash from such subsidiaries. In the future, it is possible that lack of cash flow from operating activities could impact our ability to fund our debt service obligations. The deterioration of the earnings from, or other available assets of, our subsidiaries for any reason could also limit or impair such subsidiaries’ ability to pay us dividends or other distributions.

Our information security program, the framework for how we assess, identify and manage risks from information security and cybersecurity threats, is designed in alignment with the National Institute of Standards and Technology (NIST) Cybersecurity Framework and leverages the International Organization for Standardization 27001 framework. Cybersecurity risk is integrated into our overall strategic risk management (“SRM”) program, which evaluates key risk areas across Paramount through coordinated collaboration among a cross-functional group of risk owners, in close coordination with members of senior management.

Our information security program is overseen by our Chief Technology Officer (“CTO”) and Chief Information Security Officer (“CISO”), in consultation with our Chief Privacy Officer as needed. We employ a layered defense-in-depth system, which includes the use of continually evolving technologies to assess and protect the security of our enterprise-wide applications and Systems, our intellectual property and proprietary and other information and the data and personal information of our customers, partners and employees; monitoring our technology environment; performing regular security audits and vulnerability assessments; and providing regular cybersecurity and privacy training for our employees. We engage consultants and other third parties to conduct independent security assessments of our information security program and to provide us with information on new and developing threats and tactics. We have established processes to oversee and identify risks and cybersecurity threats associated with our third-party service providers.

Pursuant to our information security and privacy policies and corresponding training, our employees and third-party vendors are instructed to notify our information security team as soon as they become aware of a suspected cybersecurity incident. We have a cybersecurity incident response plan to manage our response to potential and actual cybersecurity incidents. The plan includes procedures to assess the potential impact of an incident on the Company. When an incident meets certain criteria, the CISO and members of the information security team notify members of senior management as soon as reasonably practicable, including our CTO, Chief Legal Officer, General Counsel and, under certain circumstances, the Audit Committee. All incidents are reviewed periodically with senior management.

Our Board of Directors has delegated to the Audit Committee the responsibility for reviewing our processes and policies with respect to risk assessment, risk management and risk acceptance, including our processes and policies with respect to information security and cybersecurity. The Audit Committee receives quarterly reports from the CTO and CISO, which include information on cybersecurity incidents and related remediation efforts, the broader information security and cybersecurity threat landscape, the information security program’s strategic priorities and progress made in respect of those priorities. Our Chief Audit Executive reports to the Audit Committee with respect to our key risks, including information security and cybersecurity risks, which are monitored pursuant to our SRM program.

Our CTO leads our global technology strategy and multiplatform operations and has over 15 years of experience working in technology positions at large media companies. Our CISO has nearly 20 years of experience managing information security for media/entertainment, technology, retail and financial services companies. While at Paramount, our CISO has overseen the integration of Paramount Global and Skydance’s information security programs.

We have experienced cybersecurity attacks in the past and may experience attacks in the future, potentially with more frequency or sophistication. Although past attacks have not materially impacted our strategy, financial condition or results of operations, the scope and impact of any future incident cannot be predicted. See “Item 1A. Risk Factors—Risks Relating to Business Continuity, Cybersecurity and Privacy and Data Protection.”

Our significant physical properties are described below. In addition, we own and lease office, studio, production and warehouse space and broadcast, antenna and satellite transmission facilities throughout the U.S. and around the world. We consider our properties adequate for our present needs.

•We lease approximately 1.6 million square feet at 1515 Broadway, New York, New York, for executive, administrative and business offices, and studio and production space for the Company and certain of our operating divisions. The lease runs through 2031, with two renewal options for 10 years each based on market rates at the time of renewal.

•We own the CBS Broadcast Center complex located on approximately 3.7 acres at 524 West 57th Street, New York, New York, which consists of approximately 860,000 square feet of office, studio and production space.

•We lease approximately 137,000 square feet of office, studio and production space for the operations of KCAL-TV, KCBS-TV, the CBS News Bureau and Global Media Operations at the Radford Studio Lot in Studio City, California, under a lease expiring in 2031.

•We lease approximately 185,000 square feet of office and production space at 555 West 57th Street, New York, New York, under a lease expiring in 2029.

•We lease approximately 210,000 square feet of office and production space at 1575 North Gower Street, Los Angeles, California, under a lease expiring in 2028.

•We own our Cloud Control Center in Hauppauge, New York, containing approximately 112,000 square feet of floor space on approximately 13 acres of land.

•We own approximately 148,000 square feet of office, studio and production space in London, England.

•We lease approximately 118,000 square feet of office, studio, production and storage space at 1 Saunders Street, Pyrmont, New South Wales, Australia, under a lease expiring in 2033.

•We own the Paramount Pictures Studio lot at 5555 Melrose Avenue, Los Angeles, California, located on approximately 62 acres of land, and containing approximately 1.85 million square feet of floor space used for executive, administrative and business offices, sound stages, production facilities, theaters, equipment facilities and other ancillary uses.

•We entered into a lease for approximately 285,000 square feet of studio stage and production office space on a studio lot to be constructed in Bayonne, New Jersey by the lessor. The lease provides for a term of up to 12 years from completion of construction.

•We lease approximately 180,000 square feet of studio and office space at 203-231 West Olive Avenue, Burbank, California, in connection with our Nickelodeon animation studio, under two leases expiring in 2036.

•We lease approximately 270,000 square feet of office and production space at 2900 and 3000 Olympic Boulevard, Santa Monica, California, under a lease expiring in 2034.

•We lease approximately 75,000 square feet of office space at Calle General Lacy 23, Madrid, Spain under a lease expiring in 2028.

The information set forth under the caption “Legal Matters” in Note 18 to the consolidated financial statements in “Item 8. Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements” is incorporated herein by reference.

On August 6, 2025, in connection with the Transactions (see “Item 7. Management’s Discussion and Analysis of Results of Operations and Financial Condition—The Transactions”), all shares of Class A and Class B common stock of our predecessor, Paramount Global, were delisted from The Nasdaq Stock Market LLC (“Nasdaq”), cancelled and cease to exist. On August 7, 2025, Paramount Skydance Corporation Class B Common Stock began trading on the Nasdaq under the ticker symbol “PSKY.” Shares of Paramount Skydance Corporation Class A Common Stock are not listed for trading on a stock exchange.

Since August 7, 2025, Paramount Skydance Corporation declared three quarterly cash dividends of $.05 per share on its Class A and Class B Common Stock and currently expects to continue to pay regular cash dividends to its stockholders.

We did not repurchase any shares of our common stock during any of the periods presented.

In the fourth quarter of 2025, we issued an aggregate amount of 5.4 million shares of our Class B common stock at $19.09 per share as consideration to certain sophisticated investors in connection with an acquisition, for an aggregate value of $104 million and expect to issue an additional 0.7 million shares during the first quarter of 2026. In addition, we issued 3.5 million shares of restricted stock with future vesting conditions to employees of the acquired company in a private placement and not from our existing authorization. 3.3 million restricted shares will vest ratably on an annual basis over five years, and the remainder will vest over periods of up to two years. We issued the stock in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act of 1933, as amended, for transactions not involving a public offering.

As of February 20, 2026, there were three record holders of our Class A Common Stock and 22,658 record holders of our Class B Common Stock.

Performance Graph

The following graph compares the cumulative total stockholder return of our Class B Common Stock with the cumulative total return on the companies listed in the Standard & Poor’s 500 Stock Index (“S&P 500”) and the Standard & Poor’s 500 Media and Entertainment Industry Group Index (“S&P 500 Media and Entertainment Index”).

The performance graph assumes $100 invested on December 31, 2020 in Paramount Global Class B Common Stock and that the shares converted to Paramount Skydance Corporation Class B Common Stock on August 7, 2025 in connection with the Transactions and were held through December 31, 2025 compared with $100 invested on the same date in the S&P 500 and the S&P 500 Media and Entertainment Index. In each case the cumulative total stockholder return also assumes the reinvestment of dividends throughout the period.

Management’s discussion and analysis of the results of operations and financial condition of Paramount Skydance Corporation should be read in conjunction with our consolidated financial statements and related notes. References to “Paramount,” the “Company,” “we,” “us” and “our” refer to Paramount Skydance Corporation and its consolidated subsidiaries, unless the context otherwise requires.

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.

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. 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 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.

We have certain contracts that require us to obtain consents from other parties in connection with the Transactions. If these consents cannot be obtained, the counterparties to these contracts (and, as a result, other third parties with which we have contractual agreements) may have the right to terminate, reduce the scope of or otherwise alter their relationships with us following the Transactions. Accordingly, the failure to obtain such consents could have a material adverse effect on our business, financial condition and results of operations.

Significant components of management’s discussion and analysis of results of operations and financial condition include:

•Overview—Summary of our business and operational highlights.

•Consolidated Results of Operations—Analysis of our results on a consolidated basis for the period from August 7 - December 31, 2025 (Successor) and for the period from January 1 - August 6, 2025, and the year ended December 31, 2024 (Predecessor).

•Segment Results of Operations—Analysis of our results on a reportable segment basis for the period from August 7 - December 31, 2025 (Successor) and for the period from January 1 - August 6, 2025, and the year ended December 31, 2024 (Predecessor).

•Liquidity and Capital Resources—Discussion of our cash flows, including sources and uses of cash, for the period from August 7 - December 31, 2025 (Successor) and for the period from January 1 - August 6, 2025, and the year ended December 31, 2024 (Predecessor), and of our outstanding debt as of December 31, 2025 (Successor), including Supplemental Guarantor Financial Information.

•Critical Accounting Estimates—Detail with respect to accounting policies that are considered by management to require significant judgment and use of estimates and that could have a material impact on our financial statements.

•Legal Matters—Discussion of legal matters to which we are involved.

•Market Risk—Discussion of how we manage exposure to market and interest rate risks.

An analysis of the results of our Predecessor, Paramount Global, for the year ended December 31, 2023, including comparisons of 2024 to 2023 and a discussion of our cash flows for the year ended December 31, 2023, is included in “Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations” of Paramount Global’s Annual Report on Form 10-K for the year ended December 31, 2024.