Paramount Skydance CorpPSKY
Paramount Skydance Corp Segments Disclosure
SEGMENT INFORMATION
Our operating segments, which are the same as our reportable segments, have been determined in accordance with our internal management structure, which is organized based on products and services. In the first quarter of 2026, we transitioned our reporting structure into three new segments: Studios, Direct-to-Consumer, and TV Media. Under this structure, our new Studios segment will reflect the combination of the historical Filmed Entertainment segment with 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.
The tables below set forth our financial information based on the reportable segments described below, which reflect the information that was regularly reviewed by the Company’s chief operating decision maker (“CODM”) prior to the 2026 change discussed above. The CODM is the Company’s Chief Strategy Officer and Chief Operating Officer, Andrew Gordon.
•TV Media—In 2025, our TV Media segment 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, including Network 10 and Channel 5; (2) domestic premium and basic cable networks, including Paramount+ with Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, CBS Sports Network, and international extensions of certain of these brands; and (3) domestic and international television studio operations, including CBS Studios and Paramount Television Studios, as well as CBS Media Ventures, which produces and distributes first-run syndicated programming. TV Media also includes a number of digital properties such as CBS News 24/7 for 24 hour news and CBS Sports HQ for sports news and analysis. 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.
•Direct-to-Consumer—Our Direct-to-Consumer segment consists of our portfolio of domestic and international pay and free streaming services, including Paramount+, Pluto TV, and BET+.
•Filmed Entertainment—In 2025, our Filmed Entertainment segment included Paramount Pictures, Paramount Players, Paramount Animation, Nickelodeon Studio, and Miramax, and during the Successor period also included Skydance’s animation, interactive/games, and sports divisions.
We present operating income excluding depreciation and amortization, stock-based compensation, programming charges, impairment charges, restructuring charges, transaction-related items, other corporate matters, and gain on dispositions, each where applicable (“Adjusted OIBDA”), as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting. Programming charges consist only of charges related to major strategic changes (see Note 4), and do not include impairment charges that occur as part of our normal operations, which are recorded within content costs in the tables below, where applicable, and are not excluded in Adjusted OIBDA. Adjusted OIBDA is the primary method used by our management, including the CODM, for planning and forecasting of future periods, evaluating the operating performance of our segments, and making decisions about resource allocation. Stock-based compensation is excluded from our segment measure of profit and loss because it is set and approved by our Board of Directors in consultation with corporate executive management.
| Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
| Period From August 7 - December 31, | Period From January 1 - August 6, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
| 2025 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||||||
| Advertising | $ | 2,952 | $ | 4,180 | $ | 8,180 | $ | 8,188 | ||||||||||||||||||||||||||||||
| Affiliate and subscription | 2,786 | 4,302 | 7,647 | 8,085 | ||||||||||||||||||||||||||||||||||
| Licensing and other | 1,344 | 1,495 | 2,952 | 3,812 | ||||||||||||||||||||||||||||||||||
| TV Media | 7,082 | 9,977 | 18,779 | 20,085 | ||||||||||||||||||||||||||||||||||
| Advertising | 853 | 1,146 | 2,114 | 1,795 | ||||||||||||||||||||||||||||||||||
| Subscription | 2,643 | 3,940 | 5,506 | 4,933 | ||||||||||||||||||||||||||||||||||
| Licensing | 1 | 1 | 12 | 8 | ||||||||||||||||||||||||||||||||||
| Direct-to-Consumer | 3,497 | 5,087 | 7,632 | 6,736 | ||||||||||||||||||||||||||||||||||
| Theatrical | 154 | 475 | 813 | 813 | ||||||||||||||||||||||||||||||||||
| Licensing and other | 1,579 | 1,112 | 2,126 | 2,120 | ||||||||||||||||||||||||||||||||||
| Advertising | 3 | 6 | 16 | 24 | ||||||||||||||||||||||||||||||||||
| Filmed Entertainment | 1,736 | 1,593 | 2,955 | 2,957 | ||||||||||||||||||||||||||||||||||
| Eliminations | (46) | (35) | (153) | (126) | ||||||||||||||||||||||||||||||||||
| Total Revenues | $ | 12,269 | $ | 16,622 | $ | 29,213 | $ | 29,652 | ||||||||||||||||||||||||||||||
Revenues generated between segments are principally from intersegment arrangements for the distribution of content, rental of studio space, and advertising, as well as licensing revenues earned from third parties who license our content to our internal platforms either through a sub-license or co-production arrangement. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation. For content that is licensed between segments, content costs are allocated across segments based on the relative value of the distribution windows within each segment. Accordingly, no intersegment licensing revenues or profits are recorded by the licensor segment.
| Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
| Period From August 7 - December 31, | Period From January 1 - August 6, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
| 2025 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||
| Intercompany Revenues: | ||||||||||||||||||||||||||||||||||||||
| TV Media | $ | 30 | $ | 20 | $ | 84 | $ | 63 | ||||||||||||||||||||||||||||||
| Direct-to-Consumer | — | — | — | 1 | ||||||||||||||||||||||||||||||||||
| Filmed Entertainment | 16 | 15 | 69 | 62 | ||||||||||||||||||||||||||||||||||
| Total Intercompany Revenues | $ | 46 | $ | 35 | $ | 153 | $ | 126 | ||||||||||||||||||||||||||||||
| Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
| Period From August 7 - December 31, | Period From January 1 - August 6, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
| 2025 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||
| TV Media | ||||||||||||||||||||||||||||||||||||||
| Revenues | $ | 7,082 | $ | 9,977 | $ | 18,779 | $ | 20,085 | ||||||||||||||||||||||||||||||
| Content costs | 3,464 | 4,956 | 9,199 | 9,861 | ||||||||||||||||||||||||||||||||||
| Advertising and marketing | 247 | 328 | 689 | 761 | ||||||||||||||||||||||||||||||||||
Other (a) | 1,743 | 2,626 | 4,543 | 4,672 | ||||||||||||||||||||||||||||||||||
| Total segment expenses | 5,454 | 7,910 | 14,431 | 15,294 | ||||||||||||||||||||||||||||||||||
| TV Media Adjusted OIBDA | 1,628 | 2,067 | 4,348 | 4,791 | ||||||||||||||||||||||||||||||||||
| Direct-to-Consumer | ||||||||||||||||||||||||||||||||||||||
| Revenues | 3,497 | 5,087 | 7,632 | 6,736 | ||||||||||||||||||||||||||||||||||
| Content costs | 1,767 | 2,712 | 4,415 | 4,459 | ||||||||||||||||||||||||||||||||||
| Advertising and marketing | 656 | 749 | 1,341 | 1,751 | ||||||||||||||||||||||||||||||||||
Other (b) | 997 | 1,473 | 2,373 | 2,189 | ||||||||||||||||||||||||||||||||||
| Total segment expenses | 3,420 | 4,934 | 8,129 | 8,399 | ||||||||||||||||||||||||||||||||||
| Direct-to-Consumer Adjusted OIBDA | 77 | 153 | (497) | (1,663) | ||||||||||||||||||||||||||||||||||
| Filmed Entertainment | ||||||||||||||||||||||||||||||||||||||
| Revenues | 1,736 | 1,593 | 2,955 | 2,957 | ||||||||||||||||||||||||||||||||||
| Content costs | 1,287 | 846 | 1,496 | 1,545 | ||||||||||||||||||||||||||||||||||
| Advertising and marketing | 299 | 417 | 783 | 751 | ||||||||||||||||||||||||||||||||||
Other (c) | 282 | 430 | 772 | 780 | ||||||||||||||||||||||||||||||||||
| Total segment expenses | 1,868 | 1,693 | 3,051 | 3,076 | ||||||||||||||||||||||||||||||||||
| Filmed Entertainment Adjusted OIBDA | (132) | (100) | (96) | (119) | ||||||||||||||||||||||||||||||||||
| Corporate/Eliminations | (215) | (212) | (427) | (447) | ||||||||||||||||||||||||||||||||||
Stock-based compensation (d) | (91) | (99) | (210) | (172) | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (590) | (204) | (392) | (418) | ||||||||||||||||||||||||||||||||||
| Programming charges | (41) | — | (1,118) | (2,371) | ||||||||||||||||||||||||||||||||||
| Impairment charges | — | (157) | (6,130) | (83) | ||||||||||||||||||||||||||||||||||
Restructuring, transaction-related items, and other corporate matters (d) | (731) | (454) | (747) | 31 | ||||||||||||||||||||||||||||||||||
| Gain on dispositions | — | 35 | — | — | ||||||||||||||||||||||||||||||||||
| Operating income (loss) | (95) | 1,029 | (5,269) | (451) | ||||||||||||||||||||||||||||||||||
| Interest expense | (366) | (516) | (860) | (920) | ||||||||||||||||||||||||||||||||||
| Interest income | 64 | 83 | 151 | 137 | ||||||||||||||||||||||||||||||||||
| Gain (loss) from investments | (40) | — | (17) | 168 | ||||||||||||||||||||||||||||||||||
| Gain on extinguishment of debt | — | — | — | 29 | ||||||||||||||||||||||||||||||||||
| Other items, net | (39) | (92) | (182) | (216) | ||||||||||||||||||||||||||||||||||
| Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies | (476) | 504 | (6,177) | (1,253) | ||||||||||||||||||||||||||||||||||
| Benefit from income taxes | 40 | 79 | 305 | 361 | ||||||||||||||||||||||||||||||||||
| Equity in loss of investee companies, net of tax | (104) | (171) | (291) | (360) | ||||||||||||||||||||||||||||||||||
| Net earnings (loss) from continuing operations | (540) | 412 | (6,163) | (1,252) | ||||||||||||||||||||||||||||||||||
| Net earnings from discontinued operations, net of tax | — | — | 14 | 676 | ||||||||||||||||||||||||||||||||||
| Net earnings (loss) (Parent and noncontrolling interests) | (540) | 412 | (6,149) | (576) | ||||||||||||||||||||||||||||||||||
| Net earnings attributable to noncontrolling interests | (46) | (447) | (41) | (32) | ||||||||||||||||||||||||||||||||||
| Net loss attributable to Parent | $ | (586) | $ | (35) | $ | (6,190) | $ | (608) | ||||||||||||||||||||||||||||||
(a) Other segment expenses for our TV Media segment include employee compensation; revenue-sharing costs to television stations affiliated with the CBS Television Network; costs relating to the distribution of our content; costs for research, occupancy, technology, and professional services; and other costs associated with our operations.
(b) Other segment expenses for our Direct-to-Consumer segment include employee compensation; revenue-sharing costs, including for third-party distribution; costs for occupancy, technology, and professional services; and other costs associated with our operations.
(c) Other segment expenses for our Filmed Entertainment segment include employee compensation; costs relating to the distribution of our content; costs for occupancy, technology, and professional services; and other costs associated with our operations.
(d) For the Successor period from August 7 - December 31, 2025, and the Predecessor periods from January 1 - August 6, 2025, and the years ended December 31, 2024 and 2023, stock-based compensation expense of $69 million, $14 million, $35 million, and $5 million, respectively, is included in “Restructuring, transaction-related items, and other corporate matters.”
| Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
| Period From August 7 - December 31, | Period From January 1 - August 6, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
| 2025 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||
Revenues: (a) | ||||||||||||||||||||||||||||||||||||||
| United States | $ | 9,966 | $ | 13,376 | $ | 23,688 | $ | 23,962 | ||||||||||||||||||||||||||||||
| International | 2,303 | 3,246 | 5,525 | 5,690 | ||||||||||||||||||||||||||||||||||
| Total Revenues | $ | 12,269 | $ | 16,622 | $ | 29,213 | $ | 29,652 | ||||||||||||||||||||||||||||||
(a) Revenue classifications are based on the location of the customer or platform.
| Successor | Predecessor | |||||||||||||||||||||||||
| At December 31, | 2025 | 2024 | ||||||||||||||||||||||||
Long-lived Assets: (a) | ||||||||||||||||||||||||||
| United States | $ | 3,079 | $ | 2,325 | ||||||||||||||||||||||
| International | 242 | 253 | ||||||||||||||||||||||||
| Total Long-lived Assets | $ | 3,321 | $ | 2,578 | ||||||||||||||||||||||
(a) Reflects tangible long-lived assets, which are comprised of property and equipment and operating lease assets.
We do not disclose our assets by segment because they are not regularly provided to the CODM and are not used to evaluate our operating performance or in determining the allocation of resources.
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.