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INCOME TAXES | 6 Months Ended
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Jun. 30, 2026
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The income tax provision represents federal, state and local, and foreign taxes on earnings before income taxes and equity in loss of investee companies. For the three and six months ended June 30, 2026 (Successor), we recorded a provision for income taxes of $120 million and $275 million, reflecting an effective income tax rate of 55.8% and 45.3%, respectively. I ncluded in the provision for income taxes are the following items identified as affecting the comparability of our results, which in aggregate increased our effective income tax rate by 20.1 percentage points and 10.9 percentage points for their respective periods.
| Impact from Items Affecting Comparability
| Successor
| Three Months Ended June 30, 2026 |  |  | Six Months Ended June 30, 2026
| Earnings (Loss) Before Income Taxes |  | Benefit from (Provision for) Income Taxes |  |  | Earnings (Loss) Before Income Taxes |  | Benefit from (Provision for) Income Taxes
Restructuring charges (Note 4) |  | $(35) |  |  |  | $5 |  |  |  |  | $(35) |  |  |  | $5 |
Transaction-related items (Note 4) |  | $(153) |  |  |  | $15 |  |  |  |  | $(256) |  |  |  | $21 |
Net discrete tax benefit |  | n/a |  |  |  | $4 |  |  |  |  | n/a |  |  |  | $8 |
n/a - not applicable For the three and six months ended June 30, 2025 (Predecessor), we recorded a provision for income taxes of $50 million and $150 million, reflecting an effective income tax rate of 28.1% and 29.3%, respectively. Included in the provision for income taxes are the following items identified as affecting the comparability of our results, which in aggregate increased our effective income tax rate by 2.9 percentage points and 3.0 percentage points for their respective periods.
| Impact from Items Affecting Comparability
| Predecessor
| Three Months Ended June 30, 2025 |  | Six Months Ended June 30, 2025
| Earnings (Loss) Before Income Taxes |  | Benefit from (Provision for) Income Taxes |  | Earnings (Loss) Before Income Taxes |  | Benefit from (Provision for) Income Taxes
Impairment charges (Note 15) |  | $(157) |  |  |  | $39 |  |  |  | $(157) |  |  |  | $39 |
Restructuring charges (Note 4) |  | $(177) |  |  |  | $42 |  |  |  | $(242) |  |  |  | $58 |
Transaction-related items (Note 4) |  | $(4) |  |  |  | $1 |  |  |  | $(24) |  |  |  | $1 |
Gain from dispositions |  | $— |  |  |  | $— |  |  |  | $35 |  |  |  | $(2) |
Net discrete tax provision |  | n/a |  |  |  | $(2) |  |  |  | n/a |  |  |  | $(9) |
n/a - not applicable On July 10, 2026, the Company received Notices of Proposed Adjustment (“NOPAs”) from the Internal Revenue Service for legacy Viacom Inc.’s 2017, 2018, and 2019 tax years regarding the tax treatment of certain transactions between our subsidiaries. The proposed adjustments could increase taxes, including the one-time transition tax on cumulative foreign earnings, by up to approximately $400 million, excluding any penalties and interest that may be due. The Company disagrees with the proposed adjustments and is evaluating its options, including contesting the NOPAs through all available administrative and, if necessary, judicial proceedings. As the NOPAs were received after the balance sheet date, changes in measurement of the tax position, if any, will be accounted for in the third quarter of 2026.

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