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RESTRUCTURING AND TRANSACTION-RELATED ITEMS (Tables) | 6 Months Ended
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Jun. 30, 2026
Restructuring and Related Activities [Abstract] |
Schedule of Restructuring Charges and Transaction-Related Costs | During the three and six months ended June 30, 2026 and 2025, we recorded the following within “Restructuring and transaction-related items” on the Consolidated Statements of Operations.
| Successor |  |  | Predecessor |  | Successor |  | Predecessor |
| Three Months Ended June 30, |  |  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |  | Six Months Ended June 30,
| 2026 |  |  | 2025 |  | 2026 |  |  | 2025
Severance (a) |  | $35 |  |  |  |  | $177 |  |  |  | $35 |  |  |  |  | $177 |
Exit costs |  | — |  |  |  |  | — |  |  |  | — |  |  |  |  | 65 |
Restructuring charges |  | 35 |  |  |  |  | 177 |  |  |  | 35 |  |  |  |  | 242 |
Transaction-related items |  | 153 |  |  |  |  | 4 |  |  |  | 256 |  |  |  |  | 24 |
Restructuring and transaction-related items |  | $188 |  |  |  |  | $181 |  |  |  | $291 |  |  |  |  | $266 |
(a) Severance costs include the accelerated vesting of stock-based compensation.
Schedule of Restructuring Reserve by Type of Cost | The following is a rollforward of our restructuring severance liability, which is recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets, and is expected to be substantially paid by the end of 2027.
| Successor
|  |  | 2026 Activity |  |
| Balance at December 31, 2025 |  | Charges (a) |  | Payments and other |  | Balance at June 30, 2026
Studios |  | $133 |  |  | $6 |  |  | $(44) |  |  |  | $95 |
Direct-to-Consumer |  | 53 |  |  | — |  |  | (20) |  |  |  | 33 |
TV Media |  | 384 |  |  | 15 |  |  | (168) |  |  |  | 231 |
Corporate |  | 135 |  |  | 5 |  |  | (29) |  |  |  | 111 |
Total |  | $705 |  |  | $26 |  |  | $(261) |  |  |  | $470 |
(a) Excludes stock-based compensation expense of $9 million.

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- Definition Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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- Definition Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.b.2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 + Details
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