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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The tables below set forth our financial information by reportable segment that is regularly reviewed by the Company’s chief operating decision maker (“CODM”), who is the Company’s Chief Strategy Officer and Chief Operating Officer, Andrew Brandon-Gordon. Beginning in 2026, we transitioned our reporting structure into three new segments: Studios, Direct-to-Consumer, and TV Media. Under the new segment structure, our Studios segment reflects the combination of the historical Filmed Entertainment segment with the historical TV Media studio operations, consolidating our content creation activities. Additionally, our premium cable channel, Paramount+ with Showtime, which was previously under the TV Media segment, is now managed under the Direct-to- Consumer segment. Concurrent with the change to our segments, we updated our segment expense allocations to better reflect how we operate and make cost decisions across the business. Certain centralized costs that were previously allocated at the segment level are now reported within corporate expenses. As a result of the new accounting basis established in connection with the Skydance Transactions and NAI Transaction on August 7, 2025, which makes our results of operations not comparable between the Successor and Predecessor periods (see Note 1), we are required to present segment information for the periods prior to August 7, 2025 based on our previous segments, Filmed Entertainment, Direct-to-Consumer, and TV Media. •Studios—Our Studios segment consists of our television and film studio operations, including CBS Studios, Paramount Television Studios, Nickelodeon Animation, Paramount Pictures, Paramount Animation, and Miramax, as well as Skydance Animation, Film, and Television, Paramount Sports Entertainment and Paramount Games Studio. For the Predecessor period, our Filmed Entertainment segment was most comparable to our new Studios segment and excluded studio operations related to our TV Media businesses, including CBS Studios and Paramount Television Studios. •Direct-to-Consumer—Our Direct-to-Consumer segment consists of our portfolio of domestic and international pay and free streaming services, including Paramount+ and Pluto TV, as well as our domestic premium cable network, Paramount+ with Showtime. For the Predecessor period, the Direct-to- Consumer segment excluded Paramount+ with Showtime. During the second quarter of 2026, we integrated BET+ into Paramount+. •TV Media—Our TV Media segment consists of our (1) broadcast operations—the CBS Television Network, our domestic broadcast television network; CBS Stations, our owned television stations; and our international free-to-air networks, including Network 10 and Channel 5; (2) domestic basic cable networks, including 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) 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. For the Predecessor period, the TV Media segment also included domestic and international television studio operations and the premium cable network, Paramount+ with Showtime. In the first quarter of 2026, we also renamed our primary measure of profit and loss for our operating segments from Adjusted OIBDA to Adjusted EBITDA. Although these measures have different starting points, as we define them, they produce the same result. We define Adjusted EBITDA as net earnings (loss) before interest expense and income; provision for (benefit from) income taxes; other items; equity in earnings (loss) of investee companies, net of tax; and depreciation and amortization, adjusted to exclude stock-based compensation expense and certain items identified as affecting comparability that are not part of our normal operations. We define Adjusted OIBDA as operating income before depreciation and amortization, adjusted to exclude stock-based compensation expense and the same items identified as affecting comparability. This change was made to align with the measure our management, including the CODM, began using in 2026, including for planning and forecasting of future periods, evaluating the operating performance of our segments, and making decisions about resource allocation. The items identified as affecting comparability that are excluded in both measures include programming charges, impairment charges, restructuring charges, and gain (loss) on dispositions, each where applicable. Stock-based compensation is a noncash expense that management does not consider to be part of our underlying operating performance and is also excluded in both measures. We do not disclose our assets by segment because they are not regularly provided to the CODM and are not used to evaluate our operating performance or in determining the allocation of resources.
Successor |  | Predecessor |
| Three Months Ended June 30, |  |  |  | Three Months Ended June 30,
| 2026 |  |  |  | 2025
Revenues: |  |  |  |  |  | Revenues: |  |  |
Studios |  |  |  |  |  | Filmed Entertainment |  |  |
Theatrical |  | $138 |  |  |  | Theatrical |  | $254 |
Licensing and other |  | 1,172 |  |  |  | Licensing and other |  | 434 |
Advertising |  | 4 |  |  |  | Advertising |  | 2 |
Studios |  | 1,314 |  |  |  | Filmed Entertainment |  | 690 |
Direct-to-Consumer |  |  |  |  |  | Direct-to-Consumer |  |  |
Advertising |  | 535 |  |  |  | Advertising |  | 494 |
Affiliate and subscription |  | 1,939 |  |  |  | Subscription |  | 1,665 |
Licensing |  | — |  |  |  | Licensing |  | 1 |
Direct-to-Consumer |  | 2,474 |  |  |  | Direct-to-Consumer |  | 2,160 |
TV Media |  |  |  |  |  | TV Media |  |  |
Advertising |  | 1,420 |  |  |  | Advertising |  | 1,657 |
Affiliate and subscription |  | 1,581 |  |  |  | Affiliate and subscription |  | 1,780 |
Licensing and other |  | 127 |  |  |  | Licensing and other |  | 574 |
TV Media |  | 3,128 |  |  |  | TV Media |  | 4,011 |
Eliminations |  | (3) |  |  |  | Eliminations |  | (12) |
Total Revenues |  | $6,913 |  |  |  | Total Revenues |  | $6,849 |
Successor |  | Predecessor |
| Six Months Ended June 30, |  |  |  | Six Months Ended June 30,
| 2026 |  |  |  | 2025
Revenues: |  |  |  |  |  | Revenues: |  |  |
Studios |  |  |  |  |  | Filmed Entertainment |  |  |
Theatrical |  | $290 |  |  |  | Theatrical |  | $402 |
Licensing and other |  | 2,299 |  |  |  | Licensing and other |  | 910 |
Advertising |  | 8 |  |  |  | Advertising |  | 5 |
Studios |  | 2,597 |  |  |  | Filmed Entertainment |  | 1,317 |
Direct-to-Consumer |  |  |  |  |  | Direct-to-Consumer |  |  |
Advertising |  | 1,052 |  |  |  | Advertising |  | 967 |
Affiliate and subscription |  | 3,820 |  |  |  | Subscription |  | 3,236 |
Licensing |  | — |  |  |  | Licensing |  | 1 |
Direct-to-Consumer |  | 4,872 |  |  |  | Direct-to-Consumer |  | 4,204 |
TV Media |  |  |  |  |  | TV Media |  |  |
Advertising |  | 3,341 |  |  |  | Advertising |  | 3,695 |
Affiliate and subscription |  | 3,201 |  |  |  | Affiliate and subscription |  | 3,606 |
Licensing and other |  | 252 |  |  |  | Licensing and other |  | 1,248 |
TV Media |  | 6,794 |  |  |  | TV Media |  | 8,549 |
Eliminations |  | (3) |  |  |  | Eliminations |  | (29) |
Total Revenues |  | $14,260 |  |  |  | Total Revenues |  | $14,041 |
For content licensed between segments, 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. Under our previous segment presentation, revenues generated between segments were 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 were recorded at market value as if the sales were to third parties and eliminated in consolidation. Under our new segment presentation, intersegment revenues are comprised of advertising revenues and licensing revenues earned from third parties who license our content to our internal platforms through sub‑licensing or co‑production arrangements. For the three and six months ended June 30, 2026, intercompany revenues were all earned by the Studios segment. The table below presents intercompany revenue by segment for the 2025 periods.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2025
Intercompany Revenues: |  |  |  |  |  |  |
TV Media |  | $6 |  |  |  | $17 |
Filmed Entertainment |  | 6 |  |  |  | 12 |
Total Intercompany Revenues |  | $12 |  |  |  | $29 |
Successor |  | Predecessor |
| Three Months Ended June 30, |  |  |  | Three Months Ended June 30,
| 2026 |  |  |  | 2025
Studios |  |  |  |  |  | Filmed Entertainment |  |  |
Revenues |  | $1,314 |  |  |  | Revenues |  | $690 |
Content costs |  | 926 |  |  |  | Content costs |  | 394 |
Advertising and marketing |  | 143 |  |  |  | Advertising and marketing |  | 195 |
Other (a) |  | 209 |  |  |  | Other (a) |  | 185 |
Total segment expenses |  | 1,278 |  |  |  | Total segment expenses |  | 774 |
Studios Adjusted EBITDA |  | 36 |  |  |  | Filmed Entertainment Adjusted OIBDA |  | (84) |
Direct-to-Consumer |  |  |  |  |  | Direct-to-Consumer |  |  |
Revenues |  | 2,474 |  |  |  | Revenues |  | 2,160 |
Content costs |  | 1,161 |  |  |  | Content costs |  | 1,085 |
Advertising and marketing |  | 316 |  |  |  | Advertising and marketing |  | 294 |
Other (b) |  | 631 |  |  |  | Other (b) |  | 624 |
Total segment expenses |  | 2,108 |  |  |  | Total segment expenses |  | 2,003 |
Direct-to-Consumer Adjusted EBITDA |  | 366 |  |  |  | Direct-to-Consumer Adjusted OIBDA |  | 157 |
TV Media |  |  |  |  |  | TV Media |  |  |
Revenues |  | 3,128 |  |  |  | Revenues |  | 4,011 |
Content costs |  | 1,185 |  |  |  | Content costs |  | 1,956 |
Advertising and marketing |  | 66 |  |  |  | Advertising and marketing |  | 116 |
Other (c) |  | 814 |  |  |  | Other (c) |  | 1,076 |
Total segment expenses |  | 2,065 |  |  |  | Total segment expenses |  | 3,148 |
TV Media Adjusted EBITDA |  | 1,063 |  |  |  | TV Media Adjusted OIBDA |  | 863 |
Corporate/Eliminations |  | (366) |  |  |  | Corporate/Eliminations |  | (73) |
Stock-based compensation (d) |  | (72) |  |  |  | Stock-based compensation (d) |  | (39) |
Depreciation and amortization |  | (364) |  |  |  | Depreciation and amortization |  | (87) |
Impairment charges |  | — |  |  |  | Impairment charges |  | (157) |
Restructuring and transaction-related items (d) |  | (188) |  |  |  | Restructuring and transaction-related items (d) |  | (181) |
Operating income |  | 475 |  |  |  | Operating income |  | 399 |
Interest expense |  | (255) |  |  |  | Interest expense |  | (214) |
Interest income |  | 29 |  |  |  | Interest income |  | 32 |
Other items, net |  | (34) |  |  |  | Other items, net |  | (39) |
Earnings before income taxes and equity in loss of investee companies |  | 215 |  |  |  | Earnings before income taxes and equity in loss of investee companies |  | 178 |
Provision for income taxes |  | (120) |  |  |  | Provision for income taxes |  | (50) |
Equity in loss of investee companies, net of tax |  | (54) |  |  |  | Equity in loss of investee companies, net of tax |  | (67) |
Net earnings (Parent and noncontrolling interests) |  | 41 |  |  |  | Net earnings (Parent and noncontrolling interests) |  | 61 |
Net earnings attributable to noncontrolling interests |  | — |  |  |  | Net earnings attributable to noncontrolling interests |  | (4) |
Net earnings attributable to Parent |  | $41 |  |  |  | Net earnings attributable to Parent |  | $57 |
Successor |  | Predecessor |
| Six Months Ended June 30, |  |  |  | Six Months Ended June 30,
| 2026 |  |  |  | 2025
Studios |  |  |  |  |  | Filmed Entertainment |  |  |
Revenues |  | $2,597 |  |  |  | Revenues |  | $1,317 |
Content costs |  | 1,742 |  |  |  | Content costs |  | 715 |
Advertising and marketing |  | 243 |  |  |  | Advertising and marketing |  | 311 |
Other (a) |  | 412 |  |  |  | Other (a) |  | 355 |
Total segment expenses |  | 2,397 |  |  |  | Total segment expenses |  | 1,381 |
Studios Adjusted EBITDA |  | 200 |  |  |  | Filmed Entertainment Adjusted OIBDA |  | (64) |
Direct-to-Consumer |  |  |  |  |  | Direct-to-Consumer |  |  |
Revenues |  | 4,872 |  |  |  | Revenues |  | 4,204 |
Content costs |  | 2,407 |  |  |  | Content costs |  | 2,300 |
Advertising and marketing |  | 631 |  |  |  | Advertising and marketing |  | 635 |
Other (b) |  | 1,217 |  |  |  | Other (b) |  | 1,221 |
Total segment expenses |  | 4,255 |  |  |  | Total segment expenses |  | 4,156 |
Direct-to-Consumer Adjusted EBITDA |  | 617 |  |  |  | Direct-to-Consumer Adjusted OIBDA |  | 48 |
TV Media |  |  |  |  |  | TV Media |  |  |
Revenues |  | 6,794 |  |  |  | Revenues |  | 8,549 |
Content costs |  | 2,904 |  |  |  | Content costs |  | 4,299 |
Advertising and marketing |  | 146 |  |  |  | Advertising and marketing |  | 269 |
Other (c) |  | 1,626 |  |  |  | Other (c) |  | 2,196 |
Total segment expenses |  | 4,676 |  |  |  | Total segment expenses |  | 6,764 |
TV Media Adjusted EBITDA |  | 2,118 |  |  |  | TV Media Adjusted OIBDA |  | 1,785 |
Corporate/Eliminations |  | (675) |  |  |  | Corporate/Eliminations |  | (174) |
Stock-based compensation (d) |  | (152) |  |  |  | Stock-based compensation (d) |  | (83) |
Depreciation and amortization |  | (726) |  |  |  | Depreciation and amortization |  | (175) |
Impairment charges |  | — |  |  |  | Impairment charges |  | (157) |
Restructuring and transaction-related items (d) |  | (291) |  |  |  | Restructuring and transaction-related items (d) |  | (266) |
Gain on dispositions |  | — |  |  |  | Gain on dispositions |  | 35 |
Operating income |  | 1,091 |  |  |  | Operating income |  | 949 |
Interest expense |  | (493) |  |  |  | Interest expense |  | (431) |
Interest income |  | 67 |  |  |  | Interest income |  | 70 |
Other items, net |  | (58) |  |  |  | Other items, net |  | (76) |
Earnings before income taxes and equity in loss of investee companies |  | 607 |  |  |  | Earnings before income taxes and equity in loss of investee companies |  | 512 |
Provision for income taxes |  | (275) |  |  |  | Provision for income taxes |  | (150) |
Equity in loss of investee companies, net of tax |  | (116) |  |  |  | Equity in loss of investee companies, net of tax |  | (140) |
Net earnings (Parent and noncontrolling interests) |  | 216 |  |  |  | Net earnings (Parent and noncontrolling interests) |  | 222 |
Net earnings attributable to noncontrolling interests |  | (7) |  |  |  | Net earnings attributable to noncontrolling interests |  | (13) |
Net earnings attributable to Parent |  | $209 |  |  |  | Net earnings attributable to Parent |  | $209 |
(a) Other segment expenses for our Studios segment (Successor) and Filmed Entertainment segment (Predecessor) 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. (b) Other segment expenses for our Direct-to-Consumer segment in both the Successor and Predecessor periods 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 TV Media segment in both the Successor and Predecessor periods 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. (d) Stock-based compensation expense of $9 million for both the three and six months ended June 30, 2026 (Successor), and $4 million for both the three and six months ended June 30, 2025 (Predecessor) is included in “Restructuring and transaction-related items.”

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