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STOCKHOLDERS’ EQUITY | 6 Months Ended
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Jun. 30, 2026
Equity [Abstract] |
STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY Impact from the Skydance Transactions—Common Stock On August 6, 2025, each share of Paramount Global common stock that was owned by Paramount Global as treasury stock was cancelled and ceased to exist, and each issued and outstanding share of Paramount Global Class A Common Stock and Paramount Global Class B Common Stock was converted automatically into the right to receive one share of Paramount Skydance Corporation Class A Common Stock and Paramount Skydance Corporation Class B Common Stock, respectively. Additionally, at the closing of the Skydance Transactions, all outstanding Paramount Global RSU awards and PSU awards were converted to Paramount RSU awards. The Skydance Transactions included a cash-stock election offered to holders of Paramount Global 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 the Class A Cash Consideration or the 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 were converted, at the stockholders’ election, into the right to receive the Class B Cash Consideration (subject to proration) or the Class B Stock Consideration. The elections resulted in cash settlement of 7.2 million shares of Paramount Global Class A Common Stock at a price of $23.00 per share and cash settlement of 285.9 million shares of Paramount Global Class B Common Stock at a price of $15.00 per share for which holders of the shares elected to receive the Class A Cash Consideration and Class B Cash Consideration, respectively. In addition, holders of 2.0 million shares of Paramount Global Class A Common Stock elected to receive the Class A Stock Consideration or made no election, and as such received shares of Paramount Skydance Corporation Class B Common Stock at a conversion rate of 1.5333, resulting in the issuance of 3.1 million shares of Paramount Skydance Corporation Class B Common Stock. Elections made for the Class B Cash Consideration were subject to a proration mechanism. Shares of Paramount Global Class B Common Stock for which elections to receive Class B Cash Consideration were not made or were validly revoked remained issued and outstanding as one share of Paramount Skydance Corporation Class B Common Stock. Shares of Paramount Global Class A Common Stock and Paramount Global Class B Common Stock were cancelled and ceased to exist upon completion of the Skydance Transactions. The cash elections were funded by $4.45 billion of the PIPE Transaction proceeds, and the remaining $1.52 billion was provided to Paramount. In exchange for these proceeds, the NAI Equity Investors and certain other affiliates of investors in Skydance received 400 million newly issued shares of Paramount Skydance Corporation Class B Common Stock for a purchase price of $15.00 per share, and the NAI Equity Investors also received warrants to purchase 200 million shares of Paramount Skydance Corporation Class B Common Stock at an initial exercise price of $30.50 per share (subject to customary anti-dilution adjustments), which expire five years after issuance. In addition, 316.7 million shares (313.8 million shares after reduction in connection with certain tax withholding requirements) of Paramount Skydance Corporation Class B Common Stock were issued to holders of Skydance Membership Units and Skydance Phantom Unit awards. The table below details the activity described above and calculates shares of Paramount Skydance Corporation Class A Common Stock and Class B Common Stock issued and outstanding after completion of the Skydance Transactions on August 7, 2025.
(in millions) |  | Class A |  | Class B
Each share of Paramount Global Class A Common Stock converted to one share of Paramount Skydance Corporation Class A Common Stock |  | 40.7 |  |
Each share of Paramount Global Class B Common Stock converted to one share of Paramount Skydance Corporation Class B Common Stock |  |  |  | 633.6
Issuance of Paramount Skydance Corporation Class B Common Stock to the NAI Equity Investors and certain other affiliates of investors in Skydance in exchange for proceeds from the PIPE Transaction |  |  |  | 400.0
Cancellation of cash-settled Class A Common Stock |  | (7.2) |  |
Cancellation of cash-settled Class B Common Stock |  |  |  | (285.9)
Conversion of one share of stock-settled Class A Common Stock to 1.5333 shares of Class B Common Stock |  | (2.0) |  | 3.1
Issuance of Paramount Skydance Corporation Class B Common Stock to holders of Skydance Membership Units and Skydance Phantom Unit awards |  |  |  | 313.8
Total share issuance, net of cancellations |  | (9.2) |  | 431.0
Total shares of Paramount Skydance Corporation Class A and Class B Common Stock issued and outstanding after the Skydance Transactions on August 7, 2025 |  | 31.5 |  | 1,064.6
Paramount Skydance Corporation is authorized to issue up to 55 million shares of Paramount Skydance Corporation Class A Common Stock, par value of $.001 per share; 100 million shares of preferred stock, par value of $.001 per share; and, effective April 2026, 7.0 billion shares of Paramount Skydance Corporation Class B Common Stock, par value of $.001 per share, which increased from 5.50 billion shares. The Certificate of Amendment to the amended and restated certificate of incorporation that increased this authorization also permits the Paramount Skydance Corporation Board of Directors to declare and pay a dividend to holders of Paramount Skydance Corporation Class B Common Stock without being required to declare and pay a corresponding dividend to the holders of Paramount Skydance Corporation Class A Common Stock, subject to the prior written consent or approval of the holders of all of the outstanding shares of Paramount Skydance Corporation Class A Common Stock. Common Stock Dividends The following table presents dividends declared per share and total dividends for Paramount Skydance Corporation Class A and B Common Stock for the Successor period and Paramount Global’s Class A and Class B Common Stock for the Predecessor period.
| 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 |
Class A and Class B Common Stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends declared per common share |  | $.05 |  |  |  |  | $.05 |  |  |  | $.10 |  |  |  |  | $.10 |
Total common stock dividends |  | $59 |  |  |  |  | $35 |  |  |  | $119 |  |  |  |  | $70 |
Accumulated Other Comprehensive Income (Loss) The following tables summarize the changes in the components of accumulated other comprehensive income (loss).
(Successor) | Cumulative Translation Adjustments |  | Net Actuarial Gain and Prior Service Cost |  | Cash Flow Hedges |  | Accumulated Other Comprehensive Income (Loss)
At December 31, 2025 |  | $40 |  |  |  | $19 |  |  |  | $— |  |  |  | $59 |
Other comprehensive loss before reclassifications |  | (24) |  |  |  | — |  |  |  | (28) |  |  |  | (52) |
At June 30, 2026 |  | $16 |  |  |  | $19 |  |  |  | $(28) |  |  |  | $7 |
(Predecessor) | Cumulative Translation Adjustments |  | Net Actuarial Loss and Prior Service Cost |  | Cash Flow Hedges |  | Accumulated Other Comprehensive Income (Loss)
At December 31, 2024 |  | $(670) |  |  |  | $(947) |  |  |  | $13 |  |  |  | $(1,604) |
Other comprehensive income before reclassifications |  | 150 |  |  |  | — |  |  |  | 14 |  |  |  | 164 |
Reclassifications to net earnings |  | — |  |  |  | 21 | (a) |  |  | — |  |  |  | 21 |
Other comprehensive income |  | 150 |  |  |  | 21 |  |  |  | 14 |  |  |  | 185 |
At June 30, 2025 |  | $(520) |  |  |  | $(926) |  |  |  | $27 |  |  |  | $(1,419) |
(a) Reflects amortization of net actuarial losses (see Note 12). The cash flow hedges included in other comprehensive income (loss) are net of a tax benefit of $10 million and tax expense of $5 million for the six months ended June 30, 2026 (Successor) and June 30, 2025 (Predecessor), respectively. The net actuarial loss and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income (loss) is net of a tax benefit of $7 million for the six months ended June 30, 2025 (Predecessor).

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