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STOCKHOLDERS’ EQUITY
 6 Months Ended
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).