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SEGMENT INFORMATION
 6 Months Ended
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.”