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RESTRUCTURING AND TRANSACTION-RELATED ITEMS (Tables)

6 Months Ended

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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- References

No definition available.

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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

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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

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