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GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Impairment Test on Markets | The number of markets tested, assumptions used in the Greenfield Method, and resulting impairments, which were each recorded within the TV Media segment, were as follows:
Test Period | Markets Tested | Discount Rate | Long-Term Growth Rate | Markets Impaired | Impairment
Second Quarter 2025 | 6 | 7.50 | % | (2) | % | 6 | $ | 157 |
Third Quarter 2024 | 14 | 7.50 | % | (2) | % | 5 | $ | 104 |
Second Quarter 2024 | 8 | 8 | % | — | % | 2 | $ | 15 |
Schedule of Changes in Book Value of Goodwill by Segment | The following tables present the changes in the book value of goodwill by segment.
| TV Media |  | Direct-to-Consumer |  | Filmed Entertainment |  | Total
Balance at December 31, 2023 (Predecessor) (a) |  | $ | 11,168 |  |  |  |  | $ | 2,728 |  |  |  |  | $ | 2,620 |  |  |  |  | $ | 16,516 |  |
Impairment |  | (5,981) |  |  |  |  | — |  |  |  |  | — |  |  |  |  | (5,981) |  |
Foreign currency |  | (27) |  |  |  |  | — |  |  |  |  | — |  |  |  |  | (27) |  |
Balance at December 31, 2024 (Predecessor) (a) |  | 5,160 |  |  |  |  | 2,728 |  |  |  |  | 2,620 |  |  |  |  | 10,508 |  |
Disposition |  | (20) |  |  |  |  | — |  |  |  |  | — |  |  |  |  | (20) |  |
Foreign currency |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |
Balance at August 6, 2025 (Predecessor) (b) |  | 5,140 |  |  |  |  | 2,728 |  |  |  |  | 2,620 |  |  |  |  | 10,488 |  |
| Studios |  | Direct-to-Consumer |  | TV Media |  | Total
Balance at August 7, 2025 (Successor) (b) |  | $ | 40 |  |  |  |  | $ | 947 |  |  |  |  | $ | — |  |  |  |  | $ | 987 |  |
Acquisition |  | — |  |  |  |  | — |  |  |  |  | 183 |  |  |  |  | 183 |  |
Measurement period adjustments |  | 64 |  |  |  |  | 325 |  |  |  |  | 41 |  |  |  |  | 430 |  |
Balance at December 31, 2025 (Successor) |  | $ | 104 |  |  |  |  | $ | 1,272 |  |  |  |  | $ | 224 |  |  |  |  | $ | 1,600 |  |
(a) The carrying amount of goodwill at the TV Media segment for the Predecessor periods included accumulated impairment losses of $19.34 billion and $13.35 billion at December 31, 2024 and 2023, respectively. (b) In connection with the pushdown of the Ultimate Parent’s basis, goodwill was reduced by $9.54 billion on August 7, 2025 (see Note 2). Skydance goodwill of $40 million is also reflected in the Successor balance as of August 7, 2025.
Schedule of Indefinite-lived Intangible Assets | Our intangible assets were as follows:
|  |  | Accumulated |  |
At December 31, 2025 (Successor) | Gross |  | Amortization |  | Net
FCC and other broadcasting licenses | $ | 2,554 |  |  | $ | (34) |  |  | $ | 2,520 |
Trade names | 1,509 |  |  | (38) |  |  | 1,471 |
Affiliate relationships | 1,004 |  |  | (158) |  |  | 846 |
Subscriber relationships | 1,080 |  |  | (216) |  |  | 864 |
Franchises | 326 |  |  | (13) |  |  | 313 |
Developed technology | 258 |  |  | (34) |  |  | 224 |
Total intangible assets | $ | 6,731 |  |  | $ | (493) |  |  | $ | 6,238 |
|  |  | Accumulated |  |
At December 31, 2024 (Predecessor) | Gross |  | Amortization |  | Net
Intangible assets subject to amortization: |  |  |  |  |
Trade names | $ | 241 |  |  | $ | (166) |  |  | $ | 75 |
Licenses | 127 |  |  | (68) |  |  | 59 |
Customer agreements | 121 |  |  | (103) |  |  | 18 |
Other intangible assets | 238 |  |  | (196) |  |  | 42 |
Total intangible assets subject to amortization | 727 |  |  | (533) |  |  | 194 |
FCC licenses | 2,165 |  |  | — |  |  | 2,165 |
International broadcast licenses | 13 |  |  | — |  |  | 13 |
Other intangible assets | 34 |  |  | — |  |  | 34 |
Total intangible assets | $ | 2,939 |  |  | $ | (533) |  |  | $ | 2,406 |
Schedule of Finite-lived Intangible Assets | Our intangible assets were as follows:
|  |  | Accumulated |  |
At December 31, 2025 (Successor) | Gross |  | Amortization |  | Net
FCC and other broadcasting licenses | $ | 2,554 |  |  | $ | (34) |  |  | $ | 2,520 |
Trade names | 1,509 |  |  | (38) |  |  | 1,471 |
Affiliate relationships | 1,004 |  |  | (158) |  |  | 846 |
Subscriber relationships | 1,080 |  |  | (216) |  |  | 864 |
Franchises | 326 |  |  | (13) |  |  | 313 |
Developed technology | 258 |  |  | (34) |  |  | 224 |
Total intangible assets | $ | 6,731 |  |  | $ | (493) |  |  | $ | 6,238 |
|  |  | Accumulated |  |
At December 31, 2024 (Predecessor) | Gross |  | Amortization |  | Net
Intangible assets subject to amortization: |  |  |  |  |
Trade names | $ | 241 |  |  | $ | (166) |  |  | $ | 75 |
Licenses | 127 |  |  | (68) |  |  | 59 |
Customer agreements | 121 |  |  | (103) |  |  | 18 |
Other intangible assets | 238 |  |  | (196) |  |  | 42 |
Total intangible assets subject to amortization | 727 |  |  | (533) |  |  | 194 |
FCC licenses | 2,165 |  |  | — |  |  | 2,165 |
International broadcast licenses | 13 |  |  | — |  |  | 13 |
Other intangible assets | 34 |  |  | — |  |  | 34 |
Total intangible assets | $ | 2,939 |  |  | $ | (533) |  |  | $ | 2,406 |
Schedule of Amortization Expense | Amortization expense was as follows:
|  |  | Successor |  |  | Predecessor
|  |  | Period From August 7 - December 31, |  |  | Period From January 1 - August 6, |  | Year Ended December 31,
|  |  |  |  | 2025 |  |  | 2025 |  | 2024 |  | 2023
Amortization expense |  |  |  |  |  | $ | 493 |  |  |  |  |  | $ | 15 |  |  |  | $ | 28 |  |  | $ | 35 |
Schedule of Expected Aggregate Annual Amortization Expense | We expect our aggregate annual amortization expense for existing intangible assets for each of the years, 2026 through 2030, to be as follows:
| 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030
Future amortization expense |  | $ | 1,235 |  |  |  |  | $ | 947 |  |  |  |  | $ | 396 |  |  |  |  | $ | 214 |  |  |  |  | $ | 214 |  |

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