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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | The table below details our debt, which was recorded at its fair value on the closing date of the Transactions and the NAI Transaction on August 7, 2025 (see Note 2). Paramount Global is the issuer of all of the senior and junior debt in the table below. Upon the closing of the Transactions, Paramount Skydance Corporation provided a full and unconditional parent guarantee of Paramount Global’s senior and junior debt.
| Successor (a) |  |  |  | Predecessor
| At |  |  |  | At
| December 31, 2025 |  |  |  | December 31, 2024
4.0% Senior Notes due 2026 |  | $ | 347 |  |  |  |  |  |  | $ | 346 |  |
3.70% Senior Notes due 2026 |  | 85 |  |  |  |  |  |  | 86 |  |
2.90% Senior Notes due 2027 |  | 573 |  |  |  |  |  |  | 582 |  |
3.375% Senior Notes due 2028 |  | 487 |  |  |  |  |  |  | 498 |  |
3.70% Senior Notes due 2028 |  | 489 |  |  |  |  |  |  | 496 |  |
4.20% Senior Notes due 2029 |  | 489 |  |  |  |  |  |  | 496 |  |
7.875% Senior Debentures due 2030 |  | 915 |  |  |  |  |  |  | 829 |  |
4.95% Senior Notes due 2031 |  | 1,221 |  |  |  |  |  |  | 1,232 |  |
4.20% Senior Notes due 2032 |  | 921 |  |  |  |  |  |  | 980 |  |
5.50% Senior Debentures due 2033 |  | 417 |  |  |  |  |  |  | 428 |  |
4.85% Senior Debentures due 2034 |  | 76 |  |  |  |  |  |  | 87 |  |
6.875% Senior Debentures due 2036 |  | 1,119 |  |  |  |  |  |  | 1,072 |  |
6.75% Senior Debentures due 2037 |  | 75 |  |  |  |  |  |  | 76 |  |
5.90% Senior Notes due 2040 |  | 272 |  |  |  |  |  |  | 298 |  |
4.50% Senior Debentures due 2042 |  | 34 |  |  |  |  |  |  | 45 |  |
4.85% Senior Notes due 2042 |  | 400 |  |  |  |  |  |  | 490 |  |
4.375% Senior Debentures due 2043 |  | 1,079 |  |  |  |  |  |  | 1,146 |  |
4.875% Senior Debentures due 2043 |  | 14 |  |  |  |  |  |  | 18 |  |
5.85% Senior Debentures due 2043 |  | 1,103 |  |  |  |  |  |  | 1,235 |  |
5.25% Senior Debentures due 2044 |  | 275 |  |  |  |  |  |  | 345 |  |
4.90% Senior Notes due 2044 |  | 432 |  |  |  |  |  |  | 542 |  |
4.60% Senior Notes due 2045 |  | 452 |  |  |  |  |  |  | 591 |  |
4.95% Senior Notes due 2050 |  | 763 |  |  |  |  |  |  | 950 |  |
6.25% Junior Subordinated Debentures due 2057 |  | 628 |  |  |  |  |  |  | 644 |  |
6.375% Junior Subordinated Debentures due 2062 |  | 989 |  |  |  |  |  |  | 989 |  |
Obligations under finance leases |  | 3 |  |  |  |  |  |  | — |  |
Total debt (b) |  | 13,658 |  |  |  |  |  |  | 14,501 |  |
Less current portion |  | 433 |  |  |  |  |  |  | — |  |
Total long-term debt, net of current portion |  | $ | 13,225 |  |  |  |  |  |  | $ | 14,501 |  |
(a) In connection with the pushdown of the Ultimate Parent’s basis, our debt was recorded at fair value, which resulted in a decrease to our total debt balance of $898 million, reflecting the reversal of a net unamortized discount of $390 million and unamortized deferred financing fees of $71 million, and a reduction of $1.36 billion to adjust our debt to its fair value. The adjustments to fair value for each of our senior and junior debt issuances are being amortized over the remaining term of the applicable issuance within interest expense (see Note 2). (b) At December 31, 2025 (Successor), our senior and junior debt balances were net of unamortized fair value adjustments totaling $1.32 billion. At December 31, 2024 (Predecessor), the senior and junior debt balances included a net unamortized discount of $401 million and unamortized deferred financing costs of $74 million. The face value of our total debt at both December 31, 2025 (Successor) and December 31, 2024 (Predecessor) was $14.98 billion.
Schedule of Maturities of Long-Term Debt | At December 31, 2025, our scheduled maturities of long-term debt at face value, which excludes payments for the related interest and finance leases, were as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2031 and Thereafter
| 2026 | 2027 | 2028 | 2029 | 2030
Long-term debt |  | $ | 433 |  |  |  | $ | 584 |  |  |  | $ | 1,000 |  |  |  | $ | 500 |  |  |  | $ | 827 |  |  | $ | 11,632 |

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