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RESTRUCTURING, TRANSACTION-RELATED ITEMS, AND OTHER CORPORATE MATTERS (Tables) | 12 Months Ended
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Dec. 31, 2025
Restructuring and Related Activities [Abstract] |
Schedule of Restructuring Charges and Transaction-Related Costs | During the periods presented we recorded the following restructuring charges, transaction-related items, and other corporate matters.
|  |  | Successor |  |  | Predecessor
|  |  | Period From August 7 - December 31, |  |  | Period From January 1 - August 6, |  | Year Ended December 31,
|  |  |  |  | 2025 |  |  | 2025 |  | 2024 |  | 2023
Severance (a) |  |  |  |  |  | $ | 650 |  |  |  |  |  | $ | 190 |  |  |  | $ | 523 |  |  | $ | 67 |
Exit costs |  |  |  |  |  | — |  |  |  |  |  | 65 |  |  |  | 31 |  |  | 35 |
Restructuring charges |  |  |  |  |  | 650 |  |  |  |  |  | 255 |  |  |  | 554 |  |  | 102 |
Transaction-related items |  |  |  |  |  | 81 |  |  |  |  |  | 199 |  |  |  | 62 |  |  | (156) |
Other corporate matters |  |  |  |  |  | — |  |  |  |  |  | — |  |  |  | 131 |  |  | 23 |
Restructuring, transaction-related items, and other corporate matters |  |  |  |  |  | $ | 731 |  |  |  |  |  | $ | 454 |  |  |  | $ | 747 |  |  | $ | (31) |
(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 by segment, 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. See note 17 for a description of our segments for the Successor and Predecessor periods.
|  |  |  |  |  |  | 2025 Activity (Successor) |  |
|  |  |  |  |  |  |  | Balance at August 7, 2025 | Charges (a) |  | Payments and other |  | Balance at December 31, 2025
Studios |  |  |  |  |  |  |  |  |  |  |  | $ | 48 |  | $ | 123 |  |  |  | $ | (38) |  |  |  |  | $ | 133 |  |
Direct-to-Consumer |  |  |  |  |  |  |  |  |  |  |  | 15 |  | 42 |  |  |  | (4) |  |  |  |  | 53 |  |
TV Media |  |  |  |  |  |  |  |  |  |  |  | 185 |  | 301 |  |  |  | (102) |  |  |  |  | 384 |  |
Corporate |  |  |  |  |  |  |  |  |  |  |  | 53 |  | 115 |  |  |  | (33) |  |  |  |  | 135 |  |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 301 |  | $ | 581 |  |  |  | $ | (177) |  |  |  |  | $ | 705 |  |
|  |  | 2025 Activity (Predecessor) |  |  |  |  |  |  |
| Balance at December 31, 2024 |  | Charges (a) |  | Payments and other |  | Balance at August 6, 2025 |  |  |  |  |
TV Media |  | $ | 156 |  |  |  | $ | 141 |  |  |  | $ | (98) |  |  |  |  | $ | 199 |  |  |  |  |  |  |  |  |  |  |
Direct-to-Consumer |  | 36 |  |  |  | 5 |  |  |  | (27) |  |  |  |  | 14 |  |  |  |  |  |  |  |  |  |  |
Filmed Entertainment |  | 46 |  |  |  | 17 |  |  |  | (28) |  |  |  |  | 35 |  |  |  |  |  |  |  |  |  |  |
Corporate |  | 111 |  |  |  | 13 |  |  |  | (71) |  |  |  |  | 53 |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 349 |  |  |  | $ | 176 |  |  |  | $ | (224) |  |  |  |  | $ | 301 |  |  |  |  |  |  |  |  |  |  |
| Predecessor
|  |  | 2024 Activity |  |
| Balance at December 31, 2023 |  | Charges (a) |  | Payments and other |  | Balance at December 31, 2024
TV Media |  | $ | 162 |  |  |  | $ | 181 |  |  |  | $ | (187) |  |  |  |  | $ | 156 |  |
Direct-to-Consumer |  | 6 |  |  |  | 66 |  |  |  | (36) |  |  |  |  | 36 |  |
Filmed Entertainment |  | 14 |  |  |  | 70 |  |  |  | (38) |  |  |  |  | 46 |  |
Corporate |  | 10 |  |  |  | 171 |  |  |  | (70) |  |  |  |  | 111 |  |
Total |  | $ | 192 |  |  |  | $ | 488 |  |  |  | $ | (331) |  |  |  |  | $ | 349 |  |
(a) Excludes stock-based compensation expense of $69 million and $14 million for the periods from August 7 - December 31, 2025 (Successor) and January 1 - August 6, 2025 (Predecessor), respectively. For the year ended December 31, 2024 (Predecessor), excludes stock-based compensation expense of $35 million.

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.P.3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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