Paramount Skydance (NASDAQ: PSKY) recasts 2025 segment EBITDA

Rhea-AI Filing Summary

Paramount Skydance Corporation is changing how it reports its business, moving to three segments starting in 2026: Studios, Direct-to-Consumer, and TV Media. It is also shifting its primary segment profit metric from Adjusted OIBDA to Adjusted EBITDA.

The company is furnishing unaudited 2025 financials recast under this new structure, separating Predecessor (Paramount Global) and Successor (Paramount Skydance) periods and providing segment-level Adjusted EBITDA. Management now uses Adjusted EBITDA, which excludes certain non-recurring items and stock-based compensation, as the main tool to assess ongoing operating performance.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Studios revenues: $6,057 million Direct-to-Consumer revenues: $8,991 million TV Media revenues: $14,377 million +5 more

8 metrics

Studios revenues $6,057 million Twelve months ended December 31, 2025 under new segment presentation

Direct-to-Consumer revenues $8,991 million Twelve months ended December 31, 2025 under new segment presentation

TV Media revenues $14,377 million Twelve months ended December 31, 2025 under new segment presentation

Paramount+ subscribers 78.9 million Global subscribers as of quarter ended December 31, 2025

Paramount+ revenues $7,063 million Twelve months ended December 31, 2025, global service

Total Adjusted EBITDA $732 million Predecessor quarter ended March 31, 2025, company-wide

Total Adjusted EBITDA $674 million Successor quarter ended December 31, 2025, company-wide

TV Media Adjusted EBITDA $875 million Successor quarter ended December 31, 2025 segment result

Key Terms

Adjusted EBITDA, non-GAAP, Predecessor, Successor, +2 more

6 terms

Adjusted EBITDA financial

"we transitioned our primary measure of profit and loss for our operating segments from Adjusted operating income before depreciation and amortization (Adjusted OIBDA) to Adjusted EBITDA"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-GAAP financial

"Adjusted EBITDA is a measure of performance not calculated in accordance with U.S. GAAP"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

Predecessor financial

"The periods prior to August 7, 2025 include only Paramount Global and are identified as “Predecessor”"

Successor financial

"the periods beginning on August 7, 2025 reflect Paramount Skydance Corporation and are identified as “Successor”"

segment reporting financial

"Adjusted EBITDA became the primary measure of profit and loss for our operating segments in accordance with Financial Accounting Standards Board (FASB) guidance for segment reporting"

Segment reporting is the practice of breaking a company's financial results into the separate parts of its business—such as product lines, geographic areas, or divisions—so outsiders can see how each part is performing. For investors, it matters because it reveals which areas drive profit or loss, like inspecting individual rooms in a house to know which need repair or add value, helping assess growth prospects and risks more accurately.

stock-based compensation financial

"Adjusted EBITDA, as we define it, also excludes stock-based compensation, which is a noncash expense"

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

Understanding 8-K Material Events →

0002041610falseParamount Skydance Corporation00020416102026-04-082026-04-08

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 8, 2026

Paramount Skydance Corporation

(Exact name of registrant as specified in its charter)

Delaware			001-42791			99-3917985
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification Number)

1515 Broadway
New York,			New York						10036
(Address of principal executive offices)									(Zip Code)

Registrant’s telephone number, including area code: (212) 258-6000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class B Common Stock, $0.001 par value

PSKY

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company   ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Item 7.01 Regulation FD Disclosure.

Beginning in 2026, we transitioned our reporting structure into three new segments: Studios, Direct-to-Consumer, and TV Media. In addition, 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. Finally, we transitioned our segment measure and our non-GAAP profitability measure from Adjusted OIBDA to Adjusted EBITDA.

We are providing supplemental unaudited historical financial information under the new segment presentation and reflecting the segment expense allocation change. The Company did not operate under this new segment structure for any of these prior periods and will begin to report results under the new segment structure with its Quarterly Report on Form 10-Q for the three months ended March 31, 2026. This information is being furnished to allow investors an opportunity to review the periods of 2025 recast to reflect these presentation changes in advance of the Form 10-Q filing.

The information furnished pursuant to this Item 7.01, including Exhibit 99, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits.

Exhibit Number			Description of Exhibit
99			Supplemental unaudited historical financial information for the Successor and Predecessor periods of 2025 recast under new segment presentation and reflecting segment expense allocation change.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PARAMOUNT SKYDANCE CORPORATION
By:			/s/ Makan Delrahim
			Name:			Makan Delrahim
			Title:			Chief Legal Officer

Date: April 8, 2026

Exhibit 99

References to “Paramount,” the “Company,” “we,” “us” and “our” refer to Paramount Skydance Corporation and its consolidated subsidiaries, unless the context otherwise requires.

Reporting Structure Change

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.

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, Television, and Interactive/Games, and Paramount Sports Entertainment.

Direct-to-Consumer – Our Direct-to-Consumer segment consists of our portfolio of domestic and international pay and free streaming services, including Paramount+, Pluto TV, and BET+, as well as our domestic premium cable network, Paramount+ with Showtime.

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.

Change to Segment Expense Allocations

Concurrent with the change to our segments, in the first quarter of 2026 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.

Change in Primary Measure of Segment Profit and Loss

Also in the first quarter of 2026 we transitioned our primary measure of profit and loss for our operating segments from Adjusted operating income before depreciation and amortization (Adjusted OIBDA) to Adjusted EBITDA, which is defined 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; depreciation and amortization; and stock-based compensation, adjusted to exclude certain items identified as affecting comparability that are not part of our normal operations. This change was made to align with how management began measuring the Company’s ongoing operating performance in 2026. While both adjusted measures exclude items identified as affecting comparability that are not part of our normal operations, including programming charges, impairment charges, restructuring charges, transaction-related items, other corporate matters, and gain (loss) on dispositions, each where applicable, Adjusted EBITDA, as we define it, also excludes stock-based compensation, which is a noncash expense that management does not consider to be part of our underlying operating performance.

The changes described above will be presented in our Quarterly Report on Form 10-Q for the first quarter of 2026. The tables below present unaudited supplemental financial results for 2025 recast to reflect these changes and a reconciliation of total Adjusted EBITDA to Net earnings (loss), the most directly comparable financial measure in accordance with accounting principles generally accepted in the United States (“U.S. GAAP” or “GAAP”).

Our financial results for 2025 are presented in two distinct periods to indicate the new basis of accounting established for Paramount Global’s net assets upon the closing of the Transactions (as defined in our Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the U.S. Securities and Exchange Commission on February 25, 2026) on August 7, 2025. The periods prior to August 7, 2025 include only Paramount Global and are identified as “Predecessor”, and the periods beginning on August 7, 2025 reflect Paramount Skydance Corporation and are identified as “Successor”. For additional information, please refer to Note 1 of our Annual Report on Form 10-K for the year ended December 31, 2025.

TRENDING SCHEDULES                                            

Studios Financial Results                                

(unaudited; in millions)

																																																															Supplemental
			Predecessor																								Successor																					Supplemental									Successor						Pro Forma (1)
			Quarter Ended												Period From															Period From															Pro Forma (1) Quarter Ended												Quarter Ended						12 Months Ended
			3/31/25						6/30/25						7/1/25 - 8/6/25															8/7/25 - 9/30/25																		9/30/25									12/31/25						12/31/25
Theatrical			$	148					$	254								$	73														$	39														$	112								$	115					$	629
Licensing and other			1,006						877									387															695															1,094									1,937						5,405
Advertising			5						4									2															4															6									8						23
Revenues			1,159						1,135									462															738															$	1,212								2,060						$	6,057
Content costs			738						737									278															540																								1,434
Advertising and marketing			117						200									108															57																								248
Other (2)			222						229									78															120																								215
Expenses			1,077						1,166									464															717																								1,897
Adjusted EBITDA			$	82					$	(31)								$	(2)														$	21																							$	163
(1) Supplemental Pro Forma Revenues for the third quarter of 2025 and twelve months ended December 31, 2025 include the below adjustments in the applicable Predecessor period, which       represent Skydance revenues after the elimination of intercompany revenues from Paramount Global. Supplemental Pro Forma Revenues also reflect the combination of the Predecessor and       Successor revenues during each of these periods. While the Successor and Predecessor periods are distinct reporting periods, revenues were not impacted by the new accounting basis established       for Paramount Global’s net assets, and are supplementally presented on a pro forma combined basis to help investors view these revenues in a manner consistent with our management.
			Quarter Ended												Period From
			3/31/25						6/30/25						7/1/25 - 8/6/25
Licensing and other			$	96					$	395								$	12
Revenues			$	96					$	395								$	12
(2) Other segment expenses for our Studios segment 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.

TRENDING SCHEDULES                                            

Direct-to-Consumer Financial Results                            

(unaudited; in millions)

																																																															Supplemental
			Predecessor																								Successor																					Supplemental									Successor						Pro Forma (1)
			Quarter Ended												Period From															Period From															Pro Forma (1) Quarter Ended												Quarter Ended						12 Months Ended
			3/31/25						6/30/25						7/1/25 - 8/6/25															8/7/25 - 9/30/25																		9/30/25									12/31/25						12/31/25
Advertising			$	473					$	494								$	179														$	300														$	479								$	553					$	1,999
Affiliate and subscription			1,678						1,769									744															1,043															1,787									1,756						6,990
Licensing			—						1									—															1															1									—						2
Revenues			2,151						2,264									923															1,344															$	2,267								2,309						$	8,991
Content costs			1,230						1,114									428															546																								1,214
Advertising and marketing			359						305									120															160																								514
Other (2)			566						591									238															329																								611
Expenses			2,155						2,010									786															1,035																								2,339
Adjusted EBITDA			$	(4)					$	254								$	137														$	309																							$	(30)
Paramount+ (Global)
Subscribers (3)			77.8						76.8									n/a															n/a															77.9									78.9						78.9
Revenues			$	1,686					$	1,771								$	709														$	1,060														$	1,769								$	1,837					$	7,063
(1) Supplemental Pro Forma Revenues for the third quarter of 2025 and the twelve months ended December 31, 2025 each reflect the combination of the Predecessor and Successor revenues during       the period, which is supplementally presented to help investors view these amounts in a manner consistent with our management. While the Successor and Predecessor periods are distinct      reporting periods, revenues were not impacted by the new accounting basis established for Paramount Global’s net assets.
(2) Other segment expenses for our Direct-to-Consumer segment 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.
(3) Subscribers include customers who are registered for Paramount+, either directly through our owned and operated apps and websites, or through third-party distributors. Subscribers also include       customers who are provided with access through a subscription bundle with a domestic linear video streaming service (vMVPD) or an international third-party distributor. Our subscriber count       includes only paid subscriptions and reflects the number of subscribers as of the applicable period-end date.

TRENDING SCHEDULES                                            

TV Media Financial Results                            

(unaudited; in millions)

																																																															Supplemental
			Predecessor																								Successor																					Supplemental									Successor						Pro Forma (1)
			Quarter Ended												Period From															Period From															Pro Forma (1) Quarter Ended												Quarter Ended						12 Months Ended
			3/31/25						6/30/25						7/1/25 - 8/6/25															8/7/25 - 9/30/25																		9/30/25									12/31/25						12/31/25
Advertising			$	2,036					$	1,655								$	484														$	977														$	1,461								$	1,966					$	7,118
Affiliate and subscription			1,719						1,676									656															984															1,640									1,646						6,681
Licensing and other			129						123									58															81															139									187						578
Revenues			3,884						3,454									1,198															2,042															$	3,240								3,799						$	14,377
Content costs			1,896						1,576									504															903																								1,871
Advertising and marketing			133						100									52															52																								172
Other (2)			904						866									357															527																								881
Expenses			2,933						2,542									913															1,482																								2,924
Adjusted EBITDA			$	951					$	912								$	285														$	560																							$	875
(1) Supplemental Pro Forma Revenues for the third quarter of 2025 and the twelve months ended December 31, 2025 each reflect the combination of the Predecessor and Successor revenues       during the period, which is supplementally presented to help investors view these amounts in a manner consistent with our management. While the Successor and Predecessor periods are      distinct reporting periods, revenues were not impacted by the new accounting basis established for Paramount Global’s net assets.
(2) Other segment expenses for our TV Media segment 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.

SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES

The table below sets forth Adjusted EBITDA and a reconciliation to net earnings (loss), the most directly comparable financial measure in accordance with U.S. GAAP. Adjusted EBITDA is a measure of performance not calculated in accordance with U.S. GAAP. 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; depreciation and amortization; and stock-based compensation, adjusted to exclude certain items identified as affecting comparability that are not part of our normal operations.

We use Adjusted EBITDA to, among other things, evaluate our operating performance and it is the primary measure used by management for planning and forecasting of future periods, and is an important indicator of our operational strength and business performance. In addition, we use Adjusted EBITDA to, among other things, value prospective acquisitions. We believe Adjusted EBITDA is relevant and useful for investors because it allows investors to view our performance in a manner consistent with the method used by our management; and because it excludes items that are not representative of our normal, recurring operations, it provides a clearer perspective on underlying performance, and makes it easier for investors, analysts and peers to compare our operating performance to other companies in the industry and to compare our results across reporting periods.

Adjusted EBITDA should be considered in addition to, and not as a substitute for, our results as reported under U.S. GAAP, including net earnings (loss), as a measure of performance and undue reliance should not be placed on Adjusted EBITDA. Other companies may define Adjusted EBITDA differently and, as a result, our measure of Adjusted EBITDA may not be directly comparable to Adjusted EBITDA of other companies.

SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES

Reconciliation of Adjusted EBITDA (Non-GAAP)

(unaudited; in millions)

			Predecessor																								Successor
			Quarter Ended												Period From															Period From																					Quarter Ended
			3/31/25						6/30/25						7/1/25 - 8/6/25															8/7/25 - 9/30/25																					12/31/25
Net earnings (loss) (Parent and noncontrolling interests) (GAAP)			$	161					$	61								$	190														$	4																	$	(544)
Equity in loss of investee companies, net of tax			73						67									31															33																		71
Provision for (benefit from) income taxes			100						50									(229)															85																		(125)
Other items, net			37						39									16															8																		31
Loss from investment			—						—									—															—																		40
Interest expense, net			179						182									72															114																		188
Gain on dispositions (1)			(35)						—									—															—																		—
Restructuring, transaction-related items, and other corporate matters (2)			85						181									188															185																		546
Impairment charges (3)			—						157									—															—																		—
Programming charges (4)			—						—									—															—																		41
Stock-based compensation (5)			44						39									16															29																		62
Depreciation and amortization			88						87									29															226																		364
Adjusted EBITDA (Non-GAAP)			$	732					$	863								$	313														$	684																	$	674
(1) Primarily reflects a gain recognized upon the disposition of a noncore business.
(2) Principally reflects severance costs, lease impairments, transaction-related items, and other corporate matters.
(3) Reflects a charge to reduce the carrying values of FCC licenses in certain markets to their estimated fair values.
(4) In connection with a review of our content portfolio following the closing of the Transactions, we decided to abandon certain Skydance content, principally development projects. As a result, we       recorded programming charges associated with this abandonment.
(5) Stock-based compensation expense is a noncash expense that management does not consider to be part of our underlying operating performance.

ADJUSTED EBITDA BY REPORTABLE SEGMENT                                            

(unaudited; in millions)

In the first quarter of 2026, management began using Adjusted EBITDA as the primary method for planning and forecasting of future periods, evaluating the operating performance of our segments, and making decisions about resource allocation. Accordingly, Adjusted EBITDA became the primary measure of profit and loss for our operating segments in accordance with Financial Accounting Standards Board (FASB) guidance for segment reporting. The table below sets forth our Adjusted EBITDA by reportable segment.

			Predecessor																								Successor
			Quarter Ended												Period From															Period From																					Quarter Ended
			3/31/25						6/30/25						7/1/25 - 8/6/25															8/7/25 - 9/30/25																					12/31/25
Studios			$	82					$	(31)								$	(2)														$	21																	$	163
Direct-to-Consumer			(4)						254									137															309																		(30)
TV Media			951						912									285															560																		875
Corporate/Eliminations			(297)						(272)									(107)															(206)																		(334)
Adjusted EBITDA(1)			$	732					$	863								$	313														$	684																	$	674
(1) See Supplemental disclosures regarding Non-GAAP financial measures for a reconciliation of total Adjusted EBITDA to net earnings (loss), the most directly comparable       GAAP measure.

FAQ

What reporting changes did Paramount Skydance (PSKY) announce in this 8-K?

Paramount Skydance is reorganizing into three segments—Studios, Direct-to-Consumer, and TV Media—and changing its primary profit metric to Adjusted EBITDA. It is also providing unaudited 2025 financials recast to match this new structure, covering both Predecessor and Successor periods.

How does Paramount Skydance (PSKY) now define Adjusted EBITDA?

Adjusted EBITDA is defined as net earnings (loss) before interest, taxes, other items, equity in earnings (loss), depreciation and amortization, and stock-based compensation, further adjusted to remove specified non-recurring items. Management uses this non-GAAP measure to evaluate operating performance and plan future periods.

What businesses are included in Paramount Skydance (PSKY) Studios segment?

The Studios segment now combines filmed entertainment and TV studio operations, including CBS Studios, Paramount Television Studios, Nickelodeon Animation, Paramount Pictures, Paramount Animation, Miramax, Skydance Animation, Film, Television and Interactive/Games, and Paramount Sports Entertainment, reflecting a consolidated content creation focus.

What services are in Paramount Skydance (PSKY) Direct-to-Consumer segment?

Direct-to-Consumer includes domestic and international streaming services such as Paramount+, Pluto TV, BET+, and the premium cable network Paramount+ with Showtime. This segment captures the company’s pay and free streaming offerings and related subscription and advertising revenue streams worldwide.

How did Paramount+ subscribers and revenue look in 2025 for PSKY?

Paramount+ global subscribers were 78.9 million as of the quarter ended December 31, 2025. Paramount+ revenues totaled $7,063 million for the twelve months ended December 31, 2025, reflecting combined advertising and subscription revenue from the global streaming service during that period.

What were PSKY’s 2025 revenues by segment under the new structure?

For the twelve months ended December 31, 2025, Studios revenues were $6,057 million, Direct-to-Consumer revenues were $8,991 million, and TV Media revenues were $14,377 million. These figures are presented on the recast basis aligned with the new segment reporting approach.

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