Paramount Skydance Corporation

Paramount Skydance Corporation is a global media and entertainment company built around Paramount Pictures, the CBS television network and its owned stations, a portfolio of cable brands spanning Nickelodeon, MTV, BET, Comedy Central and Showtime, and the Paramount+ streaming service. It reported roughly $28.9 billion of revenue in calendar 2025, the first year under the ownership of David Ellison and RedBird Capital, whose purchase of the Redstone family's National Amusements closed on 7 August 2025.

That closing date is the first thing a reader has to internalise, because it fractures the accounts. Fiscal 2025 is presented as two separate periods — a Predecessor stub from 1 January to 6 August, and a Successor stub from 7 August to 31 December — with no combined income statement and a purchase-accounting basis pushed down onto the Successor balance sheet. Almost every year-over-year comparison in this file crosses that line, and the figures on either side are not strictly comparable.

This is a story about a scaled but slow-growth incumbent trying to buy its way to a better future. On one side sits a profitable, cash-generative legacy business — CBS, the cable networks, a deep film and television library — that is shrinking a few points a year as viewers and advertisers migrate to streaming. On the other sits a streaming operation, Paramount+, that only recently crossed into segment profitability, and a studio whose output is lumpy. The file turns on a single question: can streaming-and-studios growth, plus a contested $31.00-a-share bid for Warner Bros. Discovery, outrun both the decline of linear television and a balance sheet that would carry an enormous amount of debt if that bid closes.