Paramount Skydance's Business Segments

Paramount Skydance Corporation is a global media and entertainment company with a portfolio that includes Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance Media's animation, interactive/games, and sports divisions. The company operates through three segments: TV Media, Direct-to-Consumer, and Studios. The TV Media segment encompasses domestic and international broadcast networks, owned television stations, domestic cable networks, international cable brand extensions, and television studio operations producing and distributing syndicated programming. Revenues in this segment primarily derive from advertising, affiliate and subscription fees, and content licensing and distribution. The CBS Television Network, part of TV Media, distributes entertainment, news, public affairs, and sports programming via owned and affiliated stations, online platforms, streaming services, and multichannel video programming distributors. Paramount Skydance announced a cash tender offer to acquire Warner Bros. Discovery, Inc., with financing commitments from entities controlled by Lawrence and David Ellison and affiliates of RedBird Capital Partners. The company was formed through transactions involving Paramount Global, Skydance, and National Amusements, Inc., now Harbor Lights Entertainment, Inc., which holds 100% of Paramount Skydance's Class A common stock. Its Class B common stock is traded on Nasdaq under the symbol “PSKY.”

As of 2025, the company operated through three segments: TV Media, Direct-to-Consumer, and Filmed Entertainment. The TV Media segment encompassed domestic and international broadcast networks and owned television stations; domestic cable networks and international extensions of certain domestic cable network brands; and domestic and international television studio operations, including the production and distribution of first-run syndicated programming. The Direct-to-Consumer segment consisted of a portfolio of domestic and international pay and free streaming services. The Filmed Entertainment segment involved the production and acquisition of films, series, and short-form content for release and licensing worldwide across theaters, streaming services, television, and digital and physical home entertainment. In the first quarter of 2026, the company restructured its reporting segments into TV Media, Direct-to-Consumer, and Studios. The Studios segment combined the previous Filmed Entertainment segment with the TV Media studio operations, consolidating content creation activities. The Direct-to-Consumer segment remained unchanged. In 2025, the TV Media segment included broadcast operations such as the CBS Television Network, CBS Stations, and international free-to-air networks; domestic premium and basic cable networks including Nickelodeon, MTV, CMT, Comedy Central, BET, and Paramount+ with SHOWTIME, along with international extensions of some brands; and domestic and international television studio operations including CBS Studios, Paramount Television Studios, and CBS Media Ventures, which produces and distributes first-run syndicated programming. TV Media also comprised digital properties like CBS News 24/7 and CBS Sports HQ. Revenues in this segment primarily derived from advertising; affiliate and subscription fees including cable affiliate fees and retransmission fees; and licensing and distribution of content and other rights. The CBS Television Network distributed entertainment, news, public affairs, and sports programming through owned and affiliated broadcast stations and was accessible via the internet, streaming services such as Paramount+ and Pluto TV, multichannel video programming distributors, and video streaming services. CBS Entertainment was responsible for acquiring or developing and scheduling entertainment programming, including primetime comedies and dramas, reality shows, specials, kids’ programs, daytime dramas, and game shows.