Paramount Skydance Corporation

Paramount Skydance posts 27% adjusted EBITDA growth and raises full-year guidance as DTC accelerates, even as WBD deal timeline extends into 2027.

Paramount Skydance delivered a breakout Q2 2026, with adjusted EBITDA of $1.1 billion (up 27% year-on-year) and Paramount+ revenue growing 16%, driven two-thirds by ARPU expansion and one-third by subscriber additions that reached 81.6 million globally. Management raised full-year adjusted EBITDA guidance to $3.8-$3.9 billion and upgraded free cash flow conversion to at least 10%, while holding the $30 billion revenue outlook — signaling that efficiency gains and synergy realization are outpacing the linear revenue headwind. The Warner Bros. Discovery combination, now facing a March 2027 trial date, adds $190 million in incremental bridge financing costs and $650 million per quarter in ticking fees after September 30, but management characterizes liquidity as sufficient and financing as fully locked.

Paramount Skydance Corporation is a global media and entertainment company formed through the August 2025 merger of Paramount Global and Skydance Media. The company operates across television broadcasting, cable networks, streaming services, and filmed entertainment, reaching audiences in more than 30 countries. Its portfolio spans CBS, Paramount+, Pluto TV, Nickelodeon, MTV, BET, Comedy Central, Showtime, and Paramount Pictures, among others.

Primary products

• CBS Television Network
• CBS Stations
• Paramount+
• Pluto TV
• BET+
• Nickelodeon

“We operate in highly competitive and dynamic industries and our business, financial condition or results of operations could be adversely affected if we do not compete effectively.” Competitive position, as stated in the filing