Paramount Skydance Corporation (PSKY) FY2025 10-K Annual Report
Paramount Skydance Corporation (PSKY) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Paramount Skydance Corporation FY2025 10-K Analysis
Business Overview
- • Global media/entertainment holding company formed Aug 7, 2025 via merger of Paramount Global and Skydance under new parent Paramount Skydance Corporation (ticker: PSKY)
- • Hostile bid for Warner Bros. Discovery at $31.00/share (revised Feb 2026); secured $57.5B debt + $46.6B equity commitments from Ellison Family and RedBird Capital Partners
- • Skydance's animation, interactive/games, and sports divisions integrated into Filmed Entertainment segment — entirely new content capabilities added to portfolio
- • ~17,600 full/part-time employees across 30 countries, plus ~3,600 project-based staff as of Dec 31, 2025
- • Lawrence Ellison provided irrevocable personal guarantee on Warner Bros. deal equity financing — highly unusual personal liability for a corporate M&A transaction
Management Discussion & Analysis
- • Pro forma revenue $29.4B (2025) vs $30.3B (2024), down 3% YoY; advertising -11%, subscription +4%, theatrical -23%
- • TV Media best segment: pro forma revenue $17.1B, Adjusted OIBDA $3.7B combined; Direct-to-Consumer turned profitable in Successor period vs $(497)M loss in full-year 2024
- • Filmed Entertainment worst segment: Adjusted OIBDA $(132)M Successor + $(100)M Predecessor vs $(96)M full-year 2024; pro forma revenue down 5%
- • Capex $296M combined 2025 periods vs $263M in 2024; common dividends $191M combined; cash $3.27B at Dec 31, 2025; total debt $13.66B vs $14.50B
- • Key risks: $800M transformation costs guided for 2026; pending Warner Bros. bid at $31/share requiring $57.5B debt + $46.6B equity commitments; tariff/ad market uncertainty flagged
Risk Factors
- • FCC license renewal risk for CBS television stations; nonrenewal or conditions could restrict operations and force divestitures
- • Paramount-Skydance merger litigation ongoing; lawsuits filed, potential for substantial defense costs and management distraction
- • $1.12 billion in programming charges recorded in 2024 due to content removals, abandoned development projects, and terminated agreements
- • Generative AI deployment by competitors could accelerate competitive disadvantage; unsettled AI copyright law adds IP protection uncertainty
- • Ellison Family controls 77.5% of Class A Stock and 100% of combined voting power; Class B holders have zero voting rights
Paramount Skydance Corporation FY2025 Key Financial MetricsXBRL
Revenue
$16.6B
▼ -43.1% YoY
Net Income
-$35M
▲ +99.4% YoY
Operating Margin
6.2%
▲ +2423bp YoY
Net Margin
-0.2%
▲ +2098bp YoY
ROE
-0.3%
▲ +3763bp YoY
Total Assets
$43.3B
▼ -6.1% YoY
EPS (Diluted)
$-0.05
▲ +99.5% YoY
Operating Cash Flow
$164M
▼ -78.2% YoY
Source: XBRL data from Paramount Skydance Corporation FY2025 10-K filing on SEC EDGAR. All figures in USD.
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