stockrowWhat it does
Skydance Corporation is a media and entertainment company whose portfolio includes CBS, Paramount Pictures, Paramount+, Pluto TV and Skydance’s animation, interactive/games and sports divisions. It sells advertising, distributes television channels, offers streaming services and produces content for theaters, television and other platforms. Its holding company, Paramount Skydance Corporation, was formed on June 3, 2024 and has its principal offices in New York. Its Class B shares traded under the ticker PSKY as of the filing date.
Its television business reaches viewers through the CBS broadcast network, owned stations, cable channels and international free-to-air networks. CBS carries entertainment, news and sports; other channels serve audiences including children and families. The company also produces television programming and licenses it to other platforms.
Its streaming services use different models. Paramount+ is a paid service combining entertainment, news and live sports. Pluto TV is free to viewers and supported by advertising. BET+ is a paid service focused on Black audiences.
The company also produces and acquires films and other content for release around the world. Its studio portfolio includes Paramount Pictures, Paramount Animation, Nickelodeon Studios and Miramax. Films can be released in theaters and subsequently distributed or licensed through streaming, television and home entertainment. Paramount Global and Skydance became subsidiaries of the holding company on August 7, 2025.
How it makes money
The company earns money from advertising, recurring distribution and subscription fees, content licensing and theatrical releases. Its financial results before August 7, 2025 relate to predecessor Paramount Global, rather than the combined company.
For FY2024, the predecessor reported $13.2 billion of affiliate and subscription revenue, $10.3 billion of advertising revenue, $5.0 billion of licensing and other revenue, and $813.0 million of theatrical revenue. A latest full-year or quarterly total for the combined company is not available here.
In TV Media, advertisers pay to reach audiences on television and other properties. Cable distributors pay fees to carry the company’s networks, while distributors also pay retransmission fees for its owned broadcast stations. Television stations owned by other parties pay affiliation fees to carry the CBS Television Network. Content and rights licensing provides another source of revenue.
Direct-to-Consumer earns advertising and subscription revenue. In the U.S., Paramount+ offers a higher-priced Premium subscription without advertising, except during livestreamed and other limited content, and a lower-priced, advertising-supported Essential subscription. Essential includes the NFL but not livestreamed local CBS stations. Pluto TV is free and advertising-supported. BET+ offers both advertising-free and advertising-supported subscription tiers.
Filmed Entertainment earns revenue primarily from theatrical film releases and licensing film and television content. The company distributes or licenses films through theaters, streaming services, television and home entertainment. In some cases, outside partners co-finance or co-distribute films in return for an economic participation and a partial copyright interest.
The company changed its reporting structure in the first quarter of 2026. Its new Studios segment combines the former Filmed Entertainment segment with TV Media’s studio operations; Direct-to-Consumer remains unchanged.
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Customers and how it sells
The company serves viewers, advertisers, television distributors, affiliated stations and buyers of content rights. Viewers can watch through broadcast and cable television, paid and free streaming services, theaters and home entertainment. Advertisers can reach audiences through television programming and streaming services, including Pluto TV and advertising-supported subscription tiers.
CBS distributes programming to both company-owned and affiliated broadcast stations. Its content is also available through websites and apps, the company’s streaming services and distributors. CBS Media Ventures licenses syndicated programming to television stations on a market-by-market basis. The company also licenses films and television shows to television, streaming and other platforms around the world.
Predecessor Paramount Global reported FY2024 revenue of $23.7 billion in the United States and $5.5 billion internationally. The United States accounted for 81.1% of revenue in that year.
The company operates free-to-air networks including Network 10 in Australia and Channel 5 in the United Kingdom. It distributes theatrical releases internationally through affiliates, a joint venture with Universal Studios in certain territories, or third-party distributors. Paramount+ and Pluto TV are available internationally, while BET+ focuses on U.S. audiences.
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Suppliers and costs
The company develops and acquires programming and competes for producers, directors, actors and writers, as well as rights to content ideas and intellectual property. Paramount+ carries content from the company’s brands and studios and from third parties. CBS Sports broadcasts sports programming under rights covering events and competitions.
Film production and distribution involve outside partners. The company sometimes co-finances or co-distributes films with other studios and other third parties, which participate in financing in exchange for an economic participation and a partial copyright interest. It also acquires films from third parties for distribution and engages third-party distributors for certain films in certain territories. Licensees distribute its DVD and Blu-ray releases worldwide.
Content costs include programming charges and impairments. The company also incurs restructuring and transaction-related costs. Its operations depend on employees as well as project-based staff and temporary workers. As of December 31, 2025, it employed approximately 17,600 full- and part-time employees in 30 countries worldwide and had approximately 3,600 project-based staff on its payroll.
- Revenue$28.9B
- Cost of revenue−$19.7B
- Selling, general and administrative−$6.1B
- Other operating costs−$2.1B
- Operating income$934.0M
Competitive position
Skydance competes for audiences, advertising, distribution, creative talent and intellectual property. Its rivals include television networks, streaming services, studios, production companies and independent producers. It also competes for viewers and advertising against social media, websites, apps, radio and print media. Other entertainment and consumer spending options include video games, sports, live entertainment, travel and outdoor recreation.
The company competes with other networks for affiliations with independently owned television stations, and with programmers and streaming services for distribution and related fees. Its studios compete with other producers for access to third-party platforms. It also competes to acquire programming and the services of producers, directors, actors and writers. No individual competitor company is explicitly named as such in the supplied business description.
Our reading: The CBS network and its owned and affiliated stations provide a distribution base, although the company still has to compete for station affiliations and distribution. Our reading: Its film and television libraries and established brands provide content that can be distributed across several channels, but intellectual property protection and competition for new content remain important constraints. Our reading: Live sports rights can help distinguish its television and streaming offerings, although the company competes with other content creators for programming.
Growth opportunities
The company distributes content across broadcast television, cable, streaming, theaters and home entertainment. Its studios produce programming for U.S. and international audiences, and its streaming services combine company-owned content with content from third parties. Paramount+ offers live sports, news and entertainment, while Pluto TV offers free, advertising-supported live channels and on-demand programming.
Predecessor Paramount Global’s Direct-to-Consumer revenue was $7.6 billion in FY2024, compared with $6.7 billion in FY2023. Over the same periods, TV Media revenue was $18.8 billion and $20.1 billion, respectively.
In the first quarter of 2026, the company moved its historical television studio operations into a new Studios segment alongside the former Filmed Entertainment segment. The new structure consolidates content creation activities; Direct-to-Consumer remains a separate segment.
The company submitted a revised proposal for Warner Bros. Discovery on February 24, 2026. At that date, the Warner Bros. board had determined that the proposal could reasonably be expected to lead to a superior proposal, but had made no final determination. Skydance had secured debt financing commitments of up to $57.5 billion and equity commitments of $46.6 billion for the offer. The company’s proposal also included a $7.0 billion regulatory termination fee payable by Skydance if the transaction did not close due to regulatory matters.
- $28.6BFY2021
- $30.2BFY2022
- $29.7BFY2023
- $29.2BFY2024
- $28.9BFY2025
Structural risks
- Streaming: If the streaming business is unsuccessful, the company’s business, financial condition or results could be adversely affected. It competes for audiences, advertisers and distribution against other streaming services and entertainment options.
- Cybersecurity and privacy: Disruptions, failures or attacks affecting the company’s or service providers’ systems could expose business or personal information, disrupt operations, damage brands and create legal exposure and financial losses.
- Content and talent: Challenges protecting intellectual property could adversely affect results. The inability to hire or retain key employees or secure creative talent could also hurt the business.
- Integration: Combining Paramount Global and Skydance may be more difficult, time-consuming or costly than expected. Integration risks include systems, cultures, personnel and retaining customers, distributors, content providers and advertisers.
- Regulation: The company’s U.S. broadcast stations require FCC licenses and renewals. Violations can lead to fines, limited renewals or, in serious cases, denial of renewal or license revocation. Its businesses are also subject to privacy and data-protection laws in multiple jurisdictions.
- Control and voting: Harbor Lights holds 100% of Class A shares, while Class B holders have no voting rights except as required by law. The company is exempt from certain corporate governance requirements as a controlled company.
Bottom line
Our reading
Skydance combines television networks, streaming services and content production, with revenue from both recurring distribution and subscriptions and more variable advertising, licensing and theatrical releases. Its brands, distribution and libraries support a business that still must compete for audiences, programming and talent. The combination also brings integration risk, while the proposed Warner Bros. transaction carries financing and regulatory commitments.