Paramount Global (PARA) Company Report

After 96 days as a combined company, CEO David Ellison identified three “North Star” priorities: invest in growth businesses, scale direct-to-consumer globally, and drive enterprise-wide efficiency for long-term free cash flow.
Issued 2026 guidance calling for $30 billion in revenue, $3.5 billion in adjusted EBITDA, and raised its run-rate efficiency target to $3 billion in cost savings.
Paramount+ added 1.4 million subscribers in Q3 to reach 79 million, while D2C revenue grew 24% and overall segment revenue rose 17% year-over-year.
Plans $1.5 billion of incremental programming investments next year across theatrical and streaming, targets at least 15 films per year from 2026 onward, and has secured major creative and sports partnerships (e.g., UFC, Call of Duty).
Accelerating technology integration by unifying three streaming services onto one platform by mid-2026, deploying Oracle Fusion for operational efficiency, and leveraging AI to enhance user experience and content creation.

Nov 10, 2025, 9:30 PM

Transcript

Paramount reports Q3 2025 results

PARA

Earnings

Guidance Update

New Projects/Investments

Paramount sets 2026 guidance: total revenue of $30 billion, adjusted EBITDA of $3.5 billion, and increases efficiency run-rate target to at least $3 billion.
Paramount+ subscriber base grows by 1.4 million in Q3 to a total of 79 million, marking the largest U.S. subscription growth among major streamers (ex-bundles) since 2023, with focus on global scaling.
Plans $1.5 billion incremental content investment across theatrical and D2C platforms and targets 15 films per year from 2026 to drive audience expansion.
Commits to tech-driven efficiency: consolidating three streaming services onto one platform by mid-2026, deploying Oracle Fusion, and integrating AI, alongside ad-sales deals with IPG and Publicis to enhance monetization.

Nov 10, 2025, 9:30 PM

Transcript

Paramount reports Q3 2025 results and 2026 guidance

PARA

Earnings

Guidance Update

New Projects/Investments

Since the merger 96 days ago, management set 2026 guidance of $30 billion in revenue and $3.5 billion in adjusted EBITDA, raising its efficiency run-rate target to at least $3 billion from $2 billion
Plans to ramp theatrical output to 15+ films per year starting in 2026 and invest over $1.5 billion in programming across theatrical and D2C platforms
Direct-to-consumer growth remains a priority, with Paramount+ adding 1.4 million subs in Q3 to reach 79 million total, driven by year-round content and tech enhancements
Streaming tech consolidation underway: unifying three platforms into one by mid-2026, deploying Oracle Fusion for operational efficiency, and leveraging AI to enhance UX, ad tech, and content creation
M&A approach is opportunistic and disciplined; non-core assets (e.g., Latin American O&O networks) are being divested to focus on global streaming scale

Nov 10, 2025, 9:30 PM

Transcript

Paramount Global secures $7.7B UFC rights deal

PARA

New Projects/Investments

Paramount Global agreed to a seven-year, $7.7 billion exclusive U.S. broadcasting and streaming deal with UFC starting in 2026.
The agreement covers 13 marquee numbered events and 30 Fight Nights on Paramount+, with select marquee events simulcast on CBS.
This deal replaces UFC’s prior ESPN contract (worth $500 million over five years), moving away from pay-per-view to boost streaming engagement and accessibility for Paramount+ subscribers.
Payments average $1.1 billion per year, weighted lower in early years and higher later, underscoring Paramount’s strategy to leverage live sports for subscriber growth.

Aug 11, 2025, 12:04 PM

Bloomberg

Paramount Gold releases draft EIS for Grassy Mountain project

PARA

New Projects/Investments

The U.S. Bureau of Land Management has published the Draft Environmental Impact Statement for Paramount’s 100%-owned Grassy Mountain gold project, triggering a 30-day public comment period and a virtual public meeting on August 19.
The DEIS assesses potential environmental impacts and proposes mitigation measures, with all materials available on the BLM’s e-planning and FAST-41 permitting dashboard.
The Final EIS and Federal Record of Decision are expected in December 2025, concluding the federal permitting process for Oregon’s first modern mine.

Aug 8, 2025, 12:50 PM

Press Release

Paramount Global closes Skydance merger and amends financing structure

PARA

M&A

Debt Issuance

On August 7, 2025, Paramount completed the transactions under its July 7, 2024 Skydance Transaction Agreement, creating Paramount Skydance Corporation as parent of both Paramount and Skydance, with aggregate Class A cash consideration of $165.3 million, Class B cash consideration of $4.288 billion, and issuance of 318.8 million Class B shares.
Paramount Skydance Corporation executed a Joinder Agreement to join the Amended and Restated Credit Agreement as a borrower, becoming bound by all covenants and obligations therein.
Paramount and its trustees entered into supplemental indentures across 25 series of debt securities, under which Paramount Skydance Corporation provided full and unconditional parent guarantees of Paramount’s obligations on those series.

Aug 7, 2025, 12:00 AM

8-K

Paramount terms force cash election for voting shares

PARA

M&A

As of July 31, 2025, GAMCO Asset Management held approximately 12.0% of Paramount Global’s outstanding Class A voting stock on behalf of its clients.
Under the terms of Paramount’s pending merger with Skydance Media, current Class A holders cannot retain their shares and are required to receive cash consideration.
On July 31, 2025, GAMCO filed a Schedule 13D disclosing that it elected to receive cash for all Class A shares it holds.

Aug 5, 2025, 6:30 PM

Press Release

Paramount Global announces executive leadership team

PARA

Management Change

M&A

Skydance Media announced the future executive leadership team set to lead the combined company upon closing of its merger with Paramount Global, structuring the business into Studios, Direct-to-Consumer, and TV Media segments.
The leadership slate names David Ellison as CEO and Jeff Shell as President, with Andrew Warren continuing as Interim CFO.
Key division chairs include George Cheeks (TV Media), Dana Goldberg and Josh Greenstein (Paramount Pictures), and Cindy Holland (Direct-to-Consumer).
A forward-looking caution outlines integration, market, and operational risks, with detailed factors described in Paramount’s SEC filings.

Aug 4, 2025, 1:00 PM

Press Release

Paramount Global reports Q2 2025 earnings and Skydance transaction update

PARA

Earnings

M&A

Paramount generated $6.8 billion in Q2 revenue and $824 million in adjusted OIBDA, reflecting strong D2C segment performance and cost reduction initiatives.
Direct-to-consumer revenue grew 15% to $2.2 billion; Paramount+ ended the quarter with 77.7 million subscribers (+9.3 million YOY) and ARPU up 9%, driving a $330 million revenue increase.
TV Media revenue was $4.0 billion, with advertising down 4% and affiliate revenue down 7%, though total affiliate and subscription revenue rose 5%.
Filmed Entertainment delivered $690 million in revenue (+2% YOY) with a $84 million adjusted OIBDA loss; Mission Impossible: The Final Reckoning set the franchise's biggest global opening.
Paramount’s sale to Skydance is expected to close on August 7, 2025, marking this as the final earnings call under the current corporate structure.

Aug 1, 2025, 6:53 PM

Paramount Gold receives Malheur County permit extension for Grassy Mountain project

PARA

New Projects/Investments

Paramount Gold Nevada Corp. obtained a two-year extension of its Conditional Use Permit and Sage Grouse Permit for the Grassy Mountain project at a Malheur County Planning Department meeting on July 23, 2025.
CEO Rachel Goldman highlighted ongoing collaboration with federal and state agencies to advance through final permitting steps toward a construction decision.
The Grassy Mountain Gold Project covers approximately 8,200 acres in Malheur County, Oregon, and benefits from a positive Feasibility Study and key permitting milestones already achieved.
Paramount holds a 100% interest in three projects—Grassy Mountain, Sleeper, and Bald Peak—strengthening its U.S. precious metals development portfolio.

Jul 28, 2025, 11:00 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Paramount Global.

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