PSKYHIGH SIGNALOPERATIONAL10-Q

PSKY has completed its transformation from a shell company into the operational Paramount Skydance Corporation, evidenced by massive revenue generation ($4.1B) and complete business restructuring across three media segments.

The language changes reveal PSKY has successfully consummated its merger transactions and is now operating as a full-scale media conglomerate with assets including Paramount Pictures, CBS, Nickelodeon, and MTV. The company is actively restructuring into new reporting segments (Studios, Direct-to-Consumer, TV Media) to be implemented in Q1 2026, indicating management's focus on optimizing operational efficiency in the post-merger integration.

Comparing 2025-11-10 vs 2025-08-01View on EDGAR →
FINANCIAL ANALYSIS

The dramatic financial transformation reflects PSKY's evolution from a non-operating shell entity to a major media company, with $4.1B in quarterly revenue and $825M in SG&A expenses representing the new operational scale. While operating income of $244M and a modest $13M net loss demonstrate the company is generating substantial cash flows, the 63% improvement in operating cash flow to $268M and 23% increase in cash position to $3.3B suggest strong liquidity management during this major corporate transition. The reduced capital expenditures of $46M may indicate management's cautious approach to major investments during the integration period.

FINANCIAL STATEMENT CHANGES
SG&A Expense
P&L
-76.6%
$3.5B→$825.0M

SG&A reduced 76.6% — improved cost efficiency or headcount reduction improving operating margins.

Operating Income
P&L
-76.3%
$1.0B→$244.0M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Revenue
P&L
-75.2%
$16.6B→$4.1B

Revenue declined 75.2% — significant demand weakness or market share loss warrants investigation.

Capital Expenditure
Cash Flow
-65.7%
$134.0M→$46.0M

Capex reduced 65.7% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Cash Flow
Cash Flow
+63.4%
$164.0M→$268.0M

Operating cash flow surged 63.4% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+62.9%
-$35.0M→-$13.0M

Net income grew 62.9% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
+22.6%
$2.7B→$3.3B

Cash grew 22.6% — improving liquidity position supports investment and shareholder returns.

LANGUAGE CHANGES
NEW — 2025-11-10
PRIOR — 2025-08-01
ADDED
See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.
Consolidated Statements of Operations (Unaudited) 3 Consolidated Statements of Comprehensive Income (Unaudited) 4 Consolidated Balance Sheets (Unaudited) 5 Consolidated Statements of Cash Flows (Unaudited) 6 Consolidated Statements of Stockholders Equity (Unaudited) 7 Notes to Consolidated Financial Statements (Unaudited) 9 Item 2.
-8- PARAMOUNT SKYDANCE CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular dollars in millions, except per share amounts) 1) DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business 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's Animation, Film, Television, Interactive/Games, and Sports divisions.
The Company is comprised of three segments: TV Media , Direct-to-Consumer , and Filmed Entertainment (see Note 13).
We are in the process of transitioning our reporting structure into three new segments: Studios, Direct-to-Consumer, and TV Media, which will be completed and reflected in our Quarterly Report on Form 10-Q for the first quarter of 2026.
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REMOVED
* (Exact name of registrant as specified in its charter) Delaware 99-3917985 (State or other jurisdiction of incorporation or organization) (I.R.S.
The registrant meets the conditions set forth in General Instructions (H)(1)(a) and (b) of Form 10-Q and therefore is filing this form with the reduced disclosure format permitted by Form 10-Q.
The registrant plans to change its name to Paramount Skydance Corporation following the completion of the transactions described herein.
(the Company ), a Delaware Corporation, was formed on June 3, 2024 for purposes of consummating the transactions described herein, and is a wholly-owned, direct subsidiary of Paramount Global.
On February 13, 2025, the United States Securities and Exchange Commission (the SEC ) declared effective the Registration Statement on Form S-4, as amended (the Registration Statement ), of the Company.
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