Paramount Skydance Corp (PSKY)

Price$10.20Cached quoteAs of 2026-09-30 18:00 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because cheap operating earnings are offset by extraordinary merger uncertainty.

Paramount Skydance closed at $10.60 on August 19, 2026. Second-quarter diluted earnings were only $0.04, so ordinary reported earnings are not yet useful for valuation. Management instead raised 2026 adjusted operating cash earnings guidance to about $3.8-$3.9 billion. Using roughly one billion diluted shares and June net debt near $12.9 billion implies an enterprise value around $24 billion, only about six times guided operating cash earnings. That looks cheap, but the pending Warner Bros. transaction could radically change debt, ownership and cash requirements.

Big pictureStreaming growth and cost savings are improving profits while traditional television continues losing revenue.

Second-quarter 2026 revenue was $6.91 billion, up just 1%, but adjusted operating cash earnings rose 27% to roughly $1.1 billion. Paramount+ added about two million subscribers to reach 81.6 million, and streaming revenue increased 9%. Studios also improved, while television revenue fell about 9% as audiences and advertising continue shifting away from traditional channels. That makes the business transition clear: growing streaming and film operations must eventually replace shrinking television economics. The improvement is encouraging, but cash generation remains modest relative to the company's debt and acquisition ambitions.

Business strengthStrong brands and improving streaming economics help, but debt and acquisition spending leave little financial cushion.

Paramount owns CBS, Paramount Pictures, Nickelodeon, Showtime, Pluto TV and a growing Paramount+ platform, giving it unusually broad content and distribution assets. Financially, June cash was $1.63 billion against $14.49 billion of debt, leaving roughly $12.86 billion of net debt. Operating cash flow totaled only about $504 million in the first half, while stock compensation was $161 million. The company also pays a modest $0.05 quarterly dividend. With no meaningful buyback program, existing shareholders depend mainly on operating improvement rather than shrinking share count.

What could change the storyWarner Bros. could transform Paramount's scale, but delays or integration problems could destroy the apparent bargain.

The bull case is successful completion of the Warner Bros. Discovery combination, creating far greater film, television and streaming scale while management applies its cost-cutting playbook. Regulators in 68 jurisdictions have cleared the transaction. The bear case is unusually concrete: twelve state attorneys general are still suing to block it, with trial scheduled for March 2027. Paramount says delays after September 30 can trigger $7 million of daily payments and potentially more than $1 billion of additional costs. Today's low valuation therefore compensates investors for unusually large deal and financing risks.

AI: News

Global merger clearances securedNearly every regulator cleared the Warner deal, leaving state litigation as the major remaining obstacle.

On August 14, 2026, Paramount said it had obtained every regulatory clearance required under its Warner Bros. Discovery merger agreement, covering 68 jurisdictions including the United States, European Union, United Kingdom and China. PSKY closed at $10.14 that day, up 1.7%, after gaining almost 5% the prior session. The clearances substantially reduce regulatory uncertainty, but twelve state attorneys general still seek to block the transaction, so completion remains uncertain despite the international approvals.

Merger delay costs escalateParamount warned that legal delays could create enormous fees, making timing almost as important as approval.

On August 17, 2026, Reuters reported Paramount asked a federal judge to require the states challenging its Warner merger to post a $1.88 billion bond. Paramount says delays beyond September 30 create a $7 million daily payment obligation and could cost about $1.3 billion by April, plus additional financing costs. Shares rose 1.4% that day, but no causal claim is warranted. The dispute matters because even a deal that eventually closes could lose substantial value if litigation drags on.

Second-quarter results mixedStreaming growth and higher operating profit were encouraging, but reported earnings missed expectations badly.

On August 4, 2026, Paramount reported revenue of $6.91 billion, slightly above the $6.88 billion analyst estimate cited by Reuters. Net income was only $41 million, or $0.04 per share, versus roughly $0.09 expected. Streaming revenue grew 9%, Paramount+ reached 81.6 million subscribers, and adjusted operating cash earnings rose 27%. Management also raised its full-year operating outlook. The mixed result showed genuine operating improvement, but transaction costs and weak television economics continue to cloud reported profitability.

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Revenue

2021

2022

2023

2024

Net income

2021

2022

2023

2024

Free cash flow

2021

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Total cash / debt

CashTotal debt

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Financial statements

	2024	2023	2022	2021
Revenue	$29.21B	$29.65B	$30.15B	$28.59B
Operating expenses	$34.48B	$30.10B	$7.41B	$6.79B
Operating income	−$5.27B	−$451.0M	$2.90B	$4.05B
Operating margin	−18.04%	−1.52%	9.61%	14.18%
EBITDA	−$4.88B	−$33.0M	$2.58B	$6.58B
EBITDA margin	−16.69%	−0.11%	8.54%	23.03%
Net income	−$6.19B	−$608.0M	$1.10B	$4.54B
Net profit margin	−21.19%	−2.05%	3.66%	15.89%
Basic EPSper basic share	-$9.34	-$1.02	$1.61	$7.02
Diluted EPSper diluted share	-$9.34	-$1.02	$1.61	$6.94

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of PSKY
Holder	Shares held
Cardinale Gerald J.	188.49M
Ellison David Ferris	76.6M
Lingotto Investment Management LLP	46.06M
STATE STREET CORP	27.44M
UBS Group AG	26.36M
Invesco Ltd.	23.93M
VANGUARD CAPITAL MANAGEMENT LLC	22.44M
BlackRock, Inc.	16.61M
MORGAN STANLEY	15.97M
VANGUARD PORTFOLIO MANAGEMENT LLC	15.51M
Pentwater Capital Management LP	12M
MTCO Ltd.	8.25M
GEODE CAPITAL MANAGEMENT, LLC	7.57M
Slate Path Capital LP	7.51M
DIMENSIONAL FUND ADVISORS LP	6.9M
SUSQUEHANNA INTERNATIONAL GROUP, LLP	6.7M
GOLDMAN SACHS GROUP INC	6.52M
Kohlberg Kravis Roberts & Co. L.P.	5.54M
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	4.72M
DEUTSCHE BANK AG\	4M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Aug 7, 2025Form 4	Cardinale Gerald J.Director	BuyClass B Common Stock · indirect	83.64M	—	—	83.64M
Aug 7, 2025Form 4	Cardinale Gerald J.Director	BuyWarrants · derivative · indirect	45.00M	—	—	45.00M

Review ownership filings at SEC.gov ↗

Community posts

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@tickerstat8 days ago
Paramount gains court clearance and names Kreiz for combined-company leadership
A U.S. judge approved the settlement allowing the $110 billion Warner Bros. Discovery ($WBD) acquisition by Paramount ($PSKY) to proceed. Separately, Paramount confirmed that departing Mattel ($MAT) chief Ynon Kreiz will join it and become ...
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@tickerstat17 days ago
Paramount reportedly discusses concessions for Warner Bros. Discovery deal
Paramount ($PSKY) and California’s attorney general are discussing concessions connected to the proposed $110 billion Warner Bros. Discovery ($WBD) acquisition, Reuters reported, citing the Wall Street Journal. Possible terms include a $1.5 ...
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Paramount Skydance Corp (PSKY)

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Paramount gains court clearance and names Kreiz for combined-company leadership

Paramount reportedly discusses concessions for Warner Bros. Discovery deal