Paramount Skydance Earnings Call Transcripts
Fiscal Year 2026
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Paramount will acquire Warner Bros. Discovery for $81B equity value, creating a global media powerhouse with over 200M D2C subscribers. The deal targets $6B+ in synergies, closes in Q3 2026, and aims for strong growth, profitability, and competitive positioning.
Fiscal Year 2025
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Q4 2025 ended with strong momentum, meeting or exceeding guidance, and DTC growth led by Paramount+ and UFC. Revenue is guided up 4% to $30B for 2025, with improved profitability and major investments in content and technology.
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A $30 per share all-cash offer, fully financed and backstopped, is being made to acquire Warner Bros. Discovery, promising $18 billion more in cash than a competing bid. The deal targets $6 billion in cost synergies, rapid deleveraging, and aims to create a global entertainment leader with strong regulatory confidence.
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Leadership outlined rapid integration progress, strong D2C growth, and ambitious 2026 targets, including $30B revenue and $3.5B adjusted EBITDA. Major content and tech investments, efficiency gains, and asset divestitures support a strategy focused on global streaming scale and profitability.
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Q2 2025 revenue grew 1% to $6.8B, with Paramount+ driving 23% year-over-year growth and DTC revenue up 15%. The Skydance transaction closes August 7, 2025, as the company transitions to a streaming-first model and delivers improved profitability and cash flow.
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The meeting covered director elections, approval of an equity plan amendment, and rejection of a shareholder proposal on ideological diversity. D2C growth, content strategy, and stable advertising trends were highlighted, with continued investment in content and strategic priorities for 2025.
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Q1 2025 delivered 2% revenue growth (ex-Super Bowl), strong DTC gains, and $123M free cash flow. Paramount+ hit 79M subscribers, TV Media was stable, and Film Entertainment excelled with Sonic 3. Full-year guidance reiterated, but macro ad uncertainty remains.
Fiscal Year 2024
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2024 saw 30% Adjusted EBITDA growth, record D2C engagement, and strong free cash flow, with Paramount+ adding 10 million subscribers and aiming for domestic profitability in 2025. TV media faced linear declines, but streaming and licensing momentum remain strong.
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Q3 2024 saw strong streaming and advertising growth, with Paramount+ adding 3.5M subscribers and achieving its second consecutive profitable quarter. Cost reductions and content hits supported a 20% year-over-year EBITDA increase, and the company remains on track for 2025 domestic streaming profitability.
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Q2 saw 43% adjusted OIBDA growth, D2C profitability, and strong Paramount+ revenue gains, despite a $6B goodwill impairment and subscriber dip from a planned exit in South Korea. Strategic cost cuts and new distribution deals position the company for 2025 profitability.
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An $8 billion merger will combine Skydance and Paramount, unifying key IP, strengthening the balance sheet, and targeting $2 billion in synergies. The deal aims to create a tech-driven media powerhouse, with a focus on streaming, animation, and sports, and expects to close in Q3 2025.
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The meeting covered director elections, auditor ratification, and amendments to governance documents, with all board-backed proposals passing. Shareholder proposals on executive compensation and AI transparency were discussed but not approved. Strategic focus remains on streaming, cost savings, and content growth.