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Paramount Skydance

NASDAQ: PSKY · USD

Paramount Skydance (PSKY) Economic Moat Analysis—

Avantages concurrentiels, preuves datées et risques d’érosion.

Incertain avantage concurrentiel

Paramount+ demonstrates content-driven demand and realized repricing, but the passages do not establish a durable structural moat. Distribution nonrenewals show actual erosion. WBD was acquired on October 6, 2026, expanding the current asset portfolio; integration benefits, cost advantages and combined-company pricing power remain unproven. The supplied disclosures also identify the company's new name as Skydance Corporation and ticker as SKYD.

Intangible assets

Content and sports rights support current differentiation: Paramount+ grew subscribers alongside repricing, with disclosed demand contributions from UFC and original programming. The completed WBD acquisition expands the portfolio of brands, libraries and sports assets, but durable economic protection is not established.

Durabilité
Uncertain. Two quarters of operating evidence support current appeal, without establishing persistent customer dependence, rights renewal economics or sustained returns from the enlarged portfolio.
Concurrents
Comparaison non établie
Risques d’érosion
International distribution nonrenewals caused realized subscriber losses, linear subscriptions declined, and sports programming increased costs. Planned streaming unification and acquisition synergies remain prospective.
Ce qui invaliderait la thèse
The candidate advantage would weaken if subsequent reporting showed persistent subscriber contraction despite comparable distribution coverage, repricing accompanied by falling subscription revenue, or content and rights costs repeatedly absorbing incremental revenue. A positive moat conclusion would require sustained demand and economic benefits beyond initial integration.
Preuves (8) · Contre-preuves (4)

Évolution depuis la dernière analyse

  • Replaced the previous pending-merger description: the October disclosures establish WBD acquisition completion on October 6, 2026, together with the Skydance Corporation name and SKYD ticker.
  • Retained the uncertain moat verdict. Acquired assets are current, but combined-company cost advantages, service unification and synergy targets are not demonstrated operating outcomes.
  • Updated capital-discipline analysis for permanent financing and the disclosed pro forma combined debt burden; pro forma amounts are not reported post-closing results.
  • Replaced the earlier absence of executive compensation terms with board-approved acquisition-effective RSUs, five-year service vesting and change-in-control acceleration. Alignment remains mixed.

Limites de l’analyse

  • All evidence comes from supplied issuer filings and issuer announcements. Operating results and contractual disclosures support numerical assessments, but promotional descriptions and synergy claims do not establish exceptional durability.
  • No passage establishes a named operating competitor comparison. Netflix is identified in acquisition-payment context; WBD is now acquired. Competitor arrays therefore remain empty.
  • Most operating evidence concerns Paramount before the WBD acquisition. No post-closing combined operating history, customer-retention cohorts or realized integration returns are supplied.
  • ARPU includes advertising and subscriber mix; its increase cannot be attributed entirely to subscription pricing.
  • Subscription repricing demonstrates practical discretion for part of the business, but advertiser commitments, distributor pricing rights and sports-rights renewal terms are not supplied.
  • The supplied dates are filing dates. The October 13 filing contains an announcement describing October 6 events; earlier pending-merger disclosures are historical context.
  • Executive RSU arrangements are approved and effective at closing, but future vesting is not established. Complete executive ownership, performance incentives and independent related-party safeguards remain undisclosed here.

Pouvoir de fixation des prix56

  • Pricing outcomes

    Both quarters disclose subscription-revenue benefits from implemented price increases. Second-quarter Paramount+ ARPU rose 12% alongside 6% year-over-year subscriber growth. This is strong current pricing evidence, although advertising and mix affect ARPU and combined-company pricing is untested.

  • Customer demand

    Sequential and year-over-year subscriber growth during repricing supports repeat demand indirectly. Distribution nonrenewals caused material losses and linear subscriptions declined. Net additions do not establish cohort retention rates.

  • Margin resilience

    Reported adjusted EBITDA growth and compensation and marketing savings support mixed operating resilience. Programming-asset accounting effects, exclusion of stock compensation and higher sports costs limit attribution to pricing or durable efficiency. Post-acquisition resilience is unproven.

  • Pricing freedom

    Implemented subscription price increases demonstrate practical repricing discretion. Distribution nonrenewals show that counterparties can withdraw arrangements; the catalog does not establish company-wide pricing rights or advertiser commitment terms.

Management38

  • Capital discipline

    Six-month operating cash flow of $504 million accompanied $2.8 billion of acquisition advance consideration, and earlier transactions caused realized dilution. Permanent financing replaced bridge commitments, but the combined pro forma balance sheet shows substantial debt and equity financing. Acquisition returns remain unproven; these facts support a fragile assessment without proving value destruction.

  • Incentive alignment

    Board-approved executive RSUs effective at closing provide equity exposure with quarterly vesting over five years, subject to continued employment. Full change-in-control acceleration weakens that horizon. The disclosed arrangements support mixed alignment; they do not establish actual future vesting, comprehensive performance incentives or complete executive ownership.

  • Execution

    Subscriber growth, implemented repricing, disclosed operating savings and acquisition completion demonstrate execution. Demand and efficiency assessments use indirect operating evidence; distribution losses and accounting contributions temper them. The issuer asserts prior synergy-target outperformance without a quantified reconciliation here, and new integration targets remain prospective.

  • Governance

    Combined chairman and CEO authority, controlled-company governance exemptions and nonvoting Class B shares weaken minority-holder influence. Actual Oracle payments and a six-year commitment create related-party concerns given Lawrence Ellison's disclosed Oracle role. Independent safeguards are absent from these passages; improper conduct is not established.

Sources et méthode

Publication courante · Mis à jour 19/10/2026 · Version 6

Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.

Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 2/6 · 19/10/2026

Moat—

Insufficient evidence for every rubric criterion; no category score is inferred.

structural advantage · — · Content-driven subscriber growth and an expanded acquired portfolio establish differentiation, but do not establish a structural barrier or persistent competitive economic advantage.

durability · — · The catalog does not establish how long customer appeal or favorable rights economics persist. Future synergies and service unification cannot supply demonstrated durability.

customer dependency · — · Subscriber growth supports demand, while distribution losses show channel exposure. Neither establishes customer dependence or durable switching friction.

erosion resilience · — · Net subscriber growth offset some realized distribution losses, but the short operating history and absent combined-company results cannot establish structural resilience to erosion.

Pouvoir de fixation des prix56

Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.

realized pricing · 3/4 · Both quarters disclose subscription-revenue benefits from implemented price increases. Second-quarter Paramount+ ARPU rose 12% alongside 6% year-over-year subscriber growth. This is strong current pricing evidence, although advertising and mix affect ARPU and combined-company pricing is untested.

retention · 2/4 · Sequential and year-over-year subscriber growth during repricing supports repeat demand indirectly. Distribution nonrenewals caused material losses and linear subscriptions declined. Net additions do not establish cohort retention rates.

margin resilience · 2/4 · Reported adjusted EBITDA growth and compensation and marketing savings support mixed operating resilience. Programming-asset accounting effects, exclusion of stock compensation and higher sports costs limit attribution to pricing or durable efficiency. Post-acquisition resilience is unproven.

contractual freedom · 2/4 · Implemented subscription price increases demonstrate practical repricing discretion. Distribution nonrenewals show that counterparties can withdraw arrangements; the catalog does not establish company-wide pricing rights or advertiser commitment terms.

Prévisibilité—

A current annual statement (within 550 days) is required before financial scoring.

Solidité financière—

A current annual statement (within 550 days) is required before financial scoring.

Allocation du capital—

A current annual statement (within 550 days) is required before financial scoring.

Qualité du management38

Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.

capital discipline · 1/4 · Six-month operating cash flow of $504 million accompanied $2.8 billion of acquisition advance consideration, and earlier transactions caused realized dilution. Permanent financing replaced bridge commitments, but the combined pro forma balance sheet shows substantial debt and equity financing. Acquisition returns remain unproven; these facts support a fragile assessment without proving value destruction.

incentive alignment · 2/4 · Board-approved executive RSUs effective at closing provide equity exposure with quarterly vesting over five years, subject to continued employment. Full change-in-control acceleration weakens that horizon. The disclosed arrangements support mixed alignment; they do not establish actual future vesting, comprehensive performance incentives or complete executive ownership.

execution · 2/4 · Subscriber growth, implemented repricing, disclosed operating savings and acquisition completion demonstrate execution. Demand and efficiency assessments use indirect operating evidence; distribution losses and accounting contributions temper them. The issuer asserts prior synergy-target outperformance without a quantified reconciliation here, and new integration targets remain prospective.

governance · 1/4 · Combined chairman and CEO authority, controlled-company governance exemptions and nonvoting Class B shares weaken minority-holder influence. Actual Oracle payments and a six-year commitment create related-party concerns given Lawrence Ellison's disclosed Oracle role. Independent safeguards are absent from these passages; improper conduct is not established.

Preuves

Three Months Ended June 30, 2026 and 2025 Increase /(Decrease) Paramount+ (Global) $2,061 $1,771 16% Subscribers (in millions) (a) 81.6 76.8 4.8 6% ARPU (in dollars) (b) $8.52 $7.64 $.88 12% (a) Subscribers include customers who are registered for Paramount+, either directly through our owned and

MD&A / Paramount+ second-quarter revenue, subscribers and ARPU · Dépôt 04/08/2026

Affiliate and Subscription Affiliate and subscription revenues for the second quarter of 2026 benefited from pricing increases and growth in

MD&A / Affiliate and Subscription / implemented pricing increases · Dépôt 04/08/2026

Affiliate and Subscription Affiliate and subscription revenues for the first quarter of 2026 benefited from pricing increases and growth in Paramount+ subscribers.

MD&A / Affiliate and Subscription / first-quarter pricing outcomes · Dépôt 04/05/2026

Subscriber growth of 0.7 million from December 31, 2025 benefited from the UFC on Paramount+ and the continued success of Landman in the first quarter of 2026.

MD&A / first-quarter subscriber growth and content contributions · Dépôt 04/05/2026

The increase in subscribers was partially offset by a decrease of 1.2 million subscribers from the nonrenewal of an international distribution agreement.

MD&A / subscriber losses from distribution nonrenewal · Dépôt 04/05/2026

Dutton Ranch, but was partially offset by a decrease of 1.8 million subscribers from the nonrenewal of

MD&A / second-quarter subscriber losses from Japan distribution nonrenewals · Dépôt 04/08/2026

During the second quarter of 2026, Paramount+ subscribers increased 2.0 million, or 3%, compared with 79.6

MD&A / second-quarter sequential subscriber growth · Dépôt 04/08/2026

million at March 31, 2026. The subscriber growth benefited from the UFC on Paramount+ and the premiere of

MD&A / UFC and original-programming contributions to subscriber growth · Dépôt 04/08/2026

company, named “Skydance.” The company brings together two major film studios, two global streaming services, a premier television

Acquisition completion announcement / combined studios and streaming portfolio · Dépôt 06/10/2026

CBS News and CNN, and a portfolio of live sports including CBS Sports and TNT Sports, as well as a deep programming library and expansive

Acquisition completion announcement / sports and programming library · Dépôt 06/10/2026

during the second quarter of 2026. The Paramount+ with Showtime decrease reflects declines in linear subscribers.

MD&A / Paramount+ with Showtime linear subscriber declines · Dépôt 04/08/2026

Paramount+, mainly for the UFC, as well as the impact from the net reduction in programming assets resulting

MD&A / higher sports content costs and programming-asset accounting effects · Dépôt 04/08/2026

Adjusted EBITDA grew 59% primarily reflecting lower compensation and marketing costs as a result of cost savings initiatives, and lower content costs, including from reductions in programming assets resulting from the pushdown of the Ultimate Parent’s basis.

MD&A / adjusted EBITDA growth, cost savings and pushdown accounting · Dépôt 04/05/2026

While both adjusted measures exclude items identified as affecting comparability that are not part of our normal operations, including programming charges, impairment charges, restructuring charges, transaction-related items, other corporate matters, and gain (loss) on dispositions, each where applicable, Adjusted EBITDA, as we define it, also excludes stock-based compensation, which is a noncash expense that management does not consider to be part of our underlying operating performance.

Non-GAAP reconciliation / additional exclusion of stock-based compensation · Dépôt 04/08/2026

Net cash flow provided by operating activities $504 $339 Net cash flow used for investing activities (3,115) (184) Net cash flow provided by (used for) financing activities 992 (161) Effect of exchange rate changes on cash and cash equivalents (28) 84 Net (decrease) increase in cash and cash equivalents $(1,647) $78 Operating Activities Net cash flow provided by operating activities includes payments of $310 million for the six months ended

MD&A / six-month cash flows · Dépôt 04/08/2026

-82- Investments $(172) $(148) Capital expenditures (a) (102) Advance consideration for WBD acquisition (b) (2,800) Proceeds from dispositions (c) Other investing activities Net cash flow used for investing activities $(3,115) $(184) (a) Includes payments associated with the implementation of our transformation initiatives of $33 million for the six

MD&A / investing cash flows and acquisition advance consideration · Dépôt 04/08/2026

$.75 per diluted share. The decrease in diluted EPS and adjusted diluted EPS reflects shares issued in connection

MD&A / realized dilution from earlier transactions · Dépôt 04/08/2026

Liabilities and Stockholders’ Equity Current Liabilities: Accounts payable $ 511 $ 1,060 $ (49 ) (4) $ — $ 1,522 Accrued expenses 2,158 4,907 (2,464 ) (4) — 4,601 Participants’ share and royalties payable 2,606 3,529 — — 6,135 Accrued programming and production costs 1,801 2,114 (559 ) (4) — 3,356 Deferred revenues 1,486 1,514 — — 3,000 Debt 665 1,493 — — 2,158 Other current liabilities 1,373 1,526 560 (4) — 3,459 Total current liabilities 10,600 16,143 (2,512 ) — 24,231 Long-term debt 14,491 30,530 (18,659 ) (4c) 56,426 (5a) 80,323 (2,424 ) (5d) (41 ) (5c) Participants’ share and royalties payable 1,437 2,356 — — 3,793 Pension and postretirement benefit obligations 1,169 177 — — 1,346 Deferred income tax liabilities 68 5,579 5,860 (9a) — 11,507 Operating lease liabilities 1,046 3,126 — — 4,172 Programming obligations 581 1,411 — — 1,992 Other liabilities 2,209 3,931 54 (4) — 6,194 Paramount stockholders’ equity: Class A Common Stock — 27 (27 ) (4f) — — Class B Common Stock 1 — — 4 (5g) 5 Additional paid-in-capital 13,307 56,022 (56,022 ) (4f) 46,963 (5g) 60,270 Treasury stock — (8,244 ) 8,244 (4f) — — Retained earnings (accumulated deficit) (1,544 ) (14,279 ) 40,271 (4f), (8d) 1 (5d) (2,299 ) (25,861 ) (4a) (22 ) (5c) (481 ) (8b) (384 ) (5e) Accumulated other comprehensive income (loss) 7 (688 ) 688 Liabilities and Equity Current Liabilities: Accounts payable $ 1,060 $ — $ 1,060 Accrued liabilities 12,076 (12,076 ) — Accrued expenses — 4,907 4,907 Participants' share and royalties payable — 3,529 3,529 Accrued programming and production costs — 2,114 2,114 Deferred revenues 1,514 — 1,514 Current portion of debt 1,493 (1,493 ) — Debt — 1,493 1,493 Other current liabilities — 1,526 1,526 Total current liabilities 16,143 — 16,143 Noncurrent portion of debt 30,530 (30,530 ) — Long-term debt — 30,530 30,530 Participants' share and royalties payable — 2,356 2,356 Pension and postretirement benefit obligations — 177 177 Deferred income taxes 5,579 (5,579 ) — Deferred income tax liabilities, net — 5,579 5,579 Operating lease liabilities — 3,126 3,126 Programming obligations — 1,411 1,411 Other noncurrent liabilities 11,001 (11,001 ) — Other liabilities — 3,931 3,931 Stockholders’ equity: Class A common stock 27 — 27 Additional paid-in-capital 56,022 — 56,022 Treasury stock (8,244 ) — (8,244 ) Accumulated deficit

Unaudited pro forma combined balance sheet / financing, debt and equity · Dépôt 06/10/2026

Commitments were reduced to $0 by the New Permanent Financing.

Financing adjustments / bridge commitments reduced to zero by permanent financing · Dépôt 06/10/2026

respectively. The pro forma adjustments also reflect new compensation arrangements approved by the Board for a grant of Paramount RSUs

Compensation adjustments / board-approved executive RSU arrangements · Dépôt 06/10/2026

(the “2026 RSUs”) to certain Paramount executive employees in connection with the Acquisition effective on the closing date.

Compensation adjustments / executive awards effective at acquisition closing · Dépôt 06/10/2026

The 2026 RSUs will vest in equal quarterly installments over a five-year period following the closing of the Acquisition, subject to the

Compensation adjustments / five-year quarterly vesting schedule · Dépôt 06/10/2026

applicable executive’s continued employment with the Company through the applicable vesting date, and will vest in full (to the

Compensation adjustments / continued-employment condition and accelerated vesting · Dépôt 06/10/2026

extent then-unvested) upon a change in control of the Company (as defined in the Paramount 2025 Incentive Award Plan).

Compensation adjustments / change-in-control acceleration · Dépôt 06/10/2026

During the three and six months ended June 30, 2026, we made payments to Oracle totaling $44 million and $46 million, respectively.

Related parties / payments to Oracle · Dépôt 04/08/2026

In February 2026, we executed a six-year cloud infrastructure services agreement with Oracle with a total commitment of $300 million, under which payments escalate over the term, in connection with our anticipated enterprise, data, and streaming workloads.

Related parties / six-year Oracle cloud commitment · Dépôt 04/08/2026

David Ellison, Chairman and CEO of Skydance, said: “Today is

Acquisition announcement / chairman and CEO roles · Dépôt 06/10/2026

associated with the Company’s status as a “controlled company” under NYSE rules, including its exemption from certain

Risk disclosures / current controlled-company status and governance exemptions · Dépôt 13/10/2026

corporate governance requirements; risks associated with the lack of voting rights of the Company’s Class B common stock; risks

Risk disclosures / Class B shares lack voting rights · Dépôt 13/10/2026

Lawrence J. Ellison is the Chairman and a significant stockholder of Oracle Corporation (“Oracle”).

Related parties / Lawrence Ellison's Oracle role and ownership · Dépôt 04/08/2026

(“WBD”), which Acquisition was consummated earlier today, October 6, 2026.

Debt offer announcement / acquisition consummated October 6, 2026 · Dépôt 13/10/2026

on October 6, 2026, the Company changed the ticker symbol for its Class B Common Stock from “PSKY” to “SKYD.”

Warrant FAQ / ticker changed from PSKY to SKYD · Dépôt 13/10/2026

The Company also amended its certificate of incorporation to change the Company’s name to Skydance Corporation, effective on October

Warrant FAQ / corporate name change · Dépôt 13/10/2026

billion in revenue. We are targeting $6 billion-plus in run-rate synergies over the next three years.

Acquisition announcement / prospective three-year synergy target · Dépôt 06/10/2026

unify into a single service over time.

Acquisition announcement / future streaming-service unification · Dépôt 06/10/2026

its synergy targets following the Skydance-Paramount merger, the synergy savings will come primarily from technology, integration and

Acquisition announcement / issuer assertion of prior synergy-target outperformance · Dépôt 06/10/2026

Historique des publications

Historique des publications
VersionMis à jourAvantage concurrentiel
619/10/2026uncertain
519/10/2026uncertain
418/10/2026uncertain
318/10/2026uncertain
218/10/2026uncertain
118/10/2026Indisponible

Sources

Méthode et limites de l’analyse · Comprendre ce concept