{"schemaVersion":1,"research":true,"symbol":"psky","name":"Paramount Skydance","topic":"moat","path":"/stock/psky/moat","status":"published","version":6,"updatedAt":"2026-10-19T16:28:46.424Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"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.","advantages":[{"mechanism":"intangible_assets","claim":"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.","durability":"Uncertain. Two quarters of operating evidence support current appeal, without establishing persistent customer dependence, rights renewal economics or sustained returns from the enlarged portfolio.","risks":"International distribution nonrenewals caused realized subscriber losses, linear subscriptions declined, and sports programming increased costs. Planned streaming unification and acquisition synergies remain prospective.","invalidation":"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.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e7","e8","e9","e10"],"counterEvidenceIds":["e5","e6","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"MD&A / Paramount+ second-quarter revenue, subscribers and ARPU","excerpt":"Three Months Ended June 30, 2026 and 2025\nIncrease /(Decrease)\nParamount+ (Global)\n$2,061\n$1,771\n16%\nSubscribers (in millions) (a)\n81.6\n76.8\n4.8\n6%\nARPU (in dollars) (b)\n$8.52\n$7.64\n$.88\n12%\n(a) Subscribers include customers who are registered for Paramount+, either directly through our owned and"},{"id":"e2","sourceId":"filing-1","location":"MD&A / Affiliate and Subscription / implemented pricing increases","excerpt":"Affiliate and Subscription\nAffiliate and subscription revenues for the second quarter of 2026 benefited from pricing increases and growth in"},{"id":"e3","sourceId":"filing-2","location":"MD&A / Affiliate and Subscription / first-quarter pricing outcomes","excerpt":"Affiliate and Subscription\nAffiliate and subscription revenues for the first quarter of 2026 benefited from pricing increases and growth in Paramount+ subscribers."},{"id":"e4","sourceId":"filing-2","location":"MD&A / first-quarter subscriber growth and content contributions","excerpt":"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."},{"id":"e5","sourceId":"filing-2","location":"MD&A / subscriber losses from distribution nonrenewal","excerpt":"The increase in subscribers was partially offset by a decrease of 1.2 million subscribers from the nonrenewal of an international distribution agreement."},{"id":"e6","sourceId":"filing-1","location":"MD&A / second-quarter subscriber losses from Japan distribution nonrenewals","excerpt":"Dutton Ranch, but was partially offset by a decrease of 1.8 million subscribers from the nonrenewal of"},{"id":"e7","sourceId":"filing-1","location":"MD&A / second-quarter sequential subscriber growth","excerpt":"During the second quarter of 2026, Paramount+ subscribers increased 2.0 million, or 3%, compared with 79.6"},{"id":"e8","sourceId":"filing-1","location":"MD&A / UFC and original-programming contributions to subscriber growth","excerpt":"million at March 31, 2026. The subscriber growth benefited from the UFC on Paramount+ and the premiere of"},{"id":"e9","sourceId":"filing-5","location":"Acquisition completion announcement / combined studios and streaming portfolio","excerpt":"company, named “Skydance.” The company brings together two major film studios, two global streaming services, a premier television"},{"id":"e10","sourceId":"filing-5","location":"Acquisition completion announcement / sports and programming library","excerpt":"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"},{"id":"e11","sourceId":"filing-1","location":"MD&A / Paramount+ with Showtime linear subscriber declines","excerpt":"during the second quarter of 2026. The Paramount+ with Showtime decrease reflects declines in linear subscribers."},{"id":"e12","sourceId":"filing-1","location":"MD&A / higher sports content costs and programming-asset accounting effects","excerpt":"Paramount+, mainly for the UFC, as well as the impact from the net reduction in programming assets resulting"},{"id":"e13","sourceId":"filing-2","location":"MD&A / adjusted EBITDA growth, cost savings and pushdown accounting","excerpt":"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."},{"id":"e14","sourceId":"filing-1","location":"Non-GAAP reconciliation / additional exclusion of stock-based compensation","excerpt":"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."},{"id":"e15","sourceId":"filing-1","location":"MD&A / six-month cash flows","excerpt":"Net cash flow provided by operating activities\n$504\n$339\nNet cash flow used for investing activities\n(3,115)\n(184)\nNet cash flow provided by (used for) financing activities\n992\n(161)\nEffect of exchange rate changes on cash and cash equivalents \n(28)\n84\nNet (decrease) increase in cash and cash equivalents\n$(1,647)\n$78\nOperating Activities\nNet cash flow provided by operating activities includes payments of $310 million for the six months ended"},{"id":"e16","sourceId":"filing-1","location":"MD&A / investing cash flows and acquisition advance consideration","excerpt":"-82-\nInvestments \n$(172)\n$(148)\nCapital expenditures (a)\n(102)\nAdvance consideration for WBD acquisition (b)\n(2,800)\nProceeds from dispositions (c)\nOther investing activities\nNet cash flow used for investing activities\n$(3,115)\n$(184)\n(a) Includes payments associated with the implementation of our transformation initiatives of $33 million for the six"},{"id":"e17","sourceId":"filing-1","location":"MD&A / realized dilution from earlier transactions","excerpt":"$.75 per diluted share. The decrease in diluted EPS and adjusted diluted EPS reflects shares issued in connection"},{"id":"e18","sourceId":"filing-6","location":"Unaudited pro forma combined balance sheet / financing, debt and equity","excerpt":"Liabilities and Stockholders’ Equity\n Current Liabilities:\n Accounts payable\n $\n511\n $\n1,060\n $\n(49\n )\n(4)\n $\n—\n $\n1,522\n Accrued expenses\n 2,158\n 4,907\n (2,464\n )\n(4)\n —\n 4,601\n Participants’ share and royalties payable\n 2,606\n 3,529\n —\n —\n 6,135\n Accrued programming and production costs\n 1,801\n 2,114\n (559\n )\n(4)\n —\n 3,356\n Deferred revenues\n 1,486\n 1,514\n —\n —\n 3,000\n Debt\n 665\n 1,493\n —\n —\n 2,158\n Other current liabilities\n 1,373\n 1,526\n 560\n (4)\n —\n 3,459\n Total current liabilities\n 10,600\n 16,143\n (2,512\n )\n —\n 24,231\n Long-term debt\n 14,491\n 30,530\n (18,659\n )\n(4c)\n 56,426\n (5a)\n 80,323\n (2,424\n )\n(5d)\n (41\n )\n(5c)\n Participants’ share and royalties payable\n 1,437\n 2,356\n —\n —\n 3,793\n Pension and postretirement benefit obligations\n 1,169\n 177\n —\n —\n 1,346\n Deferred income tax liabilities\n 68\n 5,579\n 5,860\n (9a)\n —\n 11,507\n Operating lease liabilities\n 1,046\n 3,126\n —\n —\n 4,172\n Programming obligations\n 581\n 1,411\n —\n —\n 1,992\n Other liabilities\n 2,209\n 3,931\n 54\n (4)\n —\n 6,194\n Paramount stockholders’ equity:\n Class A Common Stock\n —\n 27\n (27\n )\n(4f)\n —\n —\n Class B Common Stock\n 1\n —\n —\n 4\n (5g)\n 5\n Additional paid-in-capital\n 13,307\n 56,022\n (56,022\n )\n(4f)\n 46,963\n (5g)\n 60,270\n Treasury stock\n —\n (8,244\n)\n 8,244\n (4f)\n —\n —\n Retained earnings (accumulated deficit)\n (1,544\n)\n (14,279\n)\n 40,271\n (4f), (8d)\n 1\n (5d)\n (2,299\n)\n (25,861\n )\n(4a)\n (22\n )\n(5c)\n (481\n )\n(8b)\n (384\n )\n(5e)\n Accumulated other comprehensive income (loss)\n 7\n (688\n)\n 688\nLiabilities and Equity\n Current Liabilities:\n Accounts payable\n $\n1,060\n $\n—\n $\n1,060\n Accrued liabilities\n 12,076\n (12,076\n)\n —\n Accrued expenses\n —\n 4,907\n 4,907\n Participants' share and royalties payable\n —\n 3,529\n 3,529\n Accrued programming and production costs\n —\n 2,114\n 2,114\n Deferred revenues\n 1,514\n —\n 1,514\n Current portion of debt\n 1,493\n (1,493\n)\n —\n Debt\n —\n 1,493\n 1,493\n Other current liabilities\n —\n 1,526\n 1,526\n Total current liabilities\n 16,143\n —\n 16,143\n Noncurrent portion of debt\n 30,530\n (30,530\n)\n —\n Long-term debt\n —\n 30,530\n 30,530\n Participants' share and royalties payable\n —\n 2,356\n 2,356\n Pension and postretirement benefit obligations\n —\n 177\n 177\n Deferred income taxes\n 5,579\n (5,579\n)\n —\n Deferred income tax liabilities, net\n —\n 5,579\n 5,579\n Operating lease liabilities\n —\n 3,126\n 3,126\n Programming obligations\n —\n 1,411\n 1,411\n Other noncurrent liabilities\n 11,001\n (11,001\n)\n —\n Other liabilities\n —\n 3,931\n 3,931\n Stockholders’ equity:\n Class A common stock\n 27\n —\n 27\n Additional paid-in-capital\n 56,022\n —\n 56,022\n Treasury stock\n (8,244\n)\n —\n (8,244\n)\n Accumulated deficit"},{"id":"e19","sourceId":"filing-6","location":"Financing adjustments / bridge commitments reduced to zero by permanent financing","excerpt":"Commitments were reduced to $0 by the New Permanent Financing."},{"id":"e20","sourceId":"filing-6","location":"Compensation adjustments / board-approved executive RSU arrangements","excerpt":"respectively. The pro forma adjustments also reflect new compensation arrangements approved by the Board for a grant of Paramount RSUs"},{"id":"e21","sourceId":"filing-6","location":"Compensation adjustments / executive awards effective at acquisition closing","excerpt":"(the “2026 RSUs”) to certain Paramount executive employees in connection with the Acquisition effective on the closing date."},{"id":"e22","sourceId":"filing-6","location":"Compensation adjustments / five-year quarterly vesting schedule","excerpt":"The 2026 RSUs will vest in equal quarterly installments over a five-year period following the closing of the Acquisition, subject to the"},{"id":"e23","sourceId":"filing-6","location":"Compensation adjustments / continued-employment condition and accelerated vesting","excerpt":"applicable executive’s continued employment with the Company through the applicable vesting date, and will vest in full (to the"},{"id":"e24","sourceId":"filing-6","location":"Compensation adjustments / change-in-control acceleration","excerpt":"extent then-unvested) upon a change in control of the Company (as defined in the Paramount 2025 Incentive Award Plan)."},{"id":"e25","sourceId":"filing-1","location":"Related parties / payments to Oracle","excerpt":"During the three and six months ended June 30, 2026, we made payments to Oracle totaling $44 million and $46 million, respectively."},{"id":"e26","sourceId":"filing-1","location":"Related parties / six-year Oracle cloud commitment","excerpt":"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."},{"id":"e27","sourceId":"filing-5","location":"Acquisition announcement / chairman and CEO roles","excerpt":"David Ellison, Chairman and CEO of Skydance, said: “Today is"},{"id":"e28","sourceId":"filing-3","location":"Risk disclosures / current controlled-company status and governance exemptions","excerpt":"associated with the Company’s status as a “controlled company” under NYSE rules, including its exemption from certain"},{"id":"e29","sourceId":"filing-3","location":"Risk disclosures / Class B shares lack voting rights","excerpt":"corporate governance requirements; risks associated with the lack of voting rights of the Company’s Class B common stock; risks"},{"id":"e30","sourceId":"filing-1","location":"Related parties / Lawrence Ellison's Oracle role and ownership","excerpt":"Lawrence J. Ellison is the Chairman and a significant stockholder of Oracle Corporation (“Oracle”)."},{"id":"e31","sourceId":"filing-3","location":"Debt offer announcement / acquisition consummated October 6, 2026","excerpt":"(“WBD”), which Acquisition was consummated earlier today, October 6, 2026."},{"id":"e32","sourceId":"filing-4","location":"Warrant FAQ / ticker changed from PSKY to SKYD","excerpt":"on October 6, 2026, the Company changed the ticker symbol for its Class B Common Stock from “PSKY” to “SKYD.”"},{"id":"e33","sourceId":"filing-4","location":"Warrant FAQ / corporate name change","excerpt":"The Company also amended its certificate of incorporation to change the Company’s name to Skydance Corporation, effective on October"},{"id":"e34","sourceId":"filing-5","location":"Acquisition announcement / prospective three-year synergy target","excerpt":"billion in revenue. We are targeting $6 billion-plus in run-rate synergies over the next three years."},{"id":"e35","sourceId":"filing-5","location":"Acquisition announcement / future streaming-service unification","excerpt":"unify into a single service over time."},{"id":"e36","sourceId":"filing-5","location":"Acquisition announcement / issuer assertion of prior synergy-target outperformance","excerpt":"its synergy targets following the Skydance-Paramount merger, the synergy savings will come primarily from technology, integration and"}],"changes":["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."],"limitations":["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."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Content-driven subscriber growth and an expanded acquired portfolio establish differentiation, but do not establish a structural barrier or persistent competitive economic advantage.","evidenceIds":["e1","e4","e8","e9","e10"]},{"criterion":"durability","grade":null,"rationale":"The catalog does not establish how long customer appeal or favorable rights economics persist. Future synergies and service unification cannot supply demonstrated durability.","evidenceIds":["e5","e6","e34","e35"]},{"criterion":"customer_dependency","grade":null,"rationale":"Subscriber growth supports demand, while distribution losses show channel exposure. Neither establishes customer dependence or durable switching friction.","evidenceIds":["e1","e5","e6","e7"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Net subscriber growth offset some realized distribution losses, but the short operating history and absent combined-company results cannot establish structural resilience to erosion.","evidenceIds":["e5","e6","e7","e11","e31"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"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.","evidenceIds":["e1","e2","e3"]},{"criterion":"retention","grade":2,"rationale":"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.","evidenceIds":["e1","e4","e5","e6","e7","e11"]},{"criterion":"margin_resilience","grade":2,"rationale":"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.","evidenceIds":["e12","e13","e14"]},{"criterion":"contractual_freedom","grade":2,"rationale":"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.","evidenceIds":["e2","e3","e5","e6"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":1,"rationale":"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.","evidenceIds":["e15","e16","e17","e18","e19"]},{"criterion":"incentive_alignment","grade":2,"rationale":"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.","evidenceIds":["e20","e21","e22","e23","e24"]},{"criterion":"execution","grade":2,"rationale":"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.","evidenceIds":["e2","e5","e6","e7","e13","e31","e34","e36"]},{"criterion":"governance","grade":1,"rationale":"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.","evidenceIds":["e25","e26","e27","e28","e29","e30"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","basisHash":"38e742e116b18bce7aee2e3fd0d26f6c925c7a2e393a707b8669dc463d4fc028","updatedAt":"2026-10-19T16:28:46.424Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/2041610/000204161026000054/psky-20260630.htm","publishedAt":"2026-08-04","sha256":"f61d3fc1e1721fabf37de61eb010864afb632c902f02a1f16ca952387a483a78","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/2041610/000204161026000026/psky-20260331.htm","publishedAt":"2026-05-04","sha256":"8002f763b1c79aedea35eab2ee59598c87e9b85fe41039900df1a3cf1df086c7","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/2041610/000110465926115294/tm2626659d12_ex99-1.htm","publishedAt":"2026-10-13","sha256":"bdc615a9da0a70bd1366ea9959e0e387d6439cb9fcc9c1fccb22a872da05104e","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/2041610/000110465926115294/tm2626659d12_ex99-2.htm","publishedAt":"2026-10-13","sha256":"8ed0df1e0b1e0b8a7cb315b7cb23ccb30bcdb0ba134cdae930b19cd52e41c35e","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/2041610/000110465926113913/tm2626659d7_ex99-1.htm","publishedAt":"2026-10-06","sha256":"606db961bab6331b8643632b33257a512ae7af69d1109530de52aba6a1967f6f","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/2041610/000110465926113913/tm2626659d7_ex99-2.htm","publishedAt":"2026-10-06","sha256":"cfb4433c6dca6b588fc0da7d88d699476a22ac769034ea97555f843c3065945e","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:d76a80f93aeafcdb4af74cd51ab7aa671fb65e51d2b5221984befcdb3c037bb0","usage":{"input_tokens":69468,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3895,"reasoning_output_tokens":90}},"signals":[],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/2041610/000204161026000054/psky-20260630.htm","publishedAt":"2026-08-04","sha256":"f61d3fc1e1721fabf37de61eb010864afb632c902f02a1f16ca952387a483a78","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/2041610/000204161026000026/psky-20260331.htm","publishedAt":"2026-05-04","sha256":"8002f763b1c79aedea35eab2ee59598c87e9b85fe41039900df1a3cf1df086c7","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/2041610/000110465926115294/tm2626659d12_ex99-1.htm","publishedAt":"2026-10-13","sha256":"bdc615a9da0a70bd1366ea9959e0e387d6439cb9fcc9c1fccb22a872da05104e","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/2041610/000110465926115294/tm2626659d12_ex99-2.htm","publishedAt":"2026-10-13","sha256":"8ed0df1e0b1e0b8a7cb315b7cb23ccb30bcdb0ba134cdae930b19cd52e41c35e","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/2041610/000110465926113913/tm2626659d7_ex99-1.htm","publishedAt":"2026-10-06","sha256":"606db961bab6331b8643632b33257a512ae7af69d1109530de52aba6a1967f6f","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/2041610/000110465926113913/tm2626659d7_ex99-2.htm","publishedAt":"2026-10-06","sha256":"cfb4433c6dca6b588fc0da7d88d699476a22ac769034ea97555f843c3065945e","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"history":[{"version":6,"updatedAt":"2026-10-19T18:33:29.802Z","verdict":"uncertain","value":null},{"version":5,"updatedAt":"2026-10-19T13:57:15.039Z","verdict":"uncertain","value":null},{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}