SkyShowtime Announces Stellar Line-up of Exclusive New Series, Blockbuster Hollywood Movies and Highly Anticipated Returning Favourites Coming Soon

SkyShowtime announces stellar line-up of exclusive new series, blockbuster Hollywood movies and highly anticipated returning favourites coming soon

An irresistible line-up of brand-new series streaming soon includes high-stakes legal thriller WAR from the Creator of hit series Lupin, eagerly anticipated Tulsa King spin-off series Frisco King, tennis docuseries Aces: The ATP No.1 Club, star-studded drama The Five Star Weekend, gripping thriller Possession, and fun-fuelled comedy TED: The Animated Series

Global fan-favourites back for more include MobLand S2, Y: Marshals (Marshals: A Yellowstone Story) S2, The Day of the Jackal S2, Dexter^®: Resurrection S2, Landman S3, The Agency S2, Tulsa King S4, The Madison S2 and S3, The Paper S2, and Star Trek: Strange New Worlds S4 and S5

Exclusive Hollywood headliners fresh from awards season include Song Sung Blue, alongside documentary film EPiC: Elvis Presley in Concert and horror hits Scream 7, Five Nights at Freddy’s 2 and Primate

June 16 2026

SkyShowtime today announced a glittering entertainment line-up coming exclusively to the service with a wave of brand‑new series, returning fan-favourites and Hollywood box office hits set to keep members entertained for the rest of the year and beyond.

Titles coming soon include the highly anticipated legal drama WAR from George Kay, the Creator of hit series Lupin and Hijack, starring Dominic West and Sienna Miller, which follows two of London’s most prestigious rival law firms – Cathcarts and Taylor & Byrne – as they go into battle on the case of the century, plus Oscar^® nominee Taylor Sheridan and Oscar nominee Sylvester Stallone’s eagerly awaited series Frisco King (formerly NOLA King) starring Oscar nominee Samuel L. Jackson, which marks a brand-new spin-off from the global hit Tulsa King. An adaptation of Elin Hilderbrand’s best-selling novel The Five Star Weekend, with an all-star cast featuring Golden Globe^® winner Jennifer Garner, D’Arcy Carden, Gemma Chan, Regina Hall, Chloë Sevigny, Harlow Jane, and Timothy Olyphant, will also be coming to SkyShowtime, alongside new tennis docuseries Aces: The ATP No.1 Club, which promises to give sports fans an exclusive look at what it takes to truly rise above the competition and features stars including Roger Federer, Björn Borg, Rafael Nadal and Carlos Alcaraz.

Comedy fans are also in for a treat with brand-new series Dig, co-created by Mike Schur (A Man on the Inside, The Good Place, Parks and Recreation) and Amy Poehler (Parks and Recreation, SNL) and starring Poehler alongside Hugh Laurie, as well as TED: The Animated Series, a follow-up to the beloved film franchise from Seth MacFarlane, who returns as the voice of Ted and also serves as Executive Producer and Writer. Also coming soon to the service are thriller Possession starring Gugu Mbatha Raw and Jonny Lee Miller, and Miami-based drama M.I.A. which explores the dangerous world of a family-run drug empire.

Some of the most talked-about shows featuring the world’s biggest stars will also be returning. The global organised crime hit MobLand returns for a highly anticipated second season with Tom Hardy, Pierce Brosnan and Oscar winner Helen Mirren reprising their roles, and Oscar nominees Michael Fassbender and Jeffrey Wright, alongside Golden Globe winner Richard Gere and Jodie Turner-Smith, star in the second season of the spy thriller The Agency. SkyShowtime Original The Day of the Jackal starring Oscar winner Eddie Redmayne returns for a second thrilling season and Golden Globe winner Michael C. Hall is back in season two of Dexter: Resurrection with Golden Globe winner Uma Thurman, and joined by new cast members Dan Stevens, Emmy^® nominee Bokeem Woodbine, and Emmy, Olivier^® and Golden Globe winner Brian Cox.

SkyShowtime will also welcome the return of several hit series from Taylor Sheridan, led by acclaimed talent, including the fourth season of Tulsa King, starring Oscar nominee Sylvester Stallone and the third season of Landman with Oscar winner Billy Bob Thornton, Oscar nominee Demi Moore, Oscar nominee Andy Garcia, Ali Larter and Oscar nominee Sam Elliott. Hit spy thriller Lioness is back for a third season with Oscar winners Zoë Saldaña and Nicole Kidman, and the fifth and final season of Mayor of Kingstown, starring Oscar nominee Jeremy Renner will also return. Two of the latest series from Executive Producer Taylor Sheridan streaming exclusively on SkyShowtime have already been renewed: Luke Grimes will reprise his starring role as Kayce Dutton in (Y: Marshals) Marshals: A Yellowstone Story for a second season, while The Madison, starring Oscar nominee Michelle Pfeiffer and Golden Globe nominee Kurt Russell has been renewed for two more seasons.

As Star Trek fans count down to the landmark 60th anniversary of the franchise’s debut, there’s more new series to look forward to. Anson Mount, Rebecca Romijn and Ethan Peck will be returning to the U.S.S. Enterprise in Star Trek: Strange New Worlds which will be back for a fourth and fifth season, while the second and final season of Star Trek: Starfleet Academy starring Oscar winner Holly Hunter and Oscar nominee Paul Giamatti will also be coming to the service. Elsewhere, Ella Purnell is back for more as killer wallflower Rhiannon Lewis in darkly comic thriller Sweetpea season two, psychological horror story and coming-of-age drama Yellowjackets also returns for a fourth and final season, while mystery comedy series The ‘Burbs and mockumentary series The Paper both return for second seasons.

Hollywood hits fresh from awards season will also be arriving soon to SkyShowtime, including biographical musical Song Sung Blue, starring Oscar nominee Kate Hudson alongside Hugh Jackman. Also coming soon to the service, Baz Luhrmann’s first documentary EPiC: Elvis Presley in Concert, giving fans an experience like never before, featuring never-before seen footage of Elvis’s legendary 1970s Las Vegas residency. Horror fans are in for a fright with Primate, plus the latest franchise hits Scream 7 and Five Nights at Freddy's 2. These join a growing library of blockbuster hit movies on SkyShowtime including Wicked: For Good, Bugonia and Downton Abbey: The Grand Finale.

As part of its ongoing commitment to local storytelling, SkyShowtime has also announced an expanded portfolio of impressive originals. Brand-new Polish series Deadly Ties S2 (Pionek) marks a bold new chapter of much-loved hit Deadly Ties (Śleboda), meanwhile hit Swedish dramedy Where the Sun Always Shines (Där Solen Alltid Skiner), created and directed by Felix Herngren returns to Mallorca for a highly anticipated second season. For crime fans, new Swedish thriller National Homicide Unit (Riksmord) (working title) promises to grip viewers, and the impressive line-up of new original series continues to be diverse, with crime-comedy Genialna M. and SkyShowtime’s first original animated series Hidden Islands (Jagten på Nuna) (working title).

Kai Finke, Chief Content Officer at SkyShowtime said: “We’re excited for our members to enjoy even more outstanding entertainment for the rest of the year and beyond. Whether it’s returning hits such as MobLand, unmissable blockbuster movies like EPiC: Elvis Presley in Concert, or all-new exclusive series such as WAR, alongside our local original programming, we have an incredible line-up of unmissable entertainment for everyone to enjoy.”

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Notes to Editors

Coming to SkyShowtime

Aces: The ATP No.1 Club

A four-part documentary event chronicling the 29 men who have climbed to the very top of tennis. Unlike any other sport, tennis offers no clock, no teammates, no escape. It is a solitary crucible—just you, your opponent, and the weight of every point. To reach World No. 1 is to conquer not only an 11-month global grind but the relentless psychological war waged on every court. Only 29 men in history have achieved it. From icons like Federer, Nadal, Djokovic, Sampras, Agassi, Borg, McEnroe, and Connors, to today’s rising stars Alcaraz and Sinner, Aces: The ATP No.1 Club pulls back the curtain on what it truly takes to rise above the rest. Through rare access, riveting archive, and intimate present-day vérité with those who have worn the crown, the series reveals the brilliance, battles, and brutal toll of becoming — and staying — the best in the world. Because in tennis, there’s nowhere to hide. Only the strongest endure.

SkyShowtime Original Deadly Ties S2 (Pionek)

Deadly Ties S2 (Pionek) continues to follow the story of young anthropologist Anka Serafin and journalist Sebastian Strzygoń, this time taking viewers to the rural landscape of Upper Silesia in Poland. Actors Maria Dębska and Maciej Musiał are set to return in the lead roles from SkyShowtime’s hit original drama Deadly Ties (Śleboda).

Dexter Resurrection S2

The second season of Dexter: Resurrection finds Dexter Morgan (Michael C. Hall) caught between two killers – one notorious and the other terrorizing New York in ways no one ever anticipated – all while battling his greatest enemy yet: a mid-life crisis. Harrison (Jack Alcott) continues his own pursuit of justice as father and son face their darkest chapter.

Dig

A team of dedicated archaeologists (and less-dedicated college students) spend their summer working on a dig site in Greece. Their discovery of a rare artifact sends them on the adventure of a lifetime. The series is executive produced by Mike Shur, Amy Poehler, J.J. Philbin, Morgan Sackett (Hacks, Veep), Dean Holland, Dave Becky (Russian Doll, Insecure) and David Miner (30 Rock, Parks and Recreation) for 3 Arts, Sharon Jackson (Life & Beth) for Ocean Avenue, Kate Arend (Russian Doll) and Jordan Grief (Lucy and Desi) for Paper Kite.

EPiC: Elvis Presley in Concert

From the electrifying imagination of Baz Luhrmann, Director of the Academy Award nominated Elvis, comes a groundbreaking cinematic experience unlike any before. Featuring never-before-seen footage of Elvis’s legendary 1970s Las Vegas residency, witness the undisputed King of Rock ‘n’ Roll in all his bold, blazing brilliance.

Five Nights at Freddy’s 2

TX Date: 5 July

One year after the supernatural nightmare at Freddy Fazbear’s Pizza, a shocking new chapter of terror begins when former security guard Mike’s sister, Abby, sneaks out in search of her animatronic friends: Freddy, Bonnie, Chica, and Foxy. As terrifying events begin to unfold, dark secrets about the true origin of Freddy’s are revealed, unleashing a forgotten horror hidden away for decades.

Frisco King

From Oscar nominee Taylor Sheridan and Oscar nominee Sylvester Stallone, Frisco King is the highly anticipated spinoff from the Tulsa King universe, starring Oscar nominee Samuel L. Jackson, who also serves as an Executive Producer. Jackson’s character, Russell Lee Washington Jr., was first introduced in the third season of Tulsa King. Asa Germann (The Boys: Gen V), Kai Caster (Spider-Noir), Lilah Pate (Outer Banks) and Savanna Gann (English Teacher) also star in the series.

Genialna M. (only available in Poland)

Marta (Dygant) works as a cleaner at a police station in Bielsko-Biała. One night, unable to resist temptation, she begins tidying up the evidence board in a complicated case that has reached a dead end. To the surprise of the police officers, she discovers a clue that brings them significantly closer to catching the perpetrator. It soon emerges that Marta has an incredibly high IQ of 160. Although her extraordinary intellect has never helped her much in everyday life, it may prove to be a powerful weapon in the fight against crime and, from that moment on, the brilliant cleaner begins helping the police solve criminal cases.

SkyShowtime Original Hidden Islands (Jagten på Nuna) (working title) - (only available in the Nordics and the Netherlands)

Hidden Islands (Jagten på Nuna) (working title) tells the story of three children who end up on a mythical group of islands and soon realise that this is no ordinary place: the islands are slightly out of sync with the rest of the world, and they hold a big secret - a secret that will change their lives and which could save the world! The three children must use all their wit and work together to find hidden clues that can help them unravel the mystery and get back home.

Landman S3

From co-creators Taylor Sheridan and Christian Wallace, Landman stars Academy Award winner Billy Bob Thornton, Academy Award nominee Demi Moore, Academy Award nominee Andy Garcia, Academy Award nominee Sam Elliott, Ali Larter, Jacob Lofland, Michelle Randolph, Paulina Chávez, Kayla Wallace, Mark Collie, James Jordan and Colm Feore. Set in the boomtowns of West Texas, Landman is a modern-day tale of fortune-seeking amongst roughnecks and wildcat billionaires – fuelling an oil boom so big it’s reshaping the climate, the economy and geopolitics. In season two, as oil rises from the earth, so do secrets – and Tommy Norris’s (Thornton) breaking point may be closer than he realises. Facing mounting pressure from M-Tex Oil, Cami Miller (Moore), and the shadow of his kin, survival in West Texas isn’t noble – it’s brutal, And sooner or later something’s got to break.

Lioness S3

TX Date: 3 August

Lioness stars Academy Award winner Zoe Saldaña and Academy Award and Emmy Award winner Nicole Kidman, both of whom also serve as executive producers. In season three, from Creator and Writer Taylor Sheridan, hidden networks, foreign operatives, and personal betrayals collide. Joe (Saldaña) walks the line between duty and home as unseen forces circle her world. Patterns appear where they shouldn’t, names vanish, and paths rearrange. Guided by Kaitlyn (Kidman) and Westfield (Michael Kelly), Joe confronts enemies operating in the shadows, leaving her to reckon with a war that now reaches into every part of her life.

Mayor of Kingstown S5

Mayor of Kingstown will return for its fifth and final season, starring Oscar nominee Jeremy Renner, and Emmy and Golden Globe winner Edie Falco. This season, in the wake of Tracy's murder and the vengeance visited upon Callahan by Mike (Renner) and Kyle (Taylor Handley), FBI agent Russell Hardy (David Morse) arrives in Kingstown searching for the ‘fugitive’ Callahan. A true lawman, Agent Hardy threatens to unearth all of Mike’s sins and secrets and disrupt Kingstown’s tenuous balance of power. Mayor of Kingstown is co-created by Oscar nominee Taylor Sheridan and Hugh Dillon.

M.I.A.

Running drugs is a family affair for Etta Tiger Jonze, but when the family business is threatened, Etta is thrust into a life she never expected, forcing her to use her wits to survive as she navigates Miami’s criminal underground.

MobLand S2

MobLand stars Tom Hardy (Venom: The Last Dance), Pierce Brosnan (Die Another Day) and Helen Mirren (1923, The Queen), in a story about two mob families who clash in a war that threatens to topple empires and lives.

SkyShowtime Original National Homicide Unit (Riksmord) (working title)

A crime drama influenced by real investigations and authentic police procedure, Riksmord is inspired by the work of Sweden’s Riksmord group. The series follows an elite national team of homicide detectives tasked with assisting local police forces on the country’s most complex murder cases. Set against Sweden’s vast and striking landscapes, each investigation offers a window into the many layers of Swedish society, revealing its beauty, contradictions, and darkest secrets.

Possession

Gugu Mbatha-Raw leads as Claudia, an ambitious young bi-racial lawyer who finds herself on a trip to Jamaica in a bid to challenge an inheritance claim filed by local resident Cudjoe East against wealthy white aristocrat Oliver Connaught. However, her mission takes an unexpected turn when she discovers the contested estate is the Connaught family’s Jamaican former plantation, Hope Hill – the same ominous house that has been haunting her nightmares. As Claudia and Oliver begin to investigate, they soon uncover a chilling connection between historical horrors and present-day injustices.

Primate

TX Date: 21 July Iberia, Nordics

TX Date: 11 August Central and Eastern Europe, the Netherlands

Lucy’s tropical island homecoming turns deadly when her family’s clever chimp spirals into a savage rabid frenzy. With her father away and no help coming, paradise becomes a prison as she and her friends fight to survive a predator they once trusted.

Scream 7

Ghostface returns with a vengeance – and this time it's personal. Sidney Prescott (Neve Campbell) has built a new life in a quiet town with her family, but her worst fears become reality when her daughter (Isabel May) becomes his next target.

Song Sung Blue

TX Date: 26 July Poland, Spain, the Netherlands

TX Date: 10 August Central and Eastern Europe, Portugal, Nordics

Based on an incredible true story, Mike (Hugh Jackman) and Claire (Kate Hudson) are two down-on-their-luck musicians who prove that it’s never too late to find love and follow your dreams. They form a joyous Neil Diamond tribute band called Lightning and Thunder, rising from a humble garage to dive bar gigs to unexpected hometown stardom. When tragedy strikes, their love for each other and passion for music give them the strength to overcome hardships, rediscover hope, and inspire everyone around them.

Star Trek: Starfleet Academy S2

Star Trek: Starfleet Academy introduces viewers to a young group of cadets who come together to pursue a common dream of hope and optimism. Under the watchful and demanding eyes of their instructors, they discover what it takes to become Starfleet officers as they navigate blossoming friendships, explosive rivalries, first loves and a new enemy that threatens both the Academy and the Federation itself. Star Trek: Starfleet Academy stars Oscar winner Holly Hunter as the Chancellor of Starfleet Academy, the Starfleet cadets played by Sandro Rosta, Karim Diané, Kerrice Brooks, George Hawkins and Bella Shepard, plus Zoë Steiner, Tig Notaro, Robert Picardo, and guest stars Oded Fehr and Mary Wiseman, as well as recurring guest stars Gina Yashere and Oscar nominee Paul Giamatti.

Star Trek: Strange New Worlds S4

TX Date: 24 July

In the upcoming fourth season, the crew of the U.S.S. Enterprise—led by Captain Christopher Pike—embarks on a series of thrilling and emotional adventures across the stars. As they journey to strange new worlds, they will battle inner demons and external threats, encounter colorful new characters, reunite with familiar faces, and confront terrifying aliens. Through it all, they strive to embrace a bright, hopeful future.

Sweetpea S2

Killer wallflower Rhiannon Lewis (Ella Purnell) is back in season two of the iconically brazen and darkly comic thriller. Navigating a new promotion, an irresistible rebound, Marina still hot on her trail, her sister selling her family home and a copycat killer threatening to expose her, the kill list is mounting. But now that she's harnessed her rage and found her power, Rhiannon is forced to question whether her perfect ex, AJ, was right: is she a monster?

TED: The Animated Series

From Seth MacFarlane, comes TED: The Animated Series, a sequel to the beloved Ted and Ted 2 films. This series reunites MacFarlane, who reprises his role as the voice of Ted, with his big screen castmates: Mark Wahlberg, as the voice of Ted's best friend, John; Amanda Seyfried, as the voice of John's wife, Sam; and Jessica Barth as Ted's wife, Tami-Lynn. Picking up twelve years after the conclusion of the last movie, John and his thunder-buddy Ted are neighbours, both with families of their own and dead-end jobs. Follow these two lovable stoners as they enable each other's bad ideas about marriage, parenting, and the challenges of adult life. The series comes from UCP (a division of Universal Studio Group), Fuzzy Door, and MRC.

The Agency S2

The Agency follows Martian (Michael Fassbender), a CIA agent living undercover in his own life. Samia (Jodie Turner-Smith), his lover, is a political prisoner in Sudan, and he will do anything to try to save her, even past the point of treachery. The only way out is deeper in. A knife-edge Martian must walk if he is to save love, life, and his mission.

The ‘Burbs S2

Set in present-day suburbia, season one of The ‘Burbs follows a young couple who have reluctantly relocated to the husband’s childhood home. Their world is upended when a new neighbour moves in across the street bringing old secrets of the cul-de-sac to light, and new deadly threats shatter the illusion of their quiet little neighbourhood.

SkyShowtime Original The Day of the Jackal S2

In season one, an unrivalled and highly elusive lone assassin, the Jackal, (Eddie Redmayne) makes his living carrying out hits for the highest fee. But following his latest kill, he meets his match in a tenacious British intelligence officer (Lashana Lynch) who starts to track down the Jackal in a thrilling cat-and-mouse chase across Europe, leaving destruction in its wake.

The Five Star Weekend

Hollis Shaw (Golden Globe-winning and Emmy Award-nominated actress Jennifer Garner), a famed food influencer known for her delicious recipes, impeccable taste, and warm demeanour suffers a devastating loss. Unable to move forward, the death starts to expose the cracks in Hollis’s picture-perfect life —her strained marriage, her complicated relationship with her daughter, and her growing pursuit of validation from her followers. In an effort to overcome grief and find herself again, Hollis gets the idea to host a weekend away at her house in Nantucket with three friends from different stages in her life: her childhood, her twenties, thirties, and one surprise fifth star. Set against a luxurious coastal backdrop, they will mature in ways they could never imagine as boundaries are pushed and secrets are exposed. The series is an adaptation of Elin Hilderbrand's New York Times bestseller of the same name.

The Madison S2 and S3

The Madison is Taylor Sheridan’s most intimate work to date, unfolding across two distinct worlds - the beautiful landscape of Montana and the vibrant energy of Manhattan - as it examines the ties that bind families together. The series stars Oscar nominee Michelle Pfeiffer and Golden Globe Award nominee Kurt Russell, Beau Garrett, Elle Chapman, Patrick J. Adams, Amiah Miller, Alaina Pollack, Ben Schnetzer, Kevin Zegers, Rebecca Spence, Danielle Vasinova, Matthew Fox and Will Arnett.

The Paper S2

From Greg Daniels (The Office (US)) and Michael Koman (Nathan for You) comes a new comedy series. In this new mockumentary, the documentary crew that immortalized Dunder Mifflin’s Scranton branch in The Office is in search of a new subject when they discover a historic Midwestern newspaper and the publisher trying to revive it. Domhnall Gleeson (About Time, Ex Machina) and Sabrina Impacciatore (The White Lotus) lead the ensemble cast.

Tulsa King S4

Executive Produced by Taylor Sheridan and starring Academy Award nominee Sylvester Stallone, Tulsa King follows New York mafia capo Dwight ‘The General’ Manfredi (Stallone) who, as he’s released from prison after 25 years, is unceremoniously exiled by his boss to set up shop in Tulsa, Oklahoma. Realising that his mob family might not have his best interests in mind, Dwight slowly builds a ‘crew’ from a group of unlikely characters to help him establish a new criminal empire in a place that to him might as well be another planet.

WAR

From the Creator of Lupin and Hijack, WAR follows two of London’s most prestigious rival law firms – Cathcarts and Taylor & Byrne – as they go into battle on the case of the century. Each side is certain they’ll win. But as the case spirals and loyalties fracture, reputations are on the line, and everyone’s playing to win.

SkyShowtime Original Where the Sun Always Shines (Där Solen Alltid Skiner) S2

Tom and Petra’s seemingly perfect life hides a troubled marriage, while Timmy and Maja struggle with money problems and family tension. After conflicts, betrayals, and personal challenges, both families face their issues, rebuild their relationships, and try to move forward, showing that the island of Mallorca’s sunny beauty can’t hide their problems.

Yellowjackets S4 - (excluding Poland, Portugal and Spain)

Created by Ashley Lyle and Bart Nickerson, Yellowjackets is the saga of a team of wildly talented high school girls' soccer players who become the (un)lucky survivors of a plane crash deep in the remote northern wilderness. Equal parts survival epic, psychological horror and coming-of-age drama, the series chronicles their descent from a complicated yet thriving team to savage clans while also tracking the lives they’ve attempted to piece back together nearly 25 years later. It proves that the past is never really the past and what began in the wilderness is far from over.

Y: Marshals (Marshals: A Yellowstone Story) S2

Y: Marshals (Marshals: A Yellowstone Story) stars Luke Grimes reprising his role as Kayce Dutton. With the Yellowstone Ranch behind him, Dutton joins an elite unit of U.S. Marshals, combining his skills as a cowboy and Navy SEAL to bring range justice to Montana. Kayce and his teammates – Pete Calvin (Logan Marshall-Green), Belle Skinner (Arielle Kebbel), Andrea Cruz (Ash Santos) and Miles Kittle (Tatanka Means) – must balance the high psychological cost of serving as the last line of defense in the region’s war on violence with their duty to their families, which for Kayce includes his son Tate (Brecken Merrill) and his confidantes Mo (Mo Brings Plenty) and Thomas Rainwater (Gil Birmingham) from the Broken Rock reservation.

END

About SkyShowtime

SkyShowtime is Europe’s latest streaming service. A joint venture of Comcast and Paramount, a Skydance Corporation, SkyShowtime brings together the best of Hollywood and local entertainment in one place.

From movies, and original series from the iconic brands of Universal Pictures, Paramount, a Skydance Corporation, Nickelodeon, DreamWorks Animation, Paramount+, SHOWTIME^®, Sky Studios, and Peacock to SkyShowtime Original series, SkyShowtime is Europe’s new home for premium entertainment.

Launched across all of its markets in 2023, SkyShowtime is available in: Albania, Andorra, Bosnia & Herzegovina, Bulgaria, Croatia, Czechia, Denmark, Finland, Hungary, Kosovo, Montenegro, North Macedonia, Norway, Netherlands, Poland, Portugal, Romania, Serbia, Slovakia, Slovenia, Spain and Sweden. It is available through select television providers in some markets and across Apple iOS, tvOS, Android devices, Android TV, Google Chromecast, LG TVs, Samsung Smart TVs as well as Amazon Fire TV and Prime Video Channels in selected markets. It is also available through its website www.skyshowtime.com.

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Paramount Defends Warner Bros. Discovery Merger In Letter To California AG

Paramount defended its proposed merger with Warner Bros. Discovery to California Attorney General Rob Bonta, who is considering an antitrust challenge to the transaction.

Paramount/Warner Bros. Discovery

In a letter to Bonta last week, Paramount’s chief legal officer, Makan Delrahim, said that the combined companies would have the incentive to boost theatrical distribution, not reduce it.

Delrahim wrote, “Paramount’s proposed merger with WBD will help drive meaningful improvements for movie theaters and their audiences. To compete more effectively with Netflix, and others leading services, a combined Paramount-WBD will need to capture audiences’ attention in fresh ways, and that includes broadening theatrical distribution to tap into the magic of the moviegoing experience and create momentum behind films before they reach streaming services.”

Delrahim wrote that with the merger, the companies “will have every incentive to get more films into wider distribution on more movie theater screens—it is how it will compete for audiences across the entertainment ecosystem.” He repeated Paramount CEO David Ellison’s commitment to release 30 films annually and to have a 45-day theatrical window at a minimum for each release.

“That pledge makes sense: theaters are a core part of the combined firm’s strategy to drive engagement both on and off the big screen,” Delrahim wrote.

The letter also repeated other arguments, including that the transaction would better allow Paramount to compete at scale against Netflix. Delrahim noted that Paramount captures “only 5.8% of US SVOD viewership, and WBD 5.0%.9 By comparison, the top three streaming subscription platforms together capture 65% of all U.S. SVOD viewers—Netflix with 32.5%, Disney 16.7%, and Amazon 15.3%. Absent something transformative, neither party is positioned to grow to a scale where they would catch up to the leading streamers.”

Delrahim also challenged figures from Cinema United, the trade association for exhibitors, which is opposing the deal. He cited figures showing that Paramount and Warner Bros. combined represent about 25% of the domestic box office, citing OpusData of 4,000 theatrical releases over the last five years. He claimed that figures from Cinema United, showing a 35% domestic box office share, only captured revenues for the first half of 2025.

“In this environment, Paramount must continue to compete aggressively to find outlets for its films, with many other substitutes available for theaters to fill their screens,” Delrahim wrote.

Delrahim also distinguished the Paramount-WBD merger from the Disney-Fox transaction of 2019, which critics have cited in opposing the merger. The Disney-Fox deal led to a reduction in releases and substantial losses of jobs. Fox was pared down into a unit of The Walt Disney Co.

“Disney acquired Fox just a year before the 2020 pandemic, shortly before launching Disney+, a sea-change event that forced massive changes to every film distributor’s go-to- market strategy,” wrote Delrahim, who signed off on the Disney-Fox transaction in a previous job, as head of the Justice Department’s Antitrust Division during Donald Trump’s first term.

Delrahim added, “Paramount’s strategy, in contrast, is informed by the marketplace as it exists in the wake of the pandemic—with three streaming giants dominating audience attention on the one hand, and theaters slowly reemerging as a critical marketing engine and cultural phenomenon that can support Paramount-WBD’s efforts to compete in the entertainment ecosystem on the other.” Delrahim also contended that Disney already was reducing its theatrical releases before it acquired the Fox assets.

One of the concerns raised by opponents is that the deal would usher in massive job loss. Paramount has not made specific job commitments.

Ellison has said that the two studios will operate separately, and in his letter, Delrahim wrote, “Paramount and WBD’s studios will each release at least 15 films per year, and maintain full staff to support production and distribution, to ensure this target is hit. No such commitment was made when Disney acquired Fox.”

Paramount’s letter also noted expressions of support from James Cameron and Adam Aron, the CEO of AMC Entertainment.

A spokesperson for Bonta said in response to the letter, “The Paramount acquisition of Warner Brothers remains an active investigation and we do not have any updates to share at this time.”

Bonta told Deadline in March, “Whenever there’s major corporate consolidation like this, there’s a concern that we might see increased prices, lower wages, reduction in competition, limits in choice, lower quality, all those things. That’s why there is antitrust law in the first place.”

Democratic lawmakers in Washington have warned of the transaction, with Sen. Cory Booker (D-NJ) holding a recent “spotlight” hearing that featured figures including Mark Ruffalo and documentary filmmaker David Borenstein. More than 5,000 filmmakers, industry professionals and others have signed on to an open letter opposing the transaction, including recent signees Jason Alexander, Tim Robbins, W. Kamau Bell and Lucy Fisher, per organizers.

Semafor first reported on the Paramount letter.

More from Variety:

Paramount Skydance Defends WBD Merger by Arguing That Neither Paramount+ nor HBO Max Could ‘Catch Up’ to Netflix, Disney or Amazon on Their Own

In letter to California attorney general Rob Bonta, Paramount chief legal officer also says deal is unlike Disney-21st Century Fox

Paramount Skydance is continuing to insist that the David Ellison-led company’s $111 billion takeover of Warner Bros. Discovery will bring “new competitive energy to the entertainment ecosystem,” in the words of its top lawyer — not reduce competition.

On May 7, Paramount chief legal officer Makan Delrahim sent a letter to California Attorney General Rob Bonta, in which Delrahim “reiterate[d] our continued commitment and support to Californian movie theaters and audiences” coming “in response to certain misinformation about the marketplace expressed in recent public commentary.” The letter was reported earlier by Semafor.

Paramount is lobbying the California AG about the alleged pro-competitive benefits of a combined Paramount-WBD as Bonta and other state attorneys general are reviewing the deal for potential antitrust issues. In a call with reporters Monday, Bonta reiterated that the proposed deal has “red flags everywhere” and that his office is examining the merger’s potential to result in higher prices, lower wages and fewer jobs, less choice and less competition. The California AG recently joined with several other states to file a lawsuit seeking to block the Nexstar-Tegna deal.

In the letter, Delrahim argued that Paramount and WBD together will “drive meaningful improvements for movie theaters and their audiences” and he reiterated Ellison’s commitment that the merged company will release at least 30 films per year.

In addition, he said that Paramount+ and HBO Max separately do not have the scale to “compete effectively” against bigger subscription streaming players Netflix, Disney+ and Hulu, and Amazon’s Prime Video.

Both Paramount+ and HBO Max “lack the scale to compete effectively against the leading SVODs [subscription video-on-demand services],” wrote Delrahim. “Absent something transformative, neither party is positioned to grow to a scale where they would catch up to the leading streamers.”

Citing Nielsen estimates for December 2025, he said Paramount had only 5.8% of U.S. subscription VOD viewership, and Warner Bros. Discovery had 5.0%. “By comparison, the top three streaming subscription platforms together capture 65% of all U.S. SVOD viewers — Netflix with 32.5%, Disney 16.7%, and Amazon 15.3%,” he wrote. If the deal is completed, Paramount plans to combine Paramount+ and WBD’s HBO Max in some way.

Meanwhile, Delrahim downplayed the market power of the companies’ movie studios if they were consolidated. “Paramount’s relationship with theater operators will not materially change after the merger,” he maintained. “Combined, Paramount and WBD only represent about 25% of the domestic box office, with at least a half dozen other distributors competing to show their films in theaters” including Disney, Universal, Sony, Amazon MGM Studios and Lionsgate. The 25% market share estimate is based on domestic box office grosses for 4,000 films over the past five years as compiled by OpusData.

“In this environment, Paramount must continue to compete aggressively to find outlets for its films, with many other substitutes available for theaters to fill their screens,” Delrahim wrote.

Delrahim, who before joining Paramount had advised Skydance Media on the Paramount Global acquisition, also said that Paramount-WBD is not comparable to Disney’s $71 billion deal to acquire 21st Century Fox assets that closed in 2019.

He noted: “Even before it acquired Fox, Disney started reducing its theatrical releases, releasing only 7 and 10 films theatrically in 2017 and 2018, respectively. Paramount, in contrast, has already increased its theatrical releases dramatically and has committed to distributing 30+ feature films following the WBD merger. Paramount and WBD’s studios will each release at least 15 films per year, and maintain full staff to support production and distribution, to ensure this target is hit. No such commitment was made when Disney acquired Fox.”

He also argued that “Disney’s motivation for acquiring Fox was largely about acquiring majority control of Hulu,” whereas “Paramount’s motivation for acquiring WBD, in contrast, is maximizing output across the entertainment ecosystem (including theatrical release) to compete more effectively with much larger competitors in Netflix, Disney, and Amazon. Increasing production and distribution volume is a key lever that Paramount has identified to achieve internal revenue targets for the combined company.”

That said, more films in theaters does not necessarily mean more money. Paramount, in reporting Q1 2026 earnings, said it expects “significantly lower theatrical revenue year-over-year due to lower average box office revenue per film across more releases” in 2026. A big part of that is that the studio faces a difficult year-over-year comparison because of 2025’s “Mission: Impossible – The Final Reckoning” (which took in nearly $600 million at the global box office). But it shows that simply churning out more titles doesn’t actually correlate with bigger economic impact.

Last month, Warner Bros. Discovery shareholders overwhelmingly voted in favor of the Paramount deal. The pact still requires approval by European regulators.

Paramount, before it won the WBD deal, said its proposed WBD takeover had cleared a milestone at the Justice Department, after the expiration of the statutory waiting period following Paramount’s “certification of compliance” with the DOJ’s second request for information under the Hart-Scott-Rodino antitrust act. However, the DOJ has the latitude to challenge a merger even after the HSR waiting period expiration. In March, the acting head of the Justice Department’s antitrust division, Omeed Assefi, said the Paramount-WBD deal will “absolutely not” be on a fast-track for approval due to political reasons, in the context of the Ellison family’s friendly ties to Trump.

###

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Paramount Reports First Quarter 2026 Financial Results

LOS ANGELES and NEW YORK, May 4, 2026 -- Paramount Skydance Corporation (Nasdaq: PSKY) today announced financial results for the first quarter ending March 31, 2026.

Please visit the Paramount Investors homepage to view a letter to shareholders.

An audio replay of Paramount Skydance Corporation's 1Q26 conference call will be available on May 4 in the Events and Webcasts section of Paramount's Investors homepage.

The earnings release and any other information related to the call will be accessible on Paramount's Investors homepage as well.

To automatically receive Paramount's latest financial news by email, please visit the Investors homepage and subscribe to email alerts.

Below is David Ellison's letter to shareholders, slightly edited for clarity for this post. To read Mr. Ellison's letter in full, which includes Paramount Skydance Corporation's financial presentation, click here.

Summary Points:

• Q1 revenue of $7.3 billion grew 2% year-over-year, with profitability exceeding our estimates for the quarter; we are reaffirming our full-year outlook of $30 billion in revenue and $3.8 billion in adj. EBITDA¹.

• DTC revenue¹ grew 11% year-over-year to $2.4 billion, led by 17% growth at Paramount+, which added 0.7 million subscribers (+1.9 million, excluding the exit of international hard bundle subscribers); DTC adj. EBITDA improved to $251 million (10% margin); we continue to expect accelerating DTC revenue and profit in 2026.

• Our content slate is delivering: Landman is now Paramount+’s most-watched series ever; The

Madison is Taylor Sheridan's strongest and most female-skewing series debut to date with 12.5 million global viewers in its first month; Marshals has reached over 18.5 million global viewers; and Scream 7 is the highest-grossing installment in the franchise's 30-year history.

• CBS holds 13 of the top 20 primetime series, including all four of the top new series, Marshals,

Sheriff Country, CIA and Boston Blue—an achievement no broadcast network has delivered since the early 1990s.

• We are converging our streaming tech stack—on track for a mid-year launch—to deliver a more

personalized, unified experience and enable continuous improvement across discovery and

monetization.

• We remain on track to deliver $3 billion-plus in efficiencies through 2027, with more than $2.5

billion in run-rate efficiencies expected by the end of 2026; TV Media adj. EBITDA¹ grew 11% to

$1.1 billion (29% margin) in Q1 as cost discipline more than offset revenue headwinds.

• We have made significant progress toward closing our acquisition of Warner Bros. Discovery by end of Q3'26, including the syndication of a portion of the new equity to strategic investors, securing $10 billion in debt financing, syndicating the remaining $49 billion in bridge financing to 18 global financial institutions, advancing regulatory approvals, and the April 23 approval by WBD shareholders.

¹ Non-GAAP measures are detailed in the Supplemental Disclosures at the end of this letter.

Fellow shareholders,

It’s been a busy and productive start to the year with momentum across our Direct-to-Consumer,

Studios, and TV Media segments driving strong Q1 results. We are pleased with the trajectory of our

business as we continue to invest in key areas of growth, drive greater efficiency across the enterprise

and position the company for long-term success. From day one, we set a clear objective: to transform

Paramount by investing in high-quality storytelling and technology, while pursuing opportunities that

will define the next era of entertainment. And we are making meaningful progress—driving strong

financial results while simultaneously managing an industry-shifting transaction.

Across our three segments, Direct-to-Consumer, Studios, and TV Media, the picture is one of deliberate

execution—investing in growth where the opportunity is largest and managing for margin where

structural headwinds persist.

Direct-to-Consumer

On the direct-to-consumer side, we’ve had a strong start to the year, led by the second season finale of

Landman and the debut of The Madison and Marshals. Landman is now the most-watched series in

Paramount+ history, while The Madison delivered Taylor Sheridan’s strongest and most female-skewing series debut to date on streaming, with 12.5 million viewers globally in its first month on the service. Both hit series have been renewed for subsequent seasons. Marshals has also been a standout —premiering on CBS and launching on Paramount+ the next day, it has now reached over 18.5 million

viewers globally to date, including nearly 5 million internationally. Our local originals are also gaining

meaningful traction: Italia Shore Season 3 (Italy) and Canada Shore (Canada), both of which are now

the platform’s top-performing reality series of all time in their respective countries.

Since August, our Direct-to-Consumer team has greenlit more than 20 new and returning series across

scripted, unscripted and animation—broadening both the depth of our slate and the audiences we reach. We’ve also made meaningful progress on platform consolidation, including the successful transition of BET+ content onto Paramount+ ahead of the full service integration expected in early summer. This next step expands the reach of the stories we champion, the creators we support and the culture we represent, bringing more than 1,000 hours of iconic series, films and originals to audiences in one unified experience.

In sports, Q1 included joint CBS simulcasts of three NFL playoff games, UFC, UEFA Champions League, Europa League, and Conference League matches, and college basketball. In total, Paramount+

subscribers have access to ~14,000 hours of sports content this year.

We are especially encouraged by the strong momentum with our exclusive offering of UFC. We

continue to refine how we deliver a premium experience to consumers, including airing portions of two

UFC events on CBS. To date, over 10 million households have watched more than 100 million hours of

UFC programming on our service—delivering viewership more than 15x the average pay-per-view

event over the past two years. Notably, new UFC subscribers are 15 years younger than the average

Paramount+ viewer—and they’re engaging with the service beyond just UFC, taking full advantage of

our broader offering of films and series like South Park.

In January, we implemented price increases across our Essential and Premium tiers in the U.S., Canada,

Australia and Latin America—the first such adjustment since August 2024. The results so far are in-line with our expectations, allowing us to continue reinvesting in the business. Through the quarter,

subscribers increased by 0.7 million, with strong underlying growth partially offset by exiting over 1

million hard bundle subscribers.

To further accelerate our DTC business, we are modernizing our consumer-facing technology to create

more dynamic, personalized, and connected experiences. The convergence of our streaming tech stack

—on track for launch mid-year—will enable continuous optimization across discovery, personalization,

and monetization. Across our streaming products, we are already seeing early momentum through

new features like enhanced mobile experiences and short-form video clips, designed to deepen

engagement and increase frequency.

As part of this evolution, this summer, Pluto TV will experience its most significant update in a decade,

built on the Paramount+ platform, marking a major step forward in personalization and user

experience and reinforcing our position as a player across both free and premium streaming. We’re

also expanding registration and first-party identity on Pluto to provide a better user experience and ad

signal. In the U.S., 65% of Pluto viewing minutes now come from registered users—up nearly 60% year-over-year—and we expect that share to continue rising as we evolve the product experience. We will also continue to drive VOD viewership on the platform—which we believe presents a better overall

consumer experience and is more valuable for advertisers given the intent associated with VOD—with

VOD TV hours per user up 60% following recent updates.

To further support Pluto TV, we are sharpening our content strategy, building a virtuous cycle in which

great programming attracts more viewers, and a better product experience keeps them engaged longer. This approach is already showing results, with strong performance from recently added fan-favorite titles. We see particular strength in nostalgia-driven programming, which is resonating with existing fans while introducing these franchises to a new generation.

Studios

On the theatrical side, we continue to expand our roster of talent, both in front of and behind the

camera, to bring more compelling stories to audiences worldwide. In less than nine months, we have

nearly doubled our slate, growing from eight films in 2025 to 15 in 2026 and are busy ramping our slate

for profitable growth in 2027, 2028 and beyond. One early highlight is Scream 7, co-produced with

Spyglass Media Group, which was the highest-grossing installment in the iconic franchise’s 30-year

history, surpassing $200 million globally.

Our upcoming film slate includes a broad mix of franchise offerings, originals, animated titles, horror,

dramas, R-rated comedies and more. On May 8, Billie Eilish—Hit Me Hard and Soft: The Tour (Live in

3D), directed by James Cameron and Billie Eilish, debuts in theaters, followed over Memorial Day

weekend by the supernatural thriller Passenger, and two weeks later, Scary Movie, part of our first-

look deal with Miramax. Then on June 26, jackass: best and last, the fifth and final installment in the

franchise, arrives in theaters, with additional film releases to follow throughout the year. At the same

time, our creative team is hard at work reinvigorating key franchises while investing in original

storytelling.

We are equally focused on ensuring these stories reach a broad, global audience. Last month at

CinemaCon, the annual gathering for theatrical exhibition, we gave theater owners our commitment to release a minimum of 30 films annually across Paramount and Warner Bros., with every film receiving a full theatrical release and a minimum 45-day window, effective immediately.

This commitment not only supports a healthy entertainment industry and protects the theatrical

experience for consumers, but will support our long-term growth, an important pipeline for engagement and monetization across our platform including licensing and streaming.

At the same time, Paramount Television Studios (PTVS) and CBS Studios continue to be sought-after

partners across the industry. In addition to the slate produced for Paramount+, we continue to deliver

for third parties.

PTVS had several notable milestones this period, including a limited series order for The Corrections at

Netflix and a third-season renewal of Cross for Prime Video. Meanwhile, we are also producing a 2026

slate of new series that includes Ride or Die, the Reacher spinoff Neagley for Prime Video; 12 12 12,

Brothers and Neuromancer for Apple TV; and Hollywood Arts for Netflix. In addition, we have new

seasons of established series such as Reacher, XO, Kitty, Foundation, and Emily in Paris.

CBS Studios—including BET Studios and Nickelodeon Animation Studios—complements this with a

portfolio of more than 60 active series across broadcast and streaming, spanning major franchises, new

entries, and a broad mix of premium, daytime and family programming.

Alongside selling our content, we will continue to invest in acquiring films and series from third-party

producers around the world, supporting top creative talent and distinctive storytelling, including local

market productions that resonate with audiences and drive global subscriber engagement.

TV Media

Our broadcast and linear television business remains a powerful engine of reach, relevance and cash

flow. CBS currently has 13 of the top 20 primetime series, including the #1 news program 60 Minutes,

as well as all four of the top new series, Marshals, Sheriff Country, CIA and Boston Blue—an

achievement no broadcast network has delivered since the early 1990s. We also expect CBS to continue its streak as the #1 in daytime for its 40^th consecutive season.

Beyond its broadcast leadership, CBS continues to be a major driver for Paramount+, with CBS titles

accounting for 10 of the top 20 series in time spent on the service during the broadcast season. New

CBS series are breaking through immediately on streaming, with first-year shows Marshals, Sheriff

Country and CIA generating roughly 40% of their audience from Paramount+.

Looking ahead, CBS enters the 2026-27 season with a schedule that is creatively strong and financially

disciplined and built for long-term value—anchored by a strong slate of 19 returning series, continued

franchise expansion that includes NCIS: New York, and new original concepts like Einstein, Cupertino

and Eternally Yours.

Our Sports business also continues to perform strongly, delivering robust viewership across the PGA

TOUR—highlighted by CBS’ most-watched final round of the Masters in over a decade—and the NCAA Division I Men’s Basketball Tournament, where CBS Sports, along with TNT Sports, generated the second-most watched March Madness since 1994.

Building on this momentum, we recently announced a new long-term partnership with the WNBA and

CBS Sports that will significantly expand our women’s sports offering. Under this agreement, CBS

Sports will broadcast up to 20 regular-season games annually across the CBS Television Network and

Paramount+, starting this season—the most WNBA games carried on broadcast television by any

network. We're committed to investing in premium live sports, and this positions us to capture the

growing audience and cultural momentum surrounding women’s basketball.

Driving Efficiency and Optimizing Investment Enterprise-wide

Our transformation program is ahead of schedule. Against our third North Star priority—driving

enterprise-wide efficiency with a focus on long-term free cash flow—we have more than $2.5 billion in

run-rate efficiencies on track for realization by year-end and expect to deliver at least $3 billion in

efficiencies through 2027.

As we’ve previously shared, one of our four major transformation workstreams is to make technology a

core competency of the company. We are transforming Paramount into a tech-enabled media company by unifying our platforms, data, and workflows across the business. This shift is already breaking down silos, increasing discipline, and enabling us to move faster with greater precision. From the rollout of our agentic data warehouse, which is simplifying how teams access and act on data, to the rapid scaling of AI-powered development tools, we are building durable internal capabilities that enhance both speed and quality. Today, nearly 80% of our engineering organization has adopted code-assist technologies, driving meaningful gains in productivity and product quality within the same development cycles, significantly reducing failure rates, and cutting approval times by more than half.

The examples above are just a snapshot of the progress underway, alongside newer initiatives designed to drive engagement and unlock future monetization opportunities. These include expanding into new content formats and interactive features on Paramount+, such as the launch of clips on the Paramount+ mobile app with plans to add gaming, live stats and polling. We’ll also enhance content discovery on Pluto TV through automated carousels, Content Spotlight units, curated collections, and Top 10 experiences. Together, these efforts demonstrate steady, disciplined progress toward a more innovative, efficient and technology-driven Paramount.

One of our core areas of focus has been strengthening our advertising business. We have moved

quickly to restructure our go-to-market approach, rebuild our team, and invest in the capabilities

required to compete in an increasingly digital, performance-driven environment. We consolidated our

national sales organization into a single, client-centric structure under unified leadership, formally

launched Paramount Media Labs—connecting our IP with brand marketers through more integrated

and immersive experiences, and added new talent from leading digital platforms including Amazon,

The Trade Desk, Google, Hulu, and Roku, reflecting a deliberate effort to deepen and broaden our

expertise.

At the same time, we are accelerating investment in ad technology, including Precision+, our AI-powered targeting and optimization product, and we are making continued progress in ad serving,

CRM unification, and yield management. These efforts are beginning to translate into results:

Paramount+ advertising revenue remains strong, digital monetization is improving sequentially across

the portfolio, and our programmatic demand pipeline heading into Q2 is encouraging.

Additionally, at the beginning of Q2 we brought our first divisions in the company live onto Oracle

Fusion, and we plan to have the entire organization on one, unified ERP system by early next year.

Q1 Results and Q2 and 2026 Outlook

A summary and discussion of Q1 results and our Q2 and 2026 outlook are below. As we have

previously noted, we are reporting our Q1'26 results under a new segment structure—including our

reorganization across DTC, Studios, and TV Media and segment expense allocations. Recast financials

for prior periods are reflected in the table [here] and also available on our IR website and were

previously disclosed via an 8-K filing. Additionally, we present periods before (“predecessor”) and after

(“successor”) the close of the Skydance Transactions in accordance with the financial reporting

requirements for our transaction, further described in the Financial Statement Presentation section in

the back of the letter. Additional supplemental information is also available on our IR website.

Q1’26

In Q1, total revenue of $7.3 billion increased 2% versus revenue of $7.2 billion in Q1'25 for the

predecessor company, led by growth in DTC and Studios revenues, partially offset by a continued

decline in TV Media. Operating income was $616 million (8% margin) including $103 million of

transaction-related costs. Adj. EBITDA was $1.2 billion, a 16% margin, and increased 59% year-over-

year with outperformance driven by disciplined expense management while we continue to invest for

growth across the business. The below discussion by segment includes comparisons to 2025 recast

under the new segment presentation.

Direct-to-Consumer

• DTC revenue increased 11% year-over-year to $2.4 billion, led by Paramount+ revenue growth

of 17% year-over-year. Paramount+ revenue growth reflected 14% ARPU * growth and 2%

subscriber growth. Our underlying subscriber base grew by nearly 2 million, partially offset by

the exit of over 1 million international hard bundle subscribers in Q1, in-line with our plan. This

impacted reported net adds but improved the quality and economics of our subscriber base.

• DTC adj. EBITDA was $251 million (10% margin) and improved compared to -$4 million in Q1'25, reflecting continued subscription and advertising growth, and including a content expense

benefit from reductions in content assets resulting from the change in accounting basis resulting from the Skydance transaction, partially offset by continued content investment.

Studios

• Studios revenue increased 11% year-over-year to $1.3 billion, including strong theatrical performance from Scream 7 and the consolidation of Skydance licensing revenues into Paramount Television Studios.

• Studios adj. EBITDA was $164 million (13% margin), up significantly year-over-year from $82

million in Q1’25, driven by licensing deals in the quarter.

TV Media

• TV Media revenue declined 6% year-over-year to $3.7 billion. Both advertising and affiliate revenue declined 6% year-over-year. Advertising revenue trends included a two percentage point impact from international exits, partially offset by a one percentage point benefit from political advertising in the quarter. Affiliate trends were consistent with continued pay TV subscriber erosion.

• TV Media adj. EBITDA was $1.1 billion, a 29% margin vs a 24% margin for Q1 2025, demonstrating disciplined expense management to more than offset revenue declines.

* We calculate average revenue per subscriber (“ARPU”) as total Paramount+ revenues during the applicable period divided by the average of Paramount+ subscribers at the beginning and end of the period, further divided by the number of months in the period.

Q2’26

As previously noted in our Q4 letter, we expected total company revenue to be relatively more weighted to the second half of the year, though we now expect profitability will skew slightly towards the first half of the year. In Q2’26, we expect total revenue of $6.75 billion to $6.95 billion or -1% to 1% growth year-over-year versus Q2’25 for the predecessor company, led by DTC revenue growth and, to a lesser degree, an increase in Studios revenue, offset by declines in TV Media. The Q2 revenue growth outlook reflects a difficult comparison to theatrical revenue in Q2’25 with the release of Mission: Impossible—The Final Reckoning as well as decelerating ad revenue including lapping the NCAA Final Four and Championship games in Q2’25. We continue to expect healthy underlying subscriber growth for Paramount+, but similar to Q1, we expect Paramount+ quarter-over-quarter subscribers will be flattish due to the strategic exit of approximately 2 million international hard bundle subscribers.

We expect adj. EBITDA of $0.9 billion to $1.0 billion, or a 13.9% margin at the midpoint, with

approximately $75 million of stock-based compensation in the quarter. We expect continued year-over-year improvement in total DTC margin and total profitability in Q2. We anticipate transformation costs of several hundred million in Q2, which will impact our reported free cash flow.

2026

For 2026, we continue to expect total revenue of $30 billion, or 4% growth year-over-year, inclusive of

predecessor and successor periods. Our expectations by segment are largely consistent with those we

outlined in our Q4’25 letter. We forecast adj. EBITDA of $3.8 billion, or a 12.7% margin. We will balance near-term profitability with reinvestment as we make progress against our $3 billion-plus efficiencies.

We continue to expect free cash flow conversion of approximately 5% before roughly $800 million of

transformation costs, as previously noted. 2026 is an important year of investment—in business

transformation, and in content and technology, which we expect will contribute to our growth in 2027

and beyond. Across segments:

• For DTC, we continue to expect accelerating revenue growth* across subscription and advertising revenue excluding the impact of Showtime declines. Underlying subscriber growth will be healthy and accelerating year-over-year, though total paid subscribers will only be modestly higher compared to 2025 due to strategic hard bundle exits. We continue to expect to grow our DTC profit in 2026 relative to 2025.

• We expect growth in our new Studios segment driven by accelerating licensing and other revenues, including a full-year impact of legacy Skydance revenue, as well as higher licensing across Paramount Television Studios and CBS Studios. While we saw better-than-expected theatrical performance from Scream 7, we continue to expect significantly lower theatrical revenue year-over-year due to lower average box office revenue per film across more releases in 2026 as we build into our 2027+ slates. We expect Studio segment profitability will increase in 2026 versus 2025.

• In TV Media, we expect continued headwinds to affiliate revenue due to pay TV subscriber declines with some moderation in linear advertising declines versus 2025, including expected political spending in 2026. We expect to have stable-to-improving margins in TV Media.

* Excluding Paramount+ with Showtime, our premium cable channel, which was previously reported under the TV Media segment.

Capital Structure & Capital Allocation

We ended the quarter with $1.9 billion in cash and cash equivalents and $15.5 billion in gross debt. Our

debt went up in the quarter as we drew $2.15 billion on our revolving credit facility to pay the $2.8

billion termination fee WBD owed to Netflix upon entering into our merger agreement. This amount

will be repaid by us from proceeds we will receive from the private placement we entered into in

connection with the WBD transaction. This increase in our debt was offset partially as we repaid $347

million of debt maturing early in Q1 with cash on hand. We have $86 million in debt maturing for the

remainder of 2026.

Acquiring Warner Bros. Discovery

On February 27, we announced our definitive merger agreement under which Paramount will acquire

WBD, which will accelerate our ambition of building a next-generation media and entertainment

company.

We’re making great progress on our plan to close the transaction by the end of Q3’26 with a number of

important milestones. In April, we announced that a group of select strategic investors were assigned a

portion of the $47 billion equity investment. This syndication does not relieve the original equity

investors of their contractual commitments made to the company. As detailed in the 8-K, the PIPE

subscription price was updated from a fixed $16.02 per share to a market-referenced price at close—

floored at $12.00 and capped at $16.02. Additionally, we replaced the previously planned rights offering with a dividend of one 10-year warrant per Class B share, exercisable at the syndication price and expected to trade separately on Nasdaq, which we believe is a greater value to our shareholders than the prior rights offering structure.

Subsequently, we also announced that we successfully secured long-term financing commitments

consisting of $5 billion in term loans and a $5 billion revolving credit facility, secured against the assets

of the combined company at close. We successfully syndicated the remaining $49 billion of bridge

financing to 18 global financial institutions to fund the transaction, which we intend to replace with

additional secured debt across the investment grade and high yield markets prior to closing the

transaction. Existing Paramount notes will remain in place as unsecured obligations following close.

Most recently, on April 23, WBD shareholders voted to approve the merger agreement, another critical

step in our path towards closing. We look forward to closing the transaction in the coming months and

sharing future updates as we work to create a company that serves the creative community and

consumers.

Closing

The first quarter demonstrated what this company is capable of when strategy, content, and execution

align. The WBD transaction, on track for a Q3 close, will amplify that potential significantly and unite

two world-class teams. We are building something lasting—and we are just getting started.

Sincerely,

David Ellison

Chairman & CEO

Paramount, a Skydance Corporation

Cautionary Note Concerning Forward-Looking Statements

This letter contains both historical and forward-looking statements, including statements related to our future financial results and performance, potential achievements and transactions (including in connection with our pending merger with Warner Bros. Discovery, Inc.) and their expected benefits, and industry trends and developments. All statements that are not statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements reflect our current expectations concerning future results and events; can generally be identified by the use of statements that include phrases such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” “likely,” “will,” “may,” “could,” “estimate” or other similar words or phrases; and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause our actual results, performance or achievements to be different from any future results, performance or achievements expressed or implied by these statements. These risks, uncertainties and other factors include, among others: risks related to our streaming business; the adverse impact on our advertising revenues as a result of changes in consumer behavior, advertising market conditions and deficiencies in audience measurement; risks related to operating in highly competitive and dynamic industries; the unpredictable nature of consumer behavior, as well as evolving technologies and distribution models; risks related to our decisions to invest in new businesses, products, services and technologies, and the evolution of our business strategy; the potential for loss of carriage or other reduction in or the impact of negotiations for the distribution of our content; damage to our reputation or brands; losses due to asset impairment charges for goodwill, content and long-lived assets, including finite-lived intangible assets; liabilities related to discontinued operations and former businesses; increasing scrutiny of, and evolving expectations for, sustainability initiatives; evolving business continuity, cybersecurity, privacy and data protection and similar risks; challenges in protecting and maintaining our intellectual property rights; domestic and global political, economic and regulatory factors affecting our businesses generally; the inability to hire or retain key employees or secure creative talent; disruptions to our operations as a result of labor disputes; risks and costs associated with the integration of, and our ability to integrate, the businesses of Paramount Global and Skydance Media, LLC successfully and to achieve anticipated synergies; litigation relating to the Skydance Transactions potentially resulting in substantial costs; volatility in the price of our Class B common stock; the effect our dual-class capital structure and the concentrated ownership may have on the price of our Class B common stock or business; risks related to a private sale of a controlling interest in our Company, including that our stockholders may not realize any change of control premium on shares of our Class B common stock and that we may become subject to the control of a presently unknown third party; risks associated with our status as a “controlled company” under Nasdaq rules, including our exemption from certain corporate governance requirements; risks associated with the lack of voting rights of our Class B common stock; risks that anti-takeover provisions in our amended and restated certificate of incorporation (“Charter”) and amended and restated bylaws, and under Delaware law could deter, delay, or prevent a change of control; risks that exclusive forum provisions in our Charter could limit a stockholder’s choice of forum for certain claims and discourage lawsuits against our directors and officers; risks that corporate opportunity provisions in our Charter could permit certain persons to pursue competitive opportunities that might otherwise be available to us; risks associated with our holding company structure, including our dependence on distributions from our subsidiaries to meet our tax obligations and other cash requirements; disruptions the WBD Merger may cause to our and WBD’s business and commercial relationships; the negative impact that a failure to consummate the WBD Merger could have on our business, financial condition, results of operations and stock price; the risk that the WBD Merger may be prevented or delayed or the anticipated benefits reduced if we do not obtain certain regulatory approvals; the risk that the WBD Merger Agreement may be terminated in accordance with its terms, including if any conditions to the closing of the WBD Merger are not satisfied; the risk that litigation relating to the WBD Merger could prevent or delay the closing of the WBD Merger or result in the payment of damages after closing; challenges realizing synergies and other anticipated benefits expected from the WBD Merger, including integrating WBD’s business successfully; risks to our business, financial condition or results of operations as a result of the incurrence of substantial costs and indebtedness in connection with the WBD Merger; risks of reduced ownership and economic interest by our existing stockholders as a result of the WBD Merger; and other factors described in our news releases and filings with the Securities and Exchange Commission, including but not limited to our most recent Annual Report on Form 10-K and our reports on Form 10-Q and Form 8-K. There may be additional risks, uncertainties and factors that we do not currently view as material or that are not necessarily known. The forward-looking statements included in this letter are made only as of the date hereof, and we do not undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.

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About Paramount, a Skydance Corporation

Paramount, a Skydance Corporation (Nasdaq: PSKY) is a leading, next‑generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. The Company's portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, SHOWTIME^®, Paramount+, Pluto TV, Skydance Animation, Film, Television, and Interactive/Games, and the newly established Paramount Sports Entertainment. For more information, please visit www.paramount.com.

PSKY-IR

Below is a transcript of Paramount Skydance Corporation's (PSKY) Q1 2026 Earnings Call, courtesy of Seeking Alpha:

Nick@Nite to Air 'BET Awards' 2026 on June 28

BET has announced that the BET Awards 2026 will air LIVE from the Peacock Theater in Los Angeles on Sunday, June 28, at 8 PM ET/PT on BET and simulcast across the Paramount ecosystem, including

on BET HER, CMT, LOGO, MTV, MTV2, Nickelodeon (during Nick@Nite), Paramount, POP, VH1, Comedy Central, and TV Land!

Culture’s Biggest Night, this year's BET Awards will be hosted by award-winning comedian, entertainer, and cultural sensation Druski, who will become the youngest-ever host of the BET Awards, eclipsing Kevin Hart, who previously held the distinction in 2011.

“It’s an honor to be the youngest host EVER for the BET Awards,” Druski said. “I grew up watching the BET Awards and, to know the comedic legends that hosted before me set the bar so high, I’m just grateful to be a part of the history. BUT I’m still bringing my brand of comedy to the stage, so expect a little chaos, a lot of laughs, and some of your favorite Druski characters to pop out along the way.”

BET Awards is one of the most-watched award shows on cable television, according to the Nielsen Company. The BET Awards franchise remains the #1 program in cable TV history among African-Americans, and it is the #1 telecast for BET every year. It recognizes the triumphs and successes of artists, entertainers, and athletes in a variety of categories.

Credit: Erik Umphrey

For 25 years, the BET Awards has been one of the most powerful cultural platforms in entertainment, honoring the artists, creators, and leaders shaping culture in real time. Built on the pillars of community, culture, and connection, it has delivered iconic performances, unforgettable tributes, and moments that continue to resonate far beyond the stage. The show reflects the creativity, influence, and reach of Black culture across music, television, film, sports, fashion, and more.

“As one of the most exciting and influential comedic voices of his generation, Druski brings a unique ability to connect with audiences through humor that feels both fresh and deeply rooted in culture,” said Connie Orlando, EVP, Specials, Music Programming & Music Strategy at BET. “As we prepare for this year’s BET Awards, we’re thrilled to have him bring his signature energy and perspective to the stage, helping set the tone for a night that celebrates the achievements and cultural impact of our community.”

“Druski represents the kind of bold, culture-driving talent that continues to shape the future of entertainment. His voice resonates across platforms, blending comedy and authentic connection in a way that aligns perfectly with our vision for BET. Partnering with Druski as host reflects our commitment to elevating the new generation of comedians who are redefining how audiences engage with content today,” said Louis Carr, President, BET.

Connie Orlando, EVP of Specials, Music Programming and Music Strategy, serves as Executive Producer for BET Awards 2026. Jesse Collins Entertainment is the production company for the show, with Jesse Collins, Dionne Harmon, and Jeannae Rouzan-Clay also serving as Executive Producers.

Additional announcements, including nominees and performers, will be revealed in the coming weeks. Culture's Biggest Week returns with BET Experience 2026 (BETX), three days of immersive, fan-focused events, June 25-27, ahead of BET Awards 2026.

BET Experience is the destination for elevating unapologetic Blackness with authentic entertainment, access, and lifestyle experiences. Through the lens of millennial and Gen Z audiences, BET Experience curates the culture, standing at the intersection of who this coveted segment is and where they’re headed.

For more information, visit www.bet.com and follow @BET on social platforms.

THE MAIN STAGE IS SET: 

TRAILER AND GUEST JUDGES REVEALED FOR RUPAUL’S DRAG RACE ALL STARS SEASON 11 PREMIERING MAY 8 ON PARAMOUNT+

Brian Tyree Henry, Bronwyn Newport, Christina Ricci, Cooper Koch, Evan Mulrooney, Gina Gershon, Jamal Sims, Janelle James, Juno Temple, Kate Hudson, La Toya Jackson, Law Roach, and Reneé Rapp to serve as guest judges

April 29, 2026 –The guest judges have entered the werk room — and they did not come to play. Brian Tyree Henry, Bronwyn Newport, Christina Ricci, Cooper Koch, Evan Mulrooney, Gina Gershon, Jamal Sims, Janelle James, Juno Temple, Kate Hudson, La Toya Jackson, Law Roach and Reneé Rapp will serve as celebrity guest judges for the eleventh season of RuPaul’s Drag Race All Stars. The star-studded lineup joins Emmy^® Award-winning host RuPaul alongside fan-favorite panelists Michelle Visage, Carson Kressley, Ross Mathews, and Ts Madison.

The trailer for the new season is here, teasing fierce competition, shocking twists, and Grammy^® Award-winning icon LaToya Jackson as the premiere guest judge. The new season premieres exclusively with two all-new episodes on Paramount+  Friday, May 8. Get started at ParamountPlus.com.

The previously announced 18 queens vying for a grand prize of $200,000 and a place in the coveted Drag Race Hall of Fame include A'keria C. Davenport, April Carrión, Aura Mayari, Crystal Methyd, Hershii LiqCour-Jeté, Jasmine Kennedie, Joey Jay, Kennedy Davenport, Lucky Starzzz, Dawn, Morphine Love Dion, Morgan McMichaels, Mystique Summers, Salina EsTitties, Sam Star, Shuga Cain, Silky Nutmeg Ganache, and Vivacious.

In the preliminary round, the queens will be divided into three brackets of six, each competing in their own bracket across three episodes. At the end of each bracket, the top two queens with the highest point totals will advance to the semi-finals and go head-to-head with the top queens from the other groups in another round of fierce competition. The tournament will culminate in an epic Lip Sync Smackdown for the Crown grand finale episode, where the finalists will battle it out for a grand prize of $200,000, an official makeup collaboration with Anastasia Beverly Hills, and a place in the coveted Drag Race Hall of Fame.

Additionally, new episodes of RuPaul’s Drag Race All Stars Untucked – available to stream exclusively on Paramount+ on May 8 – take viewers behind the scenes to the backstage drama as the queens anxiously await their fate each week.

For more information on RuPaul’s Drag Race All Stars and up-to-date news, go here. Join the conversation by using #DragRace and #AllStars11, and follow the official accounts on Instagram, X, Facebook, TikTok and YouTube.

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About Paramount+

Paramount+ is a premium streaming subscription service delivering live sports, breaking news, and a Mountain of Entertainment™, and is a cornerstone of the Direct-to-Consumer division at Paramount, a Skydance Corporation (Nasdaq: PSKY), a leading, next-generation global media and entertainment company. The Company’s portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS – America’s most-watched broadcast network, CBS News, Nickelodeon, MTV, BET, Comedy Central, SHOWTIME^®, Paramount+, Pluto TV, and Skydance’s Animation, Film, Television, Interactive/Games, and Sports divisions. For more information please visit www.paramount.com.

@ParamountPlus

@PeakParamount

#ParamountPlus

About World of Wonder

World of Wonder (WOW) has reshaped international pop culture, earning 33 Emmys, inspiring two Oscars, creating global network WOW Presents Plus across 190 territories, and bringing drag culture to the world stage via RuPaul’s Drag Race and DragCon. SVOD WOW Presents Plus, the exclusive home to the global Drag Race franchise and hundreds of WOW Original series, saw 35M hours of content watched in 2023 with 77% subscriber growth in the same year. WOW’s pioneering television portfolio includes other smash-hit franchises like Million Dollar Listing. Their film division WOW Docs produces groundbreaking documentaries including Mapplethorpe: Look at the Pictures, Party Monster, and The Eyes of Tammy Faye. WOW also operates YouTube channel WOWPresents, music label World of Wonder Records, the WOW Podcast Network, and year-round international live events. Co-founders Fenton Bailey and Randy Barbato have been profiled in Variety’s Reality TV Impact Report and Hollywood Reporter’s Most Powerful Producers in Unscripted. Honors for their trailblazing work include the IDA Pioneer Award, Realscreen’s Global 100 list, Banff’s Impact Award, and the OUT 100. In 2022, World of Wonder was ranked #2 among film and TV powerhouses in Fast Company’s World’s 50 Most Innovative Companies.

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Shop Paramount+ at ParamountShop.com

Stream a Mountain of Entertainment, including your Nickelodeon favorites on Paramount+! Try it FREE at ParamountPlus.com!

Add NickALive! to Google Preferred Sources

More Nick: Nickelodeon Kids' Choice Awards 2026 Set to Air Live Nov. 14 on Nickelodeon and CBS!

H/T: Billboard, TheFutonCritic.com.

Nickelodeon (NAN), Nick at Nite.

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