Paramount Skydance Corp-B 2025年度报告

FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF1934 For the fiscal year ended December31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF1934 For the transition period from ____________ to ____________ Commission File Number001-42791 Paramount Skydance Corporation(Exact name of registrant as specified in its charter) 99-3917985 Delaware (I.R.S. Employer Identification No.) (State or other jurisdiction ofincorporation or organization) 1515 Broadway New York,New York10036 (212)258-6000(Address, including zip code, and telephone numbers, includingarea code, of registrant’s principal executive offices) Name of each exchange on which registere Securities registered pursuant to section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer (as defined in Rule405 of the Securities Act of 1933).Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Securities Exchange Act of 1934.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (orfor such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of RegulationS-T during thepreceding 12months (or for such shorter period that registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See thedefinitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Securities Exchange Act of 1934. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accountingstandards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting underSection 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of anerror to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’sexecutive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Securities Exchange Act of 1934).Yes☐No☒ As of June30, 2025, which was the last business day of the registrant’s most recently completed second fiscal quarter, the market value of the shares of the registrant’s ClassB CommonStock, $0.001 par value (“ClassB Common Stock”), held by non-affiliates waszero. On August 7, 2025, by operation of Rule 12g-3(a) promulgated under the Securities Exchange Act of1934, as amended (the “Exchange Act”), the registrant became the successor issuer to Paramount Global. The market value of Paramount Global’s Class A Common Stock and Class BCommon Stock held by non-affiliates at June30, 2025 was$211,199,578and$7,730,877,301, respectively. As of February20, 2026, 31,500,087 shares of the registrant’s Class A Common Stock and 1,080,241,022 shares of ClassB Common Stock were outstanding. DOCUMENTS INCORPORATED BY REFERENCE PART I Item 1.Business.Item 1A.Risk Factors.Item 1B.Unresolved Staff Comments.Item 1C.Cybersecurity.Item 2.Properties.Item 3.Legal Proceedings.Item 4.Mine Safety Disclosures. PART II Item 5.Market for ParamountSkydance Corporation’s Common Equity, Related StockholderMatters and IssuerPurchases of Equity Securities.II-1Item 7.Management’s Discussion and Analysis of Results of Operations and Financial Condition.II-3Item 7A.Quantitative and Qualitative Disclosures About Market Risk.II-43Item 8.Financial Statements and Supplementary Data.II-44Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.II-125Item 9A.Controls and Procedures.II-125Item 9B.Other Information.II-125Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.II-125 PART III Item 10.Directors, Executive Off