Paramount Skydance reported roughly $6.9 billion in Q2 2026 revenue on 4 August, flat year over year, while net profit slipped to $41 million from $57 million a year earlier Deadline. The numbers landed where analysts expected — consensus had forecast revenue at about $6.9 billion with lower earnings per share Deadline.

The streaming story is brighter. Paramount+ added about 2 million net new subscribers in the quarter, pushing the worldwide total to 81.6 million. Paramount called Q2 its best quarter ever for Paramount+ retention — meaning fewer people cancelled the service than in any previous three-month stretch. BET+ was also folded into Paramount+ during the quarter, consolidating that content library under one subscription roof Deadline.

The traditional TV business told a different story. In Paramount's TV Media segment, revenue declined year over year but profitability grew — a signal that the company is cutting costs in linear television faster than advertising and affiliate fees are falling Deadline.

Paramount raised its full-year 2026 adjusted EBITDA outlook to a range of $3.8 billion to $3.9 billion, and now expects over $2.7 billion in cost savings by year-end, above its previous projection. The company continues to forecast about $30 billion in total revenue for 2026 and still expects more than $3 billion in efficiencies from the Skydance-Paramount combination Deadline.

The Warner Bros. Discovery acquisition hangs over all of it. Announced in February 2026 as a $31-per-share, all-cash deal valued at $110 billion, the merger has cleared regulatory review in 65 jurisdictions including the European Commission, China, Brazil, and the United States Deadline.

But state attorneys general, led by California's Rob Bonta, filed an antitrust suit to block it and secured a temporary restraining order halting the transaction. A judge has now set a March trial date. Paramount had asked for November; the states wanted February Deadline.

Chairman and CEO David Ellison, in a letter to shareholders, said Paramount "fully expects" the WBD acquisition to close. He has repeatedly projected a Q3 2026 closing — a timeline the March trial date complicates Deadline.

Paramount secured $15 billion in bridge financing for the deal in March, according to an SEC filing SEC. Both boards approved the transaction unanimously Paramount.

For the people watching at home, the numbers behind these decisions matter in a concrete way. A merger that closes on schedule means two massive content libraries — HBO, Max originals, Paramount films, CBS, Paramount+ series — could sit under one corporate roof. A trial that stretches into March pushes that timeline past the shows audiences are watching right now, and past the writers' rooms and production schedules that depend on knowing who owns what.