Paramount Skydance is a global media and entertainment company built around producing and distributing film and TV content. Its flagship asset is CBS, the most-watched U.S. broadcast network for 17 consecutive years, carried by live sports (NFL, UFC, NCAA), primetime dramas, and news. Paramount also operates Paramount Pictures, one of Hollywood's oldest film studios, with franchises including Mission: Impossible, Transformers, and Sonic the Hedgehog. The company's cable portfolio includes Nickelodeon, MTV, BET, and Comedy Central, though these networks are in secular decline as cord-cutting accelerates. On the streaming side, Paramount operates Paramount+, a subscription service with roughly 79M global subscribers, and Pluto TV, a free ad-supported streaming service. Paramount generates revenue through four streams: advertising on CBS, cable networks, and streaming platforms; affiliate and retransmission fees from pay-TV distributors; content licensing to third-party platforms; and theatrical and home entertainment from Paramount Pictures. Under CEO David Ellison, Paramount's strategic focus is scaling Paramount+ globally through investment in originals, sports rights, and franchise films, while rebuilding Paramount Pictures' theatrical output to at least 15 wide releases per year starting in 2026. Paramount is also consolidating Paramount+, Pluto TV, and BET+ onto a single technology platform, and is targeting at least $3B in run-rate cost savings.