Paramount is a U.S. media and entertainment company that creates and distributes content across broadcast TV, cable networks, streaming, and film. Its flagship asset is CBS, the most-watched U.S. broadcast network, which drives advertising revenue through primetime programming, news, and live sports including the NFL. Paramount+ is its subscription streaming service with 77.5M global subscribers, offering CBS content, original series, Showtime programming, and live sports. Paramount also operates a portfolio of cable networks — Nickelodeon, MTV, Comedy Central, BET, and Paramount Network — targeting specific demographics, and Pluto TV, a free ad-supported streaming service. Paramount Pictures is its Hollywood film studio, with franchises including Mission: Impossible, Sonic the Hedgehog, and Transformers. Paramount earns revenue through three channels: advertising (sold across broadcast, cable, and streaming via its EyeQ platform), affiliate and subscription fees (carriage fees from pay-TV distributors and monthly fees from Paramount+ subscribers), and content licensing to third-party platforms. The business faces structural pressure as cord-cutting erodes linear TV revenue, which still accounts for roughly two-thirds of total revenue. Management's strategy centers on streaming profitability, cost cuts, and a franchise model that extends IP across film, streaming, and broadcast. A pending merger with Skydance Media is expected to bring roughly $6B in new equity capital to the combined company.