Paramount Skydance (PSKY) MoffettNathanson's 2026 Media, Internet & Communications Conference summary

Executive background and strategic positioning

• CFO brings experience from GE, Uber, and Scale AI, emphasizing operational efficiency and technology-driven transformation.

• Exposure to both large-scale operations and early-stage tech companies informs a unique approach to media and entertainment.

• Board involvement quickly evolved into an executive role, coinciding with major M&A activity.

• Focus on leveraging technology and operational rigor to drive transformation.

Business priorities and Q1 performance

• Three main priorities: accelerate content engine, scale streaming, and drive efficiency.

• Q1 saw 15 films on track for release, with Scream VII exceeding box office expectations.

• Paramount+ streaming grew 17% YoY, with strong content and digital ad growth.

• TV media revenue declined 6%, but margins improved by 5 points.

• Synergy targets raised to $2.5B for 2024, aiming for $3B+ standalone.

Warner Bros. Discovery merger and strategic rationale

• Merger accelerates strategy, combining 200 years of storytelling and complementary IP portfolios.

• Immediate scale in streaming with ~200M subs and global reach in linear assets.

• Integration of CBS, CNN, Discovery, TNT, and more to reinvest in growth priorities.

• Unique blend of Hollywood and Silicon Valley leadership to drive innovation.