- **D2C momentum**: 1.4M Q3 subs added, 24% revenue growth.
- **Content investment**: $1.5B allocated for 2026, including UFC and premium originals.
- **Tech transformation**: Unified streaming platform by mid-2026 to enhance UX and ad tech.
- **2026 targets**: $30B revenue, $3.5B OIBDA, $3B+ efficiency.
- **UFC deal**: Exclusive content to drive subs and engagement.

**【CEO Summary Section】**
- 96 days post-merger, significant progress made toward North Star priorities: growth businesses, D2C scaling, and efficiency.
- Q3 D2C subscribers reached 79 million, up 1.4 million, with revenue growing 24% YoY.
- $1.5 billion in 2026 content investments, including UFC, South Park, and Duffer Brothers collaborations.
- Film slate expansion to 15 releases/year (from 8) to drive theatrical output.
- Targeting $30 billion revenue and $3.5 billion OIBDA in 2026, with efficiency improvements of $3 billion+.

**【CFO Financial Commentary】**
- 2026 guidance: $30 billion revenue, $3.5 billion OIBDA, and $3 billion+ efficiency run rate.
- Content spend to increase by $1.5 billion in 2026, balanced for global scale.
- Free cash flow expected to improve as cost management enhances profitability.

**【Q&A Key Highlights】**
- D2C growth driven by content (e.g., UFC) and tech unification into one platform by mid-2026.
- UFC deal to boost engagement and subs via exclusive content on Paramount+.
- Global content strategy with $1.5 billion in 2026 investments, focusing on premium films, TV, sports, and news.
- Tech integration to enhance ad tech and recommendation engine for better monetization.
- Efficiency focus on core D2C and film businesses, with divestitures in non-core assets (e.g., Latin American O&O networks).

Paramount Skydance Corporation (PSKY) Q3 2025 Earnings Call Transcript

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