v3.26.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Impairment Test on Markets The number of markets tested, assumptions used in the Greenfield Method, and resulting impairments, which were each recorded within the TV Media segment, were as follows:
Test PeriodMarkets
Tested		Discount RateLong-Term Growth RateMarkets ImpairedImpairment
Second Quarter 202567.50 %(2)%6$157 
Third Quarter 2024147.50 %(2)%5$104 
Second Quarter 202488 %— %2$15 
Schedule of Changes in Book Value of Goodwill by Segment
The following tables present the changes in the book value of goodwill by segment.
TV MediaDirect-to-ConsumerFilmed EntertainmentTotal
Balance at December 31, 2023 (Predecessor) (a)
$11,168 $2,728 $2,620 $16,516 
Impairment(5,981)— — (5,981)
Foreign currency(27)— — (27)
Balance at December 31, 2024 (Predecessor) (a)
5,160 2,728 2,620 10,508 
Disposition(20)— — (20)
Foreign currency— — — — 
Balance at August 6, 2025 (Predecessor) (b)
5,140 2,728 2,620 10,488 
StudiosDirect-to-ConsumerTV MediaTotal
Balance at August 7, 2025 (Successor) (b)
$40 $947 $— $987 
Acquisition— — 183 183 
Measurement period adjustments64 325 41 430 
Balance at December 31, 2025 (Successor)$104 $1,272 $224 $1,600 
(a) The carrying amount of goodwill at the TV Media segment for the Predecessor periods included accumulated impairment losses of $19.34 billion and $13.35 billion at December 31, 2024 and 2023, respectively.
(b) In connection with the pushdown of the Ultimate Parent’s basis, goodwill was reduced by $9.54 billion on August 7, 2025 (see Note 2). Skydance goodwill of $40 million is also reflected in the Successor balance as of August 7, 2025.
Schedule of Indefinite-lived Intangible Assets
Our intangible assets were as follows:
Accumulated
At December 31, 2025 (Successor)
GrossAmortizationNet
FCC and other broadcasting licenses$2,554 $(34)$2,520 
Trade names1,509 (38)1,471 
Affiliate relationships1,004 (158)846 
Subscriber relationships1,080 (216)864 
Franchises326 (13)313 
Developed technology258 (34)224 
Total intangible assets$6,731 $(493)$6,238 
Accumulated
At December 31, 2024 (Predecessor)
GrossAmortizationNet
Intangible assets subject to amortization:
Trade names$241 $(166)$75 
Licenses127 (68)59 
Customer agreements121 (103)18 
Other intangible assets238 (196)42 
Total intangible assets subject to amortization727 (533)194 
FCC licenses2,165 — 2,165 
International broadcast licenses13 — 13 
Other intangible assets34 — 34 
Total intangible assets$2,939 $(533)$2,406 
Schedule of Finite-lived Intangible Assets
Our intangible assets were as follows:
Accumulated
At December 31, 2025 (Successor)
GrossAmortizationNet
FCC and other broadcasting licenses$2,554 $(34)$2,520 
Trade names1,509 (38)1,471 
Affiliate relationships1,004 (158)846 
Subscriber relationships1,080 (216)864 
Franchises326 (13)313 
Developed technology258 (34)224 
Total intangible assets$6,731 $(493)$6,238 
Accumulated
At December 31, 2024 (Predecessor)
GrossAmortizationNet
Intangible assets subject to amortization:
Trade names$241 $(166)$75 
Licenses127 (68)59 
Customer agreements121 (103)18 
Other intangible assets238 (196)42 
Total intangible assets subject to amortization727 (533)194 
FCC licenses2,165 — 2,165 
International broadcast licenses13 — 13 
Other intangible assets34 — 34 
Total intangible assets$2,939 $(533)$2,406 
Schedule of Amortization Expense
Amortization expense was as follows:
SuccessorPredecessor
Period From August 7 - December 31,Period From January 1 - August 6,Year Ended December 31,
2025202520242023
Amortization expense$493 $15 $28 $35 
Schedule of Expected Aggregate Annual Amortization Expense
We expect our aggregate annual amortization expense for existing intangible assets for each of the years, 2026 through 2030, to be as follows:
20262027202820292030
Future amortization expense$1,235 $947 $396 $214 $214