v3.26.1
RESTRUCTURING, TRANSACTION-RELATED ITEMS, AND OTHER CORPORATE MATTERS (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Charges and Transaction-Related Costs
During the periods presented we recorded the following restructuring charges, transaction-related items, and other corporate matters.
SuccessorPredecessor
Period From August 7 - December 31,Period From January 1 - August 6,Year Ended December 31,
2025202520242023
Severance (a)
$650 $190 $523 $67 
Exit costs— 65 31 35 
Restructuring charges 650 255 554 102 
Transaction-related items81 199 62 (156)
Other corporate matters— — 131 23 
Restructuring, transaction-related items, and
   other corporate matters		$731 $454 $747 $(31)
(a) Severance costs include the accelerated vesting of stock-based compensation.
Schedule of Restructuring Reserve by Type of Cost
The following is a rollforward of our restructuring severance liability by segment, which is recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets, and is expected to be substantially paid by the end of 2027. See note 17 for a description of our segments for the Successor and Predecessor periods.
2025 Activity (Successor)
Balance at August 7, 2025
Charges (a)
Payments and otherBalance at December 31, 2025
Studios$48 $123 $(38)$133 
Direct-to-Consumer15 42 (4)53 
TV Media185 301 (102)384 
Corporate53 115 (33)135 
Total$301 $581 $(177)$705 
2025 Activity (Predecessor)
Balance at December 31, 2024
Charges (a)
Payments and otherBalance at
August 6, 2025
TV Media$156 $141 $(98)$199 
Direct-to-Consumer36 5 (27)14 
Filmed Entertainment46 17 (28)35 
Corporate111 13 (71)53 
Total$349 $176 $(224)$301 
Predecessor
2024 Activity
Balance at December 31, 2023
Charges (a)
Payments
and other
Balance at December 31, 2024
TV Media$162 $181 $(187)$156 
Direct-to-Consumer6 66 (36)36 
Filmed Entertainment14 70 (38)46 
Corporate10 171 (70)111 
Total$192 $488 $(331)$349 
(a) Excludes stock-based compensation expense of $69 million and $14 million for the periods from August 7 - December 31, 2025 (Successor) and January 1 - August 6, 2025 (Predecessor), respectively. For the year ended December 31, 2024 (Predecessor), excludes stock-based compensation expense of $35 million.