The table below details our debt, which was recorded at its fair value on the closing date of the Transactions and the NAI Transaction on August 7, 2025 (see Note 2). Paramount Global is the issuer of all of the senior and junior debt in the table below. Upon the closing of the Transactions, Paramount Skydance Corporation provided a full and unconditional parent guarantee of Paramount Global’s senior and junior debt.


	Successor (a)			Predecessor
	At			At
	December 31, 2025			December 31, 2024
4.0% Senior Notes due 2026		$	347		$	346
3.70% Senior Notes due 2026		85			86
2.90% Senior Notes due 2027		573			582
3.375% Senior Notes due 2028		487			498
3.70% Senior Notes due 2028		489			496
4.20% Senior Notes due 2029		489			496
7.875% Senior Debentures due 2030		915			829
4.95% Senior Notes due 2031		1,221			1,232
4.20% Senior Notes due 2032		921			980
5.50% Senior Debentures due 2033		417			428
4.85% Senior Debentures due 2034		76			87
6.875% Senior Debentures due 2036		1,119			1,072
6.75% Senior Debentures due 2037		75			76
5.90% Senior Notes due 2040		272			298
4.50% Senior Debentures due 2042		34			45
4.85% Senior Notes due 2042		400			490
4.375% Senior Debentures due 2043		1,079			1,146
4.875% Senior Debentures due 2043		14			18
5.85% Senior Debentures due 2043		1,103			1,235
5.25% Senior Debentures due 2044		275			345
4.90% Senior Notes due 2044		432			542
4.60% Senior Notes due 2045		452			591
4.95% Senior Notes due 2050		763			950
6.25% Junior Subordinated Debentures due 2057		628			644
6.375% Junior Subordinated Debentures due 2062		989			989

Obligations under finance leases		3			—
Total debt (b)		13,658			14,501
Less current portion		433			—
Total long-term debt, net of current portion		$	13,225		$	14,501

(a) In connection with the pushdown of the Ultimate Parent’s basis, our debt was recorded at fair value, which resulted in a decrease to our total debt balance of $898 million, reflecting the reversal of a net unamortized discount of $390 million and unamortized deferred financing fees of $71 million, and a reduction of $1.36 billion to adjust our debt to its fair value. The adjustments to fair value for each of our senior and junior debt issuances are being amortized over the remaining term of the applicable issuance within interest expense (see Note 2).