v3.26.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
EBP 401(k) Plan  
EBP, Investment, Fair Value and NAV [Line Items]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The following tables set forth the Plan’s financial assets measured at fair value on a recurring basis at December 31, 2025 and 2024. See Note 2 for the valuation methodology used to measure the fair value of these investments.
There have been no changes to the methodologies used to measure the fair value of each asset from December 31, 2024 to December 31, 2025. These assets have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in Level 1, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs reflecting the Plan’s own assumptions about the assumptions that market participants would use in pricing the asset. The asset’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The Plan has no investments classified within Level 3 of the valuation hierarchy.

At December 31, 2025Level 1Level 2Total
Self-directed accounts (a)
$77,510 $10,512 $88,022 
Separately managed accounts:
Sanders Capital (b)
154,482 1,619 156,101 
Wellington Management Company (b)
155,234 3,955 159,189 
Sustainable Growth Advisors(b)
152,206 4,792 156,998 
Dodge & Cox (b)
155,495 983 156,478 
Snyder Capital Management (b)
41,339 1,048 42,387 
Paramount Skydance Corporation Common Stock Fund (c)
56,513 103 56,616 
Registered investment companies (d)
199,521 — 199,521 
Money market funds (e)
— 19,929 19,929 
Total assets in fair value hierarchy$992,300 $42,941 $1,035,241 
Common collective funds measured at net asset value (f)
5,056,215 
Investments, at fair value$6,091,456 
At December 31, 2024Level 1Level 2Total
Self-directed accounts (a)
$67,981 $9,499 $77,480 
Separately managed accounts:
Sanders Capital (b)
156,513 1,092 157,605 
Wellington Management Company (b)
156,091 820 156,911 
Sustainable Growth Advisors(b)
153,465 2,932 156,397 
Dodge & Cox (b)
161,677 6,203 167,880 
Snyder Capital Management (b)
46,636 5,702 52,338 
Paramount Global Common Stock Funds (c)
51,168 137 51,305 
Registered investment companies (d)
146,201 — 146,201 
Money market funds (e)
— 16,183 16,183 
Total assets in fair value hierarchy$939,732 $42,568 $982,300 
Common collective funds measured at net asset value (f)
4,615,712 
Investments, at fair value$5,598,012 
(a)Primarily invested in common stock and registered investment companies. Assets categorized as Level 2 reflect investments in money market funds.
(b)Primarily invested in large and small capitalization equities. Assets categorized as Level 2 reflect investments in money market funds.
(c)Assets categorized as Level 2 reflect investments in money market funds.
(d)Primarily invested in equities and U.S. fixed income securities.
(e)Primarily invested in U.S. government securities and U.S. government agency securities.
(f)In accordance with FASB guidance, investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statement of Net Assets Available for Benefits. At December 31, 2025, 52% of the CCTs were invested passively in U.S. and international equities and U.S. fixed income securities, 44% of the CCTs were invested in passive target date funds and the remaining 4% of the CCTs were invested actively in U.S. small/mid cap and international equities. At December 31, 2024, 54% of the CCTs were invested passively in U.S. and international equities and U.S. fixed income securities, 41% of the CCTs were invested in passive target date funds and the remaining 5% of the CCTs were invested actively in U.S. small/mid cap and international equities.