Paramount Skydance Class B shares (PSKY) are trading higher as investors digest the company’s first-quarter 2026 shareholder letter filed with the SEC on May 4, 2026. The company reported Q1 revenue of $7.3 billion, up 2% year over year, and said profitability exceeded internal estimates for the quarter while reaffirming full-year targets of $30 billion in revenue and $3.8 billion in adjusted EBITDA. (ir.paramount.com)

Direct-to-Consumer was a focal point, with DTC revenue rising 11% year over year to $2.4 billion. Paramount+ revenue increased 17% year over year, and the company said it added 0.7 million subscribers in the quarter (or +1.9 million excluding the exit of international hard-bundle subscribers), alongside improved DTC adjusted EBITDA of $251 million (a 10% margin). (ir.paramount.com)

Management reiterated progress toward its planned acquisition of Warner Bros. Discovery, citing steps on financing syndication and regulatory approvals, and repeated an expectation to close by the end of Q3 2026. The company also said it remains on track for $3 billion-plus in efficiencies through 2027, with more than $2.5 billion in run-rate efficiencies expected by the end of 2026—supporting the market’s focus on profit improvement. (ir.paramount.com)