David Ellison leads Paramount Skydance as company reports strong streaming growth and raises 2026 guidance
David Ellison, CEO of Paramount Skydance, reported second-quarter results on Tuesday that highlighted the continued strength of the streaming unit while traditional linear television revenue declined. The company reported $6.91 billion in total revenue, with the direct-to-consumer segment growing 9% to $2.47 billion. Paramount+ added 2 million new subscribers this quarter, reaching a total of 81.6 million global customers, and achieved its best retention rate in history. Despite the decline in linear TV revenue, Paramount Skydance improved margins through cost-cutting measures. The administration of the company raised its full-year 2026 guidance for adjusted earnings before interest, taxes, depreciation, and amortization to a range of $3.8 billion to $3.9 billion. Ellison reiterated his confidence in the proposed $110 billion merger with Warner Bros. Discovery, despite an antitrust lawsuit from state attorneys general that has delayed the closing until at least March 2027. He noted that the transaction has already received clearance from 65 jurisdictions worldwide.