Paramount Skydance is a media and entertainment company. It operates in three segments: Studios, Direct-to-Consumer, and TV Media. The Studios segment consists of television and film studio operations. The Direct-to-Consumer segment includes a portfolio of pay and free streaming services. The TV Media segment offers broadcast operations, CBS Stations, and international free-to-air networks. The company was formed as a result of a merger between Paramount Global and Skydance Media.