SkyShowtime Joint Venture Restructuring & Financial Impact Analyzer

Restructuring Scenarios

JV Operating Parameters

Subscribers (Europe) 12.5M

Monthly ARPU (€) €6.50

Annual Operating Expenses €480M

Dissolution & Migration

Wind-down & Severance Costs €85M

Direct Migration Retention Rate 65%

Comcast Equity Stake (%) 50%

Baseline 50/50 Wind-down: Equal liquidation of joint streaming platform in 20+ European markets. Joint rights revert to Peacock and Paramount+ apps with combined €85M termination liability.

Annual Revenue €975.0M Subs × Monthly ARPU × 12

Net Operating Result €495.0M Revenue minus Annual OpEx

Retained Subscribers 8.13M 65% Migrated to Solo Apps

Comcast Net Share 50% Post-Winddown Liquidation

Paramount Net Share 50% Post-Winddown Liquidation

Capital Flow & Restructuring Waterfall (D3 Flow) Wind-down Viable with Licensing Reversion

Corporate Restructuring Breakdown

Financial Metric	Joint Venture Gross	Comcast Impact	Paramount Impact	Strategic Meaning