{
  "report_rows": [
    {
      "kpi": "Total Revenue (Q2'26)",
      "prediction": "IN-LINE",
      "answer": "pred ~$6.85B vs. cons ~$6.85B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EBITDA (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$0.98B vs. cons ~$0.95B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Paramount+ net subscriber adds (Q2'26)",
      "prediction": "MISS",
      "answer": "pred ~-0.5M (flat, hard-bundle exit) vs. cons ~+0.4M",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Revenue guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~$30B vs. cons ~$30B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Adj. EBITDA guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~$3.8B vs. cons ~$3.8B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "WBD deal close timeline (key commentary)",
      "prediction": "LOWER",
      "answer": "guide close ~H1 2027 backstop vs. prior ~Q3 2026 (deal timeline)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "DTC/Paramount+ full-year profit trajectory",
      "prediction": "BETTER",
      "answer": "guide DTC margin ~10%+ vs. cons ~9% (FY2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 1.5,
  "day1_confidence": "LOW",
  "day5_residual_pct": -3.0,
  "day5_path": "FADE",
  "day5_rationale": "Print is a sideshow to the WBD deal; an in-line revenue print, slight EBITDA beat on cost discipline, and Newsom-settlement chatter can spark a modest relief bounce off deeply depressed, heavily-shorted ~$8 levels (\u201137% YTD). But the out-period math reasserts: ~50/50 deal odds, a pushed timeline (Q3'26\u2192H1'27 backstop), ~$80B pro-forma debt, a pro-forma net loss, and ~3.9B new shares (~4x dilution) at the $12 floor with the stock at ~$8. Standalone estimates drift down as the telegraphed soft-optics Q2 (theatrical comp, hard-bundle sub exit) and dilution overhang dominate, so any bounce fades into continued negative momentum.",
  "day5_confidence": "LOW"
}