{
  "report_rows": [
    {
      "kpi": "Q2 2026 Adjusted EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$1.93B vs. cons $1.867B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 Streaming Adjusted EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$470M vs. cons $455M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 Revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$9.20B vs. cons $9.236B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Studios Adjusted EBITDA",
      "prediction": "LOWER",
      "answer": "guide ~$2.55B vs. cons $2.60B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Global Streaming Subscribers",
      "prediction": "UNCHANGED",
      "answer": "guide >150M vs. cons 151M (FY2026 year-end)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Global Linear Networks Operating Expense Improvement",
      "prediction": "UNCHANGED",
      "answer": "guide ~8% vs. cons 8% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Paramount Transaction Base Cash Consideration",
      "prediction": "UNCHANGED",
      "answer": "guide ~$31.00/share vs. cons $31.00/share (through transaction closing/FY2027)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 0.7,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.2,
  "day5_path": "FADE",
  "day5_rationale": "A modest Q2 EBITDA beat should initially help standalone downside protection, but the ~$2.55B Studios outlook versus ~$2.60B consensus limits out-period estimate revisions; merger-arbitrage pricing and the unchanged $31.00 offer cap should fade most of the earnings-driven move.",
  "day5_confidence": "MEDIUM"
}