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Paramount Skydance said on Monday it expects $1 billion more in merger savings than it previously forecast as it outlines CEO David Ellison's ambitions for the company. The update came in Paramount's third-quarter earnings report — the company's first since its merger closed in early August. Ellison has been investing heavily in streaming and content, including live sports rights, and paying for it in part with cuts to other parts of the business. Paramount on Monday announced a new round of layoffs, affecting roughly 1,600 employees, tied to divestitures of assets in Argentina and Chile. Those cuts come weeks after Paramount began the process to lay off approximately 1,000 employees. At the same time, Paramount said it plans to increase prices for its flagship streaming service, Paramount+, in the first quarter of next year as it looks to beef up its content slate and improve its the technology of the platform. Paramount last raised its streaming prices in June 2024, after a previous hike in early 2023. Shares of the company were up about 6% in extended trading Monday. This is breaking news. Please check back for updates.
