Paramount Skydance Stock Climbs After Q3 Report: Here's Why

Benzinga

Paramount Skydance reported a quarterly loss and plans to cut 1,600 jobs while raising Paramount+ subscription prices. Despite missing estimates, the company projected $1B in merger-related savings, and shares moved higher on the news.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:03Paramount Skydance shares rose Monday after the company reported third quarter results

00:08and projected an additional $1 billion in merger savings, according to Benzinga.

00:13The entertainment conglomerate reported a quarterly loss of 12 cents per share

00:17on $6.7 billion in revenue, missing analyst estimates for $0.34 in earnings and $6.97

00:25billion in revenue. Paramount announced 1,600 layoffs and plans to raise Paramount Plus

00:32streaming prices in the first quarter of next year. CEO David Ellison said the combined entity

00:38aims to balance Paramount's century-old legacy with investments in storytelling,

00:42technology, and growth opportunities. For all things money, visit Benzinga.com.

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