Paramount Skydance stated it’ll make $1.5 billion in programming investments subsequent yr, because it forecast fourth-quarter income above Wall Road estimates, in its first quarterly outcomes for the mixed firm because the completion of the $8.4 billion merger.
Shares of the corporate have been up 2.5% in buying and selling after the bell.
The corporate stated it’ll additionally minimize about 1,600 jobs as a part of a strategic assessment, along with the 1,000 staff it laid off in late October.
For the fourth quarter, Paramount Skydance expects income between $8.1 billion and $8.3 billion, above estimates of $8 billion, based on knowledge compiled by LSEG.
It reported income of $6.7 billion for the third quarter, in contrast with estimates of $6.97 billion, based on knowledge compiled by LSEG.
Keep forward of the curve with NextBusiness 24. Discover extra tales, subscribe to our publication, and be a part of our rising group at nextbusiness24.com