Paramount Gains on Higher Post-Merger Savings Goal

Paramount Skydance shares rose after the newly merged company raised its target for job cuts and cost-saving measures. The media and entertainment company, which has been trying to buy rival Warner Bros. Discovery Inc., said in a letter to shareholders it plans an additional 1,600-person workforce reduction and laid out a goal to achieve at least $3 billion in cost savings. The shares rose 12% to $17.06 in New York Tuesday morning. Film producer David Ellison combined his Skydance Media with Paramount in August in an $8 billion deal and became the new company’s chief executive officer. Under Ellison, the company is eliminating jobs and racing to sign deals with production partners, like the Ultimate Fighting Championship. Bloomberg Intelligence Senior Media Analyst Geetha Ranganathan joins Bloomberg Businessweek Daily to discuss. She speaks with Carol Massar and Tim Stenovec. (Source: Bloomberg)