Paramount Skydance said it will make $1.5 billion in programming investments next year, as it forecast fourth-quarter revenue above Wall Street estimates, in its first quarterly results for the combined company since the completion of the $8.4 billion merger.
Shares of the company were up 2.5% in trading after the bell.
The company said it will also cut about 1,600 jobs as part of a strategic review, in addition to the 1,000 employees it laid off in late October.
For the fourth quarter, Paramount Skydance expects revenue between $8.1 billion and $8.3 billion, above estimates of $8 billion, according to data compiled by LSEG.
It reported revenue of $6.7 billion for the third quarter, compared with estimates of $6.97 billion, according to data compiled by LSEG.
