"Paramount Faces Uncertainty with Job Cuts and Skydance Merger Doubts"
TL;DR Summary
Paramount Global shares fell nearly 5% after the company's annual meeting, where executives announced a $500 million cost-cutting plan and the search for a strategic partner for its streaming service, Paramount+. Hopes for a merger with Skydance Media dimmed as controlling shareholder Shari Redstone appeared to waver on the deal, considering other offers. The company's direct-to-consumer business, including Paramount+, is expected to lose $1.3 billion in 2024, prompting the need for a turnaround plan.
- Paramount Global shares drop after annual meeting as hopes of merger with Skydance fade New York Post
- Paramount leadership team outlines job cuts, streaming JV plans at annual meeting CNBC
- Paramount Postpones Employee Town Hall Amid Skydance Deal Talks Hollywood Reporter
- Paramount Global unveils business plan and job cuts as sale looms Los Angeles Times
- Paramount Co-CEOs Postpone All-Hands Meeting Because of ‘Speculation Regarding Potential M&A’ Variety
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