Skydance details cost cuts, sets streaming bundle for early next year
Skydance, the newly formed entertainment conglomerate following the Warner Bros Discovery acquisition, has announced plans to achieve $6 billion in cost savings over the next three years, according to a report by Reuters. The company, led by CEO David Ellison and Co-CEO Ynon Kreiz, is set to launch a streaming bundle of HBO Max and Paramount+ early next year.
This move comes as the streaming services, which together have 203 million subscribers globally, become a crucial focus for the company's growth. Skydance's earnings for the third quarter showed a 5% revenue increase for Paramount, reaching $7 billion, while the combined company is expected to provide full-year guidance for the December quarter.
Amidst the ongoing competition from industry giants such as Netflix and Disney, Skydance remains confident in its ability to meet the cost-cutting targets, with 30% of the savings anticipated in the first year.
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