Skydance Details Cost Savings and Plans HBO Max-Paramount+ Bundle in First Post-Deal Earnings Report
The company says that a streaming bundle will launch early next year, while laying out where it expects to see synergies.
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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