The entertainment company reported its third quarter earnings Monday, its first earnings report under the leadership of CEO David Ellison, and the ownership of his Skydance.
Ellison penned a shareholder letter, writing that scaling its direct-to-consumer business “is our top priority” alongside “supercharging” its creative. Ellison also said that the company is launching a “comprehensive strategic review” so that it can determine whether to divest other non-core assets, beginning with Telefe in Argentina.
The company is targeting $30 billion in revenue in 2026, with cost savings of $3 billion expected, up from the previously announced $2 billion.
The company reported $6.7 billion in Q3 revenue, with operating income of $324 million.
Ellison and Skydance assumed control of Paramount in early August, with goals of turning the beleaguered entertainment company into a “next-generation media and technology leader, positioned to win in today’s rapidly transforming media landscape.
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