Paramount president Jeff Shell will cut $2 billion in ‘painful' belt-tightening after troubled Skydance merger
1. Paramount's new president predicts painful but swift job cuts totaling $2 billion. 2. Paramount acquired exclusive UFC broadcasting rights for $7.7 billion over seven years. 3. PSKY stock surged 37% post-announcement, then fell back 4% to $14.38. 4. Executive team aims for an efficient restructuring without quarterly layoffs. 5. Financial adjustments could exceed expected cuts, impacting operational strategy.