Tech scion David Ellison marked his 96th day running Paramount by disclosing an upbeat financial outlook for next year and a plan to reduce an additional 1,600 workers.

Monday’s conference call with analysts was the first time Ellison, Paramount’s chairman and chief executive, directly addressed Wall Street after merging his production company, Skydance Media, with Paramount in August — an $8-billion deal that ushered the Redstone family from the entertainment stage.

One of Ellison’s top priorities will be to reverse decades of under-investment in programming. Paramount plans to increase content spending by $1.5 billion next year, including nearly doubling the number of movies that it releases. The Melrose Avenue studio intends to boost output from eight releases to 15 that are planned for next year.

Investing in technology is another priority, which Ellison referred to as one of its “north stars.” Executives want to build streaming service Paramount+ as the economics crumble for Paramount’s once profitable cable television division, which includes Nickelodeon, MTV and Comedy Central. Paramount also owns CBS stations and the CBS broadcast network.

Paramount announced it will be hiking streaming subscription fees — Paramount+ plans now are offered at $7.99 a month and $12.99 a month — although executives declined to say how much. The goal is to turn its streaming operations profitable this year.

Paramount said the workforce reduction of 1,600 people stemmed from the company’s divestiture late last month of television stations in Chile and Argentina. This comes on top of 1,000 job cuts last month, primarily in the U.S. The company said one of its goals was to operate more efficiently.

More than 800 people — or about 3.5% of the company’s workforce — were laid off in June, prior to the Ellison family takeover.

Ellison and his team have been looking to reduce the company’s workforce by 15%.

On Monday, Paramount executives said they should be able to realize about $3 billion in cost cuts — $1 billion more than initially advertised. The company’s goal is to complete its cost reductions within two years.

The earnings report comes as Paramount has been pursuing Warner Bros. Discovery, a proposed merger that would unite two of Hollywood’s original film studios and bulk up Paramount by adding the HBO Max streaming service, a larger portfolio of cable channels, pioneering cable news service CNN and the historic Warner Bros. studio lot in Burbank.

Paramount executives declined to discuss its dealings for Warner Bros. Discovery, which has rejected three offers, including a $58-billion bid for the entire company. Ellison’s father, billionaire Larry Ellison, has agreed to back Paramount’s bid.

However, his son spoke broadly about its motivations for any acquisition during the conference call.

“First and foremost, we’re focused on what we’re building at Paramount and transforming the company,” David Ellison said. “There’s no must-haves for us. …. It’s always going to be, how do we accelerate and improve our north-star principles?”

Total revenue for Paramount’s third quarter was $6.7 billion, flat compared with the year-earlier period. Paramount reported a net loss of $257 million for the quarter.

Paramount+ and other streaming services grew by 1.4 million subscribers to 79 million, although 1.2 million of those consumers benefit from free trials. Quarterly Revenue for the streaming operations, including Pluto TV, was up 17%.

The cost-cutting comes as Ellison, 42, has accelerated spending in other areas, including agreeing to pay $7.7 billion for the rights to UFC fights and $1.25 billion over five years to Matt Stone and Trey Parker to continue creating their “South Park” cartoon.

His team, including former Netflix programming chief Cindy Holland, also lured Matt and Ross Duffer, the duo behind “Stranger Things,” away from Netflix. Paramount also paid $150 million to buy the Free Press and bring its co-founder, Bari Weiss, to the company as CBS News editor in chief.

The company also signed a 10-year lease on a film and television production facility under construction in New Jersey, a move that will give the entertainment company access to that state’s tax incentive program.

In a blow, however, Taylor Sheridan, the prolific creator behind the “Yellowstone” franchise, will be packing his bags. Sheridan, who is under contract with Paramount through 2028, made a deal to develop movies and future shows for NBCUniversal after executives he worked with at Paramount departed the company when Ellison took over.

For 2026, the company expects to generate total revenue of $30 billion and adjusted operating income before depreciation and amortization of $3.5 billion.

Shares closed at $15.25, up 1%, before the earnings were announced.

WASHINGTON — Republican lawmakers and the Trump administration are increasingly anxious that an ongoing standoff with Democrats over reopening the government may drag into Thanksgiving week, one of the country’s busiest travel periods.

Already, hundreds of flights have been canceled since the Federal Aviation Administration issued an unprecedented directive limiting flight operations at the nation’s biggest airports, including in Los Angeles, New York, Miami and Washington, D.C.

Sean Duffy, the secretary of transportation, told Fox News on Thursday that the administration is prepared to mitigate safety concerns if the shutdown continues into the holiday week, leaving air traffic controllers without compensation over multiple payroll cycles. But “will you fly on time? Will your flight actually go? That is yet to be seen,” the secretary said.

While under 3% of flights have been grounded, that number could rise to 20% by the holiday week, he added.

“It’s really hard — really hard — to navigate a full month of no pay, missing two pay periods. So I think you’re going to have more significant disruptions in the airspace,” Duffy said. “And as we come into Thanksgiving, if we’re still in a shutdown posture, it’s gonna be rough out there. Really rough.”

Senate Republicans said they are willing to work through the weekend, up through Veterans Day, to come up with an agreement with Democrats that could end the government shutdown, which is already the longest in history.

But congressional Democrats believe their leverage has only grown to extract more concessions from the Trump administration as the shutdown goes on.

A strong showing in races across the country in Tuesday’s elections buoyed optimism among Democrats that the party finally has some momentum, as it focuses its messaging on affordability and a growing cost-of-living crisis for the middle class.

Democrats have withheld the votes needed to reopen the government over Republican refusals to extend Affordable Care Act tax credits. As a result, Americans who get their healthcare through the ACA marketplace have begun seeing dramatic premium hikes since open enrollment began on Nov. 1 — further fueling Democratic confidence that Republicans will face a political backlash for their shutdown stance.

Now, Democratic demands have expanded, insisting Republicans guarantee that federal workers get paid back for their time furloughed or working without pay — and that those who were fired get their jobs back.

A bill introduced by Republican Sen. Ron Johnson of Wisconsin, called the Shutdown Fairness Act, would ensure that federal workers receive back pay during a government funding lapse. But Democrats have objected to a vote on the measure that’s not tied to their other demands, on ACA tax breaks and the status of fired workers.

Senate Majority Leader John Thune (R-S.D.) has proposed passing a clean continuing resolution already passed by the House followed by separate votes on three bills that would fund the government through the year. But his Democratic counterpart said Friday he wants to attach a vote on extending the ACA tax credits to an extension of government funding.

Democrats, joined by some Republicans, are also demanding protections built in to any government spending bills that would safeguard federal programs against the Trump administration withholding funds appropriated by Congress, a process known as impoundment.

President Trump, for his part, blamed the ongoing shutdown for Tuesday’s election results earlier this week, telling Republican lawmakers that polling shows the continuing crisis is hurting their party. But he also continues to advocate for Thune to do away with the filibuster, a core Senate rule requiring 60 votes for bills that fall outside the budget reconciliation process, and simply reopen the government with a vote down party lines.

“If the filibuster is terminated, we will have the most productive three years in the history of our country,” Trump told reporters on Friday at a White House event. “If the filibuster is not terminated, then we will be in a slog, with the Democrats.”

So far, Thune has rejected that request. But the majority leader said Thursday that “the pain this shutdown has caused is only getting worse,” warning that 40 million Americans risk food insecurity as funding for the Supplemental Nutrition Assistance Program lapses.

The Trump administration lost a court case this week arguing that it could withhold SNAP benefits, a program that was significantly defunded in the president’s “Big Beautiful Bill” act earlier this year.

“Will the far left not be satisfied until federal workers and military families are getting their Thanksgiving dinner from a food bank? Because that’s where we’re headed,” Thune added.

Sony Pictures Television and CBS have struck a compromise in their hard-fought legal battle over distribution rights to the popular “Wheel of Fortune” and “Jeopardy!” syndicated game shows.

“We have reached an amicable resolution,” Sony and CBS said Friday in a joint statement. “We look forward to working together to continue bringing these beloved shows to audiences and stations around the world.”

Financial terms were not disclosed.

As part of the deal, CBS will continue to distribute the shows in the U.S. for an additional 2 ½ years — through the 2027-2028 television season. After that, Sony will control the domestic distribution rights.

Sony owns both shows and produces them on its Culver City lot.

The shows have retained their popularity and solid ratings even in the streaming age, as traditional TV has declined. They remain among the most-watched programs on television.

The dispute began more than a year ago, when Sony terminated its distribution deal with CBS and later filed a breach-of-contract lawsuit that claimed CBS had entered into unauthorized licensing deals for the shows and then paid itself a commission. Sony also maintained that budget cuts within CBS, which is owned by Paramount, had hobbled the network’s efforts to support the two shows.

Earlier this year, Sony attempted to cut CBS out of the picture, escalating the dispute.

CBS has long maintained that it had the legal rights to distribute the shows to television stations around the country. The broadcaster previously alleged that Sony’s claims were “rooted in the fact they simply don’t like the deal the parties agreed to decades ago.”

For years, CBS has raked in up to 40% of the fees that TV stations pay to carry the shows. The network took over the distribution of the programs when it acquired syndication company King World Productions in 1999.

King World struck deals with the show’s original producer, Merv Griffin Enterprises, in the early 1980s to distribute “Jeopardy!” and “Wheel of Fortune.” Sony later acquired Griffin’s company, but those early agreements remained in effect.

As part of this week’s resolution, CBS will manage all advertising sales through the 2029-2030 television season.

However, Sony will take over all marketing, promotions and affiliate relations for the shows after the current television season, which ends in mid-2026. Sony will also handle the lucrative brand integration campaigns.

In another element that was important to Sony, the studio will claim international distribution rights beginning this December.