Paramount posted a loss in its third quarter—the company’s first under its new Skydance ownership—but CEO David Ellison is doubling down on the same strategy he’s employed since taking over this summer: spend more money, axe more staff. This comes from Variety, which reports that the company is now calling for “incremental programming investments in 2026 in excess of $1.5 billion.” That adds to the billions it has already spent on acquisitions like Bari Weiss’ blog The Free Press (not to mention Weiss herself, whom Ellison installed as editor-in-chief of CBS News), an exclusive, seven-year deal with the UFC, a similar deal with Professional Bull Riders for its Unleash The Beast tour, and more.
A letter to shareholders Monday also called for more spending including “transformation costs of several hundred million” as well as a “restructuring charge of approximately $500 million” in the fourth quarter. There’s also that nascent attempt to buy Warner Bros. Discovery, which will surely cost another several billion should it actually come together. The company expects all of this to help it reach its goal of $30 billion in total revenue in 2026.
Of course, the mass layoffs also presumably help the bottom line. Paramount cut around 1,000 employees last month and announced yesterday that it would be cutting 1,600 more. This new round of layoffs largely comes from the company’s divestment from both Televisión Federal in Argentina and Chilevision in Chile in an attempt to “ensure continued focus.” Ellison originally projected that the company would cut 2,000 roles, which it already plans to exceed, apparently .
All of this will cost you too, by the way., The company is planning to raise Paramount+ subscription prices, per Los Angeles Times, though it neglected to share exactly how much. Plans are currently offered at $7.99 and $12.99 per month. Users will have to decide for themselves whether the privilege of watching those UFC fights is worth helping Ellison pay them off.
