Paramount Shares Gain on Higher Post-Merger Savings Goal

Paramount Skydance Corp. shares rose after the newly merged company raised its target for job cuts and cost-saving measures.

The media and entertainment company, which has been trying to buy rival Warner Bros. Discovery Inc., said in a letter to shareholders it plans an additional 1,600-person workforce reduction and laid out a goal to achieve at least $3 billion in cost savings.

Read More: Paramount Preps for New Era as M&A Talk Builds: Equity Outlook

The shares rose 12% to $17.06 in New York Tuesday morning.

Film producer David Ellison combined his Skydance Media with ...