BUZZ-Skydance shares fall after issuing a profit warning and announcing a $6 billion cost-cutting plan

November 10 - ** Media giant Skydance (SKYD.N) shares fell 2.1% in pre-market trading to $8.50

** On Monday, SKYD (link) announced a cost-cutting plan and warned that underperforming Warner Bros. films will reduce fourth-quarter profits by up to $200 million

** The plan is to achieve $6 billion in cost savings within three years after the acquisition of Warner Bros. Discovery, with 30% expected to be saved in the first year; after this transaction, the company’s total debt stands at $87 billion, with cash reserves of about $10 billion

** The HBO Max and Paramount+ streaming bundle will launch early next year as a transitional measure ahead of merging the two services within about a year; the company will stop reporting quarterly subscriber data

** SKYD reported third-quarter revenue and adjusted earnings per share of $7.03 billion and $0.06, respectively

** Of 25 brokers, 4 rate the stock "buy" or higher, 12 rate it "hold", and 9 rate it "sell" or lower; the median target price is $8.50 — LSEG

** As of the close of the previous trading day, the stock has declined 20.8% year to date

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