(Reuters) -Paramount Skydance shares rose 5.5% as the newly merged media firm announced more cost cuts and plans to invest $1.5 billion in its streaming and studio divisions, lifting investor confidence following its first results since the merger.

The results offered an early glimpse into the financial impact of CEO David Ellison’s rapid overhaul of Paramount to bring the storied media house into the digital age.

The tech scion who founded Skydance Media has secured a Timothee Chalamet-led heist film, signed “South Park” creators Matt Stone and Trey Parker to a five-year agreement and struck a deal with Activision to bring “Call of Duty” to theaters. Paramount is also looking into a potential takeover of Warner Bros Discovery.

The efforts are expected to help bring in $30 billion in re

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