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Skydance falls on profit warning, outlines $6 bln cost-cut plan

By Reuters News

** Shares of media giant Skydance SKYD.N fall 2.1% to $8.5 premarket

** On Monday, SKYD announces cost-cutting plans and warns weak Warner Bros films would hit Q4 profit by up to $200 mln

** Targets $6 bln in savings over three years following Warner Bros Discovery acquisition, with 30% expected in first year; deal left it with $87 bln in gross debt and about $10 bln in cash

** HBO Max-Paramount+ streaming bundle to launch early next year as interim step toward merging the services within roughly a year; co will stop reporting qtrly subscriber figures

** SKYD posts Q3 revenue and adj. EPS of $7.03 bln and 6 cents

** Four of 25 brokerages rate the stock "buy" or higher, 12 "hold" and nine "sell" or lower; median PT is $8.50 - LSEG

** AS of last close, stock down 20.8% YTD

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