Paramount Global shares drop after annual meeting as hopes of merger with Skydance fade

Paramount Global executives revealed a plan to slash costs and find a partner for its streaming service — but shares fell nearly 5% Tuesday as hopes of a merger with Skydance Media dimmed. Shari Redstone, Paramount's controlling shareholder, rallied investors Tuesday morning at the company's annual meeting around an aggressive $500 million cost-cutting plan under the firm's trio of CEOs that would "drive value for all our shareholders" and allow the company to invest in "best-in-class content." The move wou ...