Bill Cohan joins Peter to break down Paramount’s first earnings call since merging with Skydance—which, ironically, was barely about earnings at all. Instead, David Ellison dazzled Wall Street with talk of new investments, new technology, and, of course, some important cost-cutting measures. Bill reads the tea leaves on what’s next for Ellison and Co.—and whether acquiring Warner Bros. Discovery fits in the plan.

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