Paramount Skydance said it will make $1.5 billion in programming investments next year, as it forecast fourth-quarter revenue above Wall Street estimates, in its first quarterly results for the combined company since the completion of the $8.4 billion merger .

Shares of the company were up 2.5% in trading after the bell.

The company said it will also cut about 1,600 jobs as part of a strategic review, in addition to the 1,000 employees it laid off in late October .

Paramount Skydance reported third-quarter revenue of $6.7 billion below analysts’ estimates of$6.97 billion. Getty Images

Paramount issued its first quarterly results for the combined company since the completion of the $8.4 billion merger with Skydance. CEO David Ellison, above. AFP via Getty Images

For the fourth qu

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