Tech scion David Ellison marked his 96th day running Paramount by disclosing an upbeat financial outlook for next year and a plan to reduce an additional 1,600 workers.

Monday’s conference call with analysts was the first time Ellison, Paramount’s chairman and chief executive, directly addressed Wall Street after merging his production company, Skydance Media, with Paramount in August — an $8-billion deal that ushered the Redstone family from the entertainment stage.

One of Ellison’s top priorities will be to reverse decades of under-investment in programming. Paramount plans to increase content spending by $1.5 billion next year, including nearly doubling the number of movies that it releases. The Melrose Avenue studio intends to boost output from eight releases to 15 that are planned for next year.

Investing in technology is another priority, which Ellison referred to as one of its “north stars.” Executives want to build streaming service Paramount+ as the economics crumble for Paramount’s once profitable cable television division, which includes Nickelodeon, MTV and Comedy Central. Paramount also owns CBS stations and the CBS broadcast network.

Paramount announced it will be hiking streaming subscription fees — Paramount+ plans now are offered at $7.99 a month and $12.99 a month — although executives declined to say how much. The goal is to turn its streaming operations profitable this year.

Paramount said the workforce reduction of 1,600 people stemmed from the company’s divestiture late last month of television stations in Chile and Argentina. This comes on top of 1,000 job cuts last month, primarily in the U.S. The company said one of its goals was to operate more efficiently.

More than 800 people — or about 3.5% of the company’s workforce — were laid off in June, prior to the Ellison family takeover.

Ellison and his team have been looking to reduce the company’s workforce by 15%.

On Monday, Paramount executives said they should be able to realize about $3 billion in cost cuts — $1 billion more than initially advertised. The company’s goal is to complete its cost reductions within two years.

The earnings report comes as Paramount has been pursuing Warner Bros. Discovery, a proposed merger that would unite two of Hollywood’s original film studios and bulk up Paramount by adding the HBO Max streaming service, a larger portfolio of cable channels, pioneering cable news service CNN and the historic Warner Bros. studio lot in Burbank.

Paramount executives declined to discuss its dealings for Warner Bros. Discovery, which has rejected three offers, including a $58-billion bid for the entire company. Ellison’s father, billionaire Larry Ellison, has agreed to back Paramount’s bid.

However, his son spoke broadly about its motivations for any acquisition during the conference call.

“First and foremost, we’re focused on what we’re building at Paramount and transforming the company,” David Ellison said. “There’s no must-haves for us. …. It’s always going to be, how do we accelerate and improve our north-star principles?”

Total revenue for Paramount’s third quarter was $6.7 billion, flat compared with the year-earlier period. Paramount reported a net loss of $257 million for the quarter.

Paramount+ and other streaming services grew by 1.4 million subscribers to 79 million, although 1.2 million of those consumers benefit from free trials. Quarterly Revenue for the streaming operations, including Pluto TV, was up 17%.

The cost-cutting comes as Ellison, 42, has accelerated spending in other areas, including agreeing to pay $7.7 billion for the rights to UFC fights and $1.25 billion over five years to Matt Stone and Trey Parker to continue creating their “South Park” cartoon.

His team, including former Netflix programming chief Cindy Holland, also lured Matt and Ross Duffer, the duo behind “Stranger Things,” away from Netflix. Paramount also paid $150 million to buy the Free Press and bring its co-founder, Bari Weiss, to the company as CBS News editor in chief.

The company also signed a 10-year lease on a film and television production facility under construction in New Jersey, a move that will give the entertainment company access to that state’s tax incentive program.

In a blow, however, Taylor Sheridan, the prolific creator behind the “Yellowstone” franchise, will be packing his bags. Sheridan, who is under contract with Paramount through 2028, made a deal to develop movies and future shows for NBCUniversal after executives he worked with at Paramount departed the company when Ellison took over.

For 2026, the company expects to generate total revenue of $30 billion and adjusted operating income before depreciation and amortization of $3.5 billion.

Shares closed at $15.25, up 1%, before the earnings were announced.

Treasury Secretary Scott Bessent kicked off Michael Milken’s annual financial bash in Beverly Hills by doubling down on President Trump’s economic policy of trade reform, tax cuts and deregulation — promising the “America First” agenda would be “the blueprint for a more abundant world.”

The former hedge fund manager, in a brief speech Monday that opened the Milken Institute Global Conference, said all three elements of the policy must be taken together in order to be understood.

“They are interlocking parts of an engine designed to drive long-term investment in the American economy,” he said at the Beverly Hilton.

“Tariffs are engineered to encourage companies like yours to invest directly in the United States. Hire your workers here, build your factories here, make your products here. You’ll be glad you did, not only because we have the most productive workforce in the world, but because we will soon have the most favorable tax and regulatory environment as well,” he said.

Bessent telegraphed his speech with an opinion piece Sunday in the Wall Street Journal that made the same points.

In a conversation with the institute’s chairman and founder, Milken, that followed, he said one key goal was regulatory reform that would “make everyone look more like Texas” while reducing the government’s borrowing so the deficit decreases by about 1% per year and falls to its long-term average of 3.1% of gross national product.

Bessent’s appearance was not without drama. The New York Post reported that Trump envoy Ric Grenell organized a soiree at the nearby five-star Peninsula Beverly Hills on Sunday afternoon featuring Bessent that directly competed with a conference reception hosted by hedge fund mogul Ken Griffin.

The billionaire founder and chief executive of Citadel, Griffin has been highly critical of the tariffs and will help close the conference with a conversation late Wednesday afternoon with Milken.

This is the 28th annual global conference hosted by the Santa Monica think tank, which seeks to employ capitalist models in solving the world’s economic, social, technology and health problems. It will feature more than 200 sessions, 1,000 speakers and some 4,000 participants paying thousands for tickets.

“While there’s no shortage of those challenges, and in many cases, we actually have the resources and technology to address these issues, what’s often missing is finding a common will to do so,” said Milken Chief Executive Richard Ditizio, who introduced Bessent. “How else to explain that in a world that has created some $500 trillion in wealth, one in 11 people on the planet live on under $2 a day, or that tuberculosis, a totally preventable and curable disease, killed 1.3 million people last year?”

This year’s conference, whose theme is “Toward a Flourishing Future,” is being held amid the great uncertainty caused by Trump’s tariffs, which have roiled capital markets worldwide, though U.S. stock markets have recently staged a comeback as Trump has paused some of the levies. Several L.A.-based toy makers, importers and retailers have been caught in the crossfire of Trump’s trade war, which has also caused a falloff in shipments to the ports of Los Angeles and Long Beach.

Coming four months after the devastating Los Angeles County fires, the event will feature a Wednesday afternoon panel with L.A. Mayor Karen Bass, “Rising Strong: Los Angeles’ Path to Recovery.” Panel members include Los Angeles County Supervisor Lindsey Horvath and Snap Inc. co-founder and Chief Executive Evan Spiegel.

In separate sessions, Lakers superstar and businessman Magic Johnson will talk about L.A.’s future, and California First Partner Jennifer Siebel Newsom will have a conversation about disaster recovery with celebrity chef José Andrés.

Bessent is not the only Trump administration official attending the conference. Others include Dr. Mehmet Oz, administrator of the Centers for Medicare and Medicaid Services, and Secretary of Education Linda McMahon, who is leading a controversial effort to dismantle the Education Department.

Among the Wall Street notables onstage will be Citigroup Chief Executive Jane Fraser; Henry Kravis and George Roberts, co-founders of private equity pioneer KKR; David Rubenstein, co-founder and co-chairman of Carlyle Group; and hedge fund mogul Bill Ackman, a leading Trump backer who has called for a trade deal with China.

Nvidia Chief Executive Jensen Huang will have a conversation with Milken. The Santa Clara, Calif., company makes chips critical for artificial intelligence computing. Bessent said in his remarks that it is crucial the country lead in artificial intelligence and quantum computing or “everything else doesn’t matter.”

Huang’s panel is one of a number on the topic. On Sunday, during an invite-only session that preceded the conference’s formal kickoff, Elon Musk called the U.S. government inefficient and said artificial intelligence should be used to replace the functions currently done by some public workers, according to a person who attended the session.

Musk, who recently said he was stepping back from his Department of Government Efficiency’s cost-cutting efforts, also spoke about his brain-implant company, Neuralink, and ongoing developments at SpaceX in a conversation with Milken, according to the person.

Last year, Musk also spoke at the conference, but it was a publicly streamed session. Since then, the world’s richest person has been a lightning rod for criticism due to his involvement with DOGE.

Bloomberg News contributed to this report.

Juanita’s Foods, a prominent manufacturer of Mexican food products, announced that it has sold a majority stake in the company to Miami-based private equity firm Apex Capital.

Financial terms were not disclosed.

Founded in 1946 in Wilmington, Juanita’s Foods is the nation’s top seller of canned Mexican food staples, including pozole and menudo. The company employs 160 people.

Its popular shelf-stable products are “crafted to deliver the rich, homemade taste of traditional Mexican cooking with modern-day convenience,” according to a news release.

Juanita’s Foods was previously headed by third-generation family owners, the De La Torres, who will retain partial ownership and will remain involved in business operations.

“Apex Capital brings the expertise and resources needed to support our continued growth while preserving our dedication to our employees and customers. Together, we will drive long-term value and innovation,” Aaron De La Torre, chief executive of Juanita’s Foods, said in the statement.

Lloyd Greif, CEO of Los Angeles investment banking firm Greif & Co., who represented the family of owners, said the sale was part of an estate planning process to secure the future of the business.

“The company is growing, and it’s growing by double digits,” Greif said, adding that the fact that the deal closed during a period of such intense market volatility “speaks to the quality of the asset.”

Juanita’s Foods is the nation’s top seller of canned menudo — a traditional Mexican soup made from cow tripe — boasting more than 95% market share.

“It is a closely guarded family recipe that has been handed down through the generations,” Greif said, adding that focus group data showed the brand’s canned products were “just as good as homemade.”

Apex Capital plans to keep manufacturing in California, Greif said.

Pedro Palma, managing partner at Apex Capital, called the investment a “strong fit with our strategy of nurturing heritage Hispanic brands with high growth potential, guided by a focus on operational excellence and sustainable value creation.”

The private equity firm’s focus on investing in Latino brands, Greif said, is driven in part by the nation’s large and fast-growing Latino population.

“Hands down, Latino growth wins,” the executive said.

Apex Capital is affiliated with Grupo Mariposa, a Guatemalan food and beverage conglomerate just beginning to break into the U.S. market.

Capital One Financial Corp. announced Monday that it had reached an agreement to acquire Discover Financial Services for $35.3 billion, instantly creating a financial behemoth should the deal be approved by regulators.

The merger would combine one of the largest issuers of Mastercard and Visa cards with Discover’s network of cardholders. However, such a mega-merger immediately raised antitrust concerns, as well as questions over how it might affect customers.

Here are some early answers to key questions.

Will I still be able to use my Discover card?

The proposed merger could take a year or more to gain regulatory approval, so in the immediate term don’t expect any changes as it’s reviewed. The companies have not yet disclosed how they might change their product mix. It’s possible Capital One might issue new Discover cards highlighting its name instead of Discover’s bright orange “O” logo — similar to how it issues its Visa and Mastercard credit cards.

However, don’t expect your card to go away. Capital One is buying a valuable asset.

What if I use a Capital One Visa or Mastercard?

Capital One is one of the largest issuers of Visa and Mastercard credit cards in the nation and that is not expected to change, at least for some time. Michael Rhodes, chief executive of Discover, said the deal “brings together two strong brands with enhanced ability to accelerate growth.” However, the Wall Street Journal reported that Capital One plans to migrate some Visa and Mastercard holders to Discover.

If I can keep my existing credit cards, what is the thinking behind the deal?

Capital One has grown rapidly since it was founded in 1994 and is now one of the nation’s largest banks. A big part of that growth has been its issuance of credit cards by the nation’s two leading card networks, Visa and Mastercard, with a focus on subprime customers who carry balances. Now, with Discover, it would also own its own network, similar to how American Express issues its own cards.

What is the advantage for Capital One of owning a credit card network?

Discover, originated by Sears in the mid-1980s to get into the financial services business, has a network of 70 million merchant acceptance points in more than 200 countries and territories, according to the deal announcement. Capital One said the deal is a “key foundation” in its “quest to build a global payments company.”

Still, Discover is the smallest of the four U.S. global payments networks, also trailing American Express. The merger could result in its expansion, providing more competition to Visa and Mastercard, which are sometimes referred to as a duopoly, said Ian Katz at Capital Alpha Partners.

What are some of the downsides to the deal?

Consumer advocates are wary of large mergers, especially in the financial services industry, contending that consolidation can lead to higher costs for consumers in the form of interest rates and fees, whether in the insurance, mortgage or credit card markets. Also, critics say, larger financial institutions tend to have inferior customer service. Discover, which has focused on prime customers with better credit ratings, has a reputation for superior customer service.

Is anyone opposing the merger?

The National Community Reinvestment Coalition immediately came out against the deal, noting that a report last week by the Consumer Financial Protection Bureau found that small banks and credit unions offered credit cards with significantly lower interest rates than large banks in the first half of 2023.

“This deal is not likely to create public benefits that outweigh its adverse effects. On that basis, we’re opposing it and would encourage regulators to block it,” NCRC Chief Executive Jesse Van Tol said.

Also, there was concern from Senate Democrats, including Ohio Sen. Sherrod Brown, chair of the Senate Banking Committee, who vowed to closely monitor the deal so it “doesn’t enrich shareholders and executives at the expense of consumers and small businesses.” Sen. Elizabeth Warren of Massachusetts came out in opposition.

How will shareholders make out?

The merger is structured as an all-stock deal, with Discover shareholders receiving 1.0192 Capital One shares for each of their Discover shares. That would give Discover shareholders a 26.6% premium, based on Discover’s closing price of $110.49 on Friday. When the merger closes, Capital One shareholders would own about 60% of the combined company, and Discover shareholders the rest.

What is the chance that such a large merger will be approved by regulators?

The deal could come under increased scrutiny by the Office of the Comptroller of the Currency (OCC) under a proposal last month by the regulator to give it more time and expand its criteria for reviewing mergers. That follows an announcement last summer by the Federal Reserve that indicated it also may strengthen merger oversight after the crisis last year that saw the failures of Silicon Valley Bank and other regional lenders.

Does Capital One have anything to worry about?

Capital One was fined $80 million by the OCC in 2020 for lapses in its failure to establish what it called “effective risk assessment processes” prior to moving information technology operations to the cloud — and then failing to correct the deficiencies in a timely manner. It was previously fined $100 million in 2018 by the regulator for deficiencies in the bank’s anti-money-laundering program.

What about Discover?

The company has just gone through management turmoil. CEO Roger Hochschild resigned in August after the company said that it misclassified some credit card accounts into its highest pricing tier as far back as 2007, which resulted in merchants being charged more for accepting the cards for payment. The board vowed to improve the company’s governance.

Bloomberg News contributed to this report.