It’s been a week since Paramount Global officially moved into new ownership under Skydance Media, and we now have more answers about what the company’s next chapter will look like.

CEO David Ellison and other senior executives revealed a number of business priorities at press events on Wednesday, while some buzzy deals have been underway behind the scenes. Here are five things we know so far:

1. Looming job cuts 

On Wednesday, the company’s new president Jeff Shell confirmed that a “painful” cost-cutting measure is coming and will target US$2 billion in savings. “We do not want to be a company that has layoffs every quarter,” he told the press. “So, it is important for us to get done what we’re doing in one big thing and then be done with it.” He did not specify when the layoffs would happen, or which divisions they would affect.

2. Streaming ramps up

The company’s direct-to-consumer chair Cindy Holland emphasized that the company wants to serve both kids and adult streaming audiences. To expand the Paramount+ originals library, the team will no longer rely primarily on internal productions. “We are going to be buying from third parties—because we want to be programming the best stories regardless of what the producing entity is,” she told Deadline.

3. Movie ambitions

Paramount Pictures co-chairs Josh Greenstein and Dana Goldberg have said that they will be prioritizing four-quadrant family films. And the films that do get made will be primarily going to theaters, with Ellison noting that straight-to-streaming movies don’t have the impact of films with a theatrical window. “Streaming movies are not a priority for me,” Holland added. In terms of IPs, Deadline reported that the studio sees Star Trek as a priority, and that it will review three potential scripts for the next installment of the Transformers franchise (pictured, last year’s Transformers One).

•  A timeline of the Paramount-Skydance saga

4. Big talent in talks

Multiple media reports emerged yesterday suggesting that Matt and Ross Duffer are circling an overall deal with Paramount that could encompass both streaming and theatrical projects. It would be a major move for the duo, best known as the creators of Netflix’s hit YA series Stranger Things—which was greenlit by Holland back when she was at Netflix.

5. Children’s content

Ellison and Goldberg emphasized that the kids content market will remain important to Paramount—and both executives pledged to support children’s and family programming, according to Variety. As a source told Kidscreen last month, Nickelodeon continues to be a big driver for audience engagement on Paramount+.