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yesterday

Paramount Begins 1,000 Layoffs Under New Skydance Ownership

CEO David Ellison says the restructuring targets more than $2 billion in savings and will continue with roughly another 1,000 job cuts.

FILE - Producer David Ellison poses for the media during the 'Top Gun Maverick' UK premiere at a central London cinema, on May 19, 2022. (AP Photo/Alberto Pezzali, File)
The Paramount Studios in Los Angeles, California, US, on Tuesday, Aug. 27, 2024.
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Overview

  • About 1,000 U.S. employees were notified Wednesday in the first wave of reductions, with roughly 2,000 total cuts expected, or about 10% of the workforce.
  • The layoffs touch major units including CBS, CBS News, Comedy Central and the historic Melrose Avenue studio, with fewer than 100 CBS News roles expected to be affected.
  • Ellison told staff the company is addressing redundancies and phasing out roles not aligned with evolving priorities as part of a plan to reshape the organization for growth.
  • Paramount has begun trimming its portfolio and footprint, recently selling Argentine broadcaster TelefĂ© and signaling real-estate reductions alongside workforce cuts.
  • Leadership has paired cost reductions with targeted investments such as a seven-year, $7.7 billion UFC rights deal, with more strategic detail expected on the Nov. 10 earnings call.