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5h ago

Paramount Skydance Begins First 1,000 Layoffs in Post‑Merger Restructuring

The reductions target redundancies to meet a $2 billion savings goal set after the August merger.

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. roles are being eliminated this week with roughly another 1,000 expected soon, totaling around 10% of the workforce.
  • CEO David Ellison told staff in a memo that the company is addressing overlapping functions and phasing out roles not aligned with new priorities.
  • Cuts span film, streaming, cable networks and news operations, with CBS News expected to lose nearly 100 positions, according to multiple reports.
  • The layoffs roll out as leadership pours resources into growth bets, including a seven‑year, $7.7 billion UFC rights deal and the purchase of The Free Press.
  • The company has explored a deal for Warner Bros. Discovery, which reportedly rebuffed initial offers and is reviewing strategic alternatives, with more detail on strategy expected on Nov. 10.