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2h ago

Paramount Skydance Begins First 1,000 Layoffs, With Second Round to Follow

CEO David Ellison says the reductions target redundancies to deliver roughly $2 billion in savings.

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 roles were eliminated on Oct. 29, largely in the U.S., across television, film, streaming and corporate units.
  • A second wave of roughly 1,000 cuts is expected, including international reductions, bringing total layoffs to about 10% of the workforce.
  • Ellison told staff the restructuring removes overlapping roles and those not aligned with new priorities tied to post‑merger integration.
  • CBS News was affected with about 100 positions cut and the Johannesburg bureau closed, while additional executives exited across CBS Entertainment, Paramount+, MTV and CMT.
  • The cuts follow the August Skydance merger and coincide with major content spending and dealmaking, including a rejected approach to Warner Bros. Discovery, with Q3 results set for Nov. 10.