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Paramount Skydance to Begin Mass Layoffs the Week of Oct. 27

The cuts mark the first phase of David Ellison’s plan to deliver roughly $2 billion in annualized savings.

Previously, the company had been targeting layoffs by early November.
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The Paramount Global Paramount+ streaming service logo is displayed on the Sphere arena in Las Vegas, Nevada on February 7, 2024. (Photo by Patrick T. Fallon / AFP)

Overview

  • Roughly 2,000 U.S. jobs are targeted in the initial round, with additional international reductions expected.
  • Layoffs are slated to start the week of Oct. 27 ahead of the company’s Nov. 10 earnings call, according to multiple reports.
  • Leadership previously identified about $2 billion in annualized cost savings during post‑merger integration planning with Bain & Co.
  • Cuts are expected across the company’s news, film, streaming and TV network operations, including CBS News.
  • Further rounds are anticipated through year‑end, with fuller details expected when third‑quarter results are reported on Nov. 10.