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8h ago

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

The cuts reflect CEO David Ellison’s push for roughly $2 billion in savings to position the company ahead of its Nov. 10 earnings update.

Previously, the company had been targeting layoffs by early November.
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Overview

  • Multiple outlets report the first wave will begin the week of Oct. 27, moving up a previously expected early November start to precede the Q3 call.
  • About 2,000 U.S. roles are expected to be eliminated, with 2,500–3,000 reductions reported worldwide, and further rounds anticipated through year-end.
  • The reductions will span CBS News, the film studio, streaming operations and TV networks, rather than targeting a single unit.
  • Leadership has tied the workforce cuts to a plan to realize roughly $2 billion in annual savings following Skydance’s Aug. 7 takeover, with Jeff Shell emphasizing swift execution.
  • Even as headcount is reduced, the company is investing in content, including a $7.7 billion UFC rights deal, a planned Call of Duty film, the purchase of The Free Press and a new pact with the Duffer Brothers, while reports also describe exploration of a possible bid for Warner Bros. Discovery.