Paramount to cut 1,000 jobs after merger with Skydance.
Paramount is set to lay off roughly 1,000 employees on Wednesday, with another 1,000 cuts expected later, as the studio works to streamline operations and reduce costs following its recent merger with Skydance. Most of the initial job losses will affect U.S.-based staff, though international employees are also likely to see reductions in the coming weeks. The merger, finalized in August for $8.4 billion, included a plan to achieve $2 billion in cost savings.
The layoffs were originally scheduled for November but have been accelerated. Jeff Shell, president of the newly merged company, emphasized that the process would be handled as efficiently as possible, noting the company does not plan to have layoffs on a quarterly basis. Paramount has already experienced multiple rounds of cuts under prior leadership, including three waves in 2024 that eliminated about 15% of its U.S. workforce. Divisions focused on theatrical releases and linear television have historically been the most affected. The merger with Skydance, led by CEO David Ellison, follows Ellison’s broader expansion efforts, including previous attempts to acquire Warner Bros. Discovery and a $7 billion deal securing UFC broadcasting rights.
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