Paramount Skydance will reportedly announce approximately 2,000 job cuts in the US next week, with additional layoffs internationally, according to reports.
Variety reported that the job cuts would be announced by CEO David Ellison’s new management team following the $8.4bn merger of Skydance Media and Paramount Global in the summer of 2025.
The company is looking to save $2bn in costs following the merger.
In December 2024, Paramount had nearly 18,600 full- and part-time employees, and 3,500 project-based staff.
Like many traditional media companies, Paramount – the parent company of CBS, Paramount Pictures, Paramount+, Pluto TV, MTV, Comedy Central, Nickelodeon, and BET – has experienced a decrease in traditional advertising and distribution revenue as pay-TV subscribers shift toward streaming.
Despite the decision to cut jobs, Paramount Skydance has invested in new content deals in recent weeks.
This includes a seven-year, billion-dollar deal for exclusive UFC rights and a deal with Activision to make a film based on Call of Duty. The company also recently lured the Duffer Brothers, creators of Stranger Things, over from Netflix with a new four-year exclusive pact to make movies, shows, and streaming programming.
Meanwhile, Ellison is seeking to buy rival studio Warner Bros. Discovery.
Paramount Skydance recently began working on a majority cash bid for Warner Bros Discovery, according to a report in the Wall Street Journal. Discover more here.
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