Paramount Skydance will lay off around 2,000 US employees as part of a $2bn cost-cutting plan, according to a Variety report published on Saturday. The job cuts are expected to begin the week of 27 October.
The move follows the $8.4bn merger between Skydance Media and Paramount Global, which was finalized in August, creating a new entertainment powerhouse under chief executive David Ellison.
Further international layoffs are expected, with full details to be announced in the company’s third-quarter earnings report on 10 November.
As of December 2024, Paramount employed nearly 18,600 full- and part-time workers, along with about 3,500 project-based staff.
The planned reductions align with earlier reports that Paramount was preparing to eliminate between 2,000 and 3,000 positions by early November.
Paramount Skydance has not yet issued an official comment on the layoffs.
