Paramount Skydance will begin laying off approximately 2,000 employees in the United States starting the week of October 27, according to a report by Variety. The decision is part of a Ksh.259 billion (approximately $1.7 billion) cost-cutting plan introduced by the company’s new CEO, David Ellison, following the Ksh.1 trillion ($6.8 billion) merger between Skydance Media and Paramount Global, which officially closed in August.
The layoffs are expected to affect multiple divisions across the entertainment giant, marking one of the most significant workforce reductions in the company’s history. Additional job cuts are anticipated internationally, with detailed plans expected to be outlined in the company’s third-quarter earnings report on November 10.
As of December 2024, Paramount employed nearly 18,600 full- and part-time workers, alongside 3,500 project-based staff. The planned reduction represents more than 10 percent of its total workforce, underscoring the scale of the restructuring effort.
Variety previously reported in August that the company aimed to trim between 2,000 and 3,000 positions by early November as part of its integration strategy. The layoffs come amid growing financial pressure in the entertainment industry, with streaming competition intensifying and traditional media revenues continuing to decline.
Paramount Skydance, the newly merged entity, aims to streamline operations, cut overlapping costs, and refocus investments toward content creation and digital transformation.
Neither Paramount Skydance nor Skydance Media responded immediately to Reuters’ request for comment, and Reuters could not independently verify the report.
The upcoming restructuring marks a pivotal moment for David Ellison’s leadership as he seeks to reshape the merged company into a leaner, more agile media powerhouse capable of competing in an evolving entertainment landscape.
