Paramount Skydance Mass Layoffs to Start Week of Oct. 27
Paramount Skydance employees are bracing themselves for a significant wave of layoffs as part of David Ellison’s new management strategy. The company is set to undergo a broad across-the-board culling starting the week of October 27th, as confirmed by Variety.
The job cuts were anticipated even before the completion of the Skydance Media-Paramount Global merger, with Ellison and his team aiming to reduce costs by over $2 billion. The new round of layoffs is expected to result in the elimination of around 2,000 jobs in the United States, with additional layoffs anticipated internationally.
During a press conference in New York on August 7th, Jeff Shell, the former CEO of NBCUniversal who now serves as president of Paramount Skydance, announced that cost cuts and layoffs would be implemented swiftly following the merger. These changes will be disclosed in the company’s third-quarter 2025 earnings report, scheduled to be released in November. Paramount Skydance recently revealed that its Q3 financial results will be reported on November 10th after the market closes.
Like many other traditional media companies, Paramount has been experiencing a decline in traditional advertising and distribution revenue as consumers increasingly shift towards streaming services. As of December 31, 2024, Paramount employed approximately 18,600 full- and part-time workers across 32 countries, a decrease from 24,500 employees two years prior. Prior to the Skydance deal, Paramount had already implemented layoffs, including a 3.5% reduction in its domestic staff in June.
Despite the impending job cuts, Paramount Skydance has been actively investing in content. Following the merger, the company secured a $7.7 billion seven-year deal for exclusive UFC rights, partnered with Activision to produce a film based on “Call of Duty,” and acquired The Free Press by Bari Weiss for a reported $150 million. Additionally, the Duffer Brothers, creators of “Stranger Things,” signed an exclusive four-year agreement to produce movies, shows, and streaming content for Paramount.
Meanwhile, David Ellison, the chairman and CEO of Paramount Skydance, is reportedly pursuing the acquisition of Warner Bros. Discovery in a significant M&A move. WBD allegedly rejected Paramount’s initial $20-per-share offer as too low. Ellison’s family holds 100% voting control over Paramount Skydance, with the deal largely financed by Oracle founder Larry Ellison, David’s father.
Since the merger, Ellison has made several key executive hires, including Makan Delrahim as chief legal officer, Dane Glasgow as chief product officer, and Jay Askinasi as chief revenue officer. Notable appointments also include Cindy Holland, Dana Goldberg, and Josh Greenstein, who hold crucial roles in Paramount’s streaming and film divisions. George Cheeks, who previously oversaw CBS, has remained with the company as the “Chair of TV Media.”
In a presentation to investors in July 2024, Shell outlined potential annualized cost savings of $2 billion at the combined company, with a focus on reducing costs in the linear TV business. The plans for layoffs in late October were previously reported by Deadline.
Stay tuned for updates on the evolving landscape at Paramount Skydance as the company navigates these significant changes.
