Paramount Layoffs Accelerate Under New Skydance Leadership

Massive job cuts are coming to Paramount Global. The long-anticipated layoffs are now scheduled for late October. This news comes from sources familiar with the matter. The move precedes a crucial earnings call in November.

New CEO David Ellison and his team are moving swiftly. They aim to streamline operations and find cost savings. The goal is to free up capital for future investments.

Timeline and Scale of the Workforce Reduction

The layoffs are expected the week of October 27. This timeline is sooner than many employees anticipated. One source estimated the cuts could affect around 2,000 roles.

Paramount employed over 18,600 people at the end of 2024. The company has already conducted smaller rounds of layoffs this year. This new wave represents a significant acceleration of cost-cutting efforts.

Strategic Shift Towards Investment and Growth

Leadership has consistently stated that cuts are a means to an end. The savings will help fund new content and business ventures. This strategy was outlined by President Jeff Shell in August.

According to Deadline, the cuts will impact the entire company. CBS News, the film studio, and streaming divisions will all be affected. The new leadership is prioritizing financial health to compete in a tough market.

The upcoming Paramount layoffs mark a painful but pivotal moment for the historic media company. This restructuring is the first major step in the Skydance ownership era, setting the stage for a new strategic direction focused on long-term value creation.

Thought you’d like to know

When will the Paramount layoffs happen?

The layoffs are expected to begin as early as the week of October 27. This is just before the new CEO’s first major earnings call.

How many employees will be laid off?

While the final number is not confirmed, sources indicate around 2,000 jobs could be eliminated. Paramount had over 18,600 employees at the end of last year.

Why is Paramount cutting jobs now?

The new Skydance leadership is seeking over $2 billion in cost synergies. These savings are intended to be reinvested into growth areas like new content.

Which departments will be affected?

The layoffs are expected to be company-wide. This includes divisions like CBS News, the film studio, and streaming services.

What did company leadership say about this?

President Jeff Shell stated they want to make cuts quickly. The goal is to achieve efficiencies without delaying necessary investments in the business.