Paramount Skydance to cut 2,000 US jobs

Paramount Skydance plans to cut about 2,000 U.S. jobs next week as part of a $2 billion cost-reduction initiative. The layoffs mark the first major restructuring move since the merger of Paramount Global and Skydance Media.

According to Variety, the layoffs will begin the week of October 27 under the direction of new CEO David Ellison, who aims to streamline operations and reduce expenses following the companies’ $8.4 billion merger completed in August.

The newly formed Paramount Skydance is undergoing a broad restructuring effort to align its film, television, and streaming divisions. As of December 2024, Paramount employed nearly 18,600 full- and part-time staff, plus 3,500 project-based workers.