Paramount to cut 1,000 jobs following Skydance merger
As of December 2024, the company employed about 18,600 full- and part-time workers, in addition to 3,500 project-based employees.
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Paramount Skydance is preparing to lay off around 1,000 employees this week, marking the first major round of job cuts since the $8.4 billion merger between Skydance Media and Paramount Global, a source familiar with the matter told Reuters on Monday.
The layoffs, expected to begin on Wednesday, will affect approximately 5% of Paramount’s workforce, based on staff numbers prior to the merger. As of December 2024, the company employed about 18,600 full- and part-time workers, in addition to 3,500 project-based employees.
The move signals a significant restructuring phase for the newly formed entity, as it works to streamline operations and eliminate overlaps following the merger.
The development also comes just days after Reuters reported that Warner Bros Discovery’s board had rejected a nearly $60 billion acquisition proposal from Paramount Skydance. Despite the rejection, analysts continue to view David Ellison’s Skydance as the leading contender for any potential dealmaking in the entertainment sector. Bloomberg was the first to report details of the layoffs earlier on Monday.
