BREAKING: Paramount Skydance has confirmed it will begin mass layoffs affecting around 2,000 jobs in the U.S. starting the week of October 27, 2023. This drastic measure is part of a broader $2 billion cost-cutting initiative led by new CEO David Ellison, according to a report by Variety.
The layoffs come in the wake of the $8.4 billion merger between Skydance Media and Paramount Global, finalized in August. As the company seeks to streamline operations, additional international job cuts are anticipated. Full details regarding the layoffs and their impact will be revealed in the third quarter earnings report scheduled for November 10, 2023.
Earlier reports indicated that Paramount was considering eliminating between 2,000 and 3,000 jobs by early November. As of December 2024, the company employed nearly 18,600 full- and part-time workers along with 3,500 project-based staff.
The impending layoffs highlight the ongoing challenges within the entertainment industry as companies grapple with rising costs and shifting market dynamics. Many employees are understandably concerned about their futures as the company moves towards these significant changes.
Paramount Skydance has not responded to requests for comments on this developing situation. The announcements are expected to reverberate throughout the industry, impacting not only those directly affected but also the wider workforce in the entertainment sector.
Stay tuned for updates as this story unfolds and further details emerge from the company’s earnings report on November 10.
