Layoffs Expected Wednesday At Paramount

On Monday, Bloomberg News published a report detailing the impending first major round of layoffs at Paramount Skydance Corp., the newly merged entity formed from the $8 billion acquisition of Paramount Global by Skydance Media in August 2025. 

According to a person familiar with the company's plans, approximately 1,000 jobs—primarily in the U.S.—will be eliminated starting Wednesday, October 29, 2025. This move is part of a broader restructuring effort aimed at achieving over $2 billion in annual cost savings, as promised to investors by new CEO David Ellison and President Jeff Shell.

The 1,000 cuts represent the initial phase, with additional layoffs expected soon after, potentially totaling around 2,000 U.S. positions and more internationally. The company had originally targeted these reductions for disclosure during its Q3 2025 earnings call in early November but accelerated the process for efficiency.

Workforce Impact: As of December 2024, Paramount employed nearly 18,600 full- and part-time staff across 32 countries, plus 3,500 project-based workers; Skydance added about 500 employees. The layoffs are described as a "one bigger thing" to minimize ongoing quarterly reductions, per Shell's earlier comments.

Broader Context: These cuts follow pre-merger efforts that already saved $500 million through three phases of layoffs in 2024. They align with industry pressures, including streaming competition and ad market shifts, as Paramount Skydance integrates assets like CBS, MTV, Nickelodeon, and recent deals for UFC rights and Call of Duty films. A phased return-to-office policy is also set for January 2026.