Paramount Skydance to cut around 2,000 Jobs amid cost-cutting push: report

Paramount Skydance employees are set to face a substantial wave of layoffs under the leadership of David Ellison, Variety has reported.

The reductions, expected during the week of October 27, follow the $8 billion merger of Skydance Media and Paramount Global and align with Ellison’s broader strategy to trim costs across the newly combined company.

Major layoffs expected following merger

Job cuts at Paramount Skydance had been anticipated even before the merger closed.

Ellison and his team have targeted upwards of $2 billion in annualized cost savings at the combined company, much of which is expected to come from Paramount’s linear TV operations.

The report said citing sources that the current round of layoffs will eliminate approximately 2,000 jobs in the US, with additional reductions planned internationally.

The move was foreshadowed during an August 7 press conference in New York, held shortly after the merger was finalized.

Jeff Shell, former CEO of NBCUniversal and now president of Paramount Skydance, stated that the company would execute cost cuts and layoffs as quickly as possible, with detailed disclosures to be included in the Q3 2025 earnings report, scheduled for November 10 after the market closes.

Paramount, which owns CBS, Paramount Pictures, Paramount+, Pluto TV, MTV, Comedy Central, Nickelodeon, and BET, has experienced longer-term declines in traditional advertising and distribution revenue amid a shift of pay-TV subscribers toward streaming services.

As of December 31, 2024, the company reported approximately 18,600 full- and part-time employees worldwide, down from 24,500 two years earlier.

Prior to the Skydance merger, Paramount had already implemented additional staff reductions, including a 3.5% reduction of domestic employees in June 2025.

Content investments continue despite job cuts

Even as layoffs loom, Paramount Skydance is ramping up investment in content.

In the week following the merger, the company announced a $7.7 billion, seven-year deal for exclusive UFC rights, a partnership with Activision to produce a “Call of Duty” movie, and the acquisition of The Free Press, founded by Bari Weiss, for a reported $150 million.

Paramount Skydance also secured a four-year exclusive agreement with the Duffer Brothers, creators of Stranger Things, to produce films, shows, and streaming content.

These moves demonstrate the company’s commitment to expanding its content portfolio while pursuing significant operational efficiencies.

Ellison, who holds 100% voting control over Paramount Skydance, is also reportedly exploring a potential acquisition of Warner Bros. Discovery, although WBD has rejected the company’s $20-per-share offer as too low.

Leadership restructuring and strategic vision

Since the merger closed, Ellison has overseen a series of C-level hires to strengthen the company’s leadership team.

Key appointments include Makan Delrahim as chief legal officer, Dane Glasgow as chief product officer, and Jay Askinasi as chief revenue officer.

Cindy Holland, Dana Goldberg, and Josh Greenstein continue to play central roles in Paramount’s film and streaming divisions, while George Cheeks has transitioned to Chair of TV Media.

In July 2024, Shell revealed that the Skydance team, in collaboration with consulting firm Bain & Co., had identified potential annualized savings of $2 billion at the combined company.

The bulk of these savings are expected to come from the traditional TV business, reflecting the ongoing industry-wide challenges posed by declining linear TV revenue.

The upcoming layoffs represent the next phase in Paramount Skydance’s post-merger integration, as Ellison’s management works to streamline operations while simultaneously investing in premium content to strengthen the company’s long-term growth prospects.