EXCLUSIVE: Paramount announced that their earnings call for Q3 results is on Nov. 10, and as such, it’s expected that the entertainment conglomerate is going to move up its reduction in force to the week of Oct. 27. This is according to sources.
Originally, layoffs were expected to begin in early November with 2,500-3,000 positions impacted. We understand for stateside employees that number could be around 2,000 with overseas cost savings still being calculated. Note, the pink-slipping in late October is only the first round with layoffs expected to continue until the end of the year.
The David Ellison-run corporation previously announced that it was eyeing about $2 billion in cost savings post-merger. Skydance‘s purchase of Paramount closed on Aug. 7. Cuts are expected across theatrical, streaming, linear and all other divisions with key executives having already departed. Paramount has 18,000 employees around the world, while Skydance has a staff that’s under 2,000.
Paramount declined to comment on the recent job cuts update.
“We do not want to be a company that has layoffs every quarter,” Paramount President Jeff Shell said at an August presser for the new Paramount, “So, it’s going to be painful. It’s always hard, but we don’t want to be a company that every quarter is laying people off.”
Ellison in a note to staff in early September told employees that they will be expected to work in the office five days a week beginning Jan. 5, 2026. Those who prefer not to work in the office, can explore a buyout.
Meanwhile, the new Ellison Paramount is preparing a potential $60 billion bid to takeover Warner Bros Discovery.
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