Mass layoffs across Paramount Skydance are set to begin the week of 27 October with some 2,000 U.S. jobs expected to be targeted.
The corporate restructure is part of a $2bn cost-cutting plan under new chief executive David Ellison, Variety reported on Saturday.
The job losses follow the $8.4bn merger between Skydance Media and Paramount Global, which closed in August, as Breitbart News reported.
Additional international job cuts are expected, with the company aiming to disclose full details in its third quarter earnings report on 10 November.
Variety had noted on 22 August that Paramount was looking to cut between 2,000 and 3,000 jobs by early November.
Ellison said the planned job losses would realize $2B in cost savings and there were reports that the company is targeting a further massive round of layoffs to follow before year’s end.
The new company headed by billionaire Ellison— trading under the “PSKY” ticker on Wall Street — is reportedly seeking to bring Paramount’s legacy Hollywood footprint, major TV networks like CBS and MTV, streaming services and more under one creative roof.
When first announcing the deal in July 2024, Ellison said he sought a “tech hybrid” to stay competitive in today’s entertainment landscape.
That included plans to “rebuild” the Paramount+ streaming service, among wider efforts to expand direct-to-consumer offerings in a world with more entertainment options and shorter attention spans.
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