Paramount Skydance will initiate significant layoffs beginning the week of October 27, 2023, eliminating approximately 2,000 jobs across the United States. This decision is part of a broader $2 billion cost-cutting strategy under the leadership of new CEO David Ellison, as reported by Variety.
The layoffs come on the heels of the $8.4 billion merger between Skydance Media and Paramount Global, which was finalized in August 2023. This merger aimed to streamline operations and enhance the competitive positioning of both entities in the entertainment sector. As part of the restructuring, additional layoffs are anticipated internationally, with comprehensive details expected to be revealed in the company’s third quarter earnings report scheduled for November 10, 2023.
According to earlier reports from Variety, the company had been exploring the potential reduction of between 2,000 and 3,000 jobs by early November. As of December 2022, Paramount employed nearly 18,600 full- and part-time staff, alongside 3,500 project-based employees. The impending job cuts reflect the company’s efforts to recalibrate its workforce in response to shifting market dynamics and operational needs.
As of now, Paramount Skydance has not issued a formal comment regarding the layoffs. A request for further information submitted to the company by Reuters has yet to receive a response.
The restructuring plan underscores the ongoing challenges facing the entertainment industry, where shifts in consumer preferences and the rapid evolution of digital platforms continue to influence employment and operational strategies.
