After the acquisition of Paramount by Skydance was approved, many observers noted that layoffs are likely coming. Paramount President Jeff Shell admitted as much, but said the company plans for the ax to be swift and only fall once.
During a press conference on Wednesday, Shell stated that the hope is that the company will make its decisions, act quickly, and then not be forced to cut staffers again, a seemingly shot at the previous owners of the company.
“We do not want to be a company that has layoffs every quarter,” Shell said. “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 … It is important for us to get done what we’re doing in one big thing and then be done with it.”
Projections from the company show it hopes to cut roughly $2 billion from its budget, with new CEO David Ellison noting that the layoffs and “restructuring” of the company could potentially exceed that target.
Ellison’s Skydance Media purchased Paramount for $8.4 billion in a deal that was officially accepted and completed earlier this month. Since taking over, the company has already agreed to deals north of $9 billion for the rights to properties like UFC and South Park.
In a town hall with staffers, new Paramount leaders stated that employees could expect open and honest communication about the potential cuts as they are enacted, according to Deadline.
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