Paramount Skydance is set to begin a round of layoffs tomorrow, with 1,000 jobs expected to be eliminated by the organization.
The overwhelming majority of the positions cut will affect U.S. employees. Cuts to the company’s international divisions will be enacted in the coming weeks.
As part of the eliminations, Paramount Skydance hopes to cut $2 billion from its annual operating budget.
The cuts come just over two months after the merger of Paramount and Skydance was officially closed, receiving government approval for the move. The merger was part of an $8.4 billion deal between the two organizations.
In federal filings in 2024, Paramount shared it had just under 19,000 employees. The company underwent a round of layoffs ahead of the merger with Skydance in June, with 3.5% of its global staff being cut in the wave of reductions. Skydance, ahead of the merger, reported it had more than 500 employees.
Previously, new president of the company, Jeff Shell, said that it would act swiftly in its job cuts, adding that they would be enacted ahead of the company’s earnings call.
“We do not want to be a company that has layoffs every quarter,” Shell said in August hours after the deal between Paramount and Skydance was approved. “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.”
The news of the timing and size of the layoffs was first reported by Bloomberg.
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