Paramount Skydance is beginning a round of layoffs expected to affect 2,000 employees on Wednesday. The company’s CEO, David Ellison, is sharing his insight on why the cuts are happening.
In a memo to staffers, which Barrett Media has obtained and is shown below in full, Ellison noted that there would be “significant change” to the number of employees working at the company, beginning today.
“As part of that process, we must also reduce the size of our workforce, and we recognize these actions affect our most important asset: our people,” Ellison wrote.
He shared that the company was “addressing redundancies” that resulted following the merger between Paramount and Skydance. He also added that the company was “phasing out roles that are no longer aligned with our evolving priorities.”
Furthermore, Ellison shared that the cuts were “necessary” and ” designed to strengthen our focus on growth” for the new company’s “long-term success.”
Ellison’s entire note is below.
Dear All,
When we launched the new Paramount in August, we made clear that building a strong, future-focused company would require significant change – including restructuring the organization. As part of that process, we must also reduce the size of our workforce, and we recognize these actions affect our most important asset: our people.
We want to be as open and direct as possible about the reasons behind these changes. In some areas, we are addressing redundancies that have emerged across the organization. In others, we are phasing out roles that are no longer aligned with our evolving priorities and the new structure designed to strengthen our focus on growth. Ultimately, these steps are necessary to position Paramount for long-term success.
That said, today we begin the difficult process of informing impacted team members across the company. These decisions are never made lightly, especially given their effect on our colleagues who have made meaningful contributions to the company. To this end, we are committed to supporting all employees through this transition. Members of our HR team will be working closely with business unit leaders to share detailed information on benefits and transition services. Additional questions can be directed to (redacted HR email).
We are deeply grateful for your hard work, professionalism, and resilience during this period of transition. We remain confident that Paramount’s best days are ahead, and we’re committed to building a strong foundation for the future.
Thank you,
David
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