Thousands of job reductions that are expected at the beginning of November
After closing his merger with Skydance this month, Paramount is ready to implement deep staffing on the different divisions, sources say with knowledge of the company’s plans. The dismissals are expected to take place at the beginning of November and will meet between 2,000 and 3,000 employees, although the figures can vary. The timing is in line with when Paramount is planned to report its income from the third quarter of 2025.
The losses were expected with Paramount’s new leadership signaling publicly that they hoped to realize more than $ 2 billion in cost synergies after the merger. As part of the $ 8 billion deal with Skydance, the founder of the company David Ellison took over as CEO and chairman of Paramount Skydance. He has set up a new team of top managers with Jeff Shell, the former CEO of NBCUIVERSAL, who serves as president of the company, as well as Cindy Holland, Dana Goldberg and Josh Greenstein who play a key roles in leading Paramount’s streaming and film operations. George Cheeks, who loved CBS in front of the deal, has remained in place. From December 2024, Paramount had 18,600 employees worldwide.
The deal gives Ellison control over various prominent franchises, including “Star Trek”, “South Park”, “Spongebob squarepants,” “Teenage Mutant Ninja Turtles” and “Top Gun.” He has also indicated a willingness to invest heavier in content. A week after Skydance took over, Paramount $ 7 billion shot for an exclusive seven -year -old deal for the rights to UFC. The company also recently lured the Duffer Brothers, the makers of ‘Stranger Things’, over Van Netflix with a new four -year exclusive pact to make films, shows and streaming programming.
But as many media companies, Paramount has seen the income fall as viewers have shifted cable and broadcast, where it once made most of its profit, and to streaming, where the Paramount+ Service has had difficulty finding a foot on the ground.
A Paramount spokesperson refused to comment.
