Paramount Skydance expected to announce redundancies next week

Variety reported that the job cuts would be announced by CEO David Ellison’s new management team following the $8.4bn merger of Skydance Media and Paramount Global in the summer of 2025.

The company is looking to save $2bn in costs following the merger.

In December 2024, Paramount had nearly 18,600 full- and part-time employees, and 3,500 project-based staff.

Like many traditional media companies, Paramount – the parent company of CBS, Paramount Pictures, Paramount+, Pluto TV, MTV, Comedy Central, Nickelodeon, and BET – has experienced a decrease in traditional advertising and distribution revenue as pay-TV subscribers shift toward streaming.

Despite the decision to cut jobs, Paramount Skydance has invested in new content deals in recent weeks.

This includes a seven-year, billion-dollar deal for exclusive UFC rights and a deal with Activision to make a film based on Call of Duty. The company also recently lured the Duffer Brothers, creators of Stranger Things, over from Netflix with a new four-year exclusive pact to make movies, shows, and streaming programming.

Meanwhile, Ellison is seeking to buy rival studio Warner Bros. Discovery.

Paramount Skydance recently began working on a majority cash bid for Warner Bros Discovery, according to a report in the Wall Street Journal. Discover more here.