Paramount Skydance Plans Major Layoffs Post-Merger Amid $2B Cost-Cutting Strategy

Paramount Skydance (PSKY) is preparing to cut 2,000 to 3,000 jobs across its merged operations, targeting early November for the layoffs. The MOVE follows the $8.4 billion merger between Paramount Global and Skydance Media, finalized on August 7, with David Ellison at the helm as CEO.

Jeff Shell, President of the combined entity, has directed managers at Paramount Pictures, CBS, MTV, and Showtime to compile termination lists. The restructuring aims to save over $2 billion, aligning with broader industry trends as traditional media grapples with streaming disruption and sports network competition.

Notifications are expected in late October, coinciding with the company's first quarterly earnings report. The layoffs reflect a strategic pivot rather than operational failure—a recalibration seen across legacy media battling for relevance in the digital era.