Paramount Braces for Massive Layoffs Ahead of CEO's Debut

In the weeks leading up to Paramount's upcoming earnings call on Nov. 10, the company is expected to undergo significant layoffs. According to sources, the cuts are likely to come as early as the week of Oct. 27, with around 2,000 jobs expected to be eliminated.

The layoffs are part of a broader restructuring plan under Paramount's new CEO, David Ellison, who took over the company in August. Ellison and his senior leadership team are expected to outline their financial outlook and strategy for the company during the Nov. 10 earnings call.

While the precise number of roles to be eliminated is not yet clear, the cuts are expected to be felt across all of Paramount's operations, including CBS News, the film studio, streaming, and TV networks. Paramount had more than 18,600 employees at the end of 2024, and there have been additional layoffs earlier this year before the Skydance deal closed.

Despite the upcoming cuts, Ellison has reiterated his plans to invest in Paramount's growth. This includes a monster $7.7 billion deal for UFC rights, as well as deals for content from Bari Weiss' The Free Press, film rights for the Call of Duty video game franchise, and a partnership with the Duffer Brothers.

"We actually have a plan that will exceed the $2 billion of run-rate synergies that we've announced, but we also will be investing significantly into our growth businesses, again, all with the goal of long term value," Ellison said.