Paramount Braces for Massive Layoffs Amid Skydance Merger

In the wake of its merger with Skydance, Paramount is preparing to enact significant staffing reductions across its various divisions. According to sources familiar with the company's plans, the layoffs are expected to take place by early November 2025 and will affect between 2,000 to 3,000 employees, though the exact numbers may vary.

The impending job losses were anticipated as Paramount's new leadership, led by Skydance founder David Ellison, signaled their intention to realize more than $2 billion in cost synergies following the $8 billion deal. Ellison has taken over as the CEO and chairman of the combined Paramount Skydance entity, instituting a new team of top executives that includes former NBCUniversal CEO Jeff Shell as the company's president, as well as Cindy Holland, Dana Goldberg, and Josh Greenstein in key roles overseeing Paramount's streaming and film operations.

Despite the acquisition of several prominent franchises, including "Star Trek," "South Park," and "Top Gun," Paramount has faced declining revenues as viewers have shifted away from traditional cable and broadcast platforms, where the company once generated the bulk of its profits, and towards streaming services, where its own Paramount+ platform has struggled to gain a significant foothold.