Paramount Global is cutting approximately 2,000 jobs, marking one of the first major restructuring moves since the media giant completed its $8 billion merger with Skydance Media in August.
Roughly half of the planned layoffs, about 1,000 positions, were initiated across the company on Wednesday, according to a source familiar with the matter. The remaining cuts are expected to take place in the coming weeks.
The reductions represent about 10 percent of the New York-based company’s total workforce. In a memo to employees, CEO David Ellison said the decision was part of a broader effort to streamline operations and position the newly merged company for long-term growth.
“These decisions are never made lightly, especially given their effect on our colleagues who have made meaningful contributions to the company,” Ellison wrote, adding that Paramount has been restructuring since the August merger and the cuts are “part of that process.”
Layoffs of this scale are not uncommon following major corporate mergers, as overlapping departments and positions are often consolidated.
The latest round of layoffs follows several earlier workforce reductions that took place before the merger. In 2024, Paramount’s previous leadership announced plans to trim its U.S. staff by 15 percent, followed by a 3.5 percent cut in June, CNBC reported.
Since the launch of the “new Paramount,” Ellison has overseen a number of high-profile decisions aimed at repositioning the company for future growth. Earlier this month, Paramount announced the acquisition of The Free Press, a news and commentary outlet founded by journalist Bari Weiss. Weiss was appointed editor-in-chief of CBS News, which Ellison described as part of a larger initiative to modernize the company’s media and news divisions.
The merger between Skydance and Paramount has created one of Hollywood’s most expansive entertainment conglomerates, encompassing television, film, and streaming properties, including CBS, MTV, Nickelodeon, and Paramount Pictures. The merged company has signaled plans to compete more aggressively in an increasingly consolidated media environment.
Paramount is also reported to be exploring additional acquisitions, including a potential bid for Warner Bros. Discovery, the parent company of HBO, CNN, and DC Studios. While neither company has publicly confirmed any talks, Warner recently indicated it may be open to selling parts of its business after receiving “unsolicited interest” from several parties.
The Associated Press contributed to this report.
