Changes expected next week ahead of third-quarter financial results release
Paramount Skydance is expected to lay off around 2,000 employees in the United States as part of a major cost-cutting plan, according to reports.
The layoffs come after the completed merger between Skydance Media and Paramount Global in August, valued at US$8 billion.
According to Variety, Paramount Skydance is planning to eliminate around 2,000 jobs in the US, with additional layoffs internationally.
The changes are expected to take place next week, ahead of the company's announcement of its third-quarter financial results on November 10.
Deadline reported that the layoffs in late October are only the first round of cuts, and are expected to "continue until the end of the year."
Impacted employees belong to the company's theatrical, streaming, linear, and all other divisions, according to the report.
The layoffs are part of the company's $2 billion cost-savings plan after the merger.
Jeff Shell, president of Paramount, said in August that the cuts will be "painful."
"We do not want to be a company that has layoffs every quarter," Shell said as quoted by Deadline. "So, it's going to be painful. It's always hard, but we don't want to be a company that every quarter is laying people off."
Paramount has 18,000 employees around the world, while Skydance has fewer than 2,000 employees, according to the reports.
The company previously ordered all of its employees to return on-site starting January 5, 2026. Severance packages were made available to employees who cannot or refuse to make the transition.
