Paramount Skydance Starts Major Layoffs, 10% Of Workforce To Be Cut: Report
Synopsis
According to a report by The New York Times, CEO David Ellison said that the layoffs are focused on eliminating redundant jobs or positions that no longer fit in with Paramount’s evolving priorities.
Paramount Skydance (PSKY) is reportedly set to begin laying off more than 2,000 employees on Wednesday as the merger between Paramount and Skydance executes the anticipated restructuring.
According to a report by The New York Times, Paramount is planning to cut roughly 10% of the combined company. It cited an internal announcement by CEO David Ellison, in which he said the initial round of job cuts will affect around 1,000 employees in the U.S. across many of Paramount’s divisions, including CBS News, MTV, Nickelodeon, and others. The rest of the cuts, some of which will affect international employees as well, will come later.
“These decisions are never made lightly, especially given their effect on our colleagues who have made meaningful contributions to the company.”
— David Ellison, CEO, Paramount Skydance
Ellison reportedly said the job cuts across the organization are focused on eliminating redundant positions or phasing out positions that no longer align with Paramount’s evolving priorities.
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