Paramount Skydance to Lay Off 1,000 Employees Amid Cost-Cutting Measures
Paramount Skydance plans to reduce its workforce by approximately 1,000 employees in the U.S. on October 29, with further layoffs expected as part of a $2 billion cost-saving initiative.
Paramount Skydance is set to reduce its workforce by approximately 1,000 employees in the United States on Wednesday, October 29, as part of a broader cost-cutting strategy. This move follows the merger between Skydance Media and Paramount Global, finalized in August 2025, and aims to achieve $2 billion in cost savings.
Additional layoffs are anticipated in the future, with the total number of job cuts expected to reach around 2,000 in the U.S., alongside international reductions.
At an August 7 press conference in New York, Jeff Shell, the former CEO of NBCUniversal and now president of Paramount Skydance, stated that the company would implement cost cuts and layoffs swiftly, with details to be disclosed in the third-quarter 2025 earnings report scheduled for November 10.
Since the merger, Paramount Skydance has made significant investments, including a $7.7 billion seven-year deal for exclusive UFC rights and a four-year exclusive pact with the Duffer Brothers, creators of "Stranger Things," to produce movies, shows, and streaming content.
David Ellison, founder of Skydance Media and now chairman and CEO of Paramount Skydance, has expressed ambitions to expand the company's portfolio further, including a potential acquisition of Warner Bros. Discovery. However, Warner Bros. Discovery has reportedly rejected initial overtures.