Major Paramount layoffs begin today with CEO David Ellison seeking to reposition the company and shift financial resources toward what he and his executive team see as growth opportunities. Ellison told the staff about the job cuts on Wednesday. Around 1,000 jobs are expected to be affected.
“We want to be as open and direct as possible about the reasons behind these changes,” Ellison wrote. “In some areas, we are addressing redundancies that have emerged across the organization. In others, we are phasing out roles that are no longer aligned with our evolving priorities and the new structure designed to strengthen our focus on growth. Ultimately, these steps are necessary to position Paramount for long-term success.”
READ: Paramount settles with Trump for $16 million (July 2, 2025)
Ellison will be holding his first earnings call as CEO on Nov. 10. This call is expected to be a major one, with Ellison and his team being expected to give their financial outlook and strategy for the company.
Paramount Skydance CEO Jeff Shell told reporters in August that he expected to make the cuts as swiftly as possible, rather than drag them out. “You can’t cut your way to growth in this business, you have to invest, so that’s what we’re going to do, we’re going to get those efficiencies, but that is a way partially to fund the investments we’re going to make,” Shell said.
Paramount recently made a number of changes and deals, including a $7.7. billion deal for UFC rights, as well as the acquisition of The Free Press, and a deal for the film rights for the Call of Duty video game franchise.
“We actually have a plan that will exceed the $2 billion of run-rate synergies that we’ve announced, but we also will be investing significantly into our growth businesses, again, all with the goal of long-term value,” Ellison said.
Earlier this year, a $8.4 billion merger between Paramount Global and Skydance Media was greenlit by regulators. This deal put well-known entertainment properties including the CBS broadcast television network, Paramount Pictures, and the Nickelodeon cable channel under the ownership of Ellison.
Earlier this month, Warner Bros. Discovery rejected a takeover offer of around $20 per share from Paramount Skydance in recent weeks. The company regarded the offer as “too low.”
While this is the first round of layoffs for the newly merged company, Paramount had been through a series of employee cuts prior to the deal close. In 2024, Paramount’s prior leadership said it would reduce its U.S.-based workforce by 15%.