Paramount Global is undertaking a series of layoffs as it prepares for and integrates with Skydance. The media company is aiming to reduce costs and streamline operations following the merger. The layoffs are expected to occur in multiple waves.
What happened
Paramount Global is implementing layoffs as part of a broader cost-reduction plan. The company is moving up its planned layoffs to the week of October 27, 2025.
How many employees affected
The layoffs are expected to affect between 2,500 and 3,000 employees worldwide. An earlier wave of cuts involved approximately 800 positions, about 3% of staff. About 2,000 U.S. jobs, around 15% of staff, are being eliminated.
Why layoffs happened
The layoffs are part of a $2 billion cost-reduction effort following Paramount's merger with Skydance. The company aims to return to growth after facing a difficult advertising market.
Company background
Paramount Global is a media company involved in the production and distribution of film and television content. It is currently undergoing a merger with Skydance, a media and entertainment company.
Industry impact
The media industry is currently experiencing a wave of mergers and acquisitions, leading to restructuring and cost-cutting measures, including layoffs.
What's next
Paramount Global will continue to implement its cost-reduction plan and integrate with Skydance. Further waves of layoffs are expected as the company aims to achieve $2 billion in cost savings.