Paramount has begun laying off around 2,000 employees, about 10% of its workforce, just months after its $8 billion merger with Skydance. The cuts are part of a broader corporate overhaul under new CEO David Ellison.
In a memo to staff, Ellison wrote, “When we launched the new Paramount in August, we made clear that building a strong, future‑focused company would require significant change, including restructuring the organization…We must also reduce the size of our workforce.”
Ellison said the layoffs are aimed at “addressing redundancies” and “phasing out roles that are no longer aligned with our evolving priorities and the new structure designed to strengthen our focus on growth.”
“These decisions are never made lightly, especially given their effect on our colleagues who have made meaningful contributions to the company,” he added.
So far, CBS News has seen nearly 100 positions cut, with more expected across film, TV, streaming, and corporate teams. Paramount aims to save $2 billion in costs following the merger.
The layoffs have left employees rattled, with one insider telling The Guardian, “No one is safe.”
The media shake-up reflects a growing trend as major entertainment companies like Disney and Warner Bros. also restructure to stay competitive in the streaming era. Whether this strategy leads to the “strong, future-focused company” Ellison envisions remains to be seen.
