Additional Coverage:
- Paramount slashes roughly 1,000 jobs, with another 1,000 coming soon, to address post-merger ‘redundancies’ (foxbusiness.com)
Paramount Slashes Workforce by 1,000, More Cuts Expected Amid Merger Restructuring
Paramount, the media giant behind CBS and the iconic movie studio, has initiated a significant workforce reduction, eliminating approximately 1,000 positions on Wednesday. An additional 1,000 job cuts are anticipated “swiftly,” according to company sources, as the company navigates the aftermath of its $8 billion merger with Skydance.
These layoffs have been widely expected since August, when the industry-shaping merger placed David Ellison at the helm of the newly formed Paramount, a Skydance Corporation. The initial round of cuts primarily impacted U.S.-based employees across various departments.
In a memo to staffers, obtained by Fox News Digital, CEO David Ellison addressed the difficult decision, stating, “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. As part of that process, we must also reduce the size of our workforce, and we recognize these actions affect our most important asset: our people.”
Ellison further elaborated on the rationale behind the cuts, explaining, “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.”
The CEO acknowledged the profound impact of these decisions, emphasizing that they are “never made lightly, especially given their effect on our colleagues who have made meaningful contributions to the company.” He assured employees that the company is “committed to supporting all employees through this transition,” with human resources and a dedicated transition team working with those affected.
Ellison’s tenure as CEO has been marked by several significant changes. He previously issued an ultimatum to employees assigned to Paramount’s Los Angeles and New York offices, requiring a full-time return to the office by January 5, 2026, or the acceptance of a buyout.
These layoffs follow Paramount’s recent acquisition of The Free Press for an reported $150 million and a $7 billion exclusive deal with the UFC. The company is also reportedly a contender to acquire Warner Bros. Discovery, signaling further potential shifts in the media landscape.
Paramount declined to provide additional comment when contacted by Fox News Digital.