Paramount Skydance Plans 1,000 Job Cuts Oct. 29

Paramount Skydance will cut roughly 1,000 jobs on Wednesday, Oct. 29, with additional rounds expected later that could bring total reductions to about 2,000 and some reports saying as many as 2,000–3,000. The initial cuts will be largely U.S.-based but international divisions also plan reductions. The layoffs follow the roughly $8–8.4 billion merger of Paramount and Skydance and are part of a plan under CEO David Ellison, supported by president Jeff Shell, to deliver about $2 billion in cost savings. Executives said they intend to make the reductions in as few rounds as possible and plan to disclose details with Q3 earnings on Nov. 10. The workforce reductions come as Ellison has pursued major strategic investments and hires, including UFC rights deals and high-profile creative signings, while exploring further deals such as interest in Warner Bros. Discovery.