Paramount starts cutting 2,000 positions to address post-merger ‘redundancies’

Paramount cut nearly 1,000 jobs on Wednesday, with another 1,000 expected to “quickly” in a massive headcount reduction aimed at addressing “the layoffs that emerged” following the company’s $8 billion merger with Skydance.

The layoffs have been expected since the industry-changing merger put CEO David Ellison in charge of Paramount’s newly formed subsidiary, Skydance Corporation, in August. Nearly 1,000 jobs were cut Wednesday and the company plans to cut 1,000 more in the near future, according to a source familiar with the company’s plans. The cuts are across the company, with the first round primarily affecting US-based employees.

“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 this process, we must also reduce the size of our workforce, and we recognize that these actions impact our most important asset: our employees,” Ellison wrote to employees in a memo obtained by Fox News Digital.

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He continued: “We want to be as open and direct as possible about the reasons behind these changes. In some areas, we are dealing with redundancies that have emerged across the organization.” “In other cases, we are phasing out roles that no longer align with our evolving priorities and a new structure designed to enhance our focus on growth. Ultimately, these steps are necessary to position Paramount for long-term success.”

Ellison added, “Today, however, we begin the difficult process of notifying affected team members across the company. These decisions are never made lightly, especially given the impact on our colleagues who have made meaningful contributions to the company.”

Ellison emphasized that the company is “committed to supporting all employees during this transition” and that human resources and a transition team will work with affected employees.

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Paramount cut nearly 1,000 jobs on Wednesday. (Eric Thayer/Bloomberg via Getty Images)

“We are extremely grateful for your hard work, professionalism, and flexibility during this transition period. We remain confident that Paramount’s best days are ahead, and we are committed to building a strong foundation for the future,” Ellison wrote.

Ellison has made waves since acquiring the parent company of assets including CBS, Comedy Central and the iconic movie studio. He has previously told employees that employees need to be together in person to “unleash Paramount’s full potential,” and said that employees assigned to Paramount’s Los Angeles and New York offices must return full-time starting Jan. 5, 2026, or accept a buyout.

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Staff cuts have been expected since the merger of Paramount Global and Skydance earlier this year, putting CEO David Ellison in charge of Paramount’s newly formed subsidiary, Skydance Corporation. (Arturo Holmes/WireImage)

The layoffs come weeks after Paramount purchased The Free Press for $150 million in cash and stock. Ellison also paid $7 billion for the UFC exclusivity deal, and is considered a candidate to be acquired by Warner Bros. Entertainment. Discovery is in another massive media merger.

Paramount declined to provide further information when contacted by Fox News Digital.

Fox News Digital’s Susan O’Halloran contributed to this report.

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