Paramount Skydance Corp is preparing to lay off around 1,000 employees starting Wednesday, according to a Bloomberg report citing sources familiar with the matter. The move marks the first phase of a broader restructuring plan, with a second wave of job cuts expected later. In total, the company is reportedly planning to eliminate around 2,000 positions.
The layoffs come just months after the merger between Paramount Global and Skydance Media in August 2025, as the newly formed US-based media and entertainment company looks to streamline operations, reduce costs, and integrate overlapping divisions.
“We do not want to be a company that has layoffs every quarter,” said Paramount President Jeff Shell after the merger announcement. “So, it’s going to be painful.”
$2 Billion Cost-Cutting Plan Underway
The job cuts are part of a $2 billion cost-reduction initiative led by CEO David Ellison, according to a Variety report. The first phase will primarily impact US employees, while additional international layoffs are expected in subsequent rounds.
Paramount Skydance is expected to provide further details about its global restructuring during its third-quarter earnings announcement on November 10.
Leadership Changes at CBS News
The merger has also triggered significant leadership reshuffles across Paramount’s media properties, including CBS News. Earlier this month, Bari Weiss, founder of The Free Press, was appointed as Editor-in-Chief of CBS News. Weiss has been a vocal critic of mainstream media bias and will also oversee the appointment of an ombudsman to handle editorial fairness and bias concerns.
Meanwhile, John Dickerson, the veteran journalist and co-anchor of CBS Evening News, announced he will leave the network by the end of the year after a 16-year tenure. “I am extremely grateful for all that CBS gave me — the work, the audience’s attention, and the honor of being part of the network’s history,” Dickerson said in an Instagram post.
The Paramount Skydance layoffs highlight the latest in a series of cost-cutting measures across global media giants, as companies face growing competition, evolving content consumption habits, and mounting financial pressures.
