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Paramount announced layoffs as the company restructures after completing its $8 billion merger with Skydance earlier this year.
The restructuring comes two and a half months after David Ellison's Skydance Media completed its acquisition of Paramount.
The new structure comes as the media giant is laying off 1,000 employees, with more cuts to come at a later date
Paramount Skydance is laying off about 10% of its workforce, achieving some of the cost savings that CEO David Ellison promised investors when he took charge of the media company over the summer.
About 1,000 roles are expected to be impacted this week, ahead of the new owner's first earnings call as Paramount CEO in November.
Paramount Skydance is laying off about 1,000 employees. Chairman and CEO David Ellison sent employees a memo about the companywide cuts.
Paramount on Wednesday began laying off more than 2,000 employees, a long-awaited consequence of its merger with the Hollywood studio Skydance.
The widely anticipated layoffs come just months after the Trump administration greenlit the creation of the company following Skydance’s bid for the storied entertainment group.
Paramount has signed a 10-year lease to occupy a production facility currently under construction in New Jersey. The move will allow the media company to qualify for the state's tax incentives.
The changes come as Skydance TV and the former MTV Entertainment and Showtime groups come under the Paramount TV Studios banner, led by Matt Thunell.