After closing its merger with Skydance this month, Paramount is about to promulgate deep personnel cuts through its various divisions, according to the plans of the company. The layoffs should take place in early November and will assign between 2,000 and 3,000 employees, although the figures can vary. Timing aligns at the moment when Paramount is to publish its results in the third quarter of 2025.
The losses were expected with the new leadership of Paramount reporting publicly that they hoped to achieve more than $ 2 billion in cost synergies after the merger. As part of the $ 8 billion agreement with Skydance, the founder of the company, David Ellison, took office as CEO and president of Paramount Skydance. He instituted a new team of senior executives who includes Jeff Shell, the former CEO of Nbcuniversal, who is the president of the company, as well as Cindy Holland, Dana Goldberg and Josh Greenstein who play key roles in the guidance of streaming and film of Paramount. George Cheeks, who supervised CBS before the agreement, remained in place. In December 2024, Paramount had 18,600 employees worldwide.
The agreement gives Ellison the control of several eminent franchises, notably “Star Trek”, “South Park”, “SpongeBob Squarepants”, “Teenage mutant Ninja Turtles” and “Top Gun”. He also reported a desire to invest more in content. A week after Skydance took over, Paramount paid $ 7 billion for an exclusive seven -year contract for UFC rights. The company also recently attracted Duffer Brothers, creators of “Stranger Things”, from Netflix with a new exclusive four -year pact to make films, programs and streaming programs.
But as many media companies, Paramount has seen the income decrease while viewers have moved away from cable and diffusion, where he once made most of his profits, and to streaming, where his Paramount + service has struggled to find a point of view.
A spokesperson for Paramount refused to comment.
