US EditionParamount Layoffs Begin; CEO David Ellison Says Cuts Are Key To Building “Strong, Future-Focused Company”
- Wednesday, Paramount Skydance will begin layoffs eliminating approximately 1,000 employees in the United States, David Ellison, chairman and CEO, said this step positions the company for long-term success.
- As part of integrating the companies, Ellison and Jeff Shell signaled plans to cut upwards of $2 billion in costs, including layoffs of about 5 percent of the workforce inherited from Paramount Global earlier this year.
- The company plans to phase the cuts, affecting corporate, administrative and support roles across TV, film, streaming and corporate departments, with HR team providing severance and transition services.
- An additional wave could bring U.S. workforce total of around 2,000 jobs as investors focus on Ellison's Nov. 10 earnings call addressing long-term milestones.
- The move reflects industry-wide consolidation as studios respond to cord-cutting and rising costs, while Ellison invests in The Free Press for $150 million and pursues a Warner Bros. Discovery deal.
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77 Articles
Paramount lays off 1,000 workers in first round of cuts | Honolulu Star-Advertiser
Paramount on Wednesday began cutting about 1,000 employees, the first wave of a deep staff reduction planned since David Ellison took the helm of the entertainment company in August.
Paramount layoffs impact CBS News programming, streaming initiatives
The virtual reality-augmented reality news set at WBBM-TV in Chicago. (Photo courtesy CBS News & Stations/Paramount Global) Sweeping layoffs at Paramount Global have impacted several programming initiatives at CBS News, including shows for the company’s flagship international streaming television channel. Around 100 jobs at CBS News were affected by the layoffs at Paramount, which started on Wednesday and are likely to continue through the end o…
Paramount begins 2,000-person layoff amid Skydance merger fallout
Paramount is the latest company to join the bloodbath of layoffs this week. The entertainment giant began cutting around 1,000 workers on Wednesday, with twice that many pink slips expected in the days to come. In a memo to staff, new Paramount CEO David Ellison characterized the reductions, which will ultimately shrink the company by 10%, as a necessary step for the company’s long-term growth. “In some areas, we are addressing redundancies tha…
Paramount Skydance set to lay off about 1,000 employees
(NBC, KYMA) - Paramount Skydance is laying off more than 1,000 workers, according to a memo from CEO David Ellison. In the memo, Ellison said the company is "phasing out roles that no longer align with the company's evolving priorities" and said, "The steps are necessary to position Paramount for long-term success." The company informed staff about the layoffs Wednesday morning, and Ellison also warned that more layoffs are still to come. The cu…
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