Potential job losses come as US studio looks to make savings of $2bn following Skydance deal
Paramount is aiming to cut up to 3,000 jobs before the end of the year, following its $8.4bn merger with Skydance Media earlier this month.
The US studio has made little secret about its plans to cut roles to achieve savings of $2bn and now a little more detail has emerged.
US trade Variety reported that between 2,000 to 3,000 employees will be affected, with the layoffs set to hit in early November.
The cuts are likely to be felt across the company, which as of late last year employed almost 19,000 full and part-time staff. Paramount did not comment on the report.
The US studio completed its long-gestating merger with Skydance in early August and newly installed chief exec David Ellison moved quickly to deliver his vision for the company.
A three-pronged business was unveiled before the deal had formally wrapped, comprising Cindy Holland’s streaming unit; George Cheeks’ TV arm; and, Josh Greenstein and Dana Goldberg’s studio division.
Ellison has since outlined plans to increase spending on content but also added that “labour, real estate, procurement and workflow” were areas where he is looking to cut spending.
A raft of senior execs have already departed, while other developments include a $7.7bn (£5.7bn) pact for UFC rights and a shock deal with the Duffer brothers, creators of Netflix’s Stranger Things. Apple TV+ exec Chris Parnell is among other execs drafted in.
Numerous questions remain about Ellison’s plans for the international side of the business, which includes Network Ten in Australia and UK broadcaster 5, although the latter’s content chief, Ben Frow, told the Edinburgh TV Festival last week that its US-based parent had no plans to sell his part of the business.
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