More than 2,000 staff to be laid off around the world as part of plans to save $2bn (£1.59bn)
Paramount Skydance is to start cutting more than 2,000 jobs earlier than planned, as part of the company’s previously announced target to slash $2bn from its budget.
The overhaul, which comes two months since Paramount merged with Skydance Media in an $8bn deal, will start during the week of 27 October rather than November as had been expected.
Around 2,000 jobs are expected to be cut from US teams, in addition to international layoffs, with most departments set to be affected ahead of the company’s Q3 results on 10 November.
There is little detail on which international roles will go or the extent of the cuts being planned, but US reports earlier this summer suggested up to 3,000 roles in total were likely to be eliminated.
Paramount had employed almost 19,000 staff across 32 countries as of December last year, prior to its merger with Skydance. The Top Gun, Landman and Yellowstone outfit subsequently cut 3.5% of staff in June.
A raft of senior staff in the US have already departed, but there have been few major moves outside of the States although Paramount UK regional lead and president of local broadcaster 5, Sarah Rose, exited in September.
Rose is leaving to become chief executive of Prince and Princess of Wales-led philanthropic organisation The Royal Foundation, with former NBCUniversal exec Kevin MacLellan, president of international and global content distribution, overseeing the search for her successor.
The US studio has made little secret about its plans to cut roles to achieve savings, having completed its long-gestating merger with Skydance in early August.
Newly installed chief exec David Ellison moved quickly to deliver his vision for the company, with a three-pronged business 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” are areas where he is looking to cut spending.
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 this summer that its US-based parent had no plans to sell his part of the business. US trade Deadline broke news of the new timeline for cuts.
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