Around 1,000 roles expected to be cut today as David Ellison focuses on ‘long-term success’
Paramount Skydance has started the process of laying off more than 1,000 staff, with chief exec David Ellison telling employees that the move is necessary for “long-term success”.
The majority of today’s cuts are set to affect US teams and have been widely trailed by Ellison and his team since Paramount’s merger with Skydance in August.
Ellison referenced his comments in a staff memo this morning, adding that “we made clear that building a strong, future-focused company would require significant change – including restructuring the organisation.”
He continued: “We want to be as open and direct as possible about the reasons behind these changes. In some areas, we are addressing redundancies that have emerged across the organisation.
“In others, we are phasing out roles that are no longer aligned with our evolving priorities and the new structure designed to strengthen our focus on growth. Ultimately, these steps are necessary to position Paramount for long-term success.”
All divisions are expected to be impacted, with a subsequent wave of redundancies – believed to affect another 1,000 staff – set to follow as the company seeks to save $2bn.
The moves will reduce Paramount Skydance’s total employee count by around 10%, following an initial cut of almost 4% of staff earlier this summer.
Paramount had employed 18,600 employees across 32 countries at the end of December, down from more than 24,000 in 2023.
The cuts came a day after Paramount Skydance revealed it had agreed a 10-year lease to occupy 1888 Studios’ production facility in New Jersey. The move means Ellison’s company will be able to access TV and film tax credit schemes offering rebates of up to 40%.
Paramount Skydance is also in the race to acquire Warner Bros Discovery, while earlier this week it emerged that Yellowstone creator Taylor Sheridan is set to leave the studio in 2029.
No comments yet