Paramount Skydance is set to initiate a significant round of layoffs, with approximately 1,000 job reductions slated to begin on Wednesday, according to a source familiar with the situation. The layoffs come on the heels of the $8.4 billion merger between Skydance Media and Paramount Global and are expected to affect around 5% of Paramount’s workforce prior to the completion of the merger. As of December 2024, Paramount employed nearly 18,600 full- and part-time staff along with 3,500 project-based workers.
This move follows reports that Warner Bros Discovery’s board turned down a nearly $60 billion bid from Paramount Skydance, with analysts pointing to David Ellison’s company as the front-runner for a successful bid. Details of the upcoming layoffs were first disclosed by Bloomberg earlier today.