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After FCC approval for the merger of Paramount Global and Skydance came through, it became likely that layoffs would take place. We now know more about what the future looks like for some employees.
With the company’s third quarter earnings call scheduled for Monday, November 10th, layoffs are now expected to take place beginning on Monday, October 27th, multiple reports confirm.
Previously, new president of the company, Jeff Shell, said that it would act swiftly in its job cuts, adding that they would be enacted ahead of the company’s earnings call.
“We do not want to be a company that has layoffs every quarter,” Shell said in August hours after the deal between Paramount and Skydance was approved. “So, it’s going to be painful. It’s always hard, but we don’t want to be a company that every quarter is laying people off.”
A reported $2 billion in savings is the goal from the newly merged conglomerate, a report from Variety suggests. The total number of jobs expected to be slashed is near 2,000.
In federal filings in 2024, Paramount shared it had just under 19,000 employees. The company underwent a round of layoffs ahead of the merger with Skydance in June, with 3.5% of its global staff being cut in the wave of reductions. Skydance, ahead of the merger, reported it had more than 500 employees.
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