Paramount Skydance will begin a major round of layoffs with about 1,000 job cuts on Wednesday, a source familiar with the matter told Reuters on Monday.
The job cuts, which follow the $8.4 billion merger between Skydance Media and Paramount Global, would impact roughly 5 per cent of Paramount’s employees based on its workforce prior to the completion of the deal.
As of December 2024, Paramount had nearly 18,600 full- and part-time employees, and 3,500 project-based staff.
The move comes after Reuters reported Warner Bros Discovery’s board rejected a nearly $60 billion offer from Paramount Skydance, with analysts still pinning the David Ellison-led firm as the bidder most likely to succeed.
Bloomberg first reported details of the layoffs earlier on Monday.
Source – https://www.deccanherald.com/business/paramount-to-cut-1000-jobs-in-first-round-of-layoffs-3777346