Paramount, Skydance media
Digest more
Paramount Skydance is laying off about 1,000 employees. Chairman and CEO David Ellison sent employees a memo about the companywide cuts.
Paramount Skydance is laying off about 10% of its workforce, achieving some of the cost savings that CEO David Ellison promised investors when he took charge of the media company over the summer.
1don MSN
Paramount Layoffs Hit 1,000 Employees, David Ellison Cites ‘Evolving Priorities’ in Memo to Staff
"We are addressing redundancies that have emerged across the organization" and "phasing out roles that are no longer aligned with our evolving priorities," CEO David Ellison writes
The firings mark the first major restructuring since Skydance Media completed its $8.4 billion merger with Paramount Global in August.
About 1,000 roles are expected to be impacted this week, ahead of the new owner's first earnings call as Paramount CEO in November.
The Paramount Skydance CEO is “undeterred” after WBD rebuffed his first three offers, sources say, and Ellison’s allies are privately arguing he’s the only buyer who’d pass muster with Trump administration regulators.
13don MSN
The real reason Paramount’s David Ellison may finally disclose a bid for Warner Bros. Discovery
A bidding war could take the total price of WBD from around the $50 billion Ellison is currently eyeing to upwards of $60 billion – which is exactly what WBD’s deal-savvy CEO David Zaslav
The newsroom downsizing comes as Paramount Skydance lays off 1,000 employees throughout the newly merged company