"Paramount is the latest company to join the bloodbath of layoffs this week. The entertainment giant began cutting around 1,000 workers on Wednesday, with twice that many pink slips expected in the days to come. In a memo to staff, new Paramount CEO David Ellison characterized the reductions, which will ultimately shrink the company by 10%, as a necessary step for the company's long-term growth."
"Paramount-owned CBS News will reportedly see around 100 employees cut. The layoffs, while significant, weren't totally unexpected. After Skydance's $8.4 billion merger with Paramount was finalized over the summer, the company's new leadership signaled that it planned to cut around $2 billion in costs by trimming its workforce. Last year, Paramount cut 15% of its U.S. workforce in the lead-up to the Skydance deal."
Paramount is cutting around 1,000 workers immediately and expects roughly twice that many layoff notices in the coming days, reducing headcount by about 10%. New CEO David Ellison described the actions as addressing redundancies and phasing out roles no longer aligned with evolving priorities to strengthen focus on growth. Paramount-owned CBS News will reportedly lose about 100 employees. The cuts follow Skydance's $8.4 billion merger with Paramount and signal plans to trim roughly $2 billion in costs; Paramount previously cut 15% of its U.S. workforce ahead of the merger.
Read at Fast Company
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