Paramount cut approximately 1,000 jobs on Wednesday, with another 1,000 expected “swiftly” in a massive headcount reduction designed to address “redundancies that have emerged” after the company’s $8 billion merger with Skydance.
Layoffs have been expected since the industry-changing merger put CEO David Ellison in charge of the newly formed Paramount, a Skydance Corporation, in August. Roughly 1,000 positions were eliminated Wednesday and the company plans to slash another 1,000 in the near future, according to a source familiar with the company’s plans. The cuts are companywide, and the first round primarily impacts staffers based in the United States.
“When we launched the new Paramount in August, we made clear that building a strong, future-focused company would require significant change – including restructuring the organization. As part of that process, we must also reduce the size of our workforce, and we recognize these actions affect our most important asset: our people,” Ellison wrote to staffers in a memo obtained by Fox News Digital.
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“We want to be as open and direct as possible about the reasons behind these changes. In some areas, we are addressing redundancies that have emerged across the organization,” he continued. “In others, we are phasing out roles that are no longer aligned with our evolving priorities and the new structure designed to strengthen our focus on growth. Ultimately, these steps are necessary to position Paramount for long-term success.”
Ellison added, “That said, today we begin the difficult process of informing impacted team members across the company. These decisions are never made lightly, especially given their effect on our colleagues who have made meaningful contributions to the company.”
Ellison ensured that the company is “committed to supporting all employees through this transition” and human resources and a transition team will work with impacted staffers.
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“We are deeply grateful for your hard work, professionalism, and resilience during this period of transition. We remain confident that Paramount’s best days are ahead, and we’re committed to building a strong foundation for the future,” Ellison wrote.
Ellison has made waves since taking over the parent company of assets including CBS, Comedy Central and the iconic movie studio. He previously told staffers that employees need to be together in person to “unlock Paramount’s full potential,” and said employees assigned to Paramount’s Los Angeles and New York offices must return full-time beginning Jan. 5, 2026, or accept a buyout.
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The layoffs come weeks after Paramount purchased The Free Press for a reported $150 million in cash and stock. Ellison has also paid $7 billion for an exclusive UFC deal, and is considered a candidate to acquire Warner Bros. Discovery in another massive media merger.
Paramount declined to provide further information when reached by Fox News Digital.
Fox News Digital’s Suzanne O’Halloran contributed to this report.
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