Paramount Begins Major Layoffs Ahead of Skydance Merger
August 13, 2024 at 9:59 AM
Paramount Winds Down TV Production
Ahead of its upcoming merger with Skydance Media, Paramount is beginning layoffs of up to 15 percent of its global workforce. The layoffs are part of a plan to cut $2 billion in costs associated with the merger. Paramount Global, which owns networks like CBS, MTV, and Comedy Central, aims to reduce annual costs by $500 million. The company began notifying employees of the layoffs on Tuesday, August 13. The layoffs are expected to impact employees in various departments, including television production, marketing, and administration. Paramount is winding down its TV production business, which has been struggling in recent years. The merger with Skydance Media is expected to close later this year. Skydance Media is a production company founded by David Ellison, the son of late Oracle CEO Larry Ellison. The merger will create a new entertainment giant with a combined market capitalization of over $40 billion.
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