Paramount Skydance to slash 1,000 jobs this week in first wave of mass layoffs

Core Points - Paramount Skydance will initiate layoffs of 1,000 employees as part of a larger plan to eliminate approximately 2,000 positions, aiming to cut $2 billion in costs under CEO David Ellison's leadership [1][5][8] - This restructuring follows the $8.4 billion merger with Paramount Global, marking a significant shift in the company's operational strategy [1][9] - The company intends to stabilize operations quickly, with further layoffs anticipated in the coming months as management compiles lists of positions to be terminated [2][4] Company Strategy - The layoffs are part of an aggressive cost-cutting initiative to integrate Paramount's various legacy businesses, including CBS, Paramount Pictures, MTV, Nickelodeon, and Paramount+ [5][8] - Consulting firm Bain & Co. is assisting in identifying $2 billion in annual savings, primarily from the company's struggling linear TV networks [8] - Paramount Skydance plans to provide detailed information about its restructuring during the third-quarter earnings report scheduled for November 10 [5] Workforce Overview - As of December, Paramount employed approximately 18,600 full- and part-time workers globally, in addition to 3,500 project-based staff [6]