Paramount to lay off 1,000 employees, with more cuts expected

Core Insights - Paramount Skydance Corporation is initiating significant layoffs, starting with nearly 1,000 jobs, which will eventually total 2,000 roles following its recent merger [1][2][3] Company Actions - CEO David Ellison emphasized the need for restructuring to build a future-focused company, acknowledging that workforce reductions are necessary to address redundancies and align with evolving priorities [2][3] - The merger between Paramount and Skydance was completed in August after receiving regulatory approval, and the leadership had previously indicated upcoming job cuts [2][3] - The company has identified over $2 billion in cost synergies as part of the restructuring process [3] Recent Developments - Under Ellison's leadership, Paramount has engaged in several strategic moves, including a $7.7 billion media rights deal for UFC and attempts to acquire Warner Bros. Discovery [4] - Prior to the merger, Paramount had already reduced its U.S.-based workforce by 15% and cut several hundred employees in June [5] Industry Context - The media industry is experiencing widespread layoffs due to challenges such as the decline of traditional pay-TV and macroeconomic factors affecting advertising revenue [6]