Paramount Skydance to cut more than 1,000 employees

Paramount began a sweeping round of layoffs Wednesday, according to a memo from CEO David Ellison, just months after the Trump administration greenlit its controversial $8 billion merger with Skydance, an entertainment group looking to shake up the entire media ecosystem.

Paramount began a sweeping round of layoffs Wednesday, according to a memo from CEO David Ellison, just months after the Trump administration greenlit its controversial $8 billion merger with Skydance, an entertainment group looking to shake up the entire media ecosystem.

The layoffs will initially impact more than 1,000 employees, according to a source familiar with the company who spoke on the condition of anonymity.

In the memo, Ellison wrote that the company is "phasing out roles that are no longer aligned with our evolving priorities and the new structure designed to strengthen our focus on growth."

More layoffs are reportedly expected to happen at a later date. In August 2025, Variety reported that layoffs are estimated to total up to 3,000 workers (NBC News has not confirmed that reporting). All cuts were expected to be announced ahead of Paramount’s third-quarter earnings call Nov. 10.

Paramount, now officially known as Paramount Skydance, owns CBS and its news division’s longtime trophy property, “60 Minutes,” as well as BET, MTV and Nickelodeon, plus Paramount’s film properties such as the “The Smurfs” and “Sonic the Hedgehog” franchises.