Paramount Global will lay off roughly 2,000 employees starting Wednesday, marking one of the company’s largest rounds of job cuts in years.
The move follows its $8 billion merger with Skydance Media, approved by US regulators in July, and signals CEO David Ellison’s intent to reshape the entertainment giant to better align with his strategic vision.
The layoffs represent about 10% of Paramount’s total workforce and will be rolled out in phases, beginning with around 1,000 US-based employees across multiple divisions, including CBS News, Paramount Pictures, and cable networks such as MTV, Nickelodeon, and BET.
International divisions will face additional reductions later this year.
“These decisions are never made lightly, especially given their effect on our colleagues who have made meaningful contributions to the company,” Ellison said in a memo sent to employees on Wednesday.
“In some areas, we are addressing redundancies that have emerged across the organization,” Ellison wrote.
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.
Ellison accelerates restructuring after merger approval
Since the Federal Communications Commission approved Skydance’s merger with Paramount, Ellison has moved swiftly to redefine the company’s direction.
His leadership has focused on tightening operational efficiency and repositioning the company for long-term growth amid shifting viewer habits and growing competition from streaming rivals.
Part of that strategy includes reshaping CBS News. Ellison recently appointed journalist Bari Weiss as editor in chief after acquiring her media startup, The Free Press.
Weiss, known for her emphasis on independent reporting, has vowed to steer CBS toward “news that reflects reality” and journalism that “seeks to understand, not demonize.”
Her arrival coincides with a wave of newsroom departures, including veteran anchor John Dickerson, who announced his exit after 16 years with CBS.
Departures signal wider cultural and strategic overhaul
The layoffs come amid a broader leadership reshuffle that has seen several senior executives depart in recent months.
Pam Kaufman, president of Paramount’s international business, announced her resignation in September after more than 25 years at the company, while Chris Aronson, head of US distribution for Paramount Pictures, is set to leave in December.
Ellison had already signaled a cultural reset earlier this year, requiring employees to return to the office five days a week.
Those unwilling to do so were offered severance packages — a move seen by insiders as an early sign of the company’s restructuring plans.
Hollywood braces for more consolidation
Paramount’s restructuring comes as cost-cutting pressures ripple across Hollywood.
Major studios have turned to layoffs and mergers to manage rising content costs and slowing growth in the streaming market.
Ellison has also been pursuing further expansion.
According to The Wall Street Journal, Paramount made three offers in September to acquire Warner Bros. Discovery — first at $19 a share, then $22, and finally $23.50 — though all were rebuffed.
For now, the focus remains on stabilizing Paramount after its merger and steering it through a difficult transition.
Yet, as one of the industry’s most ambitious young executives, Ellison’s broader goal appears clear: to consolidate power and redefine Hollywood’s next era of media giants.
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