Paramount preparing to cut as many as 3,000 jobs by early November, Variety reports

Reuters

Aug 23

UPDATE 1-Paramount preparing to cut as many as 3,000 jobs by early November, Variety reports

Adds Paramount declining to comment in paragraph 5

Aug 22 (Reuters) - Paramount is looking to cut between 2,000 to 3,000 jobs by early November, after the completion of its merger with production studio Skydance, Variety reported on Friday.

Paramount Global and Skydance Media completed their $8.4 billion merger — announced more than a year ago — earlier this month and the combined company was renamed Paramount Skydance Corp PSKY.O.

The layoffs will affect staff across divisions and the numbers could vary, the Variety report said.

As of December 2024, Paramount had nearly 18,600 full- and part-time employees, and 3,500 project-based staff.

Paramount Skydance declined to comment on the report.

On Monday, just days after finalizing its merger with production studio Skydance, Paramount said it will pay $7.7 billion for exclusive U.S. broadcast rights to the Ultimate Fighting Championship for seven years — the first major strategic move by the combined company.

(Reporting by Juby Babu in Mexico City; Editing by Alan Barona)

((Juby.Babu@thomsonreuters.com))

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