(RTTNews) - Paramount plans to lay off thousands of employees following its merger with Skydance Media, according to several media reports citing sources familiar with the matter.
The layoffs are expected to affect between 2,000 and 3,000 employees across Paramount's divisions, though the final number may vary. The reductions are scheduled to begin by early November, the reports said.
The merger had been stalled for several months while Paramount and Skydance awaited approval from the Federal Communications Commission (FCC) regarding the transfer of CBS-held broadcast licenses between the companies.
In July 2024, media giant Paramount Global and Skydance Media -- founded by David Ellison, son of Oracle founder Larry Ellison -- announced their agreement to merge in an all-stock transaction. The deal values the newly formed entity, New Paramount, at approximately $28 billion.