Paramount Skydance layoffs: US media company planning 1,000 job cuts; more likely to follow—what we know

Paramount Skydance Corp plans to launch a major round of layoffs by laying off 1,000 people on Wednesday, Bloomberg reported, citing people familiar with the development.

While the second round of layoffs is expected to occur later, the total number of layoffs previously reported was around 2,000.

The US-based media and entertainment company was formed after the merger of Paramount Global and Skydance Media in August, and new management has made clear it wants to move quickly to cut costs and restructure the business.

The report included Paramount President Jeff Shell’s statement after the merger: “We don’t want to be a company that does layoffs every three months.” “So it’s going to be painful.”