Paramount Skydance to Cut Roughly 1,000 Jobs This Week

We now have more clarity on cuts coming to Paramount, a Skydance corporation.

ADWEEK has learned that Paramount Skydance will cut roughly 1,000 jobs this week, with the layoffs coming on Wednesday. Bloomberg reports more layoffs are expected at a later date, with the total number coming in around 2,000.

Paramount Skydance, under CEO David Ellison, is in the midst of cuts and restructuring following its $8 billion merger in August. Variety noted that Jeff Shell, president of Paramount Skydance, previously said the company would have cost cuts and layoffs disclosed by its third-quarter earnings report, which takes place on Nov. 10.

The company is also in the midst of making bids for Warner Bros. Discovery, which recently said it was receiving interest from “ multiple parties .”