Paramount layoffs gut 10 percent workforce
Paramount dismissed approximately 1,000 employees on Wednesday, with another 1,000 terminations anticipated as the entertainment company reduces its workforce by 10 percent. Chief Executive David Ellison attributed the reductions to eliminating duplicate positions and roles that were misaligned with corporate objectives, following the $8 billion Skydance merger, which required cutting costs exceeding $2 billion.
Senior vice presidents at CBS Entertainment, marketing directors at MTV and talent executives across multiple networks lost their positions. CBS Saturday Morning co-hosts departed alongside several CBS News streaming programs that faced cancellation. The Johannesburg bureau ceased operations.
The entertainment industry’s employment contracted throughout the year as major corporations reduced their staff. Disney eliminated hundreds of positions in June while Warner Bros. Discovery targeted cable operations. Lionsgate reduced its workforce by 6 percent and CNN removed roughly 200 employees.
Ellison acknowledged in a company memorandum that decisions affected personnel who contributed meaningfully to operations. Human resources teams will coordinate with business unit leadership to provide transition assistance and benefits information to employees who have been terminated. Linear television networks and marketing divisions sustained the most severe personnel losses.
