The widely-expected layoffs at Paramount are likely to happen a bit sooner than some have anticipated.
David Ellison is set to hold his first earnings call as CEO on Nov. 10, after taking over the company back in August. That call is poised to be a big one, with Ellison and his senior leadership team expected to give their financial outlook and strategy for the company.
Now the widely-expected cuts are expected to come before that call, and as early as the week of Oct. 27, sources say. While the precise number of roles to be eliminated is not yet clear, one source pegged the expected number at around 2,000. Paramount had more than 18,600 employees at the end of 2024, though there have been additional layoffs earlier this year before the Skydance deal closed.
At a press conference Aug. 7 the morning the Skydance-Paramount deal closed, president Jeff Shell told reporters that he expected to make the cuts as swiftly as possible, rather than drag them out.
“You can’t cut your way to growth in this business, you have to invest, so that’s we’re going to do, we’re going to get those efficiencies, but that is a way partially to fund the investments we’re going to make,” Shell said.
Ellison, for his part, reiterated that he plans to invest in the company, plans supported by the monster $7.7. billion deal for UFC rights, as well as deals for things like Bari Weiss’ The Free Press, film rights for the Call of Duty video game franchise, and a deal with the Duffer Brothers, among others.
“We actually have a plan that will exceed the $2 billion of run-rate synergies that we’ve announced, but we also will be investing significantly into our growth businesses, again, all with the goal of long term value,” Ellison said.
The cuts are expected to be felt across all of the company, from CBS News and the film studio to streaming and TV networks. Deadline first reported on the accelerated timeline.
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