Paramount, the troubled entertainment giant, has begun its first round of layoffs under the leadership of co-CEOs Brian Robbins, Chris McCarthy, and George Cheeks. This move is part of their long-term strategic plan announced in June. The layoffs, set to occur in three phases, will reduce the company’s U.S. workforce by 15%, with about 90% of the cuts expected to be completed by the end of September, according to an internal memo obtained by TheWrap. The cuts will reportedly affect between 2,000 and 3,000 employees.
As part of the restructuring, Paramount Television Studios will be shut down, with its current and upcoming show productions transitioning to CBS Studios. This move is part of $500 million in previously announced cost-cutting measures, aimed at eliminating redundant functions and streamlining corporate teams. Impacted areas include marketing, communications, finance, legal, technology, and other support functions.
These layoffs contribute to a larger plan to reduce costs by $2 billion in connection with Skydance Media’s pending merger with Paramount Global. The $8 billion deal is expected to close in the third quarter of 2025, pending regulatory approval and other standard closing conditions.
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