After completion of one $ 8.4 billion merger Earlier this month, Skydance Media and Paramount Global is now a new company called Paramount, a Skydance Corporation – and the trimmed are reportedly on the horizon for the new unit.
The newly formed company, which oversees media assets such as CBS, MTV and Comedy Central, is now preparing to cut jobs in its business. Diversity,
Sorting is expected by the beginning of November, when paramount is determined Report The third quarter earnings affect around 2,000 to 3,000 jobs. The company is a target of $ 2 billion in annual cost savings.
Connected: Paramount Global is closing hundreds of employees
Paramount had first discontinued 2,000 employees, or 15% of its US workforce in August 2024. The company has also closed Hundreds of employees In June of this year.
As of 31 December, 2024, Paramount had about 18,600 full -time and part -time employees, per DiversityMeanwhile, Skidan is all around 500 employeesAccording to its website.
Paramount, a Skydance Company, Chairman and CEO David Ellison. Alberto e. Photo by Rodriguez/Getty Image
Cost savings were first mentioned in July 2024 Presentation to investorsAfter the announcement of the Paramount-Skidance deal. Jeff Shell, former CEO of NBCUNIVERSAL and now President of Paramount-Skidance, Said during the presentation The company worked to find at least $ 2 billion in annual cost savings with the consulting firm Bain & Co..
Connected: If it does not go through the merger, then paramount leadership trimmed.
Shell indicated that most of the cuts would affect the linear TV businesses of paramount, including cable networks and broadcasting, although he stated that the leader “such as” some of these businesses, such as “especially CBS”.
“We think this (CBS) is a very, very, very strong business, which is with more access than any other business,” Shell said at that time. “However, I think many of us know that in business, we got these businesses to run in a different way because they decline.”
According to paramount Second quarter earning reportReleased in July, CBS was the most viewed broadcast network for the 17th consecutive season. Streaming Services Paramount+ saw a 23% increase in revenue with 24% membership increase.
Paramount, a Skidan Company, will be led by Oracle’s co-founder Larry Ellison, son of Chairman and CEO David Alison. CEO Skydance Media established in 2010 And since then he has led the production of films like “Top Gun: Mavric” and “The Tumoro War”.
Connected: Meet David Ellison, Larry Alison’s son who is going to handle in paramount
After the news of the merger, Alison It is written in a letter Published on Paramount’s site that this moment combined with “the 15 -year -old studio driven in the digital age” jointly combined “more than a century of the story”.
Paramount launched trade on the NASDAQ stock market under the new tick symbol “PSKY” earlier this month. The new joint company was the market value More than $ 10 billion At the time of writing.
After completion of one $ 8.4 billion merger Earlier this month, Skydance Media and Paramount Global is now a new company called Paramount, a Skydance Corporation – and the trimmed are reportedly on the horizon for the new unit.
The newly formed company, which oversees media assets such as CBS, MTV and Comedy Central, is now preparing to cut jobs in its business. Diversity,
Sorting is expected by the beginning of November, when paramount is determined Report The third quarter earnings affect around 2,000 to 3,000 jobs. The company is a target of $ 2 billion in annual cost savings.
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