Paramount Global, parent company of CBS, Paramount Pictures, and other media outlets, has completed its merger with Skydance Media after over a year of uncertainty. The deal was announced in July 2024 but faced significant regulatory hurdles, including a politically charged lawsuit targeting “60 Minutes” and a controversy surrounding the cancellation of “The Late Show With Stephen Colbert.”
The Federal Communications Commission (FCC) finally cleared the deal on Thursday, paving the way for Skydance to take control of Paramount. As part of the agreement, Skydance has committed to ensuring diversity, equity, and inclusion programs are eliminated at Paramount and agreed to install an ombudsman to address bias complaints in CBS’s news and entertainment programming.
The merger is expected to lead to significant restructuring, including major layoffs, which could number in the hundreds or even thousands. The companies have not yet commented on next steps, but sources indicate that Skydance will officially take control within weeks.
Paramount had already undertaken several rounds of layoffs before the merger was completed, with a total of around 18,600 employees worldwide as of December 31, 2024. The new regime is expected to lead to further cost savings, potentially in excess of $2 billion annually, according to Jeff Shell’s comments on investors.
Leadership changes are already underway, with several top executives, including Chris McCarthy and Brian Robbins, set to leave the company. Meanwhile, Skydance has pledged to inject $1.5 billion in cash into Paramount to reduce its long-term debt and stabilize its balance sheet.
The merger marks a significant turning point for Paramount Global, which faces challenges in addressing strategic questions ahead and charting a path toward a more sustainable future.
Source: https://variety.com/2025/tv/news/paramount-layoffs-skydance-merger-deal-close-1236470192