Paramount Pictures, the entertainment company controlled by David Ellison’s Skydance Media and RedBird Capital Partners, has begun laying off 1,000 employees as part of a broader cost-cutting effort aimed at reducing expenses by $2 billion. The layoffs, which represent about 5% of the company’s workforce, affect CBS, CBS News, Comedy Central, and other divisions.
The move is seen as a precursor to further staff reductions, with another 1,000 jobs expected to be cut later. The company’s new owners have promised to eliminate redundancies and phase out roles no longer aligned with their evolving priorities.
Several high-profile layoffs have been announced, including about 100 CBS News employees, who were let go after the company pulled the plug on two digital newscasts and shut down its Johannesburg bureau. Other notable departures include longtime CBS News journalist John Dickerson, co-anchors Michelle Miller and Dana Jacobson of “CBS Saturday Morning,” and executive producer Brian Applegate.
The layoffs come as Paramount faces increasing competition from streaming platforms like Netflix and social media sites like YouTube and TikTok. The company has been shedding staff for years, with over 800 employees laid off in June and another 2,000 positions eliminated in 2024.
As the entertainment industry continues to evolve, many are watching the outcome of this deal closely. Analysts say that the financial health of major operations like Paramount is a concern due to shifting consumer habits and competition from social media platforms.
Source: https://www.latimes.com/entertainment-arts/business/story/2025-10-29/paramount-1000-layoffs-skydance-david-ellison