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After the recent completion of an $8.4billion merger between Skydance Media and Paramount Global, HR departments will now be dealing with the expected post-merger fall-out, which include layoffs as part of a $2bn cost saving package.
The newly formed company (Paramount, a Skydance Corporation) which oversees media assets like CBS, MTV, and Comedy Central, is preparing to cut jobs across the business, according to Variety.
The layoffs are expected to occur by early November, when Paramount is scheduled to report third-quarter earnings, impacting around 2,000 to 3,000 jobs. The company is aiming for $2billion in annual cost savings.
As of the end of 2024, Paramount had approximately 18,600 full-time and part-time employees. Skydance, meanwhile, has around 500 employees, according to its website.
Cuts tied to $2billion savings target
The cost savings were first mentioned in a July 2024 presentation to investors, following the announcement of the Paramount-Skydance deal. Jeff Shell, the former CEO of NBCUniversal and now the president of Paramount-Skydance, said during the presentation that the company worked with consulting firm Bain & Co. to find at least $2billion in annual cost savings.
Shell indicated that the majority of cuts will affect Paramount's linear TV businesses, including cable networks and broadcast, though he said that leaders "like" some of these businesses, "particularly CBS."
"We think it [CBS] is a very, very, very strong business with more reach than any other business," Shell said at the time. "However, I think a lot of us in the business know, we got to run these businesses in a different way as they decline."
According to Paramount's second-quarter earnings report, released in July, CBS was the most-watched broadcast network for the 17th consecutive season. The streaming service Paramount+ also saw revenue increase 23% year-over-year, with 24% subscription growth.
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Leadership and market position
Paramount, a Skydance Company, will be led by Chairman and CEO David Ellison, the son of Oracle co-founder Larry Ellison. The CEO founded Skydance Media in 2010 and has since led the production of films like Top Gun: Maverick and The Tomorrow War.
Paramount started trading on the Nasdaq Stock Market under the new ticker symbol "PSKY" earlier this month following the merger with Skydance. The newly combined company had a market value of over $10 billion at the time of writing.
