Paramount Skydance Corporation announced Saturday that it will begin mass layoffs the week of October 27, cutting approximately 2,000 jobs in the United States. The layoffs are part of a $2 billion cost-reduction strategy under newly appointed CEO David Ellison, according to a report by Variety.
The entertainment conglomerate had previously been planning to initiate layoffs by early November, but sources say the timeline has been moved up. Additional international job cuts are expected as part of the broader restructuring.
“Major job cuts have been expected even before the Skydance Media-Paramount Global deal closed,” the report stated, noting that Ellison’s team has been focused on significantly reducing operating expenses.
The announcement comes amid growing concerns over economic pressures and federal budget constraints. Just last week, U.S. Vice President JD Vance warned that upcoming federal cost reductions would be “painful,” in light of the ongoing government shutdown, now in its 12th day.
While unrelated to government layoffs, the Paramount Skydance job cuts highlight a larger wave of corporate belt-tightening amid financial uncertainty and industry consolidation.
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