Read the memo Paramount Skydance sent to staffers after laying off 1,000 employees in its first phase of cuts

Paramount Skydance is laying off about 1,000 staffers on Wednesday, and roughly 1,000 more cuts are coming.

Eric Thayer/Getty Images; Patrick T. Fallon/AFP via Getty Images

Paramount Skydance laid off about 1,000 staffers on Wednesday, and roughly 1,000 more cuts are coming.
New CEO David Ellison has promised investors that he’ll generate $2 billion in cost savings.
Read the full memo that Ellison sent to employees.

Paramount Skydance is shedding about 1,000 employees — and it’s only halfway done with its cuts.

The David Ellison-run company is implementing long-expected layoffs on Wednesday.

A source familiar with Paramount’s plans said the company is eliminating 2,000 positions total, which means Paramount staffers should brace for roughly 1,000 more cuts. The timeline of the next round of job cuts is unclear.

Ellison, the new Paramount Skydance CEO, officially informed employees that the cuts were coming in a memo sent on Wednesday at 6:27 ET, although he didn’t specify the number of cuts.

“Building a strong, future-focused company would require significant change — including restructuring the organization,” Ellison said in the memo, which was viewed by Business Insider.

These layoffs are part of the $2 billion in cost savings that Ellison promised to deliver to investors after completing the Paramount-Skydance merger in August.

Paramount employees told Business Insider that they were on edge after years of job cuts. A marketing strategy employee said earlier this week that layoffs were “awful and stressful,” but added that they’re “used to it.”

The company also told staffers in September that they’d have to return to the office five days a week in 2026, or else take a severance package.

Ellison isn’t all about cuts. Backed by his billionaire father, Larry Ellison, the new media mogul has invested billions in content, from US UFC rights to a new “Call of Duty” movie. Paramount’s new CEO also spent $150 million to put Bari We iss atop CBS News by buying her news site, The Free Press.

Ellison also has Hollywood’s attention because he seems to have his sights on Warner Bros. Discovery, the media company behind HBO, which said last week that it’s now listening to offers to sell itself.

Read Ellison’s full memo to Paramount employees below:

Dear All,

When we launched the new Paramount in August, we made clear that building a strong, future-focused company would require significant change — including restructuring the organization. As part of that process, we must also reduce the size of our workforce, and we recognize these actions affect our most important asset: our people.

We want to be as open and direct as possible about the reasons behind these changes. In some areas, we are addressing redundancies that have emerged across the organization. In others, we are phasing out roles that are no longer aligned with our evolving priorities and the new structure designed to strengthen our focus on growth. Ultimately, these steps are necessary to position Paramount for long-term success.

That said, today we begin the difficult process of informing impacted team members across the company. These decisions are never made lightly, especially given their effect on our colleagues who have made meaningful contributions to the company. To this end, we are committed to supporting all employees through this transition. Members of our HR team will be working closely with business unit leaders to share detailed information on benefits and transition services. Additional questions can be directed to AskHR@paramount.com.

We are deeply grateful for your hard work, professionalism, and resilience during this period of transition. We remain confident that Paramount’s best days are ahead, and we’re committed to building a strong foundation for the future.

Thank you,

David

Read the original article on Business Insider

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