"The mass exodus happened after the company, formed by Skydance Media's takeover of Paramount Global, told employees that they were instating a five-day back-to-office mandate, set to begin on January 5. The company, led by new CEO David Ellison, let staffers know that if they didn't plan to come back to the office, they could take a buyout deal starting on September 15. However, the media giant likely didn't expect to be handing out quite so many severance packages."
"According to company disclosures filed on Monday, around 600 employees in the Los Angeles and New York offices at the vice-president level and below took the deal, which reportedly cost Paramount Skydance $185 million in "restructuring changes." While the company may be trimming employees, it doesn't seem to be trimming spending. The company called for "incremental programming investments in 2026 in excess of $1.5 billion.""
Paramount Skydance, formed after Skydance Media's takeover of Paramount Global, instituted a five-day back-to-office mandate beginning January 5 and offered buyouts starting September 15. Approximately 600 employees in Los Angeles and New York at vice-president level and below accepted the buyout, producing about $185 million in restructuring costs. The company previously cut around 1,000 roles, expects roughly 1,600 additional cuts, and is pursuing divestments of Televisión Federal in Argentina and Chilevision in Chile. The company plans incremental programming investments exceeding $1.5 billion in 2026 and leadership emphasized that in-person collaboration is vital to culture and innovation.
Read at Fast Company
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