"Paramount Skydance is planning to lay off about 1,000 employees on Wednesday. A person familiar with the impending cuts confirmed the plans to Business Insider. David Ellison's company is aiming to give investors about $2 billion in cost savings. Paramount Skydance is about to implement its long-anticipated layoffs. David Ellison's company is set to eliminate about 1,000 positions on Wednesday, a person familiar with the plans confirmed to Business Insider. Bloomberg was first to report the timing and size of the planned cuts."
"Ellison promised investors he could deliver $2 billion in cost savings when he merged Paramount with his production company, Skydance. The merger closed in August. Paramount president Jeff Shell previously said that Paramount's cuts would be "painful" but swift. "We do not want to be a company that has layoffs every quarter," Shell said at a press briefing in August, Deadline reported. One Paramount software engineer told Business Insider that they hoped leadership would get layoffs "over with soon.""
Paramount Skydance will eliminate about 1,000 positions immediately, with potential additional reductions that could total 2,000–3,000 jobs. David Ellison pledged approximately $2 billion in cost savings after merging Skydance with Paramount; the merger closed in August. Paramount president Jeff Shell characterized the cuts as painful but swift and emphasized avoiding recurring quarterly layoffs. Leadership has mandated a five-day-a-week return to office in early January and offered severance to employees unwilling to comply. Staffers described the layoffs as stressful and noted prior rounds of cuts under previous ownership. Ellison has pursued high-profile deals and acquisitions since taking control.
Read at Business Insider
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