Paramount Skydance (PSKY.O) is set to begin mass layoffs the week of October 27, eliminating around 2,000 U.S. jobs as part of a $2 billion cost-cutting plan under new CEO David Ellison, according to a report by Variety. This move comes after the $8.4 billion merger between Skydance Media and Paramount Global, which was finalized in August.

Additional international job cuts are expected, with the company planning to reveal full details in its third-quarter earnings report on November 10. With nearly 18,600 full- and part-time employees as of December 2024, Paramount aims to streamline its workforce amidst the industry changes. The specific impact of these layoffs and the company’s overall strategy moving forward remain to be seen.