The honeymoon phase is over for Paramount Skydance. Back when the merger was announced, Skydance CEO David Ellison promised to handle the legacy of the iconic studio with care.
Those days, however, are long forgotten, and now the focus is on pulling the new entity out of a financial hole. The approach is brutal: starting October 27, the new leadership plans to launch mass layoffs, with around 2,000 U.S. employees set to hit the job market at once. International divisions are also slated for optimization, though the scale remains unclear.
Initially, Paramount Skydance executives intended to handle the cuts more delicately - phasing out surplus staff into the next quarter to avoid a media storm. But with a $2 billion deficit looming, decisive action is non-negotiable.
Notably, the layoffs coincide with the release of the company’s financial results, suggesting dire straits ahead. The bad news of mass firings may be overshadowed by even graver concerns, giving investors plenty of other reasons to worry.
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