Posted in: Movies, TV | Tagged: paramount, Skydance

Paramount Looks to Layoffs in November; Savings May Exceed $2 Billion

Reports are Paramount is looking to layofff 2,500 to 3,000 employees in November as the company eyes more than $2 billion in savings.

Shortly after the word came down that Skydance had wrapped up what needed to be done to finalize buying Paramount, David Ellison's team made headlines with some very big moves. For example, a seven-year media rights deal with TKO to become the exclusive home for UFC events in the U.S. beginning in 2026 (estimated to be worth $1.1 billion per year) and convincing Ross Duffer and Matt Duffer (Stranger Things) to leave Netflix for an exclusive film and television deal. According to sources speaking with Deadline Hollywood, the other shoe is about to drop in a massive way in November. According to reports, company managers have been asked to submit lists of those designated to be fired to Human Resources in September and October.

The number of positions across theatrical, streaming, linear, and all other divisions could be between 2,500 and 3,000, a staggering number considering Paramount has approximately 18,000 employees globally, and Skydance's numbers are just under 2,000 employees. Though original reports had Skydance working with Bain & Company to locate at least $2 billion in cost savings, Ellison shared that he expected the savings to "exceed" $2 billion with the upcoming layoffs.

In July, prior to the Paramount/Skydance deal being finalized, Trey Parker & Matt Stone and Paramount Global agreed to extend Parker and Stone's deal for another five years. Under the terms of the agreement, an additional 50 episodes of South Park have been ordered. Also, all 26 previous seasons will be available to stream on Paramount+ for the first time, while new episodes will air on Comedy Central and then stream on Paramount+ the day after.

"We are grateful for this opportunity and deeply honored by the trust placed in us," Parker shared when the news was first released. "This is about more than a contract — it's about our commitment to this organization, our teammates, and our fans. We're focused on building something special and doing whatever it takes to bring championships to this city." Stone added, "Trey and I and the whole 'South Park' crew are grateful for this extension and this deal. We want to thank Chris McCarthy and Keyes Hill-Edgar for years of great partnership and are looking forward to continuing to make 'South Park' for the next five years."

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