Paramount Skydance is set to lay off about 1,000 employees on Wednesday, less than three months after completing its $8 billion merger, a source familiar with the matter told AFP on Monday.
The company has not immediately responded to requests to confirm the layoffs.
Skydance finalized its acquisition of Paramount in August. At the merged entity’s first press conference, executives had warned that staff reductions would be announced during the quarterly earnings report on November 10.
New CEO David Ellison aims to speed up the company’s technological transition while achieving at least $2 billion in synergies.
The merged company combines Skydance Studios, known for the “Mission: Impossible” and “Transformers” films, with Paramount’s movies, streaming service Paramount+, and television channels including CBS, MTV, and Nickelodeon.
David Ellison, like his father Oracle founder Larry Ellison, is an ally of US President Donald Trump, who approved the Paramount acquisition after a yearlong review.
