As its new leadership looks to exceed $2 billion in cost savings, Paramount is eyeing thousands of job cuts around November, according to media reports.
The total number of positions expected to be eliminated across the company’s divisions is expected to range somewhere between 2,000 and 3,000 employees, though the numbers could vary.
The timing would align with the release of Paramount’s third quarter earnings results for 2025. A spokesperson for Paramount did not immediately return TheWrap’s request for comment.
New Paramount president Jeff Shell previously confirmed that the company would undergo layoffs during a press conference with reporters earlier this month, but emphasized that it doesn’t want to “cut its way to growth.”
“It’s going to be painful,” Shell said at the time. “Layoffs are always hard, but we don’t want to be a company that every quarter is laying people off. So it’s important to us to get done what we’re doing in one bigger thing and then be done with it.”
As of the end of 2024, Paramount had approximately 18,600 employees globally across 32 countries and approximately 3,500 project-based staff. Meanwhile, Skydance has more than 500 employees, per its website.
The latest round of cuts at Paramount come after its TV/Media segment saw revenue fall 6% to $4 billion and profits fall 15% to $863 million during its second quarter of 2025 as the company’s linear TV business continues to shrink.
Meanwhile, its direct-to-consumer business grew revenue 15% to $2.16 billion and saw profit hit $157 million, up from a profit of $26 million in the year ago period, while its filmed entertainment business saw revenue climb 2% to $690 million and saw its operating loss widen 56% to $86 million.
Under previous leadership, Paramount underwent a reduction of 15% of its workforce to help generate $500 million in cost savings. It also announced a round of cuts impacting 3.5% of its U.S.-based staff back in June.
The company recorded $181 million in restructuring and transaction-related charges during the second quarter, which included severance costs associated with strategic changes in its global workforce.
Shares of Paramount have climbed 36% in the past year and are up 16.5% in the past five days.
