Paramount Skydance to start cutting thousands of jobs from next week

Nathan Jolly

October 20, 2025 9:55

Paramount Skydance to start cutting thousands of jobs from next week

CEO David Ellison is planning to make over A$3 billion in cuts

Network 10’s newly merged parent company Paramount Skydance is planning to make thousands of redundancies, starting from the week of October 27, as part of a global effort to cut north of A$3 billion.

Variety reports that around 2,000 jobs will be lost in the US alone, with “additional layoffs internationally.” According to Paramount’s most recent securities filing, the company had 18,600 employees in 32 countries at the end of 2024. In June, ahead of the expected merger, it cut 3.5% of its US staff.

Skydance had around 500 employees at merge, according to its company website.

Paramount Australia declined to comment when contacted, but Mumbrella understands that local staff will not be impacted by this round of redundancies.

At a press conference in early August, former NBC Universal CEO and president of Paramount Skydance Jeff Shell signalled the company would make some job cuts in the coming months, telling reporters any redundancies would be made quickly.

“You can’t cut your way to growth in this business, you have to invest, so that’s we’re going to do, we’re going to get those efficiencies, but that is a way partially to fund the investments we’re going to make,” Shell said.

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These ‘efficiencies’ will be outlined in the company’s third-quarter results call, which will be on November 10. CEO David Ellison told reporters at the August press conference that the US$2 billion in cuts will be invested back into the business “with the goal of long term value”.

In the short term, this reinvestment is largely around acquisition.

Since the merger, the company announced a US$7.7 billion (A$11.9b) seven-year deal with the UFC, bought Bari Weiss’ The Free Press for US$150 million (A$230m), and lobbed a US$20-per-share offer at Warner Bros Discovery to takeover the rival media company.

In late July, Paramount locked down exclusive streaming rights to South Park for five years, for US$1.5 billion (A$2.3b), and the company has recently signed up Strangers Things creators The Duffer Brothers to a four-year exclusive production deal.