Paramount Skydance PSKY.O will begin a major round of layoffs with about 1,000 job cuts on Wednesday, a source familiar with the matter told Reuters on Monday.
The job cuts, which follow the $8.4 billion merger between Skydance Media and Paramount Global, would impact roughly 5% of Paramount’s employees based on its workforce prior to the completion of the deal.
As of December 2024, Paramount had nearly 18,600 full- and part-time employees, and 3,500 project-based staff.
The move comes after Reuters reported Warner Bros Discovery’s WBD.O board rejected a nearly $60 billion offer from Paramount Skydance, with analysts still pinning the David Ellison-led firm as the bidder most likely to succeed.
Bloomberg first reported details of the layoffs earlier on Monday.