Paramount Skydance set to lay off about 1,000 employees

(NBC, KYMA) - Paramount Skydance is laying off more than 1,000 workers, according to a memo from CEO David Ellison.

In the memo, Ellison said the company is "phasing out roles that no longer align with the company's evolving priorities" and said, "The steps are necessary to position Paramount for long-term success."

The company informed staff about the layoffs Wednesday morning, and Ellison also warned that more layoffs are still to come.

The cuts will affect jobs across Paramount's TV, film, streaming and corporate departments.

The workforce reduction follows Paramount's merger with Skydance Media in August, and comes as Ellison is bidding to acquire Warner Bros. Discovery.

As of 2024, Paramount, which is reportedly worth around $18 billion, employed about 18,600 people worldwide.