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Investing.com -- Paramount is planning a major round of layoffs in early November following its merger with Skydance Media, according to a report from The New York Post.
Jeff Shell, the former NBCUniversal executive who now serves as Paramount’s president after being appointed by Skydance, has instructed managers across the company’s divisions to prepare lists of employees to be terminated, a source with knowledge of the situation told The Post.
These termination lists are expected to be submitted to company leadership in October, with the layoffs scheduled to begin in early November. One insider described the upcoming staff reductions to The Post as an epic "bloodbath."
The job cuts are part of a cost-saving initiative that aims to reduce expenses by more than $2 billion at the media conglomerate, which owns Paramount Pictures, CBS, MTV, and Showtime.
The layoffs come as part of the integration process following Paramount’s merger with Skydance Media.
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