Paramount Skydance to Lay Off Thousands in Early November: Report

Paramount Skydance is reportedly planning a significant round of layoffs in early November, according to The New York Post. The company's president, Jeff Gural, is said to be behind the move. Details of the layoffs have not been disclosed.

Title: Paramount Skydance Plans Significant Layoffs in Early November

Paramount Skydance, the newly formed media conglomerate following the merger of Paramount Global and Skydance Media, is reportedly planning a significant round of layoffs in early November. The company's president, Jeff Shell, is said to be behind the move, according to a report from The New York Post [2].

The layoffs, which are expected to begin in early November, are part of a broader cost-cutting initiative aimed at reducing expenses by more than $2 billion. The move comes as the company continues to integrate its operations following the merger, which was approved by the Federal Communications Commission (FCC) in July [1].

Details of the layoffs have not been disclosed, but the report suggests that the termination lists are being prepared by managers across the company's divisions and will be submitted to company leadership in October. One insider described the upcoming staff reductions as an "epic 'bloodbath'" [2].

The merger between Paramount Global and Skydance Media has been the subject of scrutiny and criticism, particularly due to allegations of political interference and improper payments. Top Democrats, including Representatives Jamie Raskin and Frank Pallone, have expressed concerns about the merger and the settlement Paramount reached with President Donald Trump prior to the merger's approval [3].

The Federal Communications Commission (FCC) approved the $8 billion merger earlier this month, putting the new version of Paramount under the control of CEO David Ellison, the son of billionaire Oracle co-founder Larry Ellison. The approval came weeks after Paramount and CBS agreed to settle President Trump’s "election interference" lawsuit for $16 million upfront [1].

The merger has also been criticized for the cancellation of "The Late Show with Stephen Colbert," a decision that was reportedly made by the new management following the merger. The show's cancellation has been seen as a political move, given President Trump's open dislike for the program and its host, Stephen Colbert [1].

The upcoming layoffs are part of the company's broader strategy to streamline operations and reduce costs following the merger. However, the move has raised concerns about the company's commitment to its employees and the potential impact on its content and editorial policies.

References:
[1] https://www.foxnews.com/media/top-democrats-peeved-over-8b-paramount-skydance-merger-citing-trump-influence
[2] https://www.investing.com/news/stock-market-news/paramount-plans-november-layoffs-in-2-billion-costcutting-move--nyp-93CH-4207392
[3] https://www.bloomberg.com/news/articles/2025-08-21/democrats-probe-paramount-skydance-merger-over-trump-dealings