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Paramount Skydance will initiate mass layoffs beginning on 27 October, cutting approximately 2,000 positions in the United States under a cost-cutting plan valued at $2bn under CEO David Ellison.

The layoffs are a result of the merger of Skydance Media and Paramount Global, finalized in August with a value of $8.4bn.

Further overseas workforce reductions are likely, with Paramount Skydance intending to announce complete information via its third quarter earnings report scheduled for November 10.

Prior news had indicated the firm was looking to reduce between 2,000 and 3,000 roles by early November.

Until December 2024, Paramount employed nearly 18,600 full- and part-time employees along with 3,500 project-based staff.

The company has not yet commented regarding the report.