HomeIndustriesParamount Intends to Continue With Job Cuts Ahead of Skydance Merger

Paramount Intends to Continue With Job Cuts Ahead of Skydance Merger

Mass media and entertainment conglomerate Paramount Global will merge with production company Skydance Media after the two sides officially announced the deal on Sunday. However, until the merger closes, Paramount will continue its efforts to downsize its workforce, according to a report by Reuters.

Paramount co-CEOs Brian Robbins, George Cheeks, and Chris McCarthy sent out a memo later on Sunday in which they told employees that the ongoing job cuts would continue, and the company also intended to “divest some of its assets.”

“Until the transaction closes, it’s business as usual – we will continue to operate as an independent company and move forward with the strategic plan we outlined at our town hall,” the memo said.

In recent months, Paramount has made several moves in an attempt to lower its outstanding debt. This included job cuts, changes to the company’s streaming service Paramount+, assets divesting, and more.

The merger between Paramount and Skydance was first announced in April before Shari Redstone and National Amusement, controlling shareholders of Paramount, pulled the plug on the deal in June. Just a few weeks later, the two sides agreed to fresh terms that will see Skydance acquire National Amusement for $2.4 billion in cash and merge with Paramount.

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