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Paramount Skydance will cut about 1,000 U.S. jobs Wednesday, Oct. 29, the first wave in a plan that could eliminate roughly 2,000 U.S. roles, with more layoffs expected internationally. The freshly merged company, led by chairman and CEO David Ellison, is pursuing cost reductions of up to $2 billion. President Jeff Shell said cuts will be executed swiftly and disclosed by the company’s third-quarter 2025 earnings report; Q3 results are due Nov. 10 after the market closes. Even as layoffs loom, Ellison has greenlit bold deals, including a $7 billion, seven-year UFC pact.

Prepared by Christopher Adams and reviewed by editorial team.