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Paramount Skydance plans to begin significant workforce reductions during the week starting 27 October, eliminating nearly 2,000 US jobs within a budget-saving initiative valued at $2bn overseen by top executive David Ellison.

The layoffs come after the union between Skydance Media and Paramount Global, completed during August valued at $8.4bn.

More overseas workforce reductions are expected, with the company intending to reveal all specifics via its third-quarter financial update set for the 10th of November.

Earlier reports stated that Paramount was looking to eliminate from 2,000 and 3,000 roles by early November.

As of December 2024, the company retained almost 18,600 workers on full-time and part-time contracts along with 3,500 contract workers.

The company has not yet commented regarding the report.