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Paramount Skydance plans to initiate large-scale job cuts the week of 27 October, eliminating nearly 2,000 positions in the United States under a budget-saving initiative totaling $2bn overseen by CEO David Ellison.

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

Additional overseas workforce reductions are anticipated, with Paramount Skydance planning to announce full details in its third quarter earnings report set for the 10th of November.

Earlier reports suggested the firm aimed to cut from 2,000 to 3,000 jobs by early November.

By December 2024, Paramount retained nearly 18,600 workers on full-time and part-time contracts and 3,500 project-based staff.

The organization has not provided a response regarding the report.