Paramount-Skydance is set to cut around 1,000 jobs this week, less than three months after finalizing its $8 billion merger, according to a source cited by AFP. The layoffs are expected to be announced on Wednesday, though the company has not officially confirmed the move.

The merger, completed in August 2025, combined Skydance Media — known for blockbuster franchises like Mission: Impossible and Transformers — with Paramount Global, which owns Paramount Pictures, CBS, MTV, Nickelodeon, and the streaming platform Paramount+.

New CEO David Ellison, who took charge following the acquisition, had earlier signaled that job cuts were likely as part of the company’s restructuring plan. Ellison aims to accelerate technological innovation across the media network while achieving at least $2 billion in cost synergies.

Industry analysts view the layoffs as part of a broader strategy to streamline operations and reposition the company amid intensifying competition in the entertainment and streaming sectors.

David Ellison, son of Oracle founder Larry Ellison and a known ally of US President Donald Trump, received White House approval for the acquisition earlier this year after a prolonged review process.

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