Thanksgiving is shaping up to be a challenging time for many at Paramount.
The media company is preparing for what some insiders are calling a significant “Bloodbath” in early November. Reports indicate this follows the merger with Skydance Media, resulting in a massive round of layoffs.
Jeff Shell, the former NBCUniversal executive chosen by Skydance to lead Paramount, will start addressing cuts to divisions like Paramount Pictures, CBS, MTV, and Showtime, according to a knowledgeable source.
By October, a list of affected employees is expected to be submitted to the company’s leadership, with the layoffs projected to save the company over $2 billion, unfolding in early November.
“It’s going to be messy,” the source remarked. “It’ll be tough to witness.”
This restructuring aligns with the third-quarter financial results for Paramount Skydance and comes ahead of presentations to investors by new executives detailing future plans.
A representative from Skydance chose not to comment.
At a recent press gathering in Los Angeles, Shell characterized the upcoming cuts as “painful” and confirmed they would be executed in one comprehensive action but didn’t specify exact timing.
“We’re aiming to avoid becoming a company that experiences layoffs every quarter,” he added, referencing the consistent cuts seen under previous management.
Shell’s transition into the leadership role follows a significant merger. He’s now at the helm after an extended period of stagnation for the company, which had merged with Skydance, valued at $8.4 billion.
Shell noted, “It’s going to be a hard process, but we don’t want a recurring cycle of layoffs.”
Ellison, the CEO of Paramount Skydance, alongside Shell and other executives, recently outlined a vision for the company without offering many specifics at a press event in New York.
Ellison hinted that the restructuring could exceed the initial $2 billion savings goal but refrained from providing a timeline for when those changes would materialize.
He also mentioned that the new leadership team does not fully agree with the idea that significant layoffs are essential for growth—a sentiment reiterated during the LA press conference attended by major figures within the organization.
Meanwhile, adjustments within the company have already begun. It was reported that Gai Campanile, an executive producer for “CBS Evening News,” is rejoining “60 Minutes,” with the internal announcement made recently.
Additionally, Kim Harvey is anticipated to replace the current senior producer of Evening News. There are also rumors that CBS News head Tom Cibrowski may cut one of the two anchors, either John Dickerson or Maurice Dubois, with insiders suggesting DuBois might be the only remaining anchor.
As discussions unfold, there’s also speculation about Ellison collaborating with journalist Bari Weiss and former CBS News president David Rhodes.
Ellison has been notably active since taking over the management from Shari Redstone, striking a significant deal with the UFC recently.
Just weeks ago, Paramount declared it had secured exclusive broadcasting rights for all TKO events from the UFC in the United States under a seven-year contract beginning in 2026.
