Paramount to Lay off 2,000 Employees
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Paramount Skydance is laying off about 10% of its workforce, achieving some of the cost savings that CEO David Ellison promised investors when he took charge of the media company over the summer.
David Ellison's Paramount Skydance (PSKY) is slashing 2,000 jobs across the board starting Wednesday in what the chief executive of the media company calls "addressing redundancies."
Paramount Skydance has just signed a 10-year lease for Bayonne’s 1888 Studios. Paramount is set to occupy more than 285,000 square feet of the planned 58-acre facility, which will have 1.1 million square feet of production space and 23 smart sound stages.
Paramount Skydance reportedly doesn't intend to pick apart Warner Bros. Discovery if they're able to acquire their competitor.
Paramount will cut about 2,000 jobs, or 10% of its workforce, as CEO Ellison restructures the company after its merger with Skydance Media.
A 58-acre site in Bayonne is becoming 1888 Studios, a film production powerhouse partnering with Paramount and promising to boost New Jersey's film industry.