New Delhi, July 9: Paramount, the entertainment company, has reportedly announced that it will continue its layoffs until the Skydance deal is finalised. The Paramount layoffs might continue throughout 2024 and are expected to be part of the company's effort to streamline its operations. The layoffs will likely affect employees from various departments of Paramount. Reports also suggest that Paramount has announced that it will focus on restructuring to streamline its business by cutting costs and selling off some assets to pay down its debt.

As per a report by CNBC TV18, Paramount will keep reducing its workforce until the Skydance deal closes. In the memo, co-CEOs Brian Robbins, George Cheeks and Chris McCarthy indicated that Paramount intends to sell off certain assets. They further said, "Until the transaction closes, it's business as usual. We will continue to operate as an independent company and move forward with the strategic plan we outlined at our town hall". Microsoft Layoffs Continue: Tech Giant Reportedly Lays Off Unspecified People From Various Departments and Locations To Focus on Future Investment, Increase Profit Margin.

As per reports, during a town hall meeting last month, they mentioned that they had made progress in identifying overlapping jobs. It might include areas like the legal and corporate marketing departments, but they did not mention when these changes would happen, as per a report of Business Insider.

Paramount Global board reportedly approves to merge with Skydance Media. Paramount's board agreed to the merger on Sunday, ending the discussions that almost fell apart in June when owner Shari Redstone left the negotiations. As per multiple reports, Skydance is likely to take over Paramount in a USD 8 billion deal. Unacademy Layoffs: Online Educational Platform Lays Off 250 Employees From Product, Sales, Marketing Department; Check Details.

If the deal goes through, David Ellison will reportedly take on the role of chairman and CEO of the newly named New Paramount. Skydance was founded in 2010 by David Ellison, who quickly partnered with Paramount that same year. Based in Santa Monica, California, Skydance has co-produced major Paramount movies, including Tom Cruise's “Top Gun: Maverick” and several “Mission Impossible” series.

(The above story first appeared on LatestLY on Jul 09, 2024 09:54 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website