Paramount Global has begun laying off about 2,000 employees, roughly 10% of its workforce, following its $8 billion merger with Skydance Media. Around half of the cuts began this week, with the rest expected later. CEO David Ellison said the reductions are part of a broader restructuring effort to streamline operations and position the “new Paramount” for future growth after the merger’s completion in August.

Layoffs following major mergers are common as companies consolidate overlapping roles, but Paramount’s cuts highlight the ongoing turmoil in the global entertainment and media industry, which continues to face financial pressure from declining cable revenues and increased streaming competition.

For Canada’s media and production sector, the move reflects a wider trend of industry consolidation and cost-cutting as traditional broadcasters and streaming platforms adapt to shifting consumer habits and digital disruption. With major players like Paramount and Warner Bros. Discovery rumored to explore further deals, the changes could have ripple effects across Canadian content production, media employment, and investment in local storytelling.

If you’ve been laid off, here’s what to do next:

• Apply for Employment Insurance (EI) as soon as possible.

• Confirm with your employer whether you’re entitled to severance pay or any outstanding wages.

• Explore retraining or education programs—many provinces now offer new support to help workers transition into different roles.

• Reach out to an employment lawyer. They can help you understand your rights and ensure you receive all the compensation and support available to you.

Have you been laid off by Paramount in Canada? Contact our employment lawyers today. Our legal team offers a free consultation and works on a contingency basis—there are no fees unless you win your case.

The Associated Press’ original article, “Paramount to lay off 2,000 employees shortly after its merger with Skydance” was published in CTV News on October 29, 2025. Read the Full CTV News story.

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