Paramount Skydance employees are facing a broad across-the-board culling under David Ellison’s new management regime the week of Oct. 27, Variety has confirmed. Major job cuts have been expected even before the Skydance Media-Paramount Global deal closed,

Paramount Skydance will begin mass layoffs the week of October 27, eliminating around 2,000 U.S. jobs as part of a $2 billion cost-cutting plan under new CEO David Ellison, Variety reported on Saturday. The layoffs follow the $8.4 billion merger between Skydance Media and Paramount Global, which closed in August.

A bidding war could take the total price of WBD from around the $50 billion Ellison is currently eyeing to upwards of $60 billion – which is exactly what WBD’s deal-savvy CEO David Zaslav

Paramount Skydance aims to battle Amazon and Google for digital ad dollars, but must first navigate a tricky issue among senior sales execs

Shares of Paramount Skydance Corp. (PSKY) climbed over 1.30% in Monday’s early premarket session as traders reacted to reports that media giant may announce a round of layoff as early as this month. Media giant Paramount merged with David Ellison-led Skydance on Aug.

Paramount Skydance (PSKY) shares have shown interesting movement recently, sparking fresh curiosity about the company's current valuation and what might drive returns in the months ahead. Investors are watching for factors that could shape PSKY's next move.

The layoffs are likely to start before Paramount reports its first quarterly earnings after the closure of the Skydance Media merger.

"It's no surprise that the significant value of our portfolio is receiving increased recognition by others in the market," CEO David Zaslav said.