Following the completion of an $8.4 billion merger earlier this month, Skydance Media and Paramount Global are now a new company called Paramount, a Skydance Corporation — and layoffs are reportedly on the horizon for the new entity.

The newly formed company, which oversees media assets like CBS, MTV, and Comedy Central, is now preparing to cut jobs across its business, according to Variety.

The layoffs are expected to occur by early November, when Paramount is scheduled to report third-quarter earnings, impacting around 2,000 to 3,000 jobs. The company is aiming for $2 billion in annual cost savings.

Related: Paramount Global Is Laying Off Hundreds of Employees

Paramount previously laid off 2,000 employees, or 15% of its U.S. workforce, in August 2024. The company has additionally laid off

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