In a shocking turn of events, Paramount’s future looks grim as the company prepares to lay off thousands of employees under new ownership. David Ellison, the billionaire heir to the Oracle fortune, is spearheading a ruthless cost-cutting strategy that could see between 2,000 and 3,000 jobs slashed across the United States. This move aims to trim a staggering $2 billion from the budget, and the impact on the workforce is likely to be profound.

Reports from industry insiders, including Todd Spangler of Variety, have branded these layoffs as a “broad across-the-board culling.” For context, Paramount previously employed around 18,600 people globally, which means that this possible reduction would account for a chilling 10-15% of their entire staff. Just this past summer, the company had already laid off 3.5% of its domestic workforce, hinting at an unsettling trend.

Under Ellison's leadership, Paramount is also eyeing potential acquisitions, including a bold $60 billion bid for Warner Bros. Discovery. Although this offer was reportedly rejected, Ellison’s ambitions could further alter the landscape of live sports broadcasting. Interestingly, right after the Skydance deal was finalized, Paramount made headlines by securing UFC broadcast rights for an astonishing $1.1 billion annually—indicating a potential prioritization of their sports division.

However, the impending layoffs raise questions about how CBS Sports will weather this storm. As the company gears up for these massive cuts, which are slated to begin the week of October 27, the industry watches closely. Could the value placed on sports broadcasting be overshadowed by these sweeping layoffs? Only time will tell.