Paramount to continue job cuts until Skydance deal closes, memo says

(Reuters) – Paramount Global will continue reducing the size of its workforce until its merger with Skydance Media closes, the company’s co-CEOs said in a memo seen by Reuters on Sunday, hours after the companies announced the deal.

Paramount will also look to divest some of its assets, co-CEOs Brian Robbins, George Cheeks and Chris McCarthy said in the memo.

“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,” they said.

In June, Paramount said it would focus on its new plan to transform its streaming business, reduce costs and divest some assets to help pay down debt.

Shari Redstone, Paramount’s non-executive chair, will sell the family’s controlling stake in the company in the merger.