Paramount Skydance Warner Bros. Discovery $111B deal risks 2,500 jobs
Paramount Skydance and Warner Bros. Discovery in a $111 billion deal, but it comes with a tough side effect: about 2,500 jobs could be cut in Los Angeles County and 6,000 globally at potential risk.
$6 billion in savings are eyed by consolidating roles and functions in areas like tech and real estate.
Layoffs to reduce $82B debt
These layoffs are also meant to help tackle the company's huge $82 billion debt.
The report points out that Los Angeles's entertainment scene is already struggling, with fewer movies being filmed locally thanks to things like the pandemic and labor strikes.
To help turn things around, officials are being urged to expand tax credits and make permits easier for film projects, hoping that will bring more productions (and jobs) back to Los Angeles.