Paramount Skydance’s new president Jeff Shell said the company will cut up to US$2 billion (A$3 billion) in costs in a single wave of restructuring – a move he admits will be “painful” but designed to avoid the ongoing drip-feed layoffs seen under previous leadership.

Speaking at a press conference alongside CEO David Ellison, Shell said the company, which was formed from Skydance Media’s recent US$8.4 billion ($A13 billion) acquisition of Paramount, will act quickly to streamline operations.

“We do not want to be a company that has layoffs every quarter,” Shell said. “It’s always hard, but it’s important for us to get done what we’re doing in one big thing and then be done with it.”

Ellison (pictured below), the son of Oracle co-founder Larry Ellison, would not confirm the timing or scope of job losses, but suggested restructuring could exceed the US$2 billion target.

The leadership duo, joined by Paramount+ boss Cindy Holland and TV Media chair George Cheeks, emphasised they are not relying on cuts alone to fuel growth.

The strategy includes major content and rights deals, most notably last week’s US$7.7 billion, seven-year agreement securing exclusive US rights to UFC events from 2026 – a move that briefly sent Paramount Skydance shares (PSKY) up 37%.

Real estate is also under review, with Shell telling US media that while the Hollywood lot and CBS Broadcast Centre in New York are off-limits, other holdings including theatres and the Times Square HQ are “on the table” for potential sale.

The company’s shake-up comes as global streaming competition intensifies and traditional cable networks face decline.

With roughly 18,000 employees worldwide, the looming “one-and-done” job cuts will be closely watched across the industry.

Ellison’s team is reviewing Paramount’s international pay-TV footprint, a process that could see cable operations scaled back in markets such as Australia.