The parent company of Network 10 has earmarked upwards of US$2 billion (A$2.959bn) in 'run-rate cost efficiencies' off the back of a slated merger with Skydance Media.

The merger looks set to go ahead after more than six months of acquisition talks between Skydance and Shari Redstone's National Amusements (NAI), which holds majority share of Paramount Global. The deal is expected to be completed in the second half of 2025, following Skydance's acquisition of NAI.

In a presentation to investors, Skydance and Paramount outlined "significant opportunities for value creation across the enterprise following a comprehensive review and reframing of the legacy business". "Detailed, bottom-up initiatives" via the creation of New Paramount will, per the presentation, "have ability to produce $2bn+ run-rate cost efficiencies", with half of those savings to be delivered within a year.

Streaming the operating model, unifying and transforming technology platforms, reshaping the organisational pyramid, the acceleration of 'unfinished transformation efforts' and content optimisation have been highlighted as key areas of 'value creation'.

A memo sent to Paramount staff by current co-CEOs George Cheeks, (president and CEO of CBS), Chris McCarthy (president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks) and Brian Robbins (president and CEO of Paramount Pictures and Nickelodeon) confirms that it will be "business as usual" until the transaction closes, with the company to continuing moving ahead with plans to "modernise our organisation by streamlining teams, eliminating duplicative functions and reducing the size of our workforce".

As reported by Capital Brief, the confirmation of the merger comes a week after Paramount's local boss and Network 10 president Beverly McGarvey held a routine town hall meeting, where she fielded questions from staff about the possibility of a merger, and the recent layoffs at Seven and Nine.