The merger between Paramount Global and Skydance is expected to close in the first half of 2025 and "in the meantime, the teams at Skydance and Redbird are committed to supporting our strategic plan and we continue to conduct business as usual," Chris McCarthy — who leads Paramount along with Brian Robbins and George Cheeks — said on a post-quarter earnings call on Thursday.

That includes expected cost savings of $500 million, part of the layoffs of about 15% of Paramount's staff that began today and will last through the rest of the year, and asset sales.

David Ellison’s Skydance, backed by Oracle co-founder (and his father) Larry Ellison, and Gerry Cardinale’s Redbird Capital struck a deal with Shari Redstone-controlled Paramount in July. It included a 45-day waiting period for another bidder to emerge, but there doesn’t appear to be much movement on that front. They were supposed to have until 11:59 p.m. ET on August 21.

RELATED: Paramount Global Prepares for New Round of Layoffs as Q2 Revenue Drops and Skydance “Go-Shop” Period Nears End