Paramount begins job cuts

Paramount Skydance Corp began a planned round of job cuts involving 1,000 workers on Wednesday as part of an effort to slash $2 billion in costs following its August merger with Skydance Media. More cuts are expected at a later date.

The company announced the start of the reductions in a memo to employees on Wednesday.

Ellison said in a letter when he took over that he was confident they would "meaningfully exceed" the $2 billion goal. Paramount is also looking to cut back on programming at its cable networks and sell real estate and TV networks in Latin America.

Skydance's founder, David Ellison, targeted the cost savings as part of his initial plan to acquire control of Paramount. Management said it wants to make the cuts quickly so they won't drag on. Ellison said in a letter when he took over that he was confident they would "meaningfully exceed" the $2 billion goal. Paramount is also looking to cut back on programming at its cable networks and sell real estate and TV networks in Latin America.