Paramount Begins New Round of Layoffs After Skydance Merger

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 Wednesday reviewed by Bloomberg.

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 ...