Paramount reportedly laying off 2,000 employees

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Sign at the main entrance to Paramount Studios in Midtown Manhattan. (Photo by Erik McGregor/LightRocket via Getty Images)

Paramount Skydance is laying off 2,000 people across its TV, film, streaming and corporate divisions, cutting the company’s workforce by about 10%, according to Variety. 

What we know:

The first round of roughly 1,000 layoffs came Wednesday, with a second round expected to follow. 

What we don't know:

It’s unclear when the second round of layoffs will happen. Paramount Skydance wasn’t immediately available for comment. 

Paramount layoffs

What they're saying:

"We want to be as open and direct as possible about the reasons behind these changes," CEO David Ellison said in the memo, according to Variety. "In some areas, we are addressing redundancies that have emerged across the organization. In others, we are phasing out roles that are no longer aligned with our evolving priorities and the new structure designed to strengthen our focus on growth. Ultimately, these steps are necessary to position Paramount for long-term success."

"When we launched the new Paramount in August, we made clear that building a strong, future-focused company would require significant change – including restructuring the organization,"

By the numbers:

Paramount had about 18,600 employees in 32 countries at the end of last year. 

Paramount also laid off employees in June before it closed on its acquisition of Skydance Aug. 7. 

RELATED: Paramount slashes jobs as streaming wars intensify

What's next:

Ellison is seeking to purchase Warner Bros. Discovery and merge it with Paramount Skydance, but Warner Bros. rejected Ellison’s recent offer of $23.50 a share. If the merger does take place, more layoffs would be expected. 

In August, Paramount announced a $1.1 billion deal to stream all UFC matches on Paramount+, ending its $80 pay-per-view model starting in 2026.