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Paramount began major layoffs Wednesday as CEO David Ellison moved to refocus spending on growth, telling staff in a memo that roughly 1,000 jobs would be cut this week. He said the company is eliminating redundancies and roles misaligned with new priorities to position Paramount for long-term success. Ellison, who took control in August, plans to invest alongside cost cuts, citing a $7.7 billion UFC rights deal and other agreements. His first earnings call as CEO is set for Nov. 10 to detail the company’s financial outlook and strategy.

Prepared by Christopher Adams and reviewed by editorial team.