Paramount Skydance began laying off about 1,000 employees, mostly in the U.S., as part of a restructuring, CEO David Ellison told staff in a memo. Cuts span TV, film, streaming and corporate, with a second wave planned that targets around 2,000 jobs in the U.S. and abroad, ultimately trimming roughly 10% of the workforce. Ellison cited redundancies, shifting priorities and a drive to cut upwards of $2 billion in costs. Even amid reductions, the company struck a $7.7 billion, seven-year UFC deal and bought The Free Press, while pursuing a merger with Warner Bros. Discovery.

Prepared by Christopher Adams and reviewed by editorial team.