Paramount Skydance is set to begin mass layoffs the week of October 27, eliminating approximately 2,000 US jobs as part of a significant cost-cutting plans. This move is central to a wider $2 billion cost-reduction plan spearheaded by new CEO David Ellison, reported Variety on Saturday.

The layoffs follow the formal $8.4 billion merger between Skydance Media and Paramount Global , which was finalized in August.

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The company is expected to provide full details regarding the global workforce reduction in its third quarter earnings report on November 10, said the report.

Previously, Variety had reported on 22 August that Paramount was targeting a reduction of between 2,000 and 3

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