Paramount Skydance will begin firing 1,000 employees on Wednesday — the first phase of sweeping layoffs that will ultimately eliminate about 2,000 positions as CEO David Ellison pushes to trim $2 billion in costs.

The firings mark the first major restructuring since Skydance Media completed its $8.4 billion merger with Paramount Global in August, creating a new Hollywood giant under Ellison’s control.

Bloomberg reported Monday that the initial cuts will hit 1,000 staffers . A person familiar with the plan told the news site that the company wanted to move quickly to stabilize operations.

Paramount Skydance will begin cutting 1,000 employees on Wednesday. CEO David Ellison is pictured. AFP via Getty Images

“We do not want to be a company that has layoffs every quarter,” Paramount

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