Paramount began significant layoffs Wednesday morning, with about 1,000 U.S.-based workers being let go in the first round, and roughly another 1,000 soon to follow.

The 2,000 layoffs represent about 10% of Paramount’s employee base.

CEO David Ellison confirmed the cuts were underway in a memo to employees. (Read it in full below.)

“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,” he wrote.

The memo continued, “We want to be as open and direct as possible about the reasons behind these changes. 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 wit

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