In widely expected job cuts after completing its $8 billion merger with Skydance , Paramount has begun layoffs set to impact about 2,000 employees.

Paramount initiated roughly 1,000 of those layoffs companywide on Wednesday (Paramount Skydance owns CBS News.) The rest of the cuts are expected to be made at a later date. In all, 2,000 job reductions amount to about 10% of Paramount's total workforce.

"These decisions are never made lightly, especially given their effect on our colleagues who have made meaningful contributions to the company," CEO David Ellison wrote Wednesday in a memo to employees.

The prospect of job cuts has hovered over Paramount employees for some time. Ellison on Wednesday reiterated that the company has been working to restructure since the completion of its m

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