Paramount Skydance to cut about 1,000 jobs, second round to follow

Paramount Skydance will begin cutting about 1,000 jobs on Wednesday, with a second round of roughly 1,000 layoffs to follow at a later date, sources familiar with the plans said. The reductions come two months after the completion of the roughly 8.4 billion merger that created the combined company and are part of a broader push by new leadership to reduce expenses by about 2 billion dollars.

Company officials have said most of the initial cuts will be U.S.-based, with additional reductions planned in international divisions. The layoffs are expected to affect a broad range of operations, including broadcast and cable networks, news operations and studio production facilities. People familiar with the plans said divisions that will see cuts include CBS, CBS News, Comedy Central and the historic Melrose Avenue film studio, among others.

Executives led by Chief Executive Officer David Ellison and President Jeff Shell have framed the job reductions as part of an effort to integrate Paramount’s legacy businesses and achieve targeted cost savings. Shell said after the merger that the process would be concentrated so the company would not carry out recurring quarterly layoffs. We do...