Major Paramount layoffs are beginning today, as CEO David Ellison seeks to reposition the company and shift financial resources toward what and his executive team see as growth opportunities.

Ellison informed staff of the cuts early Wednesday morning in a memo, which was acquired by The Hollywood Reporter .

“We want to be as open and direct as possible about the reasons behind these changes,” Ellison wrote. “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 with our evolving priorities and the new structure designed to strengthen our focus on growth. Ultimately, these steps are necessary to position Paramount for long-term success.”

Ellison assumed control of Paramount in August,

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