Paramount is slashing hundreds of jobs as part of a broader effort to trim down the company's expenditures, the latest chapter in its transformation since the legacy media brand was bought by entertainment studio Skydance this summer.

In a memo sent to staff on Wednesday morning and obtained by The Hill, the company's chief executive David Ellison said his leadership team was "addressing redundancies that have emerged across the organization" and will be "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," he said.

Ellison, the son of tech billionaire and President Trump ally Larry Ellison, has faced increasing scru

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