“We are phasing out roles that are no longer aligned with our evolving priorities,” Paramount Skydance CEO David Ellison said on Wednesday. Eric Thayer/Bloomberg/Getty Images

The new Paramount is laying off about 10% of its workforce, achieving some of the cost savings that CEO David Ellison promised investors when he took charge of the media company over the summer.

Many divisions of Paramount Skydance will be impacted, from the iconic movie studio to CBS News to Comedy Central.

About a thousand jobs are expected to be cut this week, and another thousand in the near future, as a new management team reorganizes the company.

Ellison, who headed the production company Skydance and merged it with the much larger Paramount, said in a memo on Wednesday morning that “these steps are necess

See Full Page