Paramount is the latest company to join the bloodbath of layoffs this week.

The entertainment giant began cutting around 1,000 workers on Wednesday, with twice that many pink slips expected in the days to come. In a memo to staff, new Paramount CEO David Ellison characterized the reductions, which will ultimately shrink the company by 10%, as a necessary step for the company’s long-term growth.

“In some areas, we are addressing redundancies that have emerged across the organization,” Ellison wrote in a memo obtained by The Guardian and other outlets. “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.”

Paramount-owned CBS News will reportedly see around 100 employees cut. Those lay

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