(CNN)– Paramount Skydance is set to slash about one-thousand employees, mostly based in the U.S.

That’s according to a memo CEO David Ellison sent to staff.

In it, Ellison said the “steps are necessary to position Paramount for long-term success.”

The cuts will affect jobs across Paramount’s TV, film, streaming, and corporate departments.

This is just round one as more layoffs are expected in the near future.

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