Paramount Skydance plans to fire off approximately 1,000 people on Wednesday, less than three months after closing its $8 billion merger, according to a source familiar with the matter.
The corporation did not immediately reply to queries to confirm the layoffs.
Skydance completed its takeover of Paramount in August. At the merged entity's first news conference, officials cautioned that personnel cutbacks will be announced after the quarterly earnings release on November 10.
New CEO David Ellison plans to accelerate the company's technological shift while reaching at least $2 billion in synergies.
The merged company combines Skydance Studios, known for the "Mission: Impossible" and "Transformers" films, with Paramount's movies, streaming service Paramount+, and television channels such as CBS, MTV, and Nickelodeon.
David Ellison, like his father, Oracle founder Larry Ellison, is a friend of US President Donald Trump, who approved the Paramount acquisition following a year-long examination.
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