Paramount to lay off 1K workers

(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.