Another wave of mass layoffs hits Hollywood

Paramount has started laying off more than 2,000 employees, or roughly 10% of its total workforce. The job cuts come as Paramount undergoes a merger with Skydance and affect employees whose positions were considered redundant or not supportive of the company’s shifting goals. “We actually have a plan that will exceed the $2 billion of run-rate synergies that we’ve announced, but we also will be investing significantly into our growth businesses, again, all with the goal of long-term value,” Paramount CEO David Ellison said.