According to CNN, David Ellison, the CEO of Paramount, is starting massive layoffs for his company. These layoffs will account for about 10% of the current employees. This group of employees will be expecting the unfortunate news that their position has been eliminated. This is the result of Ellison’s promise to the investors last summer that he would have a cost savings plan in the near future. Most departments of the iconic movie studio, Paramount Skydance, will be affected in some way, from CBS News to Comedy Central. About 1,000 jobs are expected to be cut starting as soon as this week, with an additional 1,000 positions in the near future. Recently, CBS News saw nearly 100 layoffs.

CNN reported that Ellison stated on Wednesday morning, “These steps are necessary to position Paramount for long-term success. In some areas, we are addressing redundancies that have emerged across the organization. In other words, 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.”

Earlier this month, according to CNN, Bari Weiss (October 8, Honestly With Bari Weiss) was appointed Editor-in-Chief by Ellison as part of the reorganization of Paramount Skydance. This change happened just as Ellison purchased Weiss’s startup company, The Free Press. The media has been covering Ellison and his ambition for Paramount’s growth.

In a recent article from mxdwn, Ellison had been entertaining the idea of acquiring Warner Bros. Discovery, which is the parent company of CNN, HBO Max, and the Warner Bros. Studio. Although strategically, WBD’s current plan is to split the company into two smaller companies.

WBD CEO David Zaslav has declined Ellison’s offer twice, with the most recent offer valuing the TV, streaming, and film business at $24 a share. Zaslav continues to court other suitors, claiming interest from streamers, such as Apple TV, Netflix, and Comcast. Netflix has since downplayed its interest.

Warner Bros. Discovery follows the footsteps of NBCUniversal, which recently divested many of its cable networks into a separate company, Versant, to prioritize streaming in the new TV landscape.