Paramount to Ax 1,000 Jobs Wednesday in First Round of Cuts (1)

Paramount Skydance Corp. will begin a major round of layoffs with 1,000 job cuts on Wednesday, according to a person familiar with the company’s plans.

A second round is expected later, said the person, who asked to not be identified discussing private information. The number of total expected layoffs has previously been reported at about 2,000.

The company was created from the merger between Paramount Global and Skydance Media in August, and new management has made clear that it wants to move swiftly to cut costs and restructure the business.

“We do not want to be a company that has ...