Oct. 29 (UPI) -- Paramount began large scale layoffs Wednesday joining other major U.S. companies.
The media conglomerate eliminated abut 1,000 U.S.-based jobs in its first round with at least another 1,000 to soon follow, Paramount CEO David Ellison confirmed in a memo.
"When we launched the new Paramount in August, we made clear that building a strong, future-focused company would require significant change -- including restructuring the organization," Ellison wrote to employees.
It represented roughly 10% of Paramount's workforce in cuts in its television, film, streaming and corporate divisions.
"We want to be as open and direct as possible about the reasons behind these changes," said Ellison.
