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Paramount is set to lay off roughly 1,000 employees on Wednesday as part of a wide-reaching corporate restructuring.

The job cuts are expected to primarily affect staff in the United States, though international divisions may also see reductions in the coming weeks, sources confirmed to Fox News Digital.

The layoffs follow the $8.4 billion merger of Paramount Global and Skydance Media earlier this year, which placed Skydance CEO David Ellison at the helm of the newly merged company.

Sources familiar with the matter said the workforce reductions were part of plans to achieve $2 billion in cost savings, a target promised to Wall Street by executives of the merged media giant.

"Approximately 1,000 positions will be cut as the layoffs begin, with additional reductions to follow at a later date," one source told Deadline.

The timing of this week's reductions was moved up from an initial November schedule, according to reports.

Since taking over Paramount, Ellison has signaled that the company will require employees to work on-site to "unlock Paramount's full potential."

Paramount Staff Face In-Person Return or Buyout

Staff assigned to the Los Angeles and New York offices must return to full-time in-person work beginning January 5, 2026, or accept a buyout offer.

The layoffs come weeks after Paramount acquired The Free Press for a reported $150 million and committed $7 billion to an exclusive UFC media deal.

Ellison has also expressed interest in acquiring Warner Bros. Discovery, though recent overtures were reportedly rebuffed.

Paramount has not commented on the layoffs, but the move follows previous workforce reductions under the former management team.

According to Deadline, in late 2024, three waves of layoffs cut about 15% of the company's US workforce, reflecting ongoing pressures from declining theatrical attendance and linear TV viewership.

Other corporate changes include notable departures in Paramount's creative ranks.

Taylor Sheridan, the creator of the Yellowstone universe, is moving to NBCUniversal under a film and TV deal taking effect in 2029.

His collaborator, David Glasser, will relocate 101 Studios to NBCU in early 2026. Additionally, CBS Evening News co-anchor John Dickerson has announced he will leave the network at year-end.