The American media and entertainment company Paramount Skydance plans to cut about 1,000 jobs, informed sources report, according to LETA citing AFP.
Information about such intentions emerged less than three months after the merger of the American film studio Skydance and the entertainment company Paramount.
The deal, in which Skydance acquired Paramount for eight billion dollars, was completed in August.
The management of the merged company had previously warned that an official announcement regarding the layoffs would be made on November 10, coinciding with the presentation of quarterly financial results.
The deal marked the end of the Redstone family's long-standing dominance in Hollywood and provided much-needed funding for Paramount, which has struggled to adapt to changes in the entertainment industry.
The merger also signifies an increase in the influence within the industry of Skydance founder David Ellison, the son of billionaire Larry Ellison — founder of the software development company Oracle.
