Paramount Skydance will begin mass layoffs the week of October 27, eliminating around 2,000 U.S. jobs as part of a $2 billion cost-cutting plan under new CEO David Ellison, Variety reported on Saturday.

The layoffs follow the $8.4 billion merger between Skydance Media and Paramount Global, which closed in August.

Additional international job cuts are expected, with the company aiming to disclose full details in its third quarter earnings report on November 10, the report added.

Variety had reported on August 22 that Paramount was looking to cut between 2,000 and 3,000 jobs by early November.

As of December 2024, Paramount had nearly 18,600 full- and part-time employees, and 3,500 project-based staff.

Paramount Skydance did not immediately respond to a Reuters request for comment. Reuters could not immediately verify the report.

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(Reporting by Rajveer Singh Pardesi in Bengaluru; Editing by Jan Harvey and Marguerita Choy)