Paramount Skydance will begin a major round of layoffs on Wednesday, with about 1,000 employees expected to be affected.

Just weeks after completing Skydance Media’s takeover of Paramount, CEO David Ellison has wasted no time reshaping the storied studio into a bigger player in the global media landscape.

Paramount Global says its long-awaited $8.4 billion merger with Skydance Media is expected to close by August 7, following federal approval. The merged company will be renamed Paramount Skydance Corp, trading under the ticker PSKY.

One of Hollywood's oldest companies, Paramount Global, has agreed to merge with independent film studio Skydance Media, News.Az reports citing BBC.