Skydance CEOs Acknowledge Layoffs Will Be Coming After Paramount-Warner Bros. Merger: Read the Full Memo

Paramount and Warner Bros. Discovery have officially completed a mega-merger, creating a new media giant named Skydance Corp. that began trading on the New York Stock Exchange on Tuesday morning. The transaction establishes one of the largest media companies globally, with leadership promoting the combination as a positive development for consumers who can anticipate increased innovation.

Following the completion of the merger, top executives notified company staffers that workforce reductions are imminent. The memo confirming the forthcoming layoffs was issued jointly by David Ellison, chairman and CEO, and co-CEO Ynon Kreiz, the former chief executive of Mattel.