Paramount Skydance is laying off about 10% of its workforce, achieving some of the cost savings that CEO David Ellison promised investors when he took charge of the media company over the summer.

David Ellison's Paramount Skydance (PSKY) is slashing 2,000 jobs across the board starting Wednesday in what the chief executive of the media company calls "addressing redundancies."

Paramount Skydance has just signed a 10-year lease for Bayonne’s 1888 Studios. Paramount is set to occupy more than 285,000 square feet of the planned 58-acre facility, which will have 1.1 million square feet of production space and 23 smart sound stages.

Paramount Skydance CEO David Ellison has been moving fast to transform the company into something he promises will be leaner and more agile, which could make it unrecognizable.

Paramount will cut about 2,000 jobs, or 10% of its workforce, as CEO Ellison restructures the company after its merger with Skydance Media.

Discovery if they're able to acquire their competitor. According to a new report from Bloomberg, the entertainment company plans to keep much of WBD together if merged, including keeping the creative teams for the two studios.

A 58-acre site in Bayonne is becoming 1888 Studios, a film production powerhouse partnering with Paramount and promising to boost New Jersey's film industry.

Paramount will lay off roughly 2,000 workers across the media company beginning on Wednesday. Chief executive David Ellison said in a memo to employees that the layoffs were focused on “addressing redundancies” at the company and to accommodate its shifting priorities.