Paramount Skydance will begin a major round of layoffs with 1,000 job cuts on Wednesday, Bloomberg News reported Monday, citing a person familiar with the company's plans.

The source, who requested anonymity to discuss internal plans, said a second wave of job cuts is anticipated later. Earlier reports suggested the total number of layoffs could reach around 2,000 positions.

The company — formed through the merger of Paramount Global and Skydance Media in August — has been moving quickly under new leadership to reduce expenses and overhaul operations.

“We don’t want to be a company announcing layoffs every quarter,” Paramount President Jeff Shell told reporters following the merger. “This process will be difficult.”