In the latest news, massive layoffs are expected at Paramount Skydance, with 1,000 employees set to reportedly lose their jobs in response to major internal restructuring. As per Variety, the layoffs will primarily target the US employee pool and begin to take effect on October 29.What’s more, this series of layoffs is not the only one that Paramount Skydance has planned. Sources close to the situation report that CEO David Ellison has a plan to eliminate 2,000 of the company’s paid workers in all, with additional cuts currently planned to take effect in various overseas markets.Skydance Media finalized its acquisition of Paramount Global in August for an amount that exceeded $8 billion. The second set of reported layoffs seems to be a byproduct of the company positioning itself to exceed $2 billion in cost savings.Is CEO David Ellison of Paramount Skydance done making moves?Eventhough, the latest news regarding massive layoffs at Paramount Skydance is making rounds, the company has been investing more in content, including a deal with Activision to make a movie based on Call of Duty, the acquisition of The Free Press (founded by Bari Weiss and Nellie Bowles), as well as a seven-year deal for exclusive UFC rights for $7.7 billion. Several reports have claimed CEO David Ellison is circling another acquisition, which would see Paramount Skydance incorporate another industry giant into its fold.It has been openly documented that Paramount Skydance is currently in the bidding for a merger with Warner Bros Discovery. This move would position Ellison's conglomerate as a true force. As per Reuters, the Warner Bros Discovery board rejected a nearly $60 billion bid from Paramount in late October, though Ellison’s firm is still pegged as the frontrunner to close the deal.Paramount Skydance CEO David Ellison and others attend the Premiere Of Netflix's "America's Team: The Gambler And His Cowboys". Image via Getty.Warner Bros Discovery’s current assets include: the Warner Bros film and television studios, CNN and other cable television networks, and HBO Max as their tentpole streaming service. A source close to the situation claimed that Warner Bros Discovery is in the process of doing its due diligence and exploring all potential offers before closing a deal. Still, many reports, such as Reuters, claim that Paramount Skydance is the frontrunner at this time.According to Bloomberg reports, David Ellison’s larger-scale plan for the potential merger would be to consolidate the creative teams while also using the added network to help facilitate the marketing and distribution of their content.As of this report, neither firm has released an official statement regarding the immediate future.For more on this story or other news, check out SoapCentral!