India, Oct. 19 -- Entertainment company Paramount Skydance on Saturday said that it will begin mass layoffs the week of October 27, eliminating around 2,000 U.S. jobs. The layoffs come as a part of a $2 billion cost-cutting plan under its new CEO, David Ellison, Variety reported on Saturday, citing company sources.

"Major job cuts have been expected even before the Skydance Media-Paramount Global deal closed, as part of Ellison and his team's goal of slashing upwards of $2 billion in costs," the report read.

Paramount Skydance Corporation, which is a multinational mass media and entertainment conglomerate based in America, had previously been targeting layoffs by early November. The new round of cuts is expected to eliminate around 2,00...