Paramount has initiated its first major round of layoffs following the company’s merger with Skydance, and the David Ellison regime has cut a number of executives across its television divisions. Paramount’s linear broadcast and cable networks were hit hard,

The changes come after it was announced that CBS had axed its signature late-night program, “The Late Show with Stephen Colbert,” which will end in May, and will be saying goodbye to “CBS Evening News” anchor John Dickerson.

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."

In a statement to USA TODAY, CBS News said Gayle King is "a truly valued part of CBS and we look forward to engaging with her about the future."

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.

Paramount began significant layoffs Wednesday morning, with about 1,000 U.S.-based workers being let go in the first round, and roughly another 1,000 soon to follow. The 2,000 layoffs represent about 10% of Paramount’s employee base.