What's behind Hollywood's latest wave of layoffs? The business is in reset mode

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It's not just labor unrest or the cable-amity at Paramount Global and Warner Bros. Discovery. The business is going through a reset.

Editor's note: Wide Shot will be off next week, with Hollywood Inc. senior editor Ryan Faughnder taking vacation. Last year, Hollywood braved the summer of strikes. This year, a cruel mirror image has appeared: a brutal season of layoffs. The entertainment industry is reeling from cuts at Paramount Global, which last week began a deep cost-cutting effort that is expected to eliminate 2,000 jobs, or 15% of staff, by year's end ahead of a long-in-the-works ownership change.

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