diff --git a/ReactCommon/fabric/components/text/paragraph/ParagraphShadowNode.cpp b/ReactCommon/fabric/components/text/paragraph/ParagraphShadowNode.cpp
index 72f5ddff291..f637f6f45fd 100644
--- a/ReactCommon/fabric/components/text/paragraph/ParagraphShadowNode.cpp
+++ b/ReactCommon/fabric/components/text/paragraph/ParagraphShadowNode.cpp
@@ -7,15 +7,23 @@
 
 #include "ParagraphShadowNode.h"
 
+#include <cmath>
+
 #include <react/attributedstring/AttributedStringBox.h>
+#include <react/components/view/ViewShadowNode.h>
+#include <react/components/view/conversions.h>
+#include <react/graphics/rounding.h>
+
 #include "ParagraphState.h"
 
 namespace facebook {
 namespace react {
 
+using Content = ParagraphShadowNode::Content;
+
 char const ParagraphComponentName[] = "Paragraph";
 
-ParagraphShadowNode::Content const &ParagraphShadowNode::getContent() const {
+Content const &ParagraphShadowNode::getContent() const {
   if (content_.has_value()) {
     return content_.value();
   }
@@ -35,6 +43,48 @@ ParagraphShadowNode::Content const &ParagraphShadowNode::getContent() const {
   return content_.value();
 }
 
+Content ParagraphShadowNode::getContentWithMeasuredAttachments(
+    LayoutContext const &layoutContext,
+    LayoutConstraints const &layoutConstraints) const {
+  auto content = getContent();
+
+  if (content.attachments.empty()) {
+    // Base case: No attachments, nothing to do.
+    return content;
+  }
+
+  auto localLayoutConstraints = layoutConstraints;
+  // Having enforced minimum size for text fragments doesn't make much sense.
+  localLayoutConstraints.minimumSize = Size{0, 0};
+
+  auto &fragments = content.attributedString.getFragments();
+
+  for (auto const &attachment : content.attachments) {
+    auto laytableShadowNode =
+        traitCast<LayoutableShadowNode const *>(attachment.shadowNode);
+
+    if (!laytableShadowNode) {
+      continue;
+    }
+
+    auto size =
+        laytableShadowNode->measure(layoutContext, localLayoutConstraints);
+
+    // Rounding to *next* value on the pixel grid.
+    size.width += 0.01;
+    size.height += 0.01;
+    size = roundToPixel<&ceil>(size, layoutContext.pointScaleFactor);
+
+    auto fragmentLayoutMetrics = LayoutMetrics{};
+    fragmentLayoutMetrics.pointScaleFactor = layoutContext.pointScaleFactor;
+    fragmentLayoutMetrics.frame.size = size;
+    fragments[attachment.fragmentIndex].parentShadowView.layoutMetrics =
+        fragmentLayoutMetrics;
+  }
+
+  return content;
+}
+
 void ParagraphShadowNode::setTextLayoutManager(
     SharedTextLayoutManager textLayoutManager) {
   ensureUnsealed();
@@ -64,7 +114,8 @@ void ParagraphShadowNode::updateStateIfNeeded(Content const &content) {
 #pragma mark - LayoutableShadowNode
 
 Size ParagraphShadowNode::measure(LayoutConstraints layoutConstraints) const {
-  auto content = getContent();
+  auto content =
+      getContentWithMeasuredAttachments(LayoutContext{}, layoutConstraints);
 
   if (content.attributedString.isEmpty()) {
     return layoutConstraints.clamp({0, 0});
@@ -79,8 +130,88 @@ Size ParagraphShadowNode::measure(LayoutConstraints layoutConstraints) const {
 }
 
 void ParagraphShadowNode::layout(LayoutContext layoutContext) {
-  updateStateIfNeeded(getContent());
-  ConcreteViewShadowNode::layout(layoutContext);
+  ensureUnsealed();
+
+  auto layoutMetrics = getLayoutMetrics();
+  auto availableSize = layoutMetrics.getContentFrame().size;
+
+  auto layoutConstraints = LayoutConstraints{
+      availableSize, availableSize, layoutMetrics.layoutDirection};
+  auto content =
+      getContentWithMeasuredAttachments(layoutContext, layoutConstraints);
+
+  updateStateIfNeeded(content);
+
+  if (content.attachments.empty()) {
+    // No attachments, nothing to layout.
+    return;
+  }
+
+  auto measurement = textLayoutManager_->measure(
+      AttributedStringBox{content.attributedString},
+      content.paragraphAttributes,
+      layoutConstraints);
+
+  //  Iterating on attachments, we clone shadow nodes and moving
+  //  `paragraphShadowNode` that represents clones of `this` object.
+  auto paragraphShadowNode = static_cast<ParagraphShadowNode *>(this);
+  // `paragraphOwningShadowNode` is owning pointer to`paragraphShadowNode`
+  // (besides the initial case when `paragraphShadowNode == this`), we need this
+  // only to keep it in memory for a while.
+  auto paragraphOwningShadowNode = ShadowNode::Unshared{};
+
+  assert(content.attachments.size() == measurement.attachments.size());
+
+  for (auto i = 0; i < content.attachments.size(); i++) {
+    auto &attachment = content.attachments.at(i);
+
+    if (!traitCast<LayoutableShadowNode const *>(attachment.shadowNode)) {
+      // Not a layoutable `ShadowNode`, no need to lay it out.
+      continue;
+    }
+
+    auto clonedShadowNode = ShadowNode::Unshared{};
+
+    paragraphOwningShadowNode = paragraphShadowNode->cloneTree(
+        attachment.shadowNode->getFamily(),
+        [&](ShadowNode const &oldShadowNode) {
+          clonedShadowNode = oldShadowNode.clone({});
+          return clonedShadowNode;
+        });
+    paragraphShadowNode =
+        static_cast<ParagraphShadowNode *>(paragraphOwningShadowNode.get());
+
+    auto &layoutableShadowNode = const_cast<LayoutableShadowNode &>(
+        traitCast<LayoutableShadowNode const &>(*clonedShadowNode));
+
+    auto attachmentFrame = measurement.attachments[i].frame;
+    auto attachmentSize = roundToPixel<&ceil>(
+        attachmentFrame.size, layoutMetrics.pointScaleFactor);
+    auto attachmentOrigin = roundToPixel<&round>(
+        attachmentFrame.origin, layoutMetrics.pointScaleFactor);
+    auto attachmentLayoutContext = layoutContext;
+    attachmentLayoutContext.absolutePosition += attachmentOrigin;
+    auto attachmentLayoutConstrains = LayoutConstraints{
+        attachmentSize, attachmentSize, layoutConstraints.layoutDirection};
+
+    // Laying out the `ShadowNode` and the subtree starting from it.
+    layoutableShadowNode.layoutTree(
+        attachmentLayoutContext, attachmentLayoutConstrains);
+
+    // Altering the origin of the `ShadowNode` (which is defined by text layout,
+    // not by internal styles and state).
+    auto attachmentLayoutMetrics = layoutableShadowNode.getLayoutMetrics();
+    attachmentLayoutMetrics.frame.origin = attachmentOrigin;
+    layoutableShadowNode.setLayoutMetrics(attachmentLayoutMetrics);
+  }
+
+  // If we ended up cloning something, we need to update the list of children to
+  // reflect the changes that we made.
+  if (paragraphShadowNode != this) {
+    this->children_ =
+        static_cast<ParagraphShadowNode const *>(paragraphShadowNode)
+            ->children_;
+  }
 }
 
 } // namespace react
diff --git a/ReactCommon/fabric/components/text/paragraph/ParagraphShadowNode.h b/ReactCommon/fabric/components/text/paragraph/ParagraphShadowNode.h
index b5874d01391..87255915826 100644
--- a/ReactCommon/fabric/components/text/paragraph/ParagraphShadowNode.h
+++ b/ReactCommon/fabric/components/text/paragraph/ParagraphShadowNode.h
@@ -57,7 +57,6 @@ class ParagraphShadowNode : public ConcreteViewShadowNode<
   void layout(LayoutContext layoutContext) override;
   Size measure(LayoutConstraints layoutConstraints) const override;
 
- private:
   /*
    * Internal representation of the nested content of the node in a format
    * suitable for future processing.
@@ -69,11 +68,19 @@ class ParagraphShadowNode : public ConcreteViewShadowNode<
     Attachments attachments;
   };
 
+ private:
   /*
    * Builds (if needed) and returns a reference to a `Content` object.
    */
   Content const &getContent() const;
 
+  /*
+   * Builds and returns a `Content` object with given `layoutConstraints`.
+   */
+  Content getContentWithMeasuredAttachments(
+      LayoutContext const &layoutContext,
+      LayoutConstraints const &layoutConstraints) const;
+
   /*
    * Creates a `State` object (with `AttributedText` and
    * `TextLayoutManager`) if needed.