After financial woes and months of struggling to secure an acquisition before agreeing to a merger with Skydance Media, Paramount has announced that it will cut roughly 15% of its total U.S. workforce as a part of wider cost-cutting initiatives.
Paramount said that approximately 2,000 workers will be let go, with job cuts beginning in the coming weeks and set to wrap up by the end of the year.
Related: Paramount Leadership Alludes to Layoffs
Paramount Global co-CEO Chris McCarthy said that the layoffs would affect two sectors: “redundant functions” for those in marketing and communications and those who work in finance, legal, tech, and other support areas in an attempt
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