Paramount Global will cut about 15% of its U.S.-based workforce, co-CEO Chris McCarthy said on Thursday.
The media company disclosed its plans for the layoffs as it released its second-quarter financial results.
McCarthy said the layoffs will be “primarily focused on two areas: first, redundant functions within marketing and communications; second, streamlining our corporate structure, reducing our headcount in finance, legal, technology and other support functions.”
They will occur “in the coming weeks” and largely finish “by the end of the year,” he said.
Paramount Global linked the upcoming headcount reduction to a “strategic plan” that involves streamlining its organization.
“We announced in June that we’ve identified $500 million in annual run rate cost savings across the company. This $500 million is included in the $2 billion of cost efficiencies identified by Skydance,” McCarthy said.
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