(Bloomberg) -- Paramount Global cut more jobs on Tuesday as part of a previously announced plan to reduce its US workforce by 15%, or about 2,000 positions.
The move is the second round of layoffs, and after today 90% of the planned cuts will be complete, co-chief executive officers George Cheeks, Chris McCarthy and Brian Robbins wrote in a memo to staff.
“Like the entire media industry, we are working to accelerate streaming profitability while at the same time adjusting to the evolving landscape in our traditional businesses,” they wrote in the memo, which was seen by Bloomberg.
The layoffs are part of a $500 million cost-cutting effort announced in June. When Paramount reported second-quarter earnings in August, McCarthy said the media company would be paring back its US workforce, mainly targeting employees in marketing, communications, finance, legal and technology departments.
The first of three planned rounds of job cuts took place in August and included the shutdown of Paramount Television Studios, one of the company’s production arms. The unit’s shows included Tom Clancy’s Jack Ryan, Reacher and The Spiderwick Chronicles.
Paramount is in the process of merging with Skydance Media in a deal that’s expected to close in the first half of next year. Skydance identified $2 billion worth of cost efficiencies during the deal process.
©2024 Bloomberg L.P.
