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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.
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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. »
Axios informed staffers on Tuesday that 50 people across the company would be laid off because of « tectonic shifts » in the American media industry. (Getty / Getty Images)
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.
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« 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.
