Paramount Global will cut approximately 15% of its U.S.-based workforce in upcoming layoffs, co-CEO Chris McCarthy disclosed in an earnings call on Thursday.
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." Some 2,000 staffers will lose their jobs in the layoffs, according to Reuters. They will occur "in the coming weeks" and largely finish "by the end of the year," McCarthy said.
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