Paramount Global faces another round of layoffs, reportedly directed at streaming
Paramount Global co-CEOS will complete 90% of their reduction plan on Tuesday, aiming to lay off 15% of the U.S. workforce by end of year
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Paramount Global’s mission to cut $500 million in costs continued on Tuesday with another round of layoffs. The company’s interim co-CEOs, George Cheeks, Brian Robbins and Chris McCarthy, previously indicated that their cost-cutting plan would include eliminating 15% of the U.S. workforce (an estimated 2,000 jobs), a measure that would account for $300 to $400 million of the reduction strategy. Following a round of cuts in August, which included shuttering Paramount Television Studios, Tuesday’s layoffs represented “Phase Two” of the CEOs’ plan.