Paramount Global, the multinational media and entertainment company, has announced plans to lay off 2,000 employees, which amounts to 15% of its workforce, as part of a cost-saving initiative that will save the company $500 million USD annually.
The report further mentions that the company will reduce the value of its cable TV networks by $6 billion USD as it prepares to merge with Skydance Media.
The layoffs will affect roles in marketing and communications, finance, legal, technology, and other support functions.
