Paramount Global to lay off 15% of its US workforce
SUMMARY
Paramount Global will lay off approximately 15% of its U.S. workforce, affecting about 2,000 employees, as part of a strategic plan announced alongside its second-quarter financial results. Co-CEO Chris McCarthy stated the cuts, expected to be completed by the end of the year, will target redundant marketing and communications roles and streamline corporate functions in finance, legal, and technology. The layoffs are part of a broader effort to achieve $500 million in annual cost savings, contributing to the company’s goal of $2 billion in total cost efficiencies. Paramount reported a revenue drop to $6.81 billion, an 11% decline year-over-year, and a significant operating loss of $5.32 billion, including a $5.98 billion goodwill impairment charge. The company anticipates a $300-$400 million restructuring charge in the third quarter.
