Paramount Global will begin cutting its total U.S.-based workforce by double digits this week, the company’s leadership said Tuesday.
The cuts, which were signaled by the media conglomerates executives in a recent report to investors, are expected to result in the loss of hundreds of jobs and total about 15 percent of all employees.
“The industry continues to evolve, and Paramount is at an inflection point where changes must be made to strengthen our business,” the company’s top executives wrote in a memo shared with The Hollywood Reporter. “We understand that you may have questions about next steps, and while we may not be able to provide all the answers at this time, we will continue to update you on our progress.”
The move comes just weeks after the executives promised to cut $500 million from the media company’s budget, which they at the time said will “more closely align our non-content asset ratios with our peers.”
Paramount this summer agreed to merge with Hollywood giant Skydance as part of a deal valued at more than $28 billion.
Paramount owns and operates major media brands including CBS, MTV and Comedy Central, and has taken major losses on its linear television assets as it pushes further into the world of streamed news, sports and entertainment.