Paramount Global was to begin laying off 15% of its workforce in the U.S. starting Tuesday as part of its planned job cuts, the media giant said in an internal memo.
Paramount, which owns networks like CBS, MTV, and Comedy Central, aims to reduce annual costs by $500 million and return to profitable growth before its merger with David Ellison's Skydance Media.
In an internal memo, Paramount's co-CEOs said the company is at an "inflection point" where changes are necessary to strengthen the business.
The layoffs, which were announced during a post-earnings call last week, are expected to affect about 2,000 people. The layoffs will continue through the end of 2024, with 90% of the cuts expected to be completed by the end of September.
The restructuring comes as the New York-based company navigates a challenging linear TV market, having recently written down the value of its cable networks by nearly $6 billion.
The company's streaming division, which includes Pluto TV and Paramount+, reported its first quarterly profit in three years on Thursday.