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Paramount Begins Laying Off 15% Of U.S. Staff; Co-CEOs Tell Staffers Media Company Has Reached “An Inflection Point” As “Industry Continues To Evolve”
Paramount Global has initiated the first wave of layoffs as it looks to reduce its U.S. workforce by 15%.
George Cheeks, Chris McCarthy and Brian Robbins, the three members of the Office of the CEO, laid out details this morning in a memo to employees (read it below). In June, we laid out our Strategic Plan to return Paramount to profitable growth, which includes streamlining the organization and cutting costs by $500 million on an annualized basis. As we continue to advance our plan, we announced on our earnings call last week that we will be reducing our US-based workforce by approximately 15%, focusing on redundant functions and streamlining corporate teams.
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