ParamountGlobal has officiallyinitiated long-planned layoffsas it looks to reduce its U.S.-based workforce by 15%.
The current rounds are expected to see at least 2,000 more employees depart.
The cuts are part of a corporate effort to generate annual run-rate cost savings of $500 million.
Paramount Global headquarters in New YorkMichael M. Santiago/Getty Images
The other will be support functions including legal, finance and other areas of the companys administrative operations.
Chatter had been mountinginternally before official word came confirming the August 13 start of the cutbacks.
Other bidders have had 45 days to come forward.
And while these actions are often difficult, we are confident in our direction forward.
