Paramount World begins second section of layoffs in U.S., inside memo says

Paramount World has begun the second section of its deliberate layoffs in america because the media large pushes towards rising profitability, in response to an inside memo seen by Reuters.

The cuts are a part of the corporate’s efforts to scale back annual prices by $500 million because it appears to be like to streamline its operations forward of its merger with Skydance Media.

Paramount started chopping jobs in August, and plans to put off 15% of its U.S.-based workforce in three phases by the tip of the yr. About 90% of the layoffs might be full after Tuesday, the memo mentioned.

The agency additionally wrote down the worth of its cable networks by $6 billion final month because it grapples with a decline in its conventional cable tv enterprise, pushed partially by advertisers more and more shifting their spending to streaming platforms.

The job cuts are anticipated to result in expenses of $300 million to $400 million within the third quarter, firm executives had mentioned in August.