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Paramount Global will cut about 15% of its U.S.-based workforce, co-CEO Chris McCarthy said Thursday.
The media company revealed plans for job cuts while reporting second-quarter earnings.
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McCarthy said the cuts will be “focused primarily in two areas: first, eliminating duplicated activities in our marketing and communications departments; and second, streamlining our corporate structure and reducing positions in our finance, legal, technology and other support functions.”
Axios notified employees on Tuesday that it would be laying off 50 people company-wide due to a “seismic shift” in the US media industry. (Getty/Getty Images)
These will be implemented “over the next few weeks” and will be largely finished “by the end of the year,” he said.
Paramount Global linked the upcoming job cuts to a “strategic plan” that includes streamlining the organization.
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“In June, we announced $500 million in annual run-rate cost reductions across the company, which was included in the $2 billion in cost efficiencies identified by Skydance,” McCarthy said.
