New York, August 14: American media and entertainment giant Paramount Global has started laying off around 15% of its workforce in the United States. The Paramount layoffs were already announced last week during the company's earnings call, but now the company would begin taking steps to reduce its workforce to bring down costs this year. The Paramount layoffs would affect the US workforce and the Paramount Television Studio division.
According to a report by Reuters , Paramount would shut down the TV Studio to reduce costs amid a planned restructuring exercise. The internal memo came from Paramount's co-CEOs, who stated that the company was going through an "infection point" and that necessary changes needed to be implemented. TikTok Layoffs: ByteDance-Owned Video Hosting Platform Cuts Hundreds of African Jobs Amid Its Restructuring Exercise, Says Report.
As part of this restructuring exercise, Paramount will reportedly lay off over 2,000 employees. The layoffs are expected to continue until the end of this year. The report mentioned that the media giant would complete laying off around 90% of the 2,000 employees by the end of September.
George Cheeks, current co-CEO of Paramount Global, said that Paramount Television Studios (PTVS) was aimed to shut down by the end of the week. The shutdown of PTVS, the entertainment company, would result in major shifts in the television and streaming industry and a need to streamline the company, said the Paramount co-CEO. The work, inclu.