Paramount Global To Cut 15% Of U.S.-Based Workforce, Co-CEO Chris McCarthy Confirms
deadline.comParamount Global Co-CEO Chris McCarthy confirmed the long-expected layoffs hitting the company, saying the media company plans to cut its U.S.-based workforce by about 15%.
Speaking on the company’s second-quarter earnings call, the exec said marketing and communications would be one of two areas to be targeted in the reductions.
The other will be support functions including legal, finance and other areas of the company’s administrative operations. Deadline reported earlier Thursday that significant cuts were in the works.
The layoffs will take place in the coming weeks, McCarthy said, and will be largely completed by the end of 2024. “As you can imagine, these are difficult decisions to make,” McCarthy said. “We have incredibly talented people at Paramount, and these actions are not reflections of their contributions.
Read more on deadline.com