Paramount Begins Laying Off 15 Of Us Staff Co Ceos Tell Staffers Media Company Has Reached An Inflection Point As Industry Continues To Evolve

Paramount Layoffs Begin

Media Company Reaches Inflection Point

Paramount Global, the storied media conglomerate, has begun laying off approximately 2,000 employees, or 15% of its US workforce.

The layoffs are part of a major cost-cutting move aimed at finding $500 million in annual savings. Paramount Global has taken a $6 billion write-down on its cable television business.

The company's co-CEOs told staffers that the media industry has reached an inflection point, with streaming services posing a major challenge to traditional cable television.

The layoffs are expected to be completed in the coming weeks.