Paramount Global (NASDAQ:PARA) has initiated the second phase of its planned layoffs in the U.S., as part of a broader push to enhance profitability, according to an internal memo obtained by Reuters.
The media giant is working to reduce annual costs by $500 million as it prepares for a merger with Skydance Media.
The layoffs began in August, affecting 15% of Paramount’s workforce.
According to the memo, 90% of the cuts will be completed after Tuesday.
In addition to the job cuts, Paramount took a $6 billion write-down on its cable networks last month, reflecting challenges in its traditional cable business as advertisers increasingly shift toward streaming platforms.
The company expects to incur charges between $300 million and $400 million in the third quarter due to the layoffs, which were initially announced in August.