Chris McCarthy, co-CEO of Paramount Global, confirmed the long-awaited layoffs at the company, saying the media company plans to reduce its U.S. workforce by about 15%.
Paramount's direct-to-consumer segment turns a profit
Speaking on the company’s second-quarter earnings call, the executive said marketing and communications would be one of two areas 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 over the next few 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 a reflection of their contributions. Rather, they are necessary to transform our organization for the future."
