By Nellie Andreeva, Dade Hayes
Paramount announces layoffs
UPDATED with executive comments: Paramount Global has had a big few weeks. It reports second-quarter earnings today, the go-shop period on its $8 billion Skydance deal closes on August 21, and A new round of layoffs is expected next week.
Paramount is scheduled to report earnings after the market closes. Wall Street analysts are predicting a 5% year-over-year decline in revenue due to challenges in linear television and at the film studio.
In addition to the Skydance deal, the financial community's eyes will be on Paramount's cost-cutting plans. The company's co-CEOs, who have pledged to deliver $500 million in annual cost savings, said in June that more details about the streamlining was to be revealed during the Q2 earnings call. UPDATE: Co-CEO Chris McCarthy confirmed during the call that the media company plans to reduce its U.S. workforce by about 15%.
