Paramount to Lay Off 15% of Its Workforce

Paramount Global media group announced during its quarterly results presentation that it plans to lay off 15% of its staff in the United States. This move comes particularly in anticipation of the merger with production company Skydance Media. This decision translates to the termination of approximately 2,000 employees, according to estimates from the American press. Chris McCarthy, one of the group's executives, stated during a conference call with analysts, "We announced in June that we had identified annual savings of $500 million for the company, which are included in the $2 billion savings outlined by Skydance. To achieve this, we will reduce our workforce in the U.S. by nearly 15%." He added, "This will be related to redundant positions (resulting from the merger with Skydance) in marketing and communications, in addition to layoffs in the company as well as in finance, legal, and other support functions."