Paramount Global has reportedly initiated a second round of job cuts today as part of its ongoing efforts to achieve US$500 million in cost savings, all while a merger looms on the horizon.

It falls under the media giant’s previously outlined plans to trim 15% of its US workforce, or roughly 2,000 staffers. This strategy was first announced in early August against the backdrop of a tough second quarter for Paramount, which posted a heavy operating loss of US$5.3 billion. 

Since then, the company has conducted a first wave of layoffs—including the closure of Paramount Television Studios (Time Bandits) and the elimination of many roles in its advertising department just last week. Meanwhile, executives including Sabrina Caluori (Nick CMO and head of global kids & family marketing for Paramount+) have decided to exit the company recently.

The past month was also notably eventful for Paramount. Edgar Bronfman Jr. withdrew his last-minute bid for the company at the end of a go-shop period—paving the way for the Skydance Media merger to proceed. This US$8-billion deal is expected to close sometime in the first half of 2025.

Co-CEOs George Cheeks, Chris McCarthy and Brian Robbins sent out a memo to employees this morning, saying that 90% of the planned reductions should be more or less complete by the end of the day. There wasn’t a clear indication of which departments will be most affected, but Deadline is reporting that the cuts largely target the streaming departments.

“Like the entire media industry, we are working to accelerate streaming profitability, while at the same time adjusting to the evolving landscape in our traditional businesses,” the memo stated. “Days like today are never easy. It is difficult to say goodbye to valued colleagues, and to those departing, we are incredibly grateful for your countless contributions.”

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