Paramount Begins Layoff of 15% of Workforce

In an internal memo, Paramount's co-CEOs said the company is at an "inflection point" where changes are necessary to strengthen the business.

The layoffs, which were announced during a post-earnings call last week, are expected to affect about 2,000 people. The layoffs will continue through the end of 2024, with 90% of the cuts expected to be completed by the end of September.