Paramount Layoffs Begin; Co-CEOs Tell Staffers Media Company Has Reached “An Inflection Point” As “Industry Continues To Evolve”

Paramount Global has initiated the first wave of layoffs as it looks to reduce its U.S. workforce by 15%. The first of three stages of the staff reductions is beginning today, with 90% of the planned cuts to be completed by the end of September. George Cheeks, Chris McCarthy and Brian Robbins, the three members of the Office of the CEO, laid out details this morning in a memo to employees (read it below). "The industry continues to evolve, and Paramount is at an inflection point where changes must be made t ...