Paramount Begins Second Round Of Layoffs To Trim 15% Of Workforce: Report

Paramount Global has reportedly started the second phase of about 2,000 planned layoffs that will trim its workforce by 15%.

The move was detailed in an internal report seen by multiple media outlets.

The media giant began eliminating jobs last month and Tuesday's layoffs will leave another 10% to go before they're complete, the memo said, according to Variety and Reuters.

The cuts are part of an effort to reduce annual costs by $500 million ahead of Paramount's merger with Skydance Media.

The restructuring — in which outgoing Paramount Chair Shari Redstone is reportedly set to receive $180 million in severance pay and benefits — also led to the shutdown of Paramount Television Studios.

The shows and development projects that were filmed there were transferred to Paramount's CBS Studios, where some workers were targeted for layoffs.

Paramount announced plans for the job cuts on Aug. 8 as it wrote down the value of its cable television networks — which include Showtime, Comedy Central, MTV, Nickelodeon and BET — by nearly $6 billion.

The reduction in value contributed to a second-quarter operating loss of $5.3 billion.

But the company's streaming division, which includes Paramount+ and PlutoTV, reported a second-quarter profit of $26 million, its first in three years.

Paramount stock was trading at $10.48 a share around 1:45 p.m. ET Tuesday, up nearly 1%.