Los Angeles: Media conglomerate Paramount Global announced that it will cut 15 per cent of its US-based workforce, or about 2,000 jobs, as part of a broader cost-cutting plan.

The cuts will focus on two areas, including redundant functions in marketing and communications and in finance, legal, technology and other support roles, said Chris McCarthy, co-chief executive officer of Paramount Global on Thursday, during a second-quarter earnings conference call, Xinhua news agency reported.

“These actions will take place in the coming weeks and will largely be completed by the end of the year,” he said, adding that “these are difficult decisions to make.”

The company reported a massive operating loss due to a $5.98 billion write-down on the value of its cable TV networks.

This devaluation is linked to Paramount’s pending acquisition by Skydance Media, which is expected to close by September 30, 2025.