Aug 13 (Reuters) -

Paramount Global ( PARAA ) will begin laying off 15% of its

workforce in the United States starting Tuesday as part of its

planned job cuts, the media giant said in an internal memo.

Paramount, which owns networks like CBS, MTV and Comedy

Central, aims to reduce annual costs by $500 million and return

to profitable growth ahead of its merger with David Ellison's

Skydance Media.

In an internal memo, Paramount's co-CEOs stated that 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 roughly 2,000 people. They will

continue through the end of 2024, with 90% of the cuts expected

to be completed by the end of September.

The restructuring comes as the New York-based company

navigates a challenging linear TV market, having recently

written down the value of its cable networks by nearly $6

billion.

The company's streaming division, which includes Pluto TV

and Paramount+, reported its first quarterly profit in three

years on Thursday,