Aug 13 (Reuters) - Paramount Global ( PARAA ) will begin

laying off 15% of its workforce in the United States starting

Tuesday and close down its Paramount Television studio as part

of a planned restructuring, the media giant said in internal

communication.

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.

Paramount Television Studios (PTVS) will also be shut down

as part of the company's broader restructuring plans, President

Nicole Clemens said in an email to employees.

George Cheeks, Paramount Global's ( PARAA ) co-CEO, said the move

to close down the studio by the end of the week is the result of

major shifts in the television and streaming industry and a need

to streamline the company.

All current PTVS series and development projects will be

transferred to CBS Studios, Cheeks said, adding that members of

CBS teams will also be leaving the company.

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.