05:54 AM EDT, 08/09/2024 (MT Newswires) -- Paramount Global ( PARAA ) will lay off about 15% of its US workforce "in the coming weeks" as part of a cost-cutting plan ahead of the company's merger with Skydance Media, Paramount Global Co-Chief Executive Officer Chris McCarthy said Thursday at the company's earnings call.

The company had identified $500 million in annual run rate cost savings across its operations in June, including the upcoming layoffs, McCarthy said. This $500 million is also part of the $2 billion cost efficiencies that Skydance identified, the executive added.

According to McCarthy, the layoffs will focus on redundant functions within marketing and communications, and then streamline the group's corporate structure by reducing employees in finance, legal, technology, and other support functions. McCarthy said the layoffs are expected to be "largely" completed by the end of the year.

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