02:43 PM EDT, 08/13/2024 (MT Newswires) -- (Updates with a request for comment in the fourth paragraph.)

Paramount Global ( PARAA ) started laying off staff on Tuesday following its announcement last week it intends to cut 15% of its US-based workforce, Bloomberg reported, citing an internal memo it viewed.

The company's three co-chief executives said in the memo the job cuts will take place in three phases and continue throughout the rest of the year, ultimately impacting about 2,000 positions, according to the report.

The executives expect 90% of the layoffs to be completed by the end of September, Bloomberg reported, citing the memo.

Paramount did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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