Paramount Global begins layoffs today to reduce its U.S. workforce by 15% with the goal of saving $500 million annually.
The redundancies will be made in three waves, with 90% of the cuts to be completed by the end of September.
The co-CEOs of Paramount, George Cheeks, Chris McCarthy and Brian Robbins, have announced the details of the redundancies in a memo to employees.
In total, between 2,000 and 3,000 employees are expected to leave the company.
Paramount posted a $6 billion write-down on its cable network assets last week, another warning sign for the linear TV business.