Paramount, in the process of being acquired by Skydance Media, is already initiating its plan to reduce expenses by $500 million. The first round of staff cuts took place in August. Joint CEOs George Cheeks, Chris McCarthy and Brian Robbins said that after the current round, 90 per cent of the planned staff reductions will be complete.

Speaking during the company’s August earnings call, McCarthy said that layoffs will be focused on two areas: “First, redundant functions within marketing and communications. Second, streamlining our corporate structure, reducing our head count in finance, legal, technology and other support functions.”

By the end of the year, the company expects to have reduced its US headcount by about 2,000.

“Like the entire Media industry, we are working to accelerate streaming profitability while at the same time adjusting to the evolving landscape in our traditional businesses. In order to set Paramount up for continued success, we are taking these actions, and after today, 90 per cent of these reductions will be complete,” the CEOs said in a statement.

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Tags: paramount, skydance