Paramount Global's top execs detail restructuring plan; shares fall

June 4 (Reuters) - Paramount Global's (PARA.O), opens new tab top executives on Tuesday laid out a sweeping restructuring plan that includes $500 million in annualized cost cuts, potential asset sales and a possible joint venture or other partnerships for its Paramount+ streaming service.

Like other media companies, Paramount's fortunes has waned as the traditional television business declined while the streaming video service it launched to capture audiences has yet to recover lost revenue.