Paramount cuts 15% of US staff, writes down $6 billion in latest sign of TV troubles

New York (CNN) — Paramount Global, the storied media conglomerate, announced Thursday it will lay off 15% of its US staff and write down $6 billion in value of its cable television networks as it prepares to merge with Skydance Media. The cuts, which will affect around 2,000 staffers in the coming weeks, are part of Paramount’s bid to trim $500 million in annual costs companywide ahead of its merger with technology scion David Ellison’s SkyDance. Paramount, which controls a vast cable and television portfolio, said Thursday the writedown of...