Paramount Global Begins Layoffs

Paramount Global was to begin laying off 15% of its workforce in the U.S. starting Tuesday as part of its planned job cuts, the media giant said in an internal memo. Paramount, which owns networks like CBS, MTV, and Comedy Central, aims to reduce annual costs by $500 million and return to profitable growth before its merger with David Ellison's Skydance Media. In an internal memo, Paramount's co-CEOs said the company is at an "inflection point" where changes are necessary to strengthen the business. The layoffs, which were announced during...