Los Angeles, September 18: Paramount Global has initiated its latest round of layoffs, this time targeting the advertising division. On September 17, Paramount's Advertising division was informed about the layoffs amid the company's cost-cutting move. Last month, it was reported that the Paramount Global layoffs would likely affect 2,000 employees as the US-based entertainment and media giant announced shutting down its TV Studio to reduce costs. 

According to a report by Variety, Paramount Global's ad group laid off employees companywide amid a cost-cutting move ahead of the merger with Skydance Media. This comes a month after the company announced that it would reduce its workforce in the United States by 15%. The announcement of the advertising group's job cuts is part of Paramount Global's broader strategy to reduce costs by USD 500 million. Boeing Layoffs: US-Based Aeroplane-Maker Temporarily Lays Off Employees To Save Costs Amid Strike Involving 30,000 Workers.

Last month, it was reported that the American entertainment giant was going through a major restructuring, and therefore, it shut down the TV Studio. At the end of September, the Paramount Global layoffs were expected to continue. The Paramount Advertising division is a central team that manages ad sales on domestic platforms across several news media channels and networks, including MTV, CBS, Nickelodeon, Pluto TV, BET, Paramount+, and Comedy Central.

It is unclear how many employees were affected by the latest round of Paramount layoffs in the advertising division. However, the company aims to reduce headcount by 2,000, around 15% of the total US workforce. The American entertainment and media giant announced job cuts ahead of the merger with Skydance Media. Tupperware To File for Bankruptcy Amid Debts and Declining Demand, Seeks Court Protection Amid Breached Terms.

Paramount Global has been struggling for years in terms of finance. According to reports, the company suffered this amid the launch of its Paramount+ streaming service. The Paramount Global layoffs may continue further and affect more people this month or in the coming month. 

(The above story first appeared on LatestLY on Sep 18, 2024 10:40 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).