Paramount Begins Layoffs of 15 Percent of US Staff

The entertainment giant plans to cut about 2,000 employees to streamline its workforce ahead of a merger.

Paramount Global headquarters is seen in Times Square in New York on August 8, 2023. Michael M. Santiago/Getty Images

Paramount Global, the parent company of one of Hollywood’s oldest studios—home to the “Mission: Impossible” franchise and the film “Titanic”—began a massive layoff of its U.S. workforce on Aug. 13.

The entertainment giant announced a plan to cut 15 percent of its domestic staff, about 2,000 employees, to cut redundant functions and streamline teams as it merges with a consortium led by Skydance Media and its private equity backer RedBird Capital.