*Courtesy of Al Seib / Los Angeles Times.*

Paramount Global is confirmed to cut 15% (or 2000 employees) of its U.S. workforce in September, ahead of its planned merger with Skydance Media.

The company expects to record up to $400 million in reorganizational operations in Q3, says Paramount CFO Naveen Chopra.

During Paramount’s Q2 earnings call, an operating loss of $5.98 billion was reported. Chris McCarthy (Showtime/MTV Entertainment Studios and Paramount Media Networks) says the job cuts will mostly be in marketing and communications departments, and the layoffs are expected to be complete by the end of 2024.

Co-CEOs McCarthy, CBS boss George Cheeks, and Brian Robbins president/CEO of Paramount Pictures and Nickelodeon, announced plans to cut $500 million in annualized costs, through layoffs, before the Skydance merger (planned to be completed by the end of September).

On the other hand, Skydance have been even more aggressive with cost reduction. Jeff Shell, set to become president of the merged company, has said Skydance seeks to achieve $2 billion in annualized cost synergies at Paramount.

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