Paramount Global has initiated a major restructuring plan that involves laying off 15% of its U.S.-based workforce, which will impact approximately 2,000 employees by the end of 2024. The layoffs, announced during a recent earnings call, are part of a three-phase plan aimed at reducing annual costs by $500 million. The first phase began on Tuesday, with 90% of the cuts expected to be completed by the end of September. This move comes as Paramount grapples with significant financial challenges, including a $6 billion write-down on the value of its cable TV networks and the impending acquisition by Skydance Media. Paramount's streaming division, including Pluto TV and Paramount+, reported its first quarterly profit in three years, providing a glimmer of hope amidst the broader financial turmoil. The acquisition by Skydance Media, led by David Ellison, is set to close by September 2025.