Paramount Global is cutting 15% of its U.S. workforce, or about 2,000 jobs, part of a broader cost-cutting plan as it prepares for a merger with Skydance Media.
Paramount has identified $500 million in cost savings, which include the head count reductions, as part of $2 billion in synergies related to its transaction with Skydance.
Paramount agreed to a merger with Skydance Media last month.
Meanwhile, earnings surged as the company's streaming division swung to an unexpected profit — the first time Paramount has announced a profitable quarter for its direct-to-consumer business.
Here's how Paramount performed in the quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
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Organizations:
Paramount, Skydance Media, LSEG