Paramount, in the process of being acquired by Skydance Media, is already initiating its plan to reduce expenses by $500 million. The first round of staff cuts

Paramount Global is now going through Phase 2 of its planned layoffs, which started in August. After Tuesday, 90% of the layoffs will be finished.

Paramount began a planned second wave of layoffs on Tuesday morning, nearly completing a 15% staff reduction announced last month. "In order to set Paramount up for continued success, we are taking these actions,

Paramount Global said it was continuing to cut staff amid a difficult climate, hoping to net 90% of its overall layoffs

A total of about 2,000 workers are losing their jobs to reduce annual costs by $500 million ahead of a merger with Skydance Media.

Paramount+'s communication team has been hit by Paramount Global's latest round of layoffs as part of its 15% reduction of its U.S. workforce. Senior vice presidents Morgan Seal and Amanda Cary are among those impacted,