Paramount begins job cuts as traditional TV market suffers

Paramount Global began laying off staff Tuesday after the entertainment company said last week that it planned to slash 15% of its US-based workforce, amounting to roughly 2,000 positions.

In an internal memo viewed by Bloomberg, the company's three co-chief executive officers told staff that the job cuts would take place in three phases and continue throughout the rest of the year. They said they expect 90% of the layoffs to be completed by the end of September.

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"The industry continues to evolve, and Paramount is at an inflection point where changes must be made to strengthen our business," the co-CEOs said in the memo.

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While reporting second-quarter financial results last week, co-CEO Chris McCarthy said that the staff reductions would impact marketing, finance and other departments. The company also took a second-quarter impairment charge of $5.98 billion on its cable networks, yet another sign of weakness in the traditional TV industry.