Paramount to cut roughly 15% of U.S. employees, NY Times reports

Paramount is set to start a series of job cuts that would reduce its employee base by about 15% in the U.S., The New York Times’ Benjamin Mullin reports. The company’s three co-CEOs said in an internal note that the “incredibly hard” cuts are necessitated by shifts in the entertainment industry. “The industry continues to evolve, and Paramount is at an inflection point where changes must be made to strengthen our business,” said the note from Brian Robbins, the head of Paramount Pictures, George Cheeks, the head of CBS, and Chris McCarthy, the head of Showtime and MTV Entertainment Studios. The layoffs will affect thousands of employees and will largely be completed by the end of September.