Paramount Global will cut about 15% of its U.S.-based workforce, co-CEO Chris McCarthy said on Thursday.
The media company disclosed its plans for the layoffs as it released its second-quarter financial results.
McCarthy said the layoffs will be "primarily focused on two areas: first, redundant functions within marketing and communications; second, streamlining our corporate structure, reducing our headcount in finance, legal, technology and other support functions."
Some 2,000 staffers will lose their jobs in the layoffs, according to Reuters.
Paramount Global linked the upcoming headcount reduction to a "strategic plan" that involves streamlining its organization.
In addition to streamlining its organization, Paramount Global has identified transforming its direct-to-consumer streaming business and optimizing its asset mix as key parts of its strategic plan.
Paramount Global generated $6.81 billion in total revenue during the second quarter, down 11% year over year.
