Paramount Global has initiated the next phase of its plan to lay off 15% of its U.S. workforce, saying the cuts will be 90% complete after today.

The division is the latest victim in the media giant's efforts to generate annual run rate cost savings of $500 million

In August, Paramount announced plans to reduce its US workforce by 15 per cent, a move expected to impact approximately 2,000 employees.

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 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,