Paramount Global is starting to reduce staff after the recent announcement of plans to lay off 15% of employees in the US, which is about 2 thousand positions. It is reported by Bloomberg.

In an internal memo to employees, Paramount Global’s management explained the layoff process. It will take place in three stages and last until the end of the year. At the same time, 90% of the redundancies are expected to be completed by the end of September.

“The industry continues to evolve, and Paramount is at an inflection point where changes must be made to strengthen our business,” the internal memo says.

As part of this move, the company is also closing one of its production units, Paramount Television Studios. It is known to have worked on a number of projects for other networks, such as Apple TV+ and Amazon Prime.

Among the shows Paramount Television Studios has worked on are Tom Clancy’s Jack Ryan, Reacher, and others.