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The cuts, which add to the round of layoffs the company implemented in February of this year and that reduced its employee base by 3%, are part of a corporate effort to generate annual run-rate cost savings of $500 million.

To lead and oversee the company moving forward, Paramount Global has established an Office of the CEO, consisting of three senior company executives: George Cheeks, Chris McCarthy, and Brian Robbins.

Jim Gianopulos, Chairman and CEO of Paramount Pictures, will transition oversight of Paramount to Brian Robbins, who has been appointed President and CEO of the studio.

ViacomCBS unified its US and international businesses under a simplified global leadership structure. Chris McCarthy and Brian Robbins were promoted to President & CEO, with global oversight for their respective brand groups, MTV and Nickelodeon.