Paramount Global’s advertising group conducted a round of layoffs Tuesday, which are part of the media conglomerate’s efforts to slash $500 million in annual costs, Variety has confirmed. Paramount Advertising is the centralized team that manages domestic multiplatform ad sales across CBS,

EXCLUSIVE: Paramount's advertising division is the latest unit to be hit by layoffs. Deadline understands that layoffs began across Paramount Advertising, which is run by President John Halley, earlier today.

It is unclear how many employees from the division have been impacted. “Today is going to be a difficult day as this process will affect our org and we will be parting ways with talented and valued teammates and friends,” Paramount Advertising ...

Overall, CBS has faced significant financial issues, particularly after unveiling its streaming service, Paramount+. Facing the threat of the opportunity cost, Paramount has decided to cut down its expenses, which has the ultimate goal of achieving a half a billion dollars worth of savings.