Paramount Global Announces $500 Million Cost Cuts and Asset Sales

Co-CEOs outline strategic plan to address declining profits and mounting debt in company-wide town hall.

Bankers hired to explore sale of assets, including BET and Pluto TV, to pay down debt.
Company to implement $500 million in annual cost savings through layoffs and efficiency improvements.
Streaming strategy to be transformed, with potential international partnerships to boost profitability.
Revenue has grown 13% since 2018, but operating income has declined by 61%.
Paramount's stock has fallen significantly, with a 29% drop year to date.