Asia Tech Wire (Aug 9) -- Hollywood entertainment giant Paramount Global announced Thursday that it will lay off 15% of its workforce as part of the company's cost-cutting efforts.

The layoffs will affect about 3,200 employees, based on headcount at the end of last year

Paramount is one of the world's largest media asset companies, owning Paramount Pictures, CBS, MTV, Britain's Channel 5 and Australia's Network 10.

The company announced in July a merger with Skydance Media, led by David Ellison, son of Oracle co-founder Larry Ellison.