Paramount Global, amid a swirl of M&A discussions, is laying off about 800 employees worldwide — an estimated 3% of its headcount — as it looks to trim costs.

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For the third quarter of 2023, Paramount Global’s revenue rose 3% thanks to its growth in its streaming and film businesses — but revenue in its largest division, linear TV, fell 8% as sales of traditional television advertising continued to contract (declining 14% in the quarter).