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,

Paramount Advertising has become the latest victim of the media giant's cuts towards 15% of its U.S. workforce designed to help generate annual run rate cost savings of $500 million across the company.

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.