US EditionParamount to cut 3% of U.S. workforce as it deepens cost-cutting
- Paramount Global announced on Tuesday it will cut 3.5% of its U.S. workforce to reduce costs amid industry challenges.
- The cuts respond to ongoing declines in traditional linear television and a dynamic macro-economic environment affecting the media sector.
- The joint memo from co-CEOs Cheeks, McCarthy, and Robbins stated the layoffs prioritize investment in Paramount's growing streaming business Paramount+.
- Paramount had about 18,600 employees worldwide at the end of 2024, and the company aims to trim $500 million in costs to return to profitability.
- These layoffs follow a 15% domestic workforce reduction last year and come as Paramount awaits regulatory approval to merge with Skydance Media.
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The Global Paramount will provide 3.5% of the U.S. labour force, according to an internal memo consulted by Reuters, which is the most recent company grant round, at the bottom of the decline in number of subscribers on cable television.
Paramount issues more pink slips to U.S.-based workers
The virtual reality-augmented reality news set at WBBM-TV in Chicago. (Photo courtesy CBS News & Stations/Paramount Global) Paramount Global will issue pink slips affecting slightly more than three percent of its domestic workforce, the company said in an internal memo sent to employees on Tuesday. The memo, issued by Paramount co-CEOs George Cheeks, Chris McCarthy and Brian Robbins, said most of the affected workers will be informed of their jo…
Paramount to Layoff 3 Percent of U.S. Workforce as Cord-Cutting Continues, Amid Skydance Merger
June 10 (UPI) — Paramount Global is making another cut into its U.S. workforce by 3.5% in the next round of layoffs. The post Paramount to Layoff 3 Percent of U.S. Workforce as Cord-Cutting Continues, Amid Skydance Merger appeared first on Breitbart.
Paramount layoffs: TV and movie giant cuts 3.5% of U.S. workforce ahead of merger with Skydance Media, citing uncertain economy
Paramount Global is cutting 3.5% of its U.S. workforce as customers switch away from traditional pay-TV bundles in today’s shifting media landscape and uncertain economy. The latest round of layoffs comes as the media giant prepares to merge with movie studio Skydance Media. Paramount Global’s parent company, National Amusements, and Skydance Media agreed to merge last July, but are still waiting for regulatory approval. Paramount owns Paramount…
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