Paramount to cut 3.5% of its workforce amid economic, media challenges
Paramount Global said Tuesday that the entertainment and media company is cutting 3.5% of its workforce, citing challenges in the broader U.S. economy and in the linear television business.
It's the latest round of layoffs at the media company — which owns the CBS broadcast network as well as cable channels, such as MTV and Nickelodeon — as it prepares to merge with movie studio Skydance Media.
In a memo sent Tuesday morning to employees from the company's three co-CEOs — George Cheeks, Chris McCarthy and Brian Robbins — Paramount said the layoffs would affect U.S. workers, with "the majority of impacted staff being notified today." Some employees outside the U.S. could later be impacted, according to the memo.
Paramount had about 18,600 full- and part-time workers in 32 countries at the end of 2024, according to a regulatory filing.
As consumers shift to streaming media and viewership declines for traditional TV and cable networks, Paramount has put more resources into its streaming business, Paramount+. It's also banking on its merger with Skydance, an entertainment business launched by David Ellison, son of Oracle founder Larry Ellison, to help revive its fortunes.
"As we navigate the continued industrywide linear declines and dynamic macro-economic environment, while prioritizing investments in our growing streaming business, we are taking the hard, but necessary steps to further streamline our organization starting this week," the co-CEOs wrote in the memo.
A spokesman for Paramount said the company declined further comment.
The latest cuts come after the media giant slashed about 15% of its workforce last year, part of an effort to trim costs by $500 million and return the company to profitability.
For the first three months of the year, Paramount reported net earnings of $152 million on revenue of $7.1 billion, compared with a loss of $563 million on revenue of $7.6 billion in the year-ago period.
Paramount and Skydance are awaiting regulatory approval for the merger amid a lawsuit filed by President Trump against the network. The suit claims that CBS' "60 Minutes" program intentionally misled the public in its editing of an October 2024 interview with then-Vice President Kamala Harris about her presidential candidacy. The network has repeatedly said the claims are "completely without merit."
Legal experts have said they view the lawsuit as "frivolous" and an infringement on First Amendment rights. Mediation between Paramount and Mr. Trump's legal team is ongoing.
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