Paramount to slash 3.5% of US staff in latest – Business News
Paramount Global is shedding 3.5% of its US workforce in the latest spherical of cuts because the media giant struggles with steep declines in cable TV subscribers, the company stated Monday.
The transfer follows a 15% discount final 12 months as half of a $500 million value chopping plan.
The company ended 2024 with 18,600 workers worldwide.
Paramount Global’s present management: Chris McCarthy, George Cheeks, Shari Redstone and Brian Robbins. Getty Images for Paramount Pictures
Co-Chief Executive Officers George Cheeks, Chris McCarthy and Brian Robbins wrote in a staff memo that the cuts come because the company “navigates the continued industry-wide linear declines” whereas “prioritizing” its streaming business.
“We are taking the hard, but necessary steps to further streamline our organization starting this week,” the executives stated in the memo.
“These changes are necessary to address the environment we are operating in and best position Paramount for success,” they added.
The execs stated the layoffs will influence the US but it surely might additionally stretch to the workforce exterior the US time beyond regulation.
Paramount, which is home to Paramount Pictures, CBS News, MTV and Showtime, is awaiting its $8.4 billion merger with Skydance Media to get the greenlight from regulators.
The deal is presently in limbo as Paramount attorneys are in mediation talks to settle President Trump’s $20 billion lawsuit.
Paramount is presently in talks to settle President Trump’s lawsuit over “60 Minutes’” Kamala Harris interview. Bloomberg by way of Getty Images
The swimsuit, which Trump filed in October in opposition to CBS News, alleged that its “60 Minutes” program deceptively edited its sitdown with then-vice president Kamala Harris.
CBS has claimed no wrongdoing.
The Federal Communications Commission — which is able to in the end determine if the Skydance deal goes by means of — can be probing the matter.
Paramount proprietor Shari Redstone has pressed for the company to resolve the matter with Trump.
