Paramount Global Announces Workforce Reduction Amid Challenges

Layoff Announcement

Paramount Global has revealed plans to reduce its workforce in the United States by 3.5%, impacting several hundred employees. This decision is part of the company’s strategy to navigate the challenges posed by declining traditional pay-TV subscriptions and broader economic pressures. The official notification was communicated to staff via a memo on Tuesday, authored by CEO George Cheeks alongside other top executives, Chris McCarthy and Brian Robbins. Most affected employees will be informed on the same day.

Strategic Reassessments

This announcement comes as Paramount seeks approval for its proposed merger with Skydance Media. In June, the executive team outlined a revised plan that included significant job cuts and a reduction in overall spending. Just a month later, the company began downsizing its workforce in the U.S. by 15%.

The recent memo also hinted that effects of these layoffs may extend to international offices as well. In the message, the executives expressed their appreciation for their employees’ hard work, emphasizing that these difficult changes are essential for repositioning Paramount for future success.

Industry-Wide Layoffs

The media industry has seen a wave of layoffs recently, with other major companies like Disney and Warner Bros. Discovery also announcing staff reductions. This trend highlights the ongoing transformation within the entertainment sector as companies adapt to shifting viewer habits and economic uncertainties.

Global Workforce Overview

As of December, Paramount employed around 18,600 individuals worldwide, which included both full-time and part-time staff. The planned layoffs are a response to the need for additional restructuring in light of recent market challenges.

As these changes unfold, the company aims to streamline operations while ensuring it remains competitive in a rapidly evolving media landscape.