Paramount Launches Initial Job Cuts Amid Industry Evolution
Paramount Global has commenced the first of three planned phases of layoffs, aiming to reduce its U.S. workforce by 15%. The company expects 90% of these reductions to be completed by the end of September. This move is part of a broader strategy to achieve $500 million in annual cost savings. Paramount's Co-CEOs, George Cheeks, Chris McCarthy, and Brian Robbins, communicated the details in a memo to employees, highlighting the need for changes to strengthen the business amid financial challenges, including a $6 billion write-down on its cable networks.
The layoffs will impact various departments, including marketing, finance, and legal, focusing on eliminating redundant functions and streamlining corporate teams. Paramount has over 21,000 employees, and the reductions will affect around 2,000 positions. The company is providing support for those transitioning out of their roles. This workforce reduction comes as Paramount nears a potential merger with Skydance Media, expected to be completed by 2025.
