Paramount slashes 3% of US workforce amid industry turmoil
The job cuts come at a time when Paramount is navigating a potential merger with Skydance Media.
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Paramount Global is laying off around 3% of its U.S. workforce as part of ongoing cost-cutting measures, affecting several hundred employees. The move is the latest in a series of job cuts at the media giant, which has been grappling with declining traditional TV revenues and broader economic challenges.
The layoffs were communicated to employees on Tuesday morning via a memo from the office of the company’s three CEOs — George Cheeks, Chris McCarthy, and Brian Robbins. Most of the impacted staff are expected to be informed within the day.
The job cuts come at a time when Paramount is navigating a potential merger with Skydance Media. The deal is still pending regulatory approval and has been complicated by a legal dispute involving Paramount-owned CBS and the Trump administration, linked to a "60 Minutes" interview with former Vice President Kamala Harris.
Last year, the company’s leadership unveiled a turnaround plan that included spending cuts and workforce reductions. In August, Paramount began slashing 15% of its U.S.-based workforce. Tuesday’s memo also hinted that more changes could affect employees outside the U.S. in the future.
“We recognize how difficult this is and are very thankful for everyone’s hard work and contributions. These changes are necessary to address the environment we are operating in and best position Paramount for success,” the CEOs said in the memo.
Paramount is not alone in trimming its workforce. Other major media players like Disney and Warner Bros. Discovery have also recently announced layoffs as the industry adjusts to shifting business models and tighter budgets.
As of December 2023, before these latest rounds of cuts, Paramount had approximately 18,600 full- and part-time employees worldwide.
