Paramount Global to cut 3.5% of U.S. workforce due to decline of cable-TV industry
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(Bloomberg) — Paramount Global plans to cut several hundred employees on Tuesday due to a continuing decline in the cable-TV industry and the broader economic landscape.
The move will affect about 3.5% of the media company’s US workforce, according to an internal memo sent to staff reviewed by Bloomberg.
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“These changes are necessary to address the environment we are operating in and best position Paramount for success,” wrote co-Chief Executive Officers George Cheeks, Chris McCarthy and Brian Robbins.
Paramount, the parent company of TV channels including CBS and MTV and iconic Hollywood film studios, previously cut 15% of its staff in a multi-round layoff last year. In this latest reduction, the majority of employees will be notified immediately, the CEOs said.
The company is currently trying to finalize a merger with Skydance Media and is also dealing with a lawsuit from President Donald Trump alleging that CBS News engaged in election interference.
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