Paramount Global is set to reduce its U.S. workforce by 3.5% as part of an effort to manage expenses more effectively.
This workforce reduction was detailed in a memo sent to employees on Tuesday by the company’s trio of co-CEOs, which was obtained by Finance Newso Business.
In the memo, Co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins acknowledged that the changes were “hard, but necessary steps to further streamline our organization this week.”
As a result of this initiative, roughly 3.5% of Paramount’s employees in the U.S. will experience job losses, according to the memo.
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The layoffs occur amid ongoing “industry-wide linear declines and a dynamic macro-economic environment,” with the company emphasizing its commitment to investing in its expanding streaming operations.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PARA | PARAMOUNT GLOBAL | 12.17 | +0.17 | +1.42% |
Employees slated for layoffs received notifications on Tuesday, with many expected to be impacted by the changes.
At the close of 2024, Paramount employed approximately 18,600 individuals, both full-time and part-time.
The memo also indicated that workers in other countries might face similar job reductions “over time.”
In their communication, the co-CEOs stressed that the company is “committed to ensuring all impacted employees are supported with care and respect during this time.”
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Paramount, which is pursuing a merger with Skydance Media that remains pending, had a market capitalization of $8.6 billion as reported Tuesday afternoon.
The company owns a diverse range of media properties, including Paramount+, Comedy Central, MTV, Nickelodeon, CBS, and Paramount Pictures.
Last year, Paramount also enacted a significant workforce reduction, cutting approximately 15% of its U.S. staff.
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Those layoffs, announced in August, primarily targeted “redundant functions within marketing and communications” and aimed at streamlining the corporate structure by reducing personnel in finance, legal, technology, and other supporting roles, as stated by McCarthy at the time.
