Paramount Global said it's cutting 3.5% of its workforce, citing challenges successful the broader system and successful the linear tv business.
It's the latest circular of layoffs astatine the media elephantine — which owns the CBS broadcast web arsenic good arsenic cablegram channels, specified arsenic MTV and Nickelodeon — arsenic it prepares to merge with movie workplace Skydance Media. In a memo sent Tuesday greeting to employees from the company's 3 co-CEOs — George Cheeks, Chris McCarthy and Brian Robbins — Paramount said the layoffs would impact U.S. workers, with "the bulk of impacted unit being notified today." Although immoderate employees extracurricular the U.S. could aboriginal beryllium impacted, according to the memo.
Paramount had astir 18,600 full- and part-time workers successful 32 countries astatine the extremity of 2024, according to a regulatory filing.
As consumers displacement to streaming media and viewership declines for accepted TV and cablegram networks, Paramount has enactment much resources into its streaming business, Paramount+. It's besides banking connected its merger with Skydance, an amusement concern launched by David Ellison, lad of Oracle laminitis Larry Ellison, to assistance revive its fortunes.
"As we navigate the continued industrywide linear declines and dynamic macro-economic environment, portion prioritizing investments successful our increasing streaming business, we are taking the hard, but indispensable steps to further streamline our enactment starting this week," the co-CEOs wrote successful the memo.
A spokesperson for Paramount said the institution doesn't person further comments beyond the memo.
The latest cuts travel aft the media elephantine slashed about 15% of its workforce last year, portion of an effort to trim costs by $500 cardinal and instrumentality the institution to profitability.
Paramount and Skydance are awaiting regulatory support for the merger amid a lawsuit filed by President Trump against the network. The suit claims that CBS' "60 Minutes" programme intentionally misled the nationalist successful its editing of an October 2024 interrogation with then-Vice President Kamala Harris astir her statesmanlike candidacy. The web has repeatedly said the claims are "completely without merit."
Legal experts person said they presumption the suit arsenic "frivolous" and an infringement connected First Amendment rights. Mediation has begun betwixt Paramount and Mr. Trump's ineligible team.
Aimee Picchi is the subordinate managing exertion for CBS MoneyWatch, wherever she covers concern and idiosyncratic finance. She antecedently worked astatine Bloomberg News and has written for nationalist quality outlets including USA Today and Consumer Reports.
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