Paramount Global is laying off 3.5% of its US workforce in the latest round of cuts as the media giant struggles with steep declines in cable TV subscribers, the company said Monday.
The move follows a 15% reduction last year as part of a $500 million cost cutting plan.
The company ended 2024 with 18,600 employees worldwide.
Paramount Global’s current leadership: Chris McCarthy, George Cheeks, Shari Redstone and Brian Robbins. Getty Images for Paramount PicturesCo-Chief Executive Officers George Cheeks, Chris McCarthy and Brian Robbins wrote in a staff memo that the cuts come as the company “navigates the continued industry-wide linear declines” while “prioritizing” its streaming business.
“We are taking the hard, but necessary steps to further streamline our organization starting this week,” the executives said in the memo.
“These changes are necessary to address the environment we are operating in and best position Paramount for success,” they added.
The execs said the layoffs will impact the US but it could also stretch to the workforce outside the US overtime.
Paramount, which is home to Paramount Pictures, CBS News, MTV and Showtime, is awaiting its $8.4 billion merger with Skydance Media to get the greenlight from regulators.
The deal is currently in limbo as Paramount lawyers are in mediation talks to settle President Trump’s $20 billion lawsuit.
Paramount is currently in talks to settle President Trump’s lawsuit over “60 Minutes'” Kamala Harris interview. Bloomberg via Getty ImagesThe suit, which Trump filed in October against CBS News, alleged that its “60 Minutes” program deceptively edited its sitdown with then-vice president Kamala Harris.
CBS has claimed no wrongdoing.
The Federal Communications Commission — which will ultimately decide if the Skydance deal goes through — is also probing the matter.
Paramount owner Shari Redstone has pressed for the company to resolve the matter with Trump.
