Paramount Global is laying off 3.5% of its United States staff in the latest round of job cuts as the company grapples with a decline in cable TV subscribers.
Paramount communicated the layoff to its staff on Tuesday morning.
The layoff will affect some non-U.S. workforce over time, the memo from the office of the company’s three co-CEOs showed.
This is in addition to the 15% cuts Paramount had announced last August and comes as the media industry navigates a “generational disruption” as millions of cable users cut the cord and opt for streaming services such as Netflix.
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“We are taking the hard, but necessary steps to further streamline our organization starting this week,” Paramount Co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins wrote in the memo.
Paramount had 18,600 employees as of December 31, 2024.
The company has pitched its $8.4 billion merger with billionaire scion David Ellison’s Skydance Media, Reuters reported.
But the deal is yet to secure regulatory approval, pending a $10 billion lawsuit U.S. President Donald Trump filed against CBS News in October over an interview with then-vice president Kamala Harris that he alleged was deceptively edited to favour Harris.
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