Paramount Global has announced another round of layoffs, with 3.5% of its U.S. workforce being cut, affecting several hundred jobs within the company. The decision comes as a result of declining viewership on linear TV and a challenging macro-economic environment, as stated by the company’s co-CEOs in a recent memo.
Last year, Paramount underwent a restructuring process that aimed to reduce its domestic headcount by 15%, impacting around 2,000 employees. This was part of an effort to cut $500 million in annual costs. As of the end of 2024, the company had a total of 18,600 employees worldwide.
In the memo, the co-CEOs mentioned that the majority of affected staff would be notified about the layoffs, with potential impacts on the international workforce in the future. This move reflects the company’s focus on prioritizing investments in its streaming services amidst the changing landscape of the entertainment industry.
Paramount is not the only major media company making job cuts, as Disney and Warner Bros. Discovery have also recently laid off employees across various divisions. Additionally, the company revealed that CFO Naveen Chopra will be leaving Paramount to join gaming company Roblox as their new chief financial officer.
The co-CEOs expressed gratitude towards the employees who have contributed to the company’s success, highlighting recent hit content such as “Mission: Impossible – The Final Reckoning” and the growth in streaming services. They emphasized the importance of supporting impacted employees during this transition period and thanked everyone for their dedication and support.
As Paramount continues to evolve and adapt to the changing industry landscape, the co-CEOs are confident in the company’s progress and future prospects. The memo concluded with a message of appreciation for the commitment and compassion of all employees as they work together to position Paramount for continued success.
