Paramount Global, which last year shed 15% of its U.S. workforce, said Tuesday it will reduce it by another 3.5%.
The cuts will take effect Tuesday, according to a memo from Co-CEOs George Cheeks, Chris McCarthy and Brian Robbins that was obtained by Deadline.
“As we navigate the continued industry-wide linear declines and dynamic macro-economic environment, while prioritizing investments in our growing streaming business, we are taking the hard, but necessary steps to further streamline our organization starting this week,” the execs wrote.
Paramount is still in a protracted waiting game as it looks to close its $8 billion merger with Skydance Media. The transaction was proposed last summer and needs only the approval of the FCC in order to close. President Donald Trump’s crusade against the media, in this case CBS News, is getting in the way of the deal. Along with filing a $20 billion lawsuit over routine business activities at 60 Minutes, Trump’s appointee to lead the FCC, Brendan Carr, has slow-walked the review of the merger. While mediation talks are ongoing in the lawsuit, hopes are not high for a near-term settlement.
While the layoffs are targeting domestic workers, the Co-CEOs said they “may also result in some impacts to our workforce outside the U.S. over time.”
At the end of 2024, Paramount had 18,600 global employees, with Tuesday’s cutbacks affecting several hundred in the U.S. As opposed to the multi-phase layoffs last year, which were announced in the summer and wrapped by year-end, the new round is taking effect Tuesday.
“We recognize how difficult this is and are very thankful for everyone’s hard work and contributions,” the CEOs wrote. ”These changes are necessary to address the environment we are operating in and best position Paramount for success.”
