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Paramount Global is trimming the US workforce by 3.5% to reduce costs.
Plans to cut the company’s employment were announced by three co-CEOs in a company-wide memo viewed by Fox Business on Tuesday.
CO-CEOS George Cheeks, Chris McCarthy and Brian Robbins said in a message That Paramount “We will take the necessary steps this week to streamline the organization even further.”
Image of a woman holding a mobile phone in front of a Paramount logo displayed on a computer screen in Edmonton, Canada, April 29, 2024 (Artur widak/Nurphoto via Getty Images/Getty Images)
The efforts to streamline Paramount’s organization will lead to 3.5% of the company’s US employees being lost, the memo said.
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It comes when media companies navigate “continuous industry-wide” Linear reduction According to CO-CEO, a dynamic macroeconomic environment while prioritizing investing in growing streaming businesses.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| Para | Paramount Global | 12.17 | +0.17 |
+1.42% |
Many of the top-level workers who were let go were scheduled to receive notifications on Tuesday.
Globally, around 18,600 people worked full-time or part-time at the end of 2024.
Under the move, some of the most important workers based in other countries could also be affected “over time,” the memo said.
The Paramount logo will appear on March 9, 2023 on Columbia Square along Sunset Boulevard in Hollywood, California. (Patrick T. Fallon / AFP GIT Getty Images / Getty Images)
Paramount is “committed to ensuring that all affected employees are supported with attention and respect during this period,” said Zhu, McCarthy and Robbins.
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Company agreed to Proposal of merger with Skydance Media It has not yet been closed last year, but as of Tuesday afternoon its market capitalization was $8.6 billion.
Included in that portfolio Paramount+Comedy Central, MTV, Nickelodeon, CBS, Paramount, and more.
The Paramount Plus logo will be displayed on your smartphone screen. (Rafael Henrique/SOPA Images/Lightrocket bygetty Images/Getty Images)
Paramount Cut before Last year, it was about 15% of the US-based workforce.
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The layoffs, announced in August, focused “mainly” on “redundant features within marketing and communications” and “rationalization,” and “rationalize” their corporate structure, reducing personnel in financial, legal, technical and other support functions at the time,” McCarthy said.
