Paramount International is shedding 3.5% of its US workforce within the newest spherical of cuts because the media big struggles with steep declines in cable TV subscribers, the corporate stated Monday.
The transfer follows a 15% discount final 12 months as a part of a $500 million value reducing plan.
The corporate ended 2024 with 18,600 staff worldwide.
Co-Chief Govt Officers George Cheeks, Chris McCarthy and Brian Robbins wrote in a workers memo that the cuts come as the corporate “navigates the continued industry-wide linear declines” whereas “prioritizing” its streaming enterprise.
“We are taking the hard, but necessary steps to further streamline our organization starting this week,” the executives stated within the memo.
“These changes are necessary to address the environment we are operating in and best position Paramount for success,” they added.
The execs stated the layoffs will affect the US however it might additionally stretch to the workforce outdoors the US extra time.
Paramount, which is residence to Paramount Photos, CBS Information, MTV and Showtime, is awaiting its $8.4 billion merger with Skydance Media to get the greenlight from regulators.
The deal is at present in limbo as Paramount attorneys are in mediation talks to settle President Trump’s $20 billion lawsuit.
The swimsuit, which Trump filed in October in opposition to CBS Information, alleged that its “60 Minutes” program deceptively edited its sitdown with then-vice president Kamala Harris.
CBS has claimed no wrongdoing.
The Federal Communications Fee — which can finally determine if the Skydance deal goes by means of — can be probing the matter.
Paramount proprietor Shari Redstone has pressed for the corporate to resolve the matter with Trump.
