Paramount lays off 3% of workforce as media cost-cutting wave grows
The move follows an earlier round of layoffs in August that aimed to curb Paramount’s US headcount by 15%.
Paramount Global is trimming more jobs as the legacy media company grapples with shifting audience habits and rising pressure to cut costs.
In a Tuesday memo, the three men who jointly make up the company’s “office of the CEO” — George Cheeks, Chris McCarthy, and Brian Robbins — said affected employees would be notified by the end of the day. Paramount had already begun the process of slashing 15% of its US-based workforce in August.
“We recognize how difficult this is and are very thankful for everyone’s hard work and contributions. These changes are necessary to address the environment we are operating in and best position Paramount for success,” the execs wrote.
Layoffs have swept the media industry in recent weeks. Last week, Disney cut hundreds of staffers across its TV, film, and corporate finance divisions. Warner Bros. Discovery also recently laid off employees in its struggling linear TV business.
Paramount shares were flat on the news and have risen more than 13% year to date.
