Paramount Announces 3.5% Workforce Reduction Amid Industry Challenges

Paramount Global has announced that they will be cutting 3.5% of their workforce due to challenges in the economy and linear television industry. The company, which owns CBS, MTV, and Nickelodeon, is in the process of merging with Skydance Media. The co-CEOs of Paramount, George Cheeks, Chris McCarthy, and Brian Robbins, informed employees about the layoffs, mainly affecting U.S. workers, with potential impacts outside the U.S. as well.

With about 18,600 employees worldwide, Paramount is navigating the shift to streaming media and declining viewership on traditional TV. The company is optimistic about its streaming platform, Paramount+, and the upcoming merger with Skydance. This restructuring is aimed at streamlining operations while doubling down on streaming investments according to the co-CEOs.

After significant job cuts last year, Paramount is determined to cut costs and return to profitability. Recent financial reports show the company making progress towards this goal. Paramount and Skydance are waiting for regulatory approval while dealing with a lawsuit filed by former President Trump, who sued CBS over alleged misleading editing in a 2024 interview with former Vice President Kamala Harris. Paramount denies the claims and is currently in mediation with Trump’s legal team.