Paramount Global Layoffs

SOURCE www.cnbc.com
Paramount Global is cutting its U.S.-based staff by 3.5%, or several hundred employees, in the latest round of layoffs due to the decline of the traditional pay-TV bundle and macroeconomic headwinds. The layoffs are part of a go-forward plan that aims to position Paramount for success amid regulatory challenges and industry-wide job cuts.

Key Points

  • 3.5% staff reduction in the U.S.
  • Majority of impacted staff notified on Tuesday
  • 15% reduction in U.S.-based workforce in August

Pros

  • Positioning Paramount for success amidst challenges
  • Addressing the decline of the traditional pay-TV bundle
  • Streamlining operations through job cuts

Cons

  • Impacting several hundred employees
  • Regulatory challenges delaying merger with Skydance Media
  • Potential workforce impacts outside the U.S.