Paramount Global, which last year shed 15% of its U.S. workforce, said Tuesday it will reduce it by another 3.5%.
The cuts will take effect Tuesday, according to a memo from Co-CEOs George Cheeks, Chris McCarthy and Brian Robbins that was obtained by Deadline.
Paramount is still in a protracted waiting game as it looks to close its $8 billion merger with Skydance Media.
While mediation talks are ongoing in the lawsuit, hopes have not recently been high for a near-term settlement.
“We recognize how difficult this is and are very thankful for everyone’s hard work and contributions,” the CEOs wrote.
Paramount Global, which lost 15% of its U.S. stock last year. S. . workforce, announced on Tuesday that it would cut it by an additional 3 to 5 percent.
Co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins sent a memo to Deadline stating that the cuts will go into effect on Tuesday.
“We are taking the difficult but necessary steps to further streamline our organization starting this week as we prioritize investments in our growing streaming business while navigating the ongoing linear declines in the industry and the dynamic macro-economic environment,” the executives wrote.
As it attempts to finalize its $8 billion merger with Skydance Media, Paramount is still in a drawn-out waiting game. The deal, which was proposed last summer and only requires the FCC’s approval to close, now doesn’t seem likely to happen in the first half of the year as the companies had anticipated.
Keep an eye on Deadline.
The deal is being delayed by President Donald Trump’s campaign against the media, specifically CBS News, even though Shari Redstone, the controlling shareholder of Paramount, and Larry Ellison, the backer of Skydance, are both longtime Trump supporters. Brendan Carr, Trump’s choice to chair the FCC, has slowed down the agency’s investigation of the merger in addition to bringing a $20 billion lawsuit against 60 Minutes for ordinary business operations. Although the lawsuit is still in mediation, there hasn’t been much optimism lately about a quick settlement.
Although the new layoffs are aimed at domestic workers, the Co-CEOs stated that they “may also result in some impacts to our workforce outside the U.S.”. S. gradually. “”.
Paramount had 18,600 workers worldwide at the end of 2024; several hundred of those workers were impacted by Tuesday’s layoffs in the United States. A. Unlike last year’s multi-phase layoffs, which were announced in the summer and completed by year-end, the new round begins on Tuesday.
The CEOs wrote, “We understand how challenging this is and are incredibly grateful for everyone’s efforts and contributions.”. These adjustments are required to address the current operating environment and put Paramount in the best possible position for success. “”.
The decline in Paramount’s workforce is indicative of a broader contraction in the media industry, as companies deal with the impact of cord-cutting on their pay-TV revenues. Disney recently announced a new round of layoffs.
