Paramount Global is paring back another 3.5% of its U.S. workforce, eliminating several hundred jobs domestically.
The company’s trio of co-CEOs — George Cheeks, Brian McCarthy and Brian Robbins — cited linear TV declines and a “dynamic macro-environment” for the layoffs in a companywide memo Tuesday. The pink-slips come as the media company, parent of CBS, MTV, Paramount Pictures, Paramount+ and more, is in a holding pattern in its merge with Skydance Media, which is still pending FCC approval nearly a year after the agreement was announced.
Through last summer and fall, Paramount made layoffs and implemented restructuring aimed at cutting 15% of its domestic headcount, affecting about 2,000 employees. The cutbacks are part of efforts to slash $500 million in annual costs.
“We will be reducing our domestic workforce by 3.5%, with the majority of impacted staff being notified today,” Cheeks, McCarthy and Robbins wrote in the memo. They added that the layoffs “may also result in some impacts to our workforce outside the U.S. over time.”
As of the end of 2024, Paramount Global had 18,600 employees worldwide.
Read the memo from the three Paramount co-CEOs:
Hi Everyone,
As we navigate the continued industry-wide linear declines and dynamic macro-economic environment, while prioritizing investments in our growing streaming business, we are taking the hard, but necessary steps to further streamline our organization starting this week.
We will be reducing our domestic workforce by 3.5%, with the majority of impacted staff being notified today. This process may also result in some impacts to our workforce outside the US over time. As always, any changes will be considered in accordance with local legal obligations.
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.
Along with our HR leaders, we are committed to ensuring all impacted employees are supported with care and respect during this time.
We are deeply grateful to the many employees who have been a part of creating and propelling our record-breaking hit content — most recently Mission: Impossible – The Final Reckoning, MobLand, and the NCAA Tournament — and for the impressive growth in streaming that our hits continue to drive. As our company transforms, there is so much to be proud of. Our progress is clear, and the results are meaningful.
As always, thank you for your commitment, compassion and support for one another as we continue to transition Paramount for the future.
George, Chris and Brian
