Paramount Global is set to lay off around 3.5% of its U.S. workforce, equating to hundreds of employees, as outlined in a memo from its CEOs. They expressed gratitude for the employees' hard work while emphasizing that these changes are essential for adapting to the current operational environment and ensuring the company's future success. This latest round of layoffs follows an earlier announcement from August 2024 regarding a more significant reduction of 15% of the U.S. staff, reflecting ongoing adjustments in response to business challenges.
"We recognize how difficult this is and are very thankful for everyone's hard work and contributions," the CEOs wrote in the memo, per CNBC.
These changes are necessary to address the environment we are operating in and best position Paramount for success.
In August 2024, Paramount announced during its Q2 2024 earnings that it was laying off 15% of its U.S. workforce, around 2,000 employees.
According to a regulatory filing, Paramount's workforce includes 18,600 full- and part-time global employees as of December 2024.
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