Paramount Global announced a 3.5% reduction in its U.S. workforce due to changing consumer preferences away from traditional pay-TV models and the current economic climate. This decision follows a previous workforce reduction of 15% initiated last August as part of a broader cost-cutting strategy. The layoffs coincide with preparations for Paramount's merger with Skydance Media, which is pending regulatory approval. Additionally, the media industry has been experiencing significant layoffs, reflecting widespread challenges across companies like Disney and Warner Bros. Discovery. Despite these cuts, Paramount reports slight revenue growth in its latest earnings quarter.
Paramount Global is cutting 3.5% of its U.S. workforce as customers switch away from traditional pay-TV bundles in today's shifting media landscape and uncertain economy.
Last August Paramount began the process of reducing its U.S.-based workforce by 15% after laying out a cost-cutting plan.
The layoffs are just the latest to hit the beleaguered media industry, which has seen staff cuts at Disney and Warner Bros. Discovery, to name a few.
In Paramount Global's latest round of earnings, for the first quarter of 2025, the media company reported an earnings per share (EPS) of $0.29, missing analysts estimates.
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