Paramount is cutting 3.5% of its US workforce amidst ongoing declines in its legacy TV business, following job cuts by Disney and Warner Bros. Discovery. This decision reflects a larger industry trend as companies adapt to viewers shifting from traditional TV to streaming services, which are beginning to show profitable growth. Paramount's cuts come at a critical time as it seeks regulatory approval for a merger with Skydance Media, complicated by other corporate controversies. This move may also affect international staffing in the future as the company continues to prioritize its streaming investments.
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.
The industry is in the midst of a broad reordering, prompted by the shift of audiences from legacy TV - which continues to generate a lot of cash but is shrinking - to streaming.
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