Paramount Global is cutting 3.5% of its U.S. workforce, shedding several hundred jobs as the media giant grapples with the accelerating decline of traditional pay-TV subscriptions and ongoing macroeconomic pressures. The layoffs, announced Tuesday by CEOs George Cheeks, Chris McCarthy, and Brian Robbins, come amid Paramount’s regulatory hurdles tied to its planned merger with Skydance Media. This is the latest in a series of workforce reductions following a 15% U.S. cut initiated last August. “These steps are painful but essential to navigate a shifting media landscape,” the CEOs noted. As streaming disrupts the old guard, Paramount’s moves reflect a broader industry pattern, where cost-cutting becomes a strategic necessity rather than a last resort.
Paramount cuts 3.5% of its U.S. workforce amid streaming shifts and merger challenges. Cost cuts are now the new normal for media giants fighting to stay relevant. #MediaLayoffs #StreamingShift
— CNBC