The Paramount Studios in Los Angeles on April 29, 2024.
Eric Thayer | Bloomberg | Getty Pictures
Paramount Global is chopping its U.S.-based employees by 3.5%, or a number of hundred staff, within the seo spherical of layoffs on the media firm because it contends with the decline of the normal pay-TV bundle and macroeconomic headwinds.
The corporate notified its employees of the upcoming layoffs on Tuesday morning, in keeping with a memo seen by CNBC. The memo, which got here from the workplace of the CEO — George Cheeks, Chris McCarthy and Brian Robbins — mentioned the vast majority of the impacted employees can be notified on Tuesday.
The layoffs additionally come as Paramount has been within the technique of in search of regulatory approval for its proposed merger with Skydance Media.
Final June the trio of CEOs presented a go-forward plan that had included job cuts and lowered spending. In August Paramount began the method of lowering its U.S.-based workforce by 15%.
In Tuesday’s memo the CEOs mentioned that the method might also end in some impacts to the workforce exterior of the U.S. over time.
“We acknowledge how tough that is and are very grateful for everybody’s exhausting work and contributions. These adjustments are obligatory to handle the atmosphere we’re working in and finest place Paramount for achievement,” the CEOs mentioned within the memo.
Layoffs have been going down throughout the media trade in current weeks, with reported headcount reductions at Disney and Warner Bros. Discovery.
Paramount employed roughly 18,600 full- and part-time staff globally as of December, earlier than current cuts, in keeping with the regulatory submitting.