Paramount has informed staff that it will be laying off 3.5% of its workforce, impacting several hundred employees, as the company deals with the decline of pay-TV and continues to shift focus to streaming.
Co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins sent a memo to staff Tuesday morning, letting them know that the majority of those impacted will be notified Tuesday and noting that the layoffs “may also result in some impacts to our workforce outside the U.S. over time.”
“We recognize how difficult this is and are very thankful for everyone’s hard work and contributions. These changes are necessary to address the environment we are operating in and best position Paramount for success,” the memo said.
The layoffs come as Paramount seeks regulatory approval for a merger with Skydance. Approval has been held up by a legal battle with President Trump over a 60 Minutes interview with Kamala Harris.
Last summer, Paramount announced during its Q2 earnings call that it planned to cut 15% of its staff, impacting around 2,000 employees, ahead of the Skydance merger. The goal was to cut costs by $500 million. The company ended 2024 with 18,600 employees globally.