Paramount Global (NASDAQ:PARA) said on Tuesday it will reduce its US workforce by approximately 3.5%, cutting several hundred jobs as the media giant continues to adjust to ongoing disruptions in the industry, including cord-cutting trends.
The latest layoffs follow a more substantial 15% reduction across the company’s workforce last year.
“As we navigate the continued industry-wide linear declines and dynamic macro-economic environment, while prioritizing investments in our growing streaming business, we are taking the hard, but necessary steps to further streamline our organization starting this week,” Paramount’s Co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins said in a memo to employees.
The company is also awaiting final regulatory approval from the Federal Communications Commission (FCC) on its proposed $8.4 billion merger with Skydance, announced last summer. However, the deal’s closing — initially expected in the first half of 2025 — now appears likely to be delayed.
Paramount ended 2024 with roughly 18,600 employees worldwide.