The Paramount Studios in Los Angeles on April 29, 2024.
Eric Thayer | Bloomberg | Getty Pictures
Paramount International is chopping its U.S.-based employees by 3.5%, or a number of hundred staff, within the newest spherical of layoffs on the media firm because it contends with the decline of the standard pay-TV bundle and macroeconomic headwinds.
The corporate notified its employees of the approaching layoffs on Tuesday morning, in accordance with a memo seen by CNBC. The memo, which got here from the workplace of the CEO — George Cheeks, Chris McCarthy and Brian Robbins — stated nearly all of the impacted employees will probably be notified on Tuesday.
The layoffs additionally come as Paramount has been within the strategy of looking for regulatory approval for its proposed merger with Skydance Media, which has been held up by a authorized battle between Paramount-owned CBS and the Trump administration over a “60 Minutes” interview with former Vice President Kamala Harris.
Final June the trio of CEOs introduced a go-forward plan that had included job cuts and decreased spending. In August, Paramount started the method of decreasing its U.S.-based workforce by 15%.
In Tuesday’s memo the CEOs stated that the method can also end in some impacts to the workforce outdoors of the U.S. over time.
“We acknowledge how troublesome that is and are very grateful for everybody’s exhausting work and contributions. These adjustments are mandatory to deal with the surroundings we’re working in and finest place Paramount for fulfillment,” the CEOs stated within the memo.
Layoffs have been going down throughout the media trade in latest 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 latest cuts, in accordance with the regulatory submitting.
