Paramount cuts 3.5% of US workforce amid streaming business priorities

Paramount Global reduces the workforce in the United States by 3.5 % in a step to reduce costs.

The company’s plans to reduce jobs were announced on Tuesday by the three Co-CEOS in a note at the level of the company that was seen Fox Business.

“Paramount is taking difficult steps, but necessary to simplify our organization this week,” said Co-CoS George Cheeks, and Cris McCarthy and Brian Robbins.

The memo said that the efforts to simplify Paramount will lead to 3.5 % of the company’s employees in the United States losing their jobs.

Paramount for employees pen September

This comes at a time when the media company “continuous linear declines at the level of industry and the dynamic total economic environment, while giving priority to investments in our increasing increasing business,” according to CO-CEOS.

Many of the prominent workers who were left on Tuesday were to receive on Tuesday.

Globally, nearly 18,600 people worked in Paramount full -time or part -time at the end of 2024.

Under this step, some of the important workers may also be affected in other countries “over time”, as the note said.

Paramount logo is displayed in Colombia Square along the Sunseet Blvd in Hollywood, California, March 9, 2023. (Patrick T. Fallon / AFP via Getty Images / Getty Images)

Khadoud, McC Masry and Robins said that Paramount “is committed to ensuring the support of all affected employees with care and respect during this time.”

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The company, which agreed to the proposed integration with Skydance Media last year and which has not yet been closed, has a market value of $ 8.6 billion until Tuesday noon.

Its wallet includes Paramount+, Comedy Center, MTV, Nickelodeon, CBS and Paramount Pictures, among other things.

The Paramount Plus logo is displayed on the smartphone screen. (Rafael Henrique/SOPA Images/Lightrockw through Getty Images/Getty Images)

Paramount reduced about 15 % of the US -based workforce last year.

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McCarthy said at the time that the demobilization of the workers, which was announced in August, focused primarily “on” excessive jobs in marketing and communications “and” simplifying the “structure of companies”, which reduces the number of employees in financing, legal, technology and other support.