Paramount Global is shaking things up again. The company announced it will cut about 3.5% of its U.S. workforce, which means several hundred people will lose their jobs. This move comes as Paramount faces struggles in the changing media landscape. Traditional pay-TV subscriptions are on the decline, and overall economic conditions aren’t helping either.
The announcement was made in a memo from CEO George Cheeks and his team. They informed employees that most of the layoffs would be communicated on Tuesday. These cuts are part of a larger strategy that includes a planned merger with Skydance Media.
Earlier, last June, the CEO trio revealed a plan that involved job cuts and reduced spending. By August, they already started trimming down their workforce by 15%. This latest round of layoffs might even extend beyond the U.S. Eventually, other positions could be at risk as they aim to navigate through these tough times.
In the memo, the leaders expressed gratitude for the hard work of employees. They recognized how difficult these changes are, but emphasized that they are crucial for Paramount’s future success.
The media industry has seen many layoffs recently, with Disney and Warner Bros. Discovery also downsizing. According to a regulatory filing, Paramount employed about 18,600 people globally as of December before these cuts.
This trend highlights a shift in how people consume content. Many viewers are opting for streaming services over traditional cable, forcing companies like Paramount to reevaluate their business models. A recent survey found that nearly 70% of Americans prefer on-demand streaming platforms, which indicates a significant change in viewing habits.
As the industry evolves, it’s clear that companies must adapt to survive. While layoffs are painful, they often reflect the harsh realities of a changing market. For Paramount and others, the focus now is on finding ways to thrive in this new environment.
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