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Paramount Cutting Another 3.5% Of Its Domestic Workforce, Citing Linear TV Declines And Broader Economy
Paramount Global, which last year shed 15% of its U.S. workforce, said Tuesday it will reduce it by another 3.5% due in part to linear TV declines.
“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 we e k,” the execs wrote. Along with filing a $20 billion lawsuit over routine business activities at 60 Minutes, Trump’s appointee to chair the FCC, Brendan Carr, has slow-walked the agency’s review of the merger. The shrinking of Paramount’s workforce reflects contraction across the entire media sector, with Disney recently announcing a fresh round of cuts as companies reckon with cord-cutting’s hit to their pay-TV revenues.
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