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Paramount Global Says It Will Take $1B Charge Related To Layoffs And Content Strategy Shifts

Paramount Global expects to take a $1 billion charge in the current quarter due to programming shifts and layoffs announced earlier this month.

Paramount Global expects to take a $1 billion charge in the current quarter due to ongoing programming shifts and the layoffs it announced earlier this month. That move will generate about $200 million in annual run rate cost savings, Chopra said, with the majority of that benefiting the TV Media division and general corporate expenses. Paramount Global reported mixed results in the fourth quarter, with revenue coming up short of Wall Street expectations due to advertising weakness and the impact of the Hollywood strikes.

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