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Paramount Global to cut 15% of its US workforce before Skydance merger
Company behind Paramount Pictures, Nickelodeon and CBS writes down value of its cable networks by nearly $6bn
Paramount Global, which also owns CBS, Nickelodeon and the UK’s Channel 5, announced plans to cut about 15% of its US workforce alongside its latest earnings on Thursday. The impairment reflects a shrinking audience for cable TV networks such as Nickelodeon, MTV and Comedy Central, a decline that translates to lower advertising revenue. “We are on track to reach domestic profitability for Paramount+ in 2025,” the Paramount co-CEOs, George Cheeks, Chris McCarthy and Brian Robbins, said in a joint statement.
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