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Paramount Global To Cut 15% Of U.S.-Based Workforce, Co-CEO Chris McCarthy Confirms
Paramount Global Co-CEO Chris McCarthy revealed during an earnings call that the media company plans to cut its U.S.-based workforce by about 15%.
Prior to McCarthy’s comments, Paramount released an earnings report with some upbeat aspects but also a glaring statistic: $5.98 billion. That’s the amount of the write-down the company took on its cable networks during the quarter, ahead of the pending merger deal with Skydance. The cuts had first been signaled officially in June, when McCarthy and the two other execs in Paramount’s Office of the CEO, George Cheeks and Brian Robbins, announced they had identified $500 million in annualized cost savings.
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