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Paramount Initiates Next Round Of Layoffs In Ongoing Effort To Cut 15% Of U.S. Workforce
Paramount Global has initiated the next phase of its plan to lay off 15% of its U.S. workforce, saying the cuts will be 90% complete after today.
The staff reductions stem from a daunting set of financial challenges facing Paramount and other legacy media companies, especially due to the decline in linear TV viewership and advertising. As the cash flow from traditional pay-TV sources diminishes, the cost profile of the streaming business and the ever-increasing fees for top-tier sports rights are only adding to the worries of companies saddled with significant debt. Skydance Media last month clinched a merger deal that will see it invest $8 billion in the takeover of controlling shareholder National Amusements before merging fully with Paramount.
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