Paramount
Paramount is laying off 3.5% of its US workforce as it deals with ongoing declines in its linear TV arm. This is the second layoff in a year after a 15% reduction in 2024.
Paramount is the latest old-media company, after Disney and Warner Bros. Discovery, to cut jobs in recent days as they adjust staffing to align with their declining legacy TV business. Paramount employed 18,600 worldwide as of the end of 2024.
The industry is in the midst of a broad reordering, prompted by the shift of audiences from legacy TV — which continues to generate a lot of cash but is shrinking — to streaming, which has recently started to show signs of profitability. As part of this shift, WBD and Comcast are spinning off their linear TV businesses into new companies.
As for Paramount, the cuts take place at a jittery time, as it seeks regulatory approval for its proposed merger with Skydance Media, a process that’s been complicated by President Donald Trump’s legal face-off with CBS’s TV news crown jewel “60 Minutes.”
Two top news execs, Wendy McMahon and Bill Owens, have already quit the company, citing disagreement with Paramount’s handling of the matter.
Here’s the memo about the layoffs from George Cheeks, Chris McCarthy, and Brian Robbins, who make up the office of the CEO:
Hi Everyone,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 week. We will be reducing our domestic workforce by 3.5%, with the majority of impacted staff being notified today. This process may also result in some impacts to our workforce outside the US over time. As always, any changes will be considered in accordance with local legal obligations.We recognize how difficult this is and are very thankful for everyone’s hard work and contributions. These changes are necessary to address the environment we are operating in and best position Paramount for success.Along with our HR leaders, we are committed to ensuring all impacted employees are supported with care and respect during this time.We are deeply grateful to the many employees who have been a part of creating and propelling our record-breaking hit content— most recently “Mission: Impossible — The Final Reckoning,” “MobLand,” and the NCAA Tournament—and for the impressive growth in streaming that our hits continue to drive. As our company transforms, there is so much to be proud of. Our progress is clear, and the results are meaningful.As always, thank you for your commitment, compassion and support for one another as we continue to transition Paramount for the future.George, Chris and Brian
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