Paramount Global has announced further job cuts - this time affecting around 3.5 % of the workforce in the USA. This means that several hundred employees will be made redundant. The group, which includes CBS, MTV, Paramount Pictures and the streaming service Paramount+, is thus responding to the ongoing challenges in the traditional television business and a difficult economic environment.
In an internal memo, the three co-CEOs of Paramount - George Cheeks (CBS), Chris McCarthy (Showtime/MTV Entertainment Studios & Paramount Media Networks) and Brian Robbins (Paramount Pictures) - explained that this step was necessary to future-proof the company. Most of those affected should be informed of their cancellation on the same day. International locations could also be affected later.
Paramount had already implemented extensive cost-cutting measures last year, including the reduction of around 15 % of its domestic workforce - a total of around 2,000 jobs. The aim was to save around 500 million dollars in costs each year. At the end of 2024, the company employed around 18,600 people worldwide.
The current redundancies come at a time when Paramount is waiting for the green light from the US regulatory authority FCC for a planned merger with Skydance Media - almost a year after the merger was announced.
Other major media companies are also currently making savings: Disney, for example, has also cut several hundred jobs in TV, film and finance, while Warner Bros. Discovery has cut almost 100 jobs in the cable TV segment.
Paramount also announced that CFO Naveen Chopra will be leaving the company at the end of June. He is moving to games developer Roblox, where he will be CFO from 30 June.
In the message to employees, the co-CEOs emphasised that they recognised the difficult situation and thanked all those affected for their contributions. Despite the challenges, there are also successes to celebrate - such as blockbusters like Mission: Impossible - The Final Reckoning or the positive development in the streaming business. Paramount wants to continue to adapt and reposition itself in order to remain successful in the long term.
Variety reports in detail.