Paramount Global said Tuesday it will lay off 3.5% of its U.S. workforce-amounting to several hundred employees-as the company accelerates cost-cutting efforts amid ongoing declines in the linear television market and delays in its proposed merger with Skydance Media.
The reductions were disclosed in a companywide memo from Paramount's three co-CEOs-George Cheeks, Chris McCarthy, and Brian Robbins-who stated that "the majority of impacted staff are being notified today." The memo added that the workforce reduction "may also result in some impacts to our workforce outside the U.S. over time."
The move follows a broader restructuring initiative launched in 2023, when the company cut 15% of its domestic workforce, or roughly 2,000 employees. At year-end 2024, Paramount employed about 18,600 full- and part-time staff globally, according to regulatory filings.
"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," the co-CEOs said in the memo.
The company, which owns CBS, Paramount Pictures, MTV, and streaming service Paramount+, is in the midst of seeking regulatory approval for a merger with Skydance Media. The deal has been stalled in part by a legal conflict involving CBS and the Trump administration tied to a past "60 Minutes" interview with former Vice President Kamala Harris.
Paramount said the job cuts are part of a broader push to slash $500 million in annual costs. The media giant has been contending with shrinking cable subscriptions and rising competition in streaming, including from rivals like Netflix, Disney+, and Warner Bros. Discovery.
In the memo, the executives thanked employees for their contributions to recent successes. "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."
Separately, Paramount disclosed Monday that Chief Financial Officer Naveen Chopra will step down at the end of June to join Roblox Corp. as CFO on June 30.
