{"id":31661,"date":"2025-06-10T13:23:05","date_gmt":"2025-06-10T13:23:05","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/paramount-to-cut-3-5-of-its-workforce-amid-economic-and-media-industry-challenges\/"},"modified":"2025-06-10T13:23:05","modified_gmt":"2025-06-10T13:23:05","slug":"paramount-to-cut-3-5-of-its-workforce-amid-economic-and-media-industry-challenges","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/paramount-to-cut-3-5-of-its-workforce-amid-economic-and-media-industry-challenges\/","title":{"rendered":"Paramount to cut 3.5% of its workforce amid economic and media industry challenges"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>Paramount Global said it&#8217;s cutting 3.5% of its workforce, citing challenges in the broader economy and in the linear television business.\u00a0<\/p>\n<p>It&#8217;s the latest round of layoffs at the media giant \u2014 which owns the CBS broadcast network as well as cable channels, such as MTV and Nickelodeon \u2014 as it\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/paramount-global-skydance-media-merger\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">prepares to merge<\/a><\/span>\u00a0with movie studio Skydance Media. In a memo sent Tuesday morning to employees from the company&#8217;s three co-CEOs \u2014 George Cheeks, Chris McCarthy and Brian Robbins \u2014 Paramount said the layoffs would affect U.S. workers, with &#8220;the majority of impacted staff being notified today.&#8221; Although some employees outside the U.S. could later be impacted, according to the memo.\u00a0<\/p>\n<p>Paramount had about 18,600 full- and part-time workers in 32 countries at the end of 2024, according to a regulatory filing.<\/p>\n<p>As consumers shift to streaming media and viewership declines for traditional TV and cable networks, Paramount has put more resources into its streaming business, Paramount+. It&#8217;s also banking on its merger with Skydance, an entertainment business launched by David Ellison, son of Oracle founder Larry Ellison, to help revive its fortunes.\u00a0<\/p>\n<p>&#8220;As we navigate the continued industrywide 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,&#8221; the co-CEOs wrote in the memo.\u00a0<\/p>\n<p>A spokesman for Paramount said the company doesn&#8217;t have additional comments beyond the memo.<\/p>\n<p>The latest cuts come after the media giant slashed about\u00a0<a href=\"https:\/\/www.reuters.com\/business\/media-telecom\/paramount-global-begins-planned-layoffs-with-15-job-cuts-us-2024-08-13\/\" target=\"_blank\" rel=\"nofollow noopener\">15% of its workforce<\/a>\u00a0last year, part of an effort to trim costs by $500 million and return the company to profitability.\u00a0<\/p>\n<p>Paramount and Skydance are awaiting regulatory approval for the merger amid a\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-sues-cbs-news-60-minutes-interview\/\" data-invalid-url-rewritten-http=\"\">lawsuit filed by President Trump<\/a><\/span>\u00a0against the network. The suit claims that CBS&#8217; &#8220;60 Minutes&#8221; program intentionally misled the public in its editing of an October 2024 interview with then-Vice President Kamala Harris about her presidential candidacy. The network has repeatedly said the claims are &#8220;completely without merit.&#8221;\u00a0<\/p>\n<p>Legal experts have said they view the lawsuit as &#8220;<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-sues-cbs-news-60-minutes-interview\/\" data-invalid-url-rewritten-http=\"\">frivolous<\/a><\/span>&#8221; and an infringement on First Amendment rights. Mediation has begun between Paramount and Mr. Trump&#8217;s legal team.\u00a0<\/p>\n<p>    <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation \">\n        <\/aside>\n<p>    <!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/aimee-picchi\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Aimee  Picchi<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/paramount-layoffs-3-5-percent-economy-television-cable-challenges\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Paramount Global said it&#8217;s cutting 3.5% of its workforce, citing challenges in the broader economy and in the linear television<\/p>\n","protected":false},"author":1,"featured_media":31662,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[2499],"class_list":["post-31661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-watch","tag-paramount"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Paramount to cut 3.5% of its workforce amid economic and media industry challenges - World News<\/title>\n<meta name=\"description\" content=\"Paramount layoffs come as media giant prepares to merge with movie studio Skydance Media.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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