The Paramount Studios in Los Angeles on April 29, 2024.
Eric Thayer | Bloomberg | Getty Photographs
Paramount International is slicing its U.S.-based workers by 3.5%, or a number of hundred staff, within the newest spherical of layoffs on the media firm because it contends with the decline of the standard pay-TV bundle and macroeconomic headwinds.
The corporate notified its workers of the upcoming layoffs on Tuesday morning, in response to a memo considered by CNBC. The memo, which got here from the workplace of the CEO — George Cheeks, Chris McCarthy and Brian Robbins — stated nearly all of the impacted workers can be notified on Tuesday.
The layoffs additionally come as Paramount has been within the technique of searching for regulatory approval for its proposed merger with Skydance Media.
Final June the trio of CEOs offered a go-forward plan that had included job cuts and diminished spending. In August, Paramount started the method of lowering its U.S.-based workforce by 15%.
In Tuesday’s memo the CEOs stated that the method may additionally lead to some impacts to the workforce exterior of the U.S. over time.
“We acknowledge how tough that is and are very grateful for everybody’s laborious work and contributions. These adjustments are essential to deal with the surroundings we’re working in and greatest place Paramount for fulfillment,” the CEOs stated within the memo.
Layoffs have been happening throughout the media business in current weeks, with reported headcount reductions at Disney and Warner Bros. Discovery.
Paramount employed roughly 18,600 full- and part-time staff globally as of December, earlier than current cuts, in response to the regulatory submitting.
