Paramount Global is continuing to cut its U.S. workforce, with its co-CEOs on Tuesday unveiling another reduction by 3.5 percent.
The cuts follow a 15 percent reduction last year. Co-CEOs George Cheeks, Chris McCarthy and Brian Robbins wrote in a staff memo, obtained by The Hollywood Reporter, said the focus was on U.S. headcount but the moves “may also result in some impacts to our workforce outside the U.S. over time.” The majority of impacted staff are being notified on Tuesday.
As of the end of 2024, Paramount Global had 18,600 employees worldwide.
“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 executives said in the memo. “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.”
The latest cuts come as Paramount continues to wait for FCC approval of Skydance Media’s deal to acquire it.
“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,” the memo said. “Our progress is clear, and the results are meaningful.”
Read the full memo below.
| 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 |