From Yahoo Finance: 2025-06-10 08:12:00

Paramount Global is cutting 3.5% of its U.S. staff due to declining cable TV subscribers. This follows a 15% reduction last August. Co-CEOs cite the media industry’s shift to streaming services like Netflix as a reason for the layoffs. Paramount had 18,600 employees as of Dec. 31, 2024.

The layoff may also impact non-U.S. employees over time. Paramount’s $8.4 billion merger with Skydance Media, led by David Ellison, is pending regulatory approval. A $10 billion lawsuit filed by former President Trump against CBS News over an interview with Vice President Harris may affect the deal’s progress.

Paramount Co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins announced the layoffs in a memo to staff on Tuesday. CNBC was the first to report on the job cuts. The company is facing challenges in the changing media landscape, prompting the need for organizational streamlining.

Read more: Paramount to lay off 3.5% of US staff in latest job cut, memo shows