Paramount Studios in Los Angeles on April 29th, 2024.
Eric Sayer | Bloomberg | Getty Images
Paramount Global The latest layoffs for media companies are cutting US-based staff by 3.5% or hundreds of employees, as they compete with traditional PAY-TV bundles and the macroeconomic headwinds.
According to a memo viewed by CNBC, the company notified staff of the imminent layoffs Tuesday morning. The memo from the CEO’s office came from the offices of George Cheek, Chris McCarthy and Brian Robbins, and the majority of affected staff will be notified on Tuesday.
The layoff also brought Paramount as the legal battle between Paramount-owned CBS and the Trump administration seeks regulatory approval for a proposal to merge with Skydance Media to interview former Vice President Kamala Harris.
Last June, the CEO trio presented plans for the future, including job cuts and spending cuts. In August, Paramount began a process to cut its US-based workforce by 15%.
In a memo on Tuesday, the CEO said the process could have several impacts on the non-US workforce over time.
“We recognize how difficult this is and we are extremely grateful for the hard work and contributions of everyone. These changes are necessary to address the environment we operate and to address our most important position for success,” the CEO said in a memo.
Layoffs have been made across the media industry in recent weeks, reporting staff cuts Disney and Warner Bros Discovery.
Paramount hired around 18,600 full- and part-time employees worldwide as of December, prior to the recent cuts, according to regulatory filings.
