Today, Paramount Global announced that several hundred U.S-based employees will lose their jobs, as the company works to complete its go-forward plan.
Paramount Global’s decision to dismiss 3.5% of its domestic workforce is the latest cost-cutting measure by the company, which has been battling macroeconomic headwinds while adapting to a declining market for pay-TV subscriptions.
Today’s memo from CEOs George Cheeks, Chris McCarthy, and Brian Robbins suggests that throughout the remainder of the year, the workforce reduction process may also impact employees outside of the U.S.
The memo stated, “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.”
In August 2024, Paramount began reducing its U.S. workforce by 15%. Before today’s cuts, Paramount’s global team consisted of approximately 18,600 employees.
Today, the company also announced a leadership shuffle, with CFO Naveen Chopra departing to pursue other opportunities. Chopra will be replaced by Interim CFO Andrew Warren, who is currently a Strategic Advisor to the Office of the CEO and the former CFO of Discovery Communications.
By CEO NA Editorial Staff
