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Paramount International is trimming its U.S. workforce by 3.5% in a transfer to chop prices.
The corporate’s plans to chop jobs had been introduced Tuesday by its three co-CEOs in a company-wide memo considered by FOX Enterprise.
Co-CEOs George Cheeks, Chris McCarthy and Brian Robbins mentioned within the message that Paramount was “taking the hard, but necessary steps to further streamline our organization this week.”
A picture of a lady holding a cellphone in entrance of the Paramount emblem displayed on a pc display screen April 29, 2024, in Edmonton, Canada (Artur Widak/NurPhoto through Getty Photographs / Getty Photographs)
The hassle to streamline Paramount’s group will result in 3.5% of the corporate’s U.S. workers shedding their jobs, the memo mentioned.
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It comes because the media firm navigates the “continued industry-wide linear declines and dynamic macro-economic environment, while prioritizing investments in our growing streaming business,” in accordance with the co-CEOs.
Ticker Safety Final Change Change % PARA PARAMOUNT GLOBAL 12.17 +0.17
+1.42%
Lots of the Paramount employees being let go had been slated to obtain notification Tuesday.
Globally, roughly 18,600 folks labored for Paramount full-time or part-time on the finish of 2024.
Below the transfer, some Paramount employees based mostly in different nations may additionally be affected “over time,” the memo mentioned.
The Paramount emblem is displayed at Columbia Sq. alongside Sundown Blvd in Hollywood, Calif., March 9, 2023. (Patrick T. Fallon/AFP through Getty Photographs / Getty Photographs)
Paramount is “committed to ensuring all impacted employees are supported with care and respect during this time,” Cheeks, McCarthy and Robbins mentioned.
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The corporate, which agreed to a proposed merger with Skydance Media final yr that has but to shut, had a market capitalization of $8.6 billion as of Tuesday afternoon.
Its portfolio contains Paramount+, Comedy Central, MTV, Nickelodeon, CBS and Paramount Footage, amongst others.
The Paramount Plus emblem is displayed on a smartphone display screen. (Rafael Henrique/SOPA Photographs/LightRocket through Getty Photographs / Getty Photographs)
Paramount beforehand lower about 15% of its U.S.-based workforce final yr.
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These layoffs, introduced in August, “primarily” centered on “redundant functions within marketing and communications” and “streamlining” its company construction, “reducing our headcount in finance, legal, technology and other support functions,” McCarthy mentioned on the time.
