Paramount Global has announced a significant reduction in its U.S. workforce, laying off 15% of its employees as part of a broader strategy to address financial challenges and industry changes.
According to reports from Deadline, these layoffs will affect approximately 3,000 employees, with the cuts being rolled out in three stages.
The majority of these layoffs will be completed by the end of September, with the first wave starting today.
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Paramount Global 15% Cuts in Workforce
In a memo to staff, Paramount Global CEOs, George Cheeks, Chris McCarthy, and Brian Robbins, emphasized the necessity of these changes.
“The industry continues to evolve, and Paramount is at an inflection point where changes must be made to strengthen our business,” the memo stated. The CEOs acknowledged the difficulty of these decisions, noting that “having to part ways with teammates whose contributions have been instrumental to our success is incredibly hard.”
