Jobhunter Posted August 9 Share Posted August 9  Paramount Global has announced plans to reduce its U.S. workforce by approximately 15%. This decision, confirmed by Co-CEO Chris McCarthy, is expected to impact around 2,000 employees. The layoffs are part of a broader cost-cutting strategy as Paramount prepares for an impending merger with Skydance Media.  The job cuts, which will commence in the coming weeks and largely conclude by the end of 2024, are primarily targeting the company’s marketing and communications department, along with employees working in finance, legal, and technology.  The announcement came during Paramount’s second-quarter earnings call. Despite the layoffs, the company’s shares rose following the earnings report. Paramount’s streaming division, Paramount+, turned a profit for the first time, contributing to the surge in earnings.  The merger with Skydance Media, announced last month, is currently in a regulatory review process. The transaction is expected to close in the first half of 2025. As Paramount navigates these changes, the industry will be watching closely to see how this strategic move shapes the company’s future.  Read more: https://ir.paramount.com/static-files/e1d635aa-b744-4965-96d0-1b7fbc0faf1f https://variety.com/2024/tv/news/paramount-layoffs-15-percent-1236100607/# https://deadline.com/2024/08/paramount-global-ceo-chris-mccarthy-confirms-layoffs-15-percent-employees-1236035080/ https://www.ign.com/articles/paramount-plus-finally-profitable-but-company-announces-layoffs-following-billions-in-losses https://www.cnbc.com/2024/08/08/paramount-global-para-q2-earnings-report-2024.html  Image: Rafael Henrique | Dreamstime.com Quote Link to comment Share on other sites More sharing options...
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