Paramount Lays Off 3.5% U.S. Workforce Amid TV Revenue Declines

Paramount Global is laying off approximately 3.5% of its U.S. workforce, which amounts to several hundred employees, as part of ongoing efforts to address challenges in the media industry, including the decline of linear television and a difficult macroeconomic environment. This latest round of layoffs follows previous cuts in 2024, when the company reduced its workforce by around 15%, impacting roughly 2,000 workers. The company’s co-chief executives emphasized that these changes are necessary to position Paramount for future success amid shifting industry dynamics and to prioritize investments in streaming. Paramount is also seeking regulatory approval for its merger with Skydance Media and recently faced internal turmoil after offering a $15 million settlement in a high-profile lawsuit filed by President Donald Trump, which led to the departures of key CBS News executives. These layoffs are part of a broader trend in Hollywood, with other major studios like Disney and Warner Bros. Discovery also reducing staff due to similar pressures on traditional television revenues. Paramount currently employs about 18,600 full- and part-time workers globally as of late 2024.