The Paramount Studios in Los Angeles on April 29, 2024.
Eric Thayer | Bloomberg | Getty Images
Paramount Global is cutting its U.S.-based staff by 3.5%, the latest round of layoffs at the media company as it contends with the decline of the traditional pay-TV bundle and macroeconomic headwinds.
The company notified its staff of the impending layoffs on Tuesday morning, according to a memo viewed by CNBC. The memo, which came from the office of the CEO — George Cheeks, Chris McCarthy and Brian Robbins — said the majority of the impacted staff will be notified on Tuesday.
The layoffs also come as Paramount has been in the process of seeking regulatory approval for its proposed merger with Skydance Media.
Last June the trio of CEOs presented a go-forward plan that had included job cuts and reduced spending. In August Paramount began the process of reducing its U.S.-based workforce by 15%.
In Tuesday’s memo the CEOs said that the process may also result in some impacts to the workforce outside of the U.S. over time. Non-U.S. employees represented less than 5% of the company’s total employees as of December 2023, according to a regulatory filing.
“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,” the CEOs said in the memo.
Layoffs have been taking place across the media industry in recent weeks, with reported headcount reductions at Disney and Warner Bros. Discovery.
Paramount had a workforce of roughly 22,300 as of December 2023, before recent cuts, according to the regulatory filing.