Paramount layoffs: TV and movie giant cuts 3.5% of U.S. workforce ahead of merger with Skydance Media, citing uncertain economy

Paramount Global is cutting 3.5% of its U.S. workforce as customers switch away from traditional pay-TV bundles in today’s shifting media landscape and uncertain economy. The latest round of layoffs comes as the media giant prepares to merge with movie studio Skydance Media. Paramount Global’s parent company, National Amusements, and Skydance Media agreed to merge last July, but are still waiting for regulatory approval. Paramount owns Paramount Pictures movie and television studios, the Paramount+ streaming service, MTV, Nickelodeon, BET, Comedy Central, and the CBS television network including CBS News. Shares in Paramount Global (PARA) were trading up about 1% in late morning trading at the time of this writing. What to know about the Paramount layoffs On Tuesday, Paramount’s co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins notified staff of layoffs in a memo, which said 90% of those impacted would be notified on Tuesday, according to CNBC. Last August, Paramount began the process of reducing its U.S.-based workforce by 15% after laying out a cost-cutting plan. The layoffs are just the latest to hit the beleaguered media industry, which has also seen staff cuts at Disney and Warner Bros. Discovery, to name a few. Paramount Global by the numbers In Paramount Global’s latest round of earnings, for the first quarter of 2025, ending March 31, 2025, the media company reported earnings per share (EPS) of $0.29, missing analysts estimates; and quarterly revenue of $7.19 billion, slightly beating analyst expectations of $7.14 billion. The company forecast that earnings would grow by 54.67% next year, from $2.25 to $3.48 per share. The company is slated to report Q2 earnings in early August.

Jun 11, 2025 - 01:30

Paramount layoffs: TV and movie giant cuts 3.5% of U.S. workforce ahead of merger with Skydance Media, citing uncertain economy

Paramount Global is cutting 3.5% of its U.S. workforce as customers switch away from traditional pay-TV bundles in today’s shifting media landscape and uncertain economy.

The latest round of layoffs comes as the media giant prepares to merge with movie studio Skydance Media. Paramount Global’s parent company, National Amusements, and Skydance Media agreed to merge last July, but are still waiting for regulatory approval.

Paramount owns Paramount Pictures movie and television studios, the Paramount+ streaming service, MTV, Nickelodeon, BET, Comedy Central, and the CBS television network including CBS News.

Shares in Paramount Global (PARA) were trading up about 1% in late morning trading at the time of this writing.

What to know about the Paramount layoffs

On Tuesday, Paramount’s co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins notified staff of layoffs in a memo, which said 90% of those impacted would be notified on Tuesday, according to CNBC.

Last August, Paramount began the process of reducing its U.S.-based workforce by 15% after laying out a cost-cutting plan.

The layoffs are just the latest to hit the beleaguered media industry, which has also seen staff cuts at Disney and Warner Bros. Discovery, to name a few.

Paramount Global by the numbers

In Paramount Global’s latest round of earnings, for the first quarter of 2025, ending March 31, 2025, the media company reported earnings per share (EPS) of $0.29, missing analysts estimates; and quarterly revenue of $7.19 billion, slightly beating analyst expectations of $7.14 billion. The company forecast that earnings would grow by 54.67% next year, from $2.25 to $3.48 per share.

The company is slated to report Q2 earnings in early August.