Paramount Global is cutting more jobs, reducing its U.S. workforce by 3.5% as fewer people pay for traditional cable TV.
The job cuts were shared with employees on Tuesday in a company-wide memo from Paramount's three co-CEOs: George Cheeks, Chris McCarthy, and Brian Robbins.
The memo called the move "hard, but necessary," as the company continues to adjust to what it described as a "generational disruption" in the media world.
The growth of streaming platforms like Netflix and the drop in cable TV viewership have led to major shifts in the entertainment industry.
This round of layoffs adds to previous cuts. Paramount laid off about 15% of its staff last August and cut another 800 jobs earlier in the year, following the Super Bowl.
According to Fortune, the company had 18,600 employees at the end of 2024, though it hasn't said how many are based in the US.
"We are taking the hard, but necessary steps to further streamline our organization starting this week," the co-CEOs wrote. "These changes are necessary to address the environment we are operating in and best position Paramount for success."
Paramount Global $PARA is laying off 3.5% of its U.S. staff amid the collapse of traditional pay-TV and economic headwinds. The move comes as it seeks approval for a merger with Skydance Media and follows broader industry cuts. 🎬📉💼#Paramount #Layoffs #MediaIndustry pic.twitter.com/FBBHRMVo6C
— LWS Financial Research (@lwsresearch) June 10, 2025
Cable Decline Hits Paramount as Streaming Struggles Continue
Paramount, which owns well-known brands like CBS, Nickelodeon, and MTV, has been losing money as fewer people pay for cable.
As more viewers turn to streaming, it's reshaping how companies generate revenue through ads and subscriptions.
The company's struggles are not unique. Other media giants are also dealing with falling cable revenue and trying to shift their focus to streaming platforms.
Paramount+ is the company's main streaming service, but like many others, it still isn't profitable.
At the same time, Paramount is trying to merge with Skydance Media, run by David Ellison. The deal is worth $8.4 billion, but it hasn't yet received approval from government regulators, Reuters said.
The company is also facing legal trouble. Former President Donald Trump has sued CBS News, claiming an interview with Kamala Harris was edited unfairly. Trump is seeking $20 billion in damages through his lawsuit.
Paramount has tried to settle the lawsuit for $15 million, but the case remains unresolved.
Two major CBS executives, Bill Owens and Wendy McMahon, left the company after the controversy.
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