(Reuters) -Paramount Global is laying off 3.5% of its U.S. staff in the latest round of job cuts as the company grapples with a decline in cable TV subscribers, according to an internal memo seen by Reuters.
The layoff was communicated to its staff on Tuesday morning and it could affect some non-U.S. workforce over time, the memo from the office of the company’s three co-CEOs showed.
This is in addition to the 15% cuts Paramount had announced last August and comes as the media industry navigates a “generational disruption” as millions of cable users cut the cord and opt for streaming services such as Netflix.
“We are taking the hard, but necessary steps to further streamline our organization starting this week,” Paramount Co-CEOs George Cheeks, Chris McCarthy and Brian Robbins wrote in the memo.
Paramount had 18,600 employees as of Dec. 31, 2024. CNBC first reported the development on Tuesday.
The company has pitched its $8.4 billion merger with billionaire scion David Ellison’s Skydance Media.
But the deal is yet to secure regulatory approval, pending a $10 billion lawsuit U.S. President Donald Trump filed against CBS News in October over an interview with then-vice president Kamala Harris that he alleged was deceptively edited to favor Harris.
(Reporting by Aditya Soni in Bengaluru; Editing by Arun Koyyur)
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