The American media holding Paramount Global announced 3.5% staff cuts to optimize business processes. This was reported by the CBS channel, citing a company note.
“As we face the ongoing industry downturn and dynamic macroeconomic conditions, while prioritizing investments in our growing streaming business, we are taking difficult but necessary steps to further optimize our organization, starting this week“, the document says.
The cuts come as viewers are gradually abandoning traditional television and switching to streaming services. In this regard, the company plans to develop the Paramount+ service and is planning a merger with another media holding, Skydance Media. It is noted that the layoffs will affect employees in the United States, but employees outside the United States may be laid off later.
In 2024, the company reduced its staff by 15% and also plans to close the PTVS studio. At the end of the year, Paramount employed about 18.6 thousand people in 32 countries.