- Paramount Global is laying off 3.5% of its staff, impacting hundreds of employees. The entertainment giant laid off roughly 2,000 workers last year. It’s in the process of trying to get approval for its merger with Skydance Media.
Paramount Global is downsizing its staff once again.
The entertainment giant, which owns CBS, Comedy Central, MTV, and more channels and properties, announced plans to reduce its U.S. headcount by 3.5%, which will impact hundreds of jobs. The company blamed the economy and decline in traditional pay-television revenues for the action.
“We recognize how difficult this is and are very thankful for everyone’s hard work and contributions,” the company wrote in a memo to staff. ”These changes are necessary to address the environment we are operating in and best position Paramount for success.”
Paramount, as of December, had 18,600 full- and part-time employees globally. (The company does not break that number down between domestic and international workers.)
This is the second (or third, depending on how you count) round of layoffs for the company in the past year. Last August, Paramount announced plans to cut 15% of its workforce, which impacted approximately 2,000 workers. The following month, the second round of those cuts occurred.
The company also laid off 800 workers last February, the day after it saw record Super Bowl ratings.
The cuts come as Paramount is seeking regulatory approval for its proposed merger with Skydance Media. The company has also made a controversial $15 million offer to settle a lawsuit Donald Trump filed last year over perceived “illegal” edits to a 60 Minutes interview with former Vice President Kamala Harris. Trump is seeking $20 billion in a suit that most legal experts have said he had no chance of winning.
Paramount’s decision to attempt to settle the case led to the departures of Bill Owens, longtime 60 Minutes executive producer; and Wendy McMahon, president of CBS News and Stations.