Paramount Lays Off Several Hundred Employees

Paramount Global is cutting back its U.S. workforce by 3.5%, with several hundred employees impacted.

The move was announced in a companywide joint memo from CBS chief executive George Cheeks; Showtime/MTV Entertainment Studios and Paramount Media Networks president and CEO Chris McCarthy; and Paramount Pictures head Brian Robbins.

The three CEOs cited “continued industry-wide linear declines and dynamic macro-economic environment” for the job eliminations. The memo did not detail which divisions were impacted.

Furthermore, the trio wrote in the memo obtained by ADWEEK, in the interest of prioritizing investments in its streaming business, they are taking “necessary steps” to streamline the organization starting this week. The memo also stated that the process might also affect the workforce outside of the U.S. over time.

The news of the latest round of layoffs comes as Paramount awaits FCC approval for its merger with Skydance Media and just one day after it was announced that Naveen Chopra was stepping down as chief financial officer. It was also reported last week that Paramount had cut ties with longtime media agency WPP.

Paramount is the latest media company to undergo a round of layoffs. Last week, Disney made several hundred cuts across its marketing, publicity, and financial operations units, while Warner Bros. Discovery eliminated just under 100 positions.

See the full memo from the Paramount Global co-CEOs:

Hi Everyone,

As we navigate the continued industry-wide linear declines and dynamic macro-economic environment, while prioritizing investments in our growing streaming business, we are taking the hard, but necessary steps to further streamline our organization starting this week. 

We will be reducing our domestic workforce by 3.5%, with the majority of impacted staff being notified today. This process may also result in some impacts to our workforce outside the US over time. As always, any changes will be considered in accordance with local legal obligations.

We recognize how difficult this is and are very thankful for everyone’s hard work and contributions. These changes are necessary to address the environment we are operating in and best position Paramount for success.

Along with our HR leaders, we are committed to ensuring all impacted employees are supported with care and respect during this time.

We are deeply grateful to the many employees who have been a part of creating and propelling our record-breaking hit content— most recently Mission: Impossible – The Final Reckoning, MobLand, and the NCAA Tournament—and for the impressive growth in streaming that our hits continue to drive. As our company transforms, there is so much to be proud of. Our progress is clear, and the results are meaningful.

As always, thank you for your commitment, compassion and support for one another as we continue to transition Paramount for the future.

George, Chris and Brian