Paramount To Reportedly Lay Off 3.5% Of Its Staff To 'Streamline' Organization

Paramount Global (PARA) is set to lay off 3.5% of its workforce in a new round of job cuts, according to a memo reportedly sent to staff on Tuesday. 

The company's shares were little changed in pre-market trading following the news.

The internal memo, viewed by CNBC, was signed by Paramount Co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins.“We are taking the hard but necessary steps to further streamline our organization starting this week,” the executives wrote. 

The layoffs will impact employees across divisions, and some non-U.S. staff may be affected in the future, according to the memo.

“These changes are necessary to address the environment we are operating in and best position Paramount for success,” the CEOs added.

The announcement follows a 15% workforce reduction last August and comes as traditional media companies face mounting pressure from the ongoing shift to streaming. 

As of December, Paramount employed about 18,600 full- and part-time workers globally, according to its most recent annual filing.

The layoffs also arrive amid uncertainty surrounding Paramount's proposed $8.4 billion merger with Skydance Media, backed by David Ellison. 

The deal has not yet cleared regulatory hurdles and is further complicated by a $10 billion lawsuit filed by U.S. President Donald Trump against CBS News in October. The suit alleges that a 2020 interview with then–Vice President Kamala Harris was deceptively edited to favor Harris.

Paramount joins other major studios, including Disney (DIS) and Warner Bros. Discovery (WBD), in trimming headcount as the industry contends with what executives have called a“generational disruption.”

Paramount's stock has gained more than 14% this year but less than 1% over the past 12 months.

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