Paramount lays off several hundred employees amid linear TV declines and ‘dynamic macro-environment’
Paramount Global is set to reduce its domestic workforce by approximately 3.5%, affecting hundreds of employees, as the media and entertainment firm struggles with a persistent downturn in traditional television viewing across the industry.
On Tuesday, it was reported (based on a letter sent to employees earlier that morning, which The Times obtained) that most of the impacted staff members were informed about the situation. Moreover, apart from the decrease in traditional TV broadcasts, the company pointed to a “fluctuating economic landscape” and the ongoing emphasis on streaming service investments as the reasons behind these job cuts.
The affected departments were not disclosed.
In our letter, we acknowledge the challenges everyone is facing and express our deep appreciation for the dedication and efforts put forth by all. These adjustments we’re making are essential to adapt to the circumstances and maximize Paramount’s potential for prosperity.
As a film enthusiast, I found myself surprised by yesterday’s announcement. Just one day after Paramount revealed that their Chief Financial Officer, Naveen Chopra, was stepping down at the end of the month, they’ve decided to make some changes within the company. In a regulatory filing, they mentioned that Chopra’s resignation wasn’t due to any disagreements with the company or its board of directors.
Paramount is just one of several studios across Hollywood that are downsizing.
Over the past week, it’s been reported that Disney has planned to let go of numerous employees across the U.S. and internationally. This decision stems from a downturn in traditional TV broadcasting. The layoffs primarily impacted teams responsible for marketing films and television shows, publicity for TV, casting and development, as well as Disney’s financial operations at the corporate level.
The action was taken merely three months following the company’s decision to lay off 200 employees, among them from ABC News and Disney-owned entertainment channels.
Last week, Warner Bros. Discovery reduced their workforce within their cable TV divisions, eliminating around several dozen jobs. On Monday, this media and entertainment company announced plans to divide into two distinct companies. One of these new entities will encompass the film studio, television production, HBO, HBO Max, DC Studios, while the other will house channels like CNN and TNT, as well as their over-the-air networks in Europe.
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2025-06-10 20:01