Paramount Makes More Layoffs: Several Hundred Employees Axed, Representing 3.5% of U.S. Workforce

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Paramount Global is reducing its domestic workforce by another 3.5%, which translates to the loss of several hundred jobs within the country.

As a movie enthusiast, I’ve found myself reflecting on the recent changes within our beloved media empire, encompassing CBS, MTV, Paramount Pictures, Paramount+, and more. In a company-wide communication shared this Tuesday, our esteemed co-CEOs – George Cheeks, Brian McCarthy, and Brian Robbins – highlighted the challenging landscape of linear TV and a rapidly shifting macro-environment as the driving forces behind some difficult decisions. These decisions, symbolized by a series of notifications termed “pink slips,” are part of our company’s ongoing journey.

The merger with Skydance Media, an agreement announced over nine months ago, is still under review by the FCC, keeping our company in a state of anticipation. This unique blend of media powerhouses promises exciting possibilities for our future and I am eagerly looking forward to seeing how these changes unfold.

Over the course of last summer and autumn, Paramount undertook cost-saving measures which included job reductions amounting to approximately 15% of its domestic workforce, impacting around 2,000 employees. This is part of a larger strategy to reduce annual expenses by half a billion dollars.

In their memo, Cheeks, McCarthy, and Robbins mentioned a 3.5% decrease in our domestic team. The majority of those affected will be informed today. They also noted that these layoffs could potentially influence our workforce beyond the US in the future.

As of the end of 2024, Paramount Global had 18,600 employees worldwide.

On a separate note, it’s been announced that our CFO, Naveen Chopra, is leaving the company effective from June 27. Interestingly, he has accepted a position as the new Chief Financial Officer at gaming company Roblox, starting from June 30.

Read the memo from the three Paramount co-CEOs:

Hi Everyone,

Moving forward amid ongoing sector-wide decrease trends and a fluctuating global economy, with a focus on expanding our streaming service, we’re making tough yet essential changes within our company, beginning from this week, aimed at improving efficiency.

We’re planning to cut our domestic workforce by 3.5%. Most of the affected employees will be informed about this today. This decision could potentially have effects on our workforce beyond the U.S. in the future. As usual, we will ensure that any changes are made in compliance with local laws and regulations.

We fully appreciate the challenges you’re facing and extend our heartfelt gratitude for everyone’s diligent efforts and valuable input. These alterations are crucial steps towards adapting to our current circumstances, ensuring that Paramount thrives in the long run.

Together with our Human Resources leaders, we’re dedicated to providing compassionate and respectful support for all those affected during this period.

We greatly appreciate all the employees who have contributed significantly to the creation and success of our blockbuster content such as Mission: Impossible – The Final Reckoning, MobLand, and the NCAA Tournament. These hits not only fuel our streaming growth but also bring us immense pride. As our company evolves, there’s much to celebrate about our journey, with clear progress and meaningful outcomes.

Once again, I appreciate your unwavering dedication, empathy, and mutual assistance as we navigate the future evolution of Paramount together.

George, Chris and Brian

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2025-06-10 14:47