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Paramount Global is cutting its workforce in the United States by 3.5% in a movement to reduce costs.
The company’s plans to cut jobs were announced on Tuesday by its three co-cup in a memorandum of the entire company seen by Fox Business.
Co-Cosos George Cheeks, Chris McCarthy and Brian Robbins said in the message that Paramount was “taking difficult but necessary to optimize our organization this week.”
An image of a woman holding a cell phone in front of the Paramount logo shown on a computer screen on April 29, 2024, in Edmonton, Canada (Artur Widak / Nurphoto through Getty Images / Getty Images)
The effort to optimize the Paramount organization will lead to 3.5% of US company employees who lose their jobs, the memorandum said.
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It occurs when the media company navigates the “continuous linear decrease in the entire industry and the dynamic macroeconomic environment, while prioritizing investments in our growing transmission business,” according to co-cement.
| Heart | Security | Last | Change | Change % |
|---|---|---|---|---|
| TO | Global Paramount | 12.17 | +0.17 | +1.42% |
Many of the primary workers who were fired were scheduled to receive notifications on Tuesday.
Worldwide, approximately 18,600 people worked for full -time Paramount or part -time at the end of 2024.
Under the extent, some primordial workers based in other countries could also be affected “over time,” said the memorandum.
The Paramount logo is shown in Columbia Square along Sunset Blvd in Hollywood, California, on March 9, 2023. (Patrick T. Fallon / AFP through Getty Images / Getty Images)
Paramount is “committed to ensuring that all impacted employees are supported with care and respect during this time,” said Cheeks, McCarthy and Robbins.
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The company, which agreed to a proposed fusion with Skydance Media last year that has not yet been closed, had a market capitalization of $ 8.6 billion until Tuesday afternoon.
Its portfolio includes Paramount+, Comedy Central, MTV, Nickelodeon, CBS and Paramount Pictures, among others.
The Paramount Plus logo is shown on the screen of a smartphone. (Rafael Henrique/Soup images/Lightrocket through Getty Images/Getty Images)
Paramount previously cut around 15% of its workforce based in the USA last year.
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These layoffs, announced in August, “mainly” focused on “redundant functions within marketing and communications” and “rationalization” of its corporate structure “, reducing our staff in finance, legal, technology and other support functions,” McCarthy said at that time.
