Paramount Global to Layoff 3.5% of US Workforce Amid Cable TV Decline

Declining Cable TV Market Forces Restructuring

Paramount Global is laying off 3.5% of its U.S. staff in the latest round of job cuts as the company grapples with a decline in cable TV subscribers, as reported by Reuters. The layoff was communicated to its staff on Tuesday morning, and it could affect some non-U.S. workforce over time, the memo from the office of the company's three co-CEOs showed.

This development follows the 15% cuts Paramount had announced last August and highlights the broader disruption within the media industry. Millions of cable users have been cutting the cord and switching to streaming services such as Netflix, putting pressure on traditional media companies. According to CNBC First Report, as of Dec. 31, 2024, Paramount had 18,600 employees.

Merger with Skydance Media Under Regulatory Scrutiny

Amid workforce reductions, Paramount is also pursuing a significant corporate shift with its proposed $8.4 billion merger with Skydance Media, led by billionaire scion David Ellison. The merger is part of the company’s strategic pivot toward strengthening its streaming and content production capabilities. However, the deal is yet to receive regulatory approval.

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Conclusion

Paramount Global’s latest job cuts reflect the broader challenges confronting legacy media companies in a rapidly evolving landscape. As the firm restructures and aims to merge with Skydance Media, it faces not only internal adjustments but also external scrutiny in an increasingly complex regulatory and legal environment.

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