LOS ANGELES: Media conglomerate Paramount Global announced on Thursday that it will cut 15 per cent of its US-based workforce, or about 2,000 jobs, as part of a broader cost-cutting plan, reported Xinhua.
The cuts will focus on two areas, including redundant functions in marketing and communications, and in finance, legal, technology and other support roles, said Chris McCarthy, co-chief executive officer of Paramount Global, during a second-quarter earnings conference call.
“These actions will take place in the coming weeks and will largely be completed by the end of the year,“ he said, adding that “these are difficult decisions to make.”
The second-quarter earnings report released on Thursday revealed significant financial challenges for Paramount, which owns CBS, Paramount Pictures and popular cable networks.
The company reported a massive operating loss due to a US$5.98-billion write-down on the value of its cable TV networks.
This devaluation is linked to Paramount’s pending acquisition by Skydance Media, which is expected to close by Sept. 30, 2025.
The job cuts are part of a previously cost-saving plan announced by Paramount’s three co-chief executive officers to reduce annual costs by US$500 million dollars ahead of the Skydance merger. – Bernama, Xinhua
