Paramount Global has officially implemented long-awaited layoffs as the company plans to reduce its US workforce by 15%.
What Paramount layoffs suggest about the media's struggle
The first of three phases of workforce reductions begins today, with 90% of the total reductions to be completed by the end of September. George Cheeks, Chris McCarthy and Brian Robbins, the three members of the Office of the CEO, outlined the details in a memo to employees this morning (read it below).
“The industry continues to evolve and Paramount is at an inflection point where changes are necessary to strengthen our business,” the co-CEOs wrote.
"We know it is incredibly difficult to say goodbye to teammates whose contributions have been critical to our success," they added. "Working with our HR leaders, we are committed to supporting employees transitioning from Paramount and our teams as they adapt to these changes."
