Paramount Global is laying off 15% of its U.S. workforce in the coming weeks, a round of layoffs that will affect approximately 2,000 employees, ahead of its planned merger with Skydance Media.
Paramount to lay off 15% of US staff, layoffs could affect 2,000 people! #globalnews
Paramount CFO Naveen Chopra said the company expects to take a restructuring charge of $300 million to $400 million in the third quarter as a result of the layoffs.
The details were announced during Paramount’s Q2 earnings call, after the company announced a huge operating loss on a $5.98 billion write-down of the value of its cable television networks. The devaluation of Paramount’s cable business was tied to a deal to be acquired by Skydance Media, which is expected to close on Sept. 30, 2025.
Chris McCarthy, head of Showtime/MTV Entertainment Studios and Paramount Media Networks, said on the call that the layoffs will primarily occur in the company’s marketing and communications departments, with some “right-sizing” in other areas, including legal, finance and other corporate functions. McCarthy said Paramount expects to complete the layoffs by the end of 2024.
