Paramount Global Announces Staff Layoffs
Another Round of Cost-Cutting Measures
Media conglomerate Paramount Global has announced that it will lay off 15% of its US staff, impacting approximately 2,000 employees. This move is part of a broader cost-cutting strategy aimed at realizing annual savings of $500 million.
Layoffs Affect Multiple Departments
The layoffs are expected to affect various departments across Paramount's US operations. The company is exploring ways to reduce expenses and streamline its business structure.
This marks the first round of layoffs since Bob Bakish became CEO of Paramount Global in 2017. The company previously laid off 1,500 employees in 2018 as part of a restructuring plan.
Impact on Paramount's Business
Paramount Global's decision to lay off staff underscores the challenges facing the media industry as it adapts to changing consumer behavior and the rise of streaming services. The company's revenue has been declining in recent years, leading to the need for cost-cutting measures.
Despite the layoffs, Paramount Global remains committed to its streaming strategy and plans to invest heavily in its Paramount+ service. However, the company is also exploring ways to optimize its operations and reduce expenses to ensure long-term profitability.
The layoffs are expected to be completed by the end of 2024 and will affect employees across Paramount's US operations.
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