Paramount Global Class A Stock News

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Paramount Global is cutting 3.5% of its U.S. workforce as customers switch away from traditional pay-TV bundles in today's shifting media landscape and uncertain economy.

Paramount Global is slashing its U.S. workforce by 3.5% as it takes "hard, but necessary steps to further streamline" the company, according to a memo obtained by FOX Business.

The move follows a 15% reduction last year as part of a $500 million cost cutting plan. The company ended 2024 with 18,600 employees worldwide.

Paramount Global (NASDAQ:PARA) said on Tuesday it will reduce its US workforce by approximately 3.5%, cutting several hundred jobs as the media giant continues to adjust to ongoing disruptions in the industry, including cord-cutting trends. The latest layoffs follow a more substantial 15% reduction across the company's workforce last year.

Paramount is cutting 3.5% of its US workforce amid linear TV declines. The layoffs follow similar moves by Disney and Warner Bros.

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, according to an internal memo seen by Reuters.