Additional Coverage:
Paramount Joins Wave of Corporate Layoffs, Cutting Thousands of Jobs
Los Angeles, CA – Media giant Paramount has initiated a significant round of layoffs, impacting approximately 1,000 U.S.-based employees, with an additional 1,000 positions expected to be eliminated soon. The move, confirmed by Paramount CEO David Ellison in a memo to staff, follows similar workforce reductions across various major U.S. companies.
The initial cuts, which represent roughly 10% of Paramount’s workforce, span the company’s television, film, streaming, and corporate divisions. Ellison stated that these “significant changes” are necessary to build a “strong, future-focused company” and involve “restructuring the organization.”
In his communication to employees, Ellison addressed the rationale behind the layoffs, citing the need to “address redundancies that have emerged across the organization” and to “phase out roles that are no longer aligned with our evolving priorities and the new structure designed to strengthen our focus on growth.”
This latest round of job reductions comes on the heels of previous workforce adjustments over the summer, where the company cut more than 3% of its workers. Ellison emphasized that these steps are “necessary to position Paramount for long-term success.”
The layoffs also follow the recent $8 billion merger between Skydance Media and Paramount Global, which received FCC approval a few months prior. Paramount now joins a growing list of major U.S. companies, including General Motors, United Parcel Service, Target, and Amazon, that have announced job cuts in recent months.
As of the end of last year, Paramount reported employing over 18,500 full- and part-time staff across 32 nations.