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Paramount to Lay Off 15% U.S. Workforce, About 2,000 Employees, in Fresh Round of Cuts
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variety.com
variety.comTodd Spangler NY Digital Editor Paramount Global will cut 15% of its U.S. workforce in the next few weeks — a round of layoffs that will affect about 2,000 employees — coming ahead of its planned merger with Skydance Media.
With the layoffs, the company expects to record a $300 million-$400 million restructuring charge in Q3, Paramount CFO Naveen Chopra said.
The details were announced on Paramount’s Q2 earnings call, after the company announced a massive operating loss on a $5.98 billion write-down on the value of its cable TV networks.
The devaluation of Paramount’s cable biz was tied to its agreement to be acquired by Skydance Media, which is expected to close by Sept.
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George Cheeks
Chris Maccarthy
Brian Robbins
Naveen Chopra
Entertainment
CBS
record
Department
Digital
COST
Markets
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