Paramount layoffs: TV and movie giant cuts 3.5% of U.S. workforce ahead of merger with Skydance Media, citing uncertain economy

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.

The latest round of layoffs come as the media giant prepares to merge with movie studio Skydance Media. Paramount Global parent company National Amusements and Skydance Media agreed to merge last July, but it is still waiting for regulatory approval.

Paramount, owns Paramount Pictures movie and television studios, Paramount+ streaming service, MTV, Nickelodeon, BET, Comedy Central and the CBS television network, including CBS News.

Shares in Paramount Global (PARA) were trading up about 1% in late morning trading, at the time of this writing.

Here’s what to know.

What happened?

On Tuesday, Paramount’s co-CEOs George Cheeks, Chris McCarthy and Brian Robbins notified staff of layoffs in a memo, which said the 90% of those impacted would be notified on Tuesday, according to CNBC.

Last August Paramount began the process of reducing its U.S.-based workforce by 15% after laying out a cost-cutting plan.

The layoffs are just the latest to hit the beleaguered media industry, which has seen staff cuts at Disney and Warner Bros. Discovery, to name a few.

Paramount Global by the numbers

In Paramount Global’s latest round of earnings, for the first quarter of 2025, ending March 31st, 2025, the media company reported an earnings per share (EPS) of $0.29, missing analysts estimates; quarterly revenue of $7.19 billion, slightly beating analyst expectations of $7.14 billion; and forecast earnings would grow by 54.67% next year, from $2.25 to $3.48 per share.

The company is next slated to report Q2 earnings in early August.