Mohan Sinha
13 Jun 2025, 22:41 GMT+10
NEW YORK CITY, New York: Paramount Global is cutting 3.5 percent of its U.S. staff as part of another round of layoffs. The company is struggling because fewer people are watching cable TV.
Reuters saw an internal message to staff explaining the decision.
The memo, written by Paramount's three co-CEOs, said that some international workers might also be affected in the future. These cuts are in addition to a 15 percent staff reduction made last August.
The media industry is going through significant changes as many people cancel cable subscriptions and switch to streaming platforms like Netflix. The co-CEOs said they are making tough but necessary decisions to make the company more efficient.
As of December 31, 2024, Paramount had 18,600 employees. CNBC was the first to report the news on Tuesday.
Paramount is also trying to merge with Skydance Media in a deal worth US$8.4 billion, but the deal hasn't been approved yet. U.S. President Donald Trump's $10 billion lawsuit against CBS News is still pending. He claims the network unfairly edited an interview with then-Vice President Kamala Harris.
Get a daily dose of Boston Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Boston Star.
More InformationNEW YORK CITY, New York: Paramount Global is cutting 3.5 percent of its U.S. staff as part of another round of layoffs. The company...
SAN FRANCISCO, California: In a move that highlights how the demand for compute power is reshaping the AI industry, OpenAI has signed...
BEIJING/SHANGHAI, China: What started as a surprise toy from a blind box has now entered the elite world of high-value collectibles....
NEW YORK, New York - U.S. stocks rose modestly on Thursday while the U.S. dollar sank to its lowest level in 3 years after President...
HARRISBURG, Pennsylvania: Amazon is making a significant play in Pennsylvania, announcing plans to pour at least US$20 billion into...
MUMBAI/LONDON: Fast-fashion giant Shein and India's Reliance Retail are preparing to transform India into a significant global supply...
HARRISBURG, Pennsylvania: Amazon is making a significant play in Pennsylvania, announcing plans to pour at least US$20 billion into...
New Delhi [India], June 11 (ANI): The Indian banking and financial services industry (BFSI) is currently experiencing a dynamic period...
New Delhi [India], June 11 (ANI): India's Artificial Intelligence (AI) market is set to triple to USD 17 billion by 2027 and is rapidly...
New Delhi [India], June 11 (ANI): Non-Banking Financial Companies (NBFCs) have significantly outpaced commercial banks in credit growth...
(250609) -- CAMBRIDGE, June 9, 2025 (Xinhua) -- Participants compete at the Boston Dragon Boat Festival in Cambridge, Massachusetts,...
The dead zone has officially arrived Mike Spofford Subhadeep from Middletown, CT Did you guys get some time to chit chat with...