Paramount Global is implementing a new round of job cuts, laying off 3.5% of its U.S. staff. This decision is driven by the ongoing decline in cable TV subscribers, according to an internal memo.
These layoffs are part of the company's broader strategy to streamline operations and reduce costs in response to shifting market dynamics. The media industry continues to face challenges from cord-cutting and the pivot to streaming.
The reduction in workforce aims to create a more efficient organizational structure. This move is intended to improve overall profitability as the company navigates its transformation into a streaming-first entity.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.