Paramount plans to dismiss several hundred employees on Tuesday (10) due to the continuous decline of the cable TV industry and the general economic scenario.
The measure will affect about 3.5% of the media company in the United States, according to an internal memorandum sent to the team and seen by Bloomberg.
“These changes are necessary to face the environment in which we are operating and positioning Paramount in the best way to be successful,” George Cheeks, Chris McCarthy and Brian Robbins, wrote.
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Paramount, a mother-channel company of TV channels like CBS and MTV and Hollywood’s iconic studios, had already cut 15% of its staff in a series of layoffs last year.
In this last reduction, most employees will be notified immediately, the CEOs said.
The company is currently trying to make a merger with Skydance Media and also faces a lawsuit of President Donald Trump, which claims CBS News interfered with the elections.
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