Another Round Of Cost Cutting Measures Announced

Paramount Global To Lay Off 15% Of US Workforce

Another Round Of Cost-Cutting Measures Announced

Paramount Global, the media conglomerate that owns Paramount Pictures, CBS, and Showtime, is planning to lay off 15% of its US workforce, or about 2,000 employees, as part of a cost-cutting measure. The layoffs will primarily affect the company's streaming division, which has been struggling to compete with Netflix and other streaming giants.

Streaming Woes Continue

Paramount+'s streaming service has been losing money, and the company has been under pressure from investors to improve its profitability. The layoffs are part of an effort to reduce costs and make the streaming division more efficient. Paramount Global's streaming division has been struggling to compete with Netflix and other streaming giants, and the company has been under pressure from investors to improve its profitability.

Weak Demand, Changing Landscape

The layoffs come at a time when the media industry is facing a number of challenges, including weak demand for traditional TV and the rise of streaming. Paramount Global is not the only media company that has been forced to lay off employees in recent months. Warner Bros. Discovery and Disney have also announced layoffs in recent months.