Paramount to Lay Off 15% of US Workforce, Close TV Studio Amid $6 Billion Writedown, Skydance Merger

Aug 13, 2024, 01:19 PM

Paramount Global has announced significant cost-cutting measures, including the closure of its Paramount Television Studios and the layoff of approximately 2,000 employees, or 15% of its U.S. workforce. These actions, starting Tuesday, are part of a broader strategy to reduce expenses by $500 million ahead of a planned merger with Skydance Media. The layoffs will occur in three phases and are expected to be completed by the end of the year. This decision follows a $6 billion writedown in the value of Paramount's cable networks, reflecting challenges in the traditional TV market as the company shifts focus towards streaming services. Nicole Clemens, a well-regarded chief, will depart as the studio's projects transition to CBS Studios.