Paramount Advertising Division Faces Layoffs Amid $500M Cost-Cutting Plan

The layoffs are part of a broader strategy to reduce 15% of Paramount's U.S. workforce ahead of its merger with Skydance Media.

Paramount Advertising, managing ad sales across multiple platforms including CBS and MTV, is undergoing significant layoffs.
The cuts are part of a plan to save $500 million annually and involve reducing 2,000-3,000 jobs in the U.S. by the end of September.
The layoffs are focused on eliminating redundant functions and streamlining corporate teams in areas like marketing, finance, and legal.
Paramount expects to incur a restructuring charge of $300-$400 million in the third quarter as part of these cost-saving measures.
The move comes ahead of a planned merger with Skydance Media, set to be finalized in the first half of 2025, which will see major ownership changes.