Overview
- About 1,000 U.S. employees were notified Wednesday in the first wave of reductions, with a similarly sized second round expected soon.
- The planned total of roughly 2,000 job cuts would represent about 10% of the company’s workforce.
- In a memo confirming the move, CEO David Ellison said the restructuring addresses redundancies and phases out roles no longer aligned with growth priorities.
- Layoffs are expected across operations including CBS, CBS News, Comedy Central and the Melrose Avenue film studio, according to reporting.
- Paramount is also trimming real estate and selling assets, including last week’s Telefé deal, as the industry sees broader cost cuts at peers like Amazon, Meta and Charter.