Overview

• Paramount Global's second phase of layoffs is part of a broader plan to reduce its U.S. workforce by 15%, or approximately 2,000 jobs.
• The cuts are focused on streamlining operations in media, communications, finance, legal, technology, and other support functions.
• Paramount+’s communications team has been heavily impacted, with senior executives Morgan Seal, Amanda Cary, and Deva Kehoe among those laid off.
• The layoffs are intended to accelerate streaming profitability and adapt to changes in traditional media landscapes ahead of a planned merger with Skydance Media in 2025.
• The company expects to incur a restructuring charge of $300 million to $400 million in the third quarter due to the layoffs.