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Business • Jun 11, 2025

Paramount Global announces major layoffs amid industry decline

Paramount Global is letting go of over 650 US employees—about 3.5% of its workforce—due to tough economic times and fewer people watching cable TV. This comes after a bigger round of layoffs last year, as the company shifts its focus to growing Paramount+, its streaming service, and waits for approval on a possible merger with Skydance Media.

TL;DR

Details of the job cuts

  • Over 650 jobs cut from around 18,600 employees.
  • Follows a previous 15% workforce reduction last year.
  • Part of an industry-wide trend, with similar moves at Disney and Warner Bros. Discovery.

Paramount facing leadership shakeups and legal drama

Paramount isn't just dealing with job cuts—it's also navigating leadership shakeups and legal drama tied to a controversial "60 Minutes" interview. All these changes are part of the company's push to keep up in today's fast-changing media world.