Paramount Global is cutting hundreds of employees, about 3.5% of its U.S. staff, according to a memo viewed by CNBC and Reuters.
The memo, which said laid-off staff would be notified on Tuesday, was from the company's trio of CEOs — George Cheeks (CBS), Chris McCarthy (Showtime and MTV Entertainment Studios), and Brian Robbins (Paramount Pictures and Nickelodeon).
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"We recognize how difficult this is and are very thankful for everyone's hard work and contributions," the CEOs wrote in the memo, per CNBC. "These changes are necessary to address the environment we are operating in and best position Paramount for success."
In August 2024, Paramount announced during its Q2 2024 earnings that it was laying off 15% of its U.S. workforce, around 2,000 employees.
According to a regulatory filing, Paramount's workforce includes 18,600 full- and part-time global employees as of December 2024.
Related: Paramount Is Laying Off Hundreds of Employees Just Days After 'Blockbuster' Super Bowl LVIII Success
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