Paramount to lay off 3.5% of US staff in latest job cut, memo shows

This is in addition to the 15% cuts Paramount had announced last August and comes as the media industry navigates a "generational disruption" as millions of cable users cut the cord and opt for streaming services such as Netflix. "We are taking the hard, but necessary steps to further streamline our organization starting this week," Paramount Co-CEOs George Cheeks, Chris McCarthy and Brian Robbins wrote in the memo. Paramount had 18,600 employees as of Dec. 31, 2024.