Paramount to Lay Off 15% of Its U.S. Workforce

Paramount Global has announced plans to lay off 15% of its U.S. workforce by the end of the year as part of a strategy to achieve $500 million in annual cost savings ahead of its merger with Skydance. The layoffs will primarily affect roles deemed redundant in marketing, finance, legal, technology, and other support functions. This decision follows a reassessment of the company's cable networks, which saw a $6 billion decrease in value, and a decline in subscribers for Paramount+. Despite these challenges, the streaming division, including Pluto TV, reported its first profit. The company has already reduced its workforce by 11% over the past year, with previous layoffs occurring in February. Paramount is currently in a 45-day "go-shop" period for potential competing bids for its holding company, National Amusements, with no formal offers yet received. The merger with Skydance is expected to close early next year, with Skydance identifying $2 billion in cost efficiencies, including the $500 million from Paramount's plan. Paramount+ currently has 68 million subscribers and aims for profitability by 2025, with plans for a price increase and potential partnerships to enhance its streaming offerings.

- Paramount Global will lay off 15% of its U.S. workforce as part of cost-saving measures.

- The layoffs will impact marketing, finance, legal, technology, and support roles.

- Paramount's cable networks have lost $6 billion in value, and Paramount+ has seen a decline in subscribers.

- The company is in a "go-shop" period for competing bids ahead of its merger with Skydance.

- Paramount+ aims for profitability by 2025, with plans for a price increase and potential partnerships.