Paramount is set to cut 3.5% of its U.S. staff this week due to linear declines, according to a company-wide memo sent on Tuesday, TheWrap has learned.
“As we navigate the continued industry-wide linear declines and dynamic macro-economic environment, while prioritizing investments in our growing streaming business, we are taking the hard, but necessary steps to further streamline our organization starting this week,” co-CEOs George Cheeks, Chris McCarthy and Brian Robbins wrote in a memo to staff.
“We recognize how difficult this is and are very thankful for everyone’s hard work and contributions,” they continued. “These changes are necessary to address the environment we are operating in and best position Paramount for success.”
While this latest round of job cuts will impact domestic employees on Tuesday, the message also indicated possible future layoffs could reach staff outside of the U.S. Last year, Paramount reduced its workforce by 15% — with its communications, advertising and Paramount Television Studios teams being hit the hardest.
“We are deeply grateful to the many employees who have been a part of creating and propelling our record-breaking hit content — most recently ‘Mission: Impossible – The Final Reckoning,’ ‘MobLand’ and the NCAA Tournament — and for the impressive growth in streaming that our hits continue to drive,” the office of the co-CEOs’ message concluded. “As our company transforms, there is so much to be proud of. Our progress is clear, and the results are meaningful.”
TheWrap has reached out to Paramount for further comment.
