Paramount Cuts 15% Of U.S. Staff, Writes Down $6 Billion Of Cable TV Value

Paramount Global, the storied media conglomerate has announced that it will lay off 15% of its U.S. staff and write down $6 billion in the value of its cable television networks as it prepares to merge with Skydance Media, according to a report by Liam Reilly and Jon Passantino for CNN.

The layoffs will affect approximately 2,000 staffers in the coming weeks. I Photo: MattCC716 Flickr

The layoffs, which will affect approximately 2,000 staffers in the coming weeks, are part of Paramount’s effort to trim $500 million in annual costs companywide ahead of its merger with Skydance Media, the company led by technology scion David Ellison.

The reductions will primarily target “redundant functions” in marketing and communications, as well as support roles in finance, legal, and technology, according to Paramount co-chief executive Chris McCarthy.

Paramount, which controls a vast portfolio of cable and television assets, stated that the write-down of its TV business was “primarily a result of recent indicators in the linear affiliate marketplace and the estimated total company market value indicated by the Skydance transactions.”

This move reflects the significant challenges facing the traditional television industry as consumers rapidly shift away from cable bundles in favor of streaming services. Just a day earlier, Warner Bros. Discovery, the parent company of CNN, TNT, HGTV, and other cable networks, reported a $9.1 billion write-down on its TV business.