Paramount lays off several hundred employees amid linear TV declines and 'dynamic macro-environment'

Paramount Global volition laic disconnected 3.5% of its home workforce, which amounts to respective 100 jobs, arsenic the media and amusement institution continues to navigate a hard industrywide diminution successful linear television.

The bulk of the affected employees were notified Tuesday, according to a missive sent Tuesday greeting to employees that was obtained by The Times. In summation to the diminution successful linear TV, the institution besides cited a “dynamic macro-economic environment” and the continued precedence of streaming concern investments arsenic the backdrop to these layoffs.

The affected departments were not disclosed.

“We admit however hard this is and are precise thankful for everyone’s hard enactment and contributions,” Paramount co-chief executives George Cheeks, Chris McCarthy and Brian Robbins wrote successful the letter.  “These changes are indispensable to code the situation we are operating successful and champion presumption Paramount for success.”

Last year, Paramount paid its co-CEOs a full of $148 million. Ousted Chief Executive Bob Bakish received compensation valued astatine $87 million.

The layoffs travel conscionable 1 time aft Paramount said its main fiscal officer, Naveen Chopra, would beryllium resigning astatine the extremity of the month. The institution said successful a regulatory filing that Chopra’s resignation was not the effect of disagreement with the institution oregon its committee of directors. Chopra is heading to online crippled institution Roblox arsenic its CFO.

Paramount is conscionable 1 of respective studios crossed Hollywood that are downsizing.

Last week, Walt Disney Co. announced layoffs for respective 100 employees successful the U.S. and abroad, citing the diminution successful linear TV. The layoffs mostly affected the movie and tv selling teams, tv publicity, casting and improvement arsenic good arsenic firm fiscal operations.

The determination came conscionable 3 months aft the institution chopped 200 workers, including astatine ABC News and Disney-owned amusement networks.

Warner Bros. Discovery besides laid disconnected employees from its cablegram TV channels past week, cutting respective twelve positions. On Monday, the media and amusement institution said it would divided into 2 abstracted firms — 1 entity that includes the movie studio, tv production, HBO and HBO Max and DC Studios and the different with cablegram channels specified arsenic CNN and TNT arsenic good arsenic its European over-the-air networks.