Paramount Global Announces Major Layoffs as Part of Cost-Cutting Measures
Layoffs Impact Paramount Television Studios, Affecting 2,000 Employees
August 13, 2024, 10:15 AM EST
In a significant move aimed at reducing costs, Paramount Global has announced a new wave of layoffs that will impact its Paramount Television Studios division. The company plans to lay off approximately 15% of its global workforce, equating to around 2,000 employees.
This latest round of layoffs follows two previous rounds that have already affected Paramount Global this year. The company has cited financial constraints and the need to streamline operations as the driving forces behind this decision.
Paramount Television Studios, which produces and distributes a range of television content, will be particularly hard hit by these layoffs. The division has faced challenges in recent months, including a decline in viewership and increased competition from streaming services.
The layoffs will have a significant impact on the film and television industry. Paramount is one of the largest media companies in the world, and its decision to reduce its workforce will undoubtedly have ripple effects throughout the sector.
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