Paramount announced earlier this week that the company’s second phase of layoffs would be beginning, after the first phase was conducted in August. Ninety percent of the layoffs will be complete following the second phase, and the layoffs overall will cut fifteen percent of Paramount’s workforce. It is estimated that two thousand workers will be affected by the layoffs, and Paramount is cutting workers in an effort to significantly reduce costs. The company stated that the cuts will remove redundancies in the communications and media division, and will also restructure company organization to increase efficiency. Paramount leadership is set to change within the next few months, as Paramount and Skydance Media merge, with RedBird Capital Partners involved in the deal as well.
See "Paramount begins second phase of job cuts, hundreds of workers will be affected", Samantha Masunaga, The Los Angeles Times, September 25, 2024