Latest news with #GeorgeCheeks
Yahoo
12-06-2025
- Business
- Yahoo
Paramount layoffs: TV and movie giant cuts 3.5% of U.S. workforce ahead of merger with Skydance Media, citing uncertain economy
Paramount Global is cutting 3.5% of its U.S. workforce as customers switch away from traditional pay-TV bundles in today's shifting media landscape and uncertain economy. RIP to the almost future of computing: Apple just turned the iPad into a Mac Why Third Amendment memes are suddenly taking over social media China is arming its space station with 'guard dogs.' They have good reason for it The latest round of layoffs comes as the media giant prepares to merge with movie studio Skydance Media. Paramount Global's parent company, National Amusements, and Skydance Media agreed to merge last July, but are still waiting for regulatory approval. Paramount owns Paramount Pictures movie and television studios, the Paramount+ streaming service, MTV, Nickelodeon, BET, Comedy Central, and the CBS television network including CBS News. Shares in Paramount Global (PARA) were trading up about 1% in late morning trading at the time of this writing. On Tuesday, Paramount's co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins notified staff of layoffs in a memo, which said 90% of those impacted would be notified on Tuesday, according to CNBC. Last August, Paramount began the process of reducing its U.S.-based workforce by 15% after laying out a cost-cutting plan. The layoffs are just the latest to hit the beleaguered media industry, which has also seen staff cuts at Disney and Warner Bros. Discovery, to name a few. In Paramount Global's latest round of earnings, for the first quarter of 2025, ending March 31, 2025, the media company reported earnings per share (EPS) of $0.29, missing analysts estimates; and quarterly revenue of $7.19 billion, slightly beating analyst expectations of $7.14 billion. The company forecast that earnings would grow by 54.67% next year, from $2.25 to $3.48 per share. The company is slated to report Q2 earnings in early August. This post originally appeared at to get the Fast Company newsletter: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
11-06-2025
- Business
- Time of India
Paramount to lay off 3.5% of US staff in latest job cut, memo shows
HighlightsParamount Global is laying off 3.5% of its U.S. staff as part of a response to declining cable television subscribers. This layoff comes in addition to a previously announced 15% reduction in staff made by Paramount Global in August. The company is also facing challenges related to a $10 billion lawsuit filed by former U.S. President Donald Trump against CBS News, which could impact its merger deal with Skydance Media. Paramount Global is laying off 3.5% of its U.S. staff in the latest round of job cuts as the company grapples with a decline in cable TV subscribers, according to an internal memo seen by Reuters. The layoff was communicated to its staff on Tuesday morning and it could affect some non-U.S. workforce over time, the memo from the office of the company's three co-CEOs showed. This is in addition to the 15% cuts Paramount had announced last August and comes as the media industry navigates a "generational disruption" as millions of cable users cut the cord and opt for streaming services such as Netflix. "We are taking the hard, but necessary steps to further streamline our organization starting this week," Paramount Co-CEOs George Cheeks, Chris McCarthy and Brian Robbins wrote in the memo. Paramount had 18,600 employees as of Dec. 31, 2024. CNBC first reported the development on Tuesday. The company has pitched its $8.4 billion merger with billionaire scion David Ellison's Skydance Media. But the deal is yet to secure regulatory approval, pending a $10 billion lawsuit U.S. President Donald Trump filed against CBS News in October over an interview with then-vice president Kamala Harris that he alleged was deceptively edited to favor Harris.
Yahoo
10-06-2025
- Business
- Yahoo
Paramount lays off several hundred employees amid linear TV declines and 'dynamic macro-environment'
Paramount Global will lay off 3.5% of its domestic workforce, which amounts to several hundred jobs, as the media and entertainment company continues to navigate a difficult industrywide decline in linear television. The majority of the affected employees were notified Tuesday, according to a letter sent Tuesday morning to employees that was obtained by The Times. In addition to the decline in linear TV, the company also cited a "dynamic macro-economic environment" and the continued priority of streaming business investments as the backdrop to these layoffs. The affected departments were not disclosed. "We recognize how difficult this is and are very thankful for everyone's hard work and contributions," Paramount co-chief executives George Cheeks, Chris McCarthy and Brian Robbins wrote in the letter. "These changes are necessary to address the environment we are operating in and best position Paramount for success." The layoffs come just one day after Paramount said its chief financial officer, Naveen Chopra, would be resigning at the end of the month. The company said in a regulatory filing that Chopra's resignation was not the result of disagreement with the company or its board of directors. Paramount is just one of several studios across Hollywood that are downsizing. Last week, Walt Disney Co. announced layoffs for several hundred employees in the U.S. and abroad, citing the decline in linear TV. The layoffs largely affected the film and television marketing teams, television publicity, casting and development as well as corporate financial operations. The move came just three months after the company cut 200 workers, including at ABC News and Disney-owned entertainment networks. Warner Bros. Discovery also laid off employees from its cable TV channels last week, cutting several dozen positions. On Monday, the media and entertainment company said it would split into two separate firms — one entity that includes the film studio, television production, HBO and HBO Max and DC Studios and the other with cable channels such as CNN and TNT as well as its European over-the-air networks. Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
10-06-2025
- Business
- Time of India
Paramount to lay off 3.5% of US staff in latest job cut
Paramount Global is laying off 3.5% of its U.S. staff in the latest round of job cuts as the company grapples with a decline in cable TV subscribers, according to an internal memo seen by Reuters. The layoff was communicated to its staff on Tuesday morning and it could affect some non-U.S. workforce over time, the memo from the office of the company's three co-CEOs showed. This is in addition to the 15% cuts Paramount had announced last August and comes as the media industry navigates a "generational disruption" as millions of cable users cut the cord and opt for streaming services such as Netflix. "We are taking the hard, but necessary steps to further streamline our organization starting this week," Paramount Co-CEOs George Cheeks, Chris McCarthy and Brian Robbins wrote in the memo. Paramount had 18,600 employees as of Dec. 31, 2024. CNBC first reported the development on Tuesday. The company has pitched its $8.4 billion merger with billionaire scion David Ellison's Skydance Media . But the deal is yet to secure regulatory approval, pending a $10 billion lawsuit U.S. President Donald Trump filed against CBS News in October over an interview with then-vice president Kamala Harris that he alleged was deceptively edited to favor Harris.
Yahoo
10-06-2025
- Business
- Yahoo
Paramount to cut 3.5% of its workforce amid economic, media challenges
Paramount Global said Tuesday that the entertainment and media company is cutting 3.5% of its workforce, citing challenges in the broader U.S. economy and in the linear television business. It's the latest round of layoffs at the media company — which owns the CBS broadcast network as well as cable channels, such as MTV and Nickelodeon — as it prepares to merge with movie studio Skydance Media. In a memo sent Tuesday morning to employees from the company's three co-CEOs — George Cheeks, Chris McCarthy and Brian Robbins — Paramount said the layoffs would affect U.S. workers, with "the majority of impacted staff being notified today." Some employees outside the U.S. could later be impacted, according to the memo. Paramount had about 18,600 full- and part-time workers in 32 countries at the end of 2024, according to a regulatory filing. As consumers shift to streaming media and viewership declines for traditional TV and cable networks, Paramount has put more resources into its streaming business, Paramount+. It's also banking on its merger with Skydance, an entertainment business launched by David Ellison, son of Oracle founder Larry Ellison, to help revive its fortunes. "As we navigate the continued industrywide 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," the co-CEOs wrote in the memo. A spokesman for Paramount said the company declined further comment. The latest cuts come after the media giant slashed about 15% of its workforce last year, part of an effort to trim costs by $500 million and return the company to profitability. For the first three months of the year, Paramount reported net earnings of $152 million on revenue of $7.1 billion, compared with a loss of $563 million on revenue of $7.6 billion in the year-ago period. Paramount and Skydance are awaiting regulatory approval for the merger amid a lawsuit filed by President Trump against the network. The suit claims that CBS' "60 Minutes" program intentionally misled the public in its editing of an October 2024 interview with then-Vice President Kamala Harris about her presidential candidacy. The network has repeatedly said the claims are "completely without merit." Legal experts have said they view the lawsuit as "frivolous" and an infringement on First Amendment rights. Mediation between Paramount and Mr. Trump's legal team is ongoing. Australian reporter covering Los Angeles protests shot with rubber bullet by police officer LAPD chief speaks out about deployment of military forces to anti-ICE protests Can Trump deploy National Guard without governor's approval?
