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The bloodbath at Paramount Global continued Tuesday as the struggling media giant kicked off a second round of layoffs in its previously announced plans to cut 2,000 jobs.
Paramount’s co-CEOs George Cheeks, Chris McCarthy and Brian Robbins revealed in a memo that “90% of these reductions will be complete” by the end of Tuesday.
“Like the entire media industry, we are working to accelerate streaming profitability while at the same time adjusting to the evolving landscape in our traditional businesses,” the CEOs said. “Days like today are never easy. It is difficult to say goodbye to valued colleagues, and to those departing, we are incredibly grateful for your countless contributions.”
Paramount said in August that it would slash 15% of its US workforce in order to cut $500 million from the budget ahead of its planned merger with Skydance Media, which is expected to be finalized next year.
It is unclear when the final 10% of the cuts will be enacted, but they will likely happen before the end of 2024, insiders said.
Sources told The Post that CBS News will be impacted by the cuts — and that the Washington, DC, bureau will likely be hit after the 2024 presidential election, following the network’s decision to move “CBS Evening News” from the nation’s capital to New York.
That move included the announcement over the summer that longtime “CBS Evening News” anchor Norah O’Donnell will exit the last-place broadcast after the election, and that she will be replaced by CBS News journalist John Dickerson and WCBS anchorman Maurice DuBois.
A rep for CBS did not comment.
The first round of cuts included the closure of Paramount TV Studios, which was known for producing shows like “The Offer,” “Reacher” and “13 Reasons Why.”
The company also wrote down the value of its cable networks by $6 billion last month as it grapples with a decline in its traditional cable television business, driven in part by advertisers increasingly shifting their spending to streaming platforms.
The job cuts are expected to lead to charges of $300 million to $400 million in the third quarter, company executives had said in August.
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