Investing.com -- Paramount Global Class B (NASDAQ:PARA) is reducing its U.S.-based staff by 3.5%, marking the latest round of layoffs at the media company, CNBC reported on Tuesday, citing a memo.
The company informed its employees about the forthcoming layoffs on Tuesday morning, as per the memo.
The memo originated from the office of the CEO, which is currently occupied by George Cheeks, Chris McCarthy, and Brian Robbins. The majority of the affected staff were notified on Tuesday.
According to the memo released on Tuesday, the CEOs indicated that the layoff process may also have some impact on the workforce outside of the U.S. over time. As of December 2023, non-U.S. employees made up less than 5% of the company’s total workforce, based on a regulatory filing.
The CEOs expressed their recognition of the difficulty of the situation and their gratitude for the hard work and contributions of the staff.
They stated that these changes are necessary to adapt to the environment in which the company is operating and to best position Paramount Global for success.