Paramount Cuts 15% of Workforce Major Layoffs Across the Entertainment Industry 🎬😱 @StartupERA_IN

Paramount, the parent company of CBS, Nickelodeon, and MTV, announced a significant round of layoffs, reducing its U.S. workforce by roughly 15% as part of a broader strategy to adapt to shifts in the entertainment industry.

The cuts, affecting thousands of employees, are part of the company's efforts to save $500 million annually. The layoffs, which will be completed by the end of September, follow similar moves by other major media companies like Warner Bros. Discovery and Disney, as the industry grapples with declining cable profits and the uncertain profitability of streaming services.

Paramount recently announced a merger with Skydance, the studio behind "Top Gun: Maverick," and is exploring other strategic options, including potential acquisition offers.

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Company Profile:-

Founded:- 1914
Industry: Digital Entertainment, Events, Media and Entertainment
Location:- New York, New York, United States
Total Funding:- NA
Company Stage:- Public
Founders:- Mauricio Perez
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