Paramount slashing thousands of jobs, writes down value of cable networks by $6B

Paramount Global wrote down the value of its cable networks by nearly $6 billion and announced it would cut 15% of jobs on Thursday, even as the company's streaming business reported its first quarterly profit. Paramount stock rose more than 5% in extended trading. The impairment reflects a shrinking audience for cable TV networks such as Nickelodeon, MTV and Comedy Central, a decline that translates to lower advertising revenue. The announcement comes a day after Warner Bros Discovery took a $9 billion wri ...