Paramount is laying off 3.5% of its US workers. Read the memo its leadership sent to staff.

Company Overview - Paramount is laying off 3.5% of its US workforce, marking the second round of layoffs within a year after a 15% reduction in 2024 [1][5] - The company employed 18,600 people worldwide as of the end of 2024 [1] Industry Context - The media industry is undergoing a significant transformation as audiences shift from legacy TV to streaming, which is beginning to show profitability [2] - Other companies in the industry, such as Disney and Warner Bros. Discovery, are also cutting jobs to align with the declining legacy TV business [1][2] Management Changes - Paramount's CFO, Naveen Chopra, has left the company to join Roblox, with Andrew Warren appointed as interim CFO [4] - Two top news executives, Wendy McMahon and Bill Owens, have resigned due to disagreements over the company's handling of regulatory matters related to a proposed merger with Skydance Media [3] Strategic Focus - The layoffs are part of a strategy to streamline operations and prioritize investments in the growing streaming business amid ongoing industry-wide declines [4][5] - The company acknowledges the difficulty of these changes but emphasizes their necessity for future success [5][6] Employee Support - The company is committed to supporting impacted employees with care and respect during the transition [6]