Paramount announces major cuts as cable networks decline

Paramount Global has unveiled significant measures to realign its business strategy.

The company announced a write-down of nearly $6 billion in the value of its cable networks, reflecting the ongoing decline in the cable television industry.

In addition to the write-down, Paramount revealed plans to reduce its US workforce by 15%, a move that will impact approximately 2,000 employees. These cost-cutting measures are part of the company’s broader efforts to trim $500 million in expenses ahead of its planned merger with Skydance Media.

The restructuring comes as Paramount seeks to navigate the shifting media landscape and adapt to the challenges facing traditional cable networks. While Paramount is finding ways to secure its financial future, Warner Bros. Discovery is struggling with ongoing issues.