Paramount Lays Off 1,600 Employees in Third Major Round of Cuts This Year

‍

Paramount is cutting 1,600 jobs as part of a major restructuring under new CEO David Ellison. The layoffs come after the company sold its television stations in Chile and Argentina. This is part of a larger plan to reduce Paramount's workforce by 15% and save $3 billion over the next two years.

Paramount Job Cut Timeline

This is the third major round of job cuts at Paramount in 2025. In June, more than 800 employees were let go before Ellison's team took over. In October, another 1,000 workers lost their jobs, mostly in the U.S. Additionally, around 600 employees took voluntary severance packages instead of complying with the company's strict return-to-office policy requiring three days per week in the office.

Why is Paramount Cutting These Jobs?

The latest job cuts are directly tied to the sale of Telefé, Paramount's broadcast network in Argentina. The company sold Telefé to businessmen Gustavo Scaglione and José Luis Manzano in late October 2025. The sale included the main headquarters in Buenos Aires and three regional stations, eliminating the need for those 1,600 positions in South America.

The 15% workforce reduction targets U.S.-based employees specifically. Before the cuts began, Paramount's TV Media division employed about 6,000 workers in the U.S. and 3,000 internationally.

The Bigger Picture

David Ellison became CEO after merging his Skydance Media with Paramount in an $8 billion deal that closed on August 7, 2025. CEO David Ellison wrote in an employee memo that the layoffs are "necessary steps to position Paramount for long-term success".

The company says these cuts are needed as it shifts focus from traditional cable TV to streaming. Paramount is putting more resources into its streaming service, Paramount+, as cable channels like Nickelodeon, MTV, and Comedy Central become less profitable.

The layoffs show a big shift in how Americans watch TV. In May 2025, streaming surpassed broadcast and cable TV viewing combined for the first time in U.S. history, capturing 44.8% of total TV viewership. This change means fewer jobs running cable networks and more positions in streaming technology and digital content production.

Industry-Wide Trend and What's Next

Paramount is not alone in cutting jobs. The entertainment industry has seen widespread layoffs throughout 2025. Major media companies including Disney, Warner Bros. Discovery, and Amazon MGM Studios have all cut workers.

Paramount completed about 90% of its planned U.S. workforce reductions by late October 2025. The remaining cuts are expected by year's end. The company is offering severance packages to affected employees, though it has not shared specific details publicly.

The company's total revenue for the third quarter of 2025 was $6.7 billion, but it still reported a net loss of $257 million. Paramount expects to bring in $30 billion in revenue and $3.5 billion in adjusted operating income next year.

The entertainment industry's transformation creates a tough environment for workers. Traditional broadcast and cable TV jobs are disappearing, while streaming, technology, and digital content roles are growing. Workers with skills in data analytics, software engineering, and streaming technology are in higher demand. Positions in traditional TV operations face an uncertain future.