Paramount to cut 3% of U.S. workforce as it deepens cost-cutting
1. Paramount Global is cutting 3.5% of its U.S. workforce due to industry challenges. 2. Layoffs follow a previous 15% reduction initiated to combat declining pay-TV sales. 3. Company seeks regulatory approval for its merger with Skydance Media amidst layoffs. 4. Non-U.S. positions affected may follow; under 5% of staff are based internationally. 5. The media industry sees similar layoffs, affecting firms like Disney and Warner Bros.